JM Financial retains 'Reduce' on Swiggy as IOCC transition slips past March 2027
JM Financial keeps its 'Reduce' rating and Rs 250 target on Swiggy, flagging a delayed inventory-led (IOCC) transition for Instamart despite foreign shareholding falling to 49.76%, below the 50% threshold. The shift and its 50-70 bps EBITDA margin benefit are now pushed to April 2027.
JM Financial keeps 'Reduce' on Swiggy (target Rs 250), saying its IOCC transition will take longer despite foreign holding dropping below 50%, delaying Instamart's inventory-led model shift to April 2027 and its margin benefits.
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