Jefferies flags Swiggy as a high-risk quick-commerce bet with 40% upside
Swiggy narrowed food-delivery and Instamart losses in Q1 FY27, but plans further dark-store investment. Jefferies sees higher upside in Swiggy versus Eternal, whose Blinkit business retains a substantial scale and profitability lead.
Jefferies says Eternal leads Indian food delivery and quick commerce through Blinkit’s scale and profitability. Swiggy narrowed food-delivery profitability gaps but will reinvest in Instamart dark stores, accepting near-term margin pressure to pursue a higher-risk, higher-reward turnaround.
Why this matters
Swiggy’s Q1 FY27 loss narrowing follows signals of accelerating food-delivery and Instamart GOV and a share slide over profitability concerns; in Q1 FY26, revenue rose 54% to ₹4,961 crore while loss widened to ₹1,197 crore.
Retail-company is accelerating, up +258620% QoQ.