Jefferies Takes a Bite at Swiggy: Initiates ‘Hold’ Rating, Forecasts 13% Upside

Initiates Coverage: Jefferies begins coverage on Swiggy Ltd with a ‘Hold’ rating.
Target Price: Sets a target price of ₹400, indicating a 13% upside.
Food Delivery Market Share: Swiggy currently holds a 45% share, expected to grow in the high teens with margin expansion.
Q-Commerce Challenges: The quick commerce segment faces intense competition.
Industry Position: Jefferies calls Swiggy a hyperlocal champion and a leading internet franchise in India.
Growth Potential: While margins are set to improve, competition in q-commerce remains a key challenge.