JM Financial sets Swiggy target at Rs 250, warns Eternal-style index weight cut looms
JM Financial flags Swiggy's foreign shareholding at 49.76%, below the 50% IOCC threshold but not yet conferring domestic status. Citing Eternal's cap at 49.5%, it warns of reduced MSCI/FTSE weights. Values food delivery at 35x Ebitda, out-of-home at 25x EV, with Rs 15,000 crore cash cushion; June 2027 target Rs 250.
JM Financial flags that Swiggy's foreign shareholding dipping below 50% doesn't yet confer IOCC status, and citing Eternal's case, warns of reduced MSCI/FTSE index weights. It values food delivery at 35x Ebitda, targeting Rs 250.
Why this matters
Follows Swiggy's foreign holding dipping below 50% and nearing IOCC status to unlock Instamart's inventory model. JM Financial's target adds an index-weight risk lens amid recent Buy calls on the stock.
Retail-company signals accelerating at +651400% QoQ.