Swiggy enters Rs 1 trn market-cap club on debut; up 15% over issue price

At 11:15 am on Wednesday; Swiggy's market cap stood at Rs 100,148 crore (Rs 1.0 trillion), the NSE data shows.

Swiggy, food delivery major, joined the elite club of companies having a market capitalisation (market cap) of Rs 1 trillion or more, after the stock price of company hit Rs 448 mark on the National Stock Exchange (NSE) in Wednesday’s intra-day trade.

 

At 11:15 am; Swiggy’s market cap stood at Rs 100,148 crore (Rs 1.0 trillion), the NSE data shows. The stock was trading 6.5 per cent higher at Rs 447.40, from its listig price. The stock had gained 15 per cent when compared with its issue price of Rs 390 per share. On the NSE, Swiggy shares listed at Rs 420, a 7.6 per cent premium over its issue price. A combined 71.38 million equity shares changed hands on the NSE and BSE.

 

 

Swiggy is an online food and grocery delivery platform that offers users a convenience platform accessible through a unified app. Through the app, users can browse, select, order, and pay for food, grocery, and household items, and have their orders delivered to their doorsteps.

 

JM Financial Institutional Securities initiated the coverage on Swiggy with a ‘Buy’ rating and SOTP-based March 2026 target price of Rs 470 per share.

 

Swiggy has played a pivotal role in the rapid expansion of India’s hyper local on-demand market. It pioneered the full-stack food delivery model in 2014 and later in the midst of a pandemic introduced the dark storeled quick commerce (QC) model. Even today, it continues to be one of the leading hyper-local delivery platform in the country, bettered only by Zomato. Despite having ceded some space to competition, it is one of the fastest growing consumption plays with multiple levers to move towards sustainable margins, the brokerage firm said.

 

Swiggy’s recent execution issues may be a thing of the past because they were partly attributable to the pressures of going public and/ or lack of experience of running a retail business. Untimely leadership changes in QC could have further amplified the issues. A successful IPO and leadership revamp at Instamart could just be the catalyst Swiggy needs for a successful turnaround in its fortunes, the brokerage firm said.

 

JM Financial Institutional Securities said it used the multiples based SOTP method to value Swiggy in which each of its reported segments is valued basis either EBITDA, GOV or Sales multiples. These multiples are 10-50 per cent lower than those used to value Zomato’s segments due to differences in scale and profitability.

 

“Swiggy’s IPO is the latest success story for ‘Digital India’. Since our initial investment, we have consistently backed Swiggy as the team pushed boundaries, expanded into new categories, and enabled behavioural shifts by delivering value and delight to millions of customers across India. We’re confident that Swiggy will build on the strong foundation and customer love they enjoy to deliver many more pioneering innovations in the food and deliveries ecosystem,” Ashutosh Sharma, Head of Growth Investments - India and Asia, Prosus.

 

Prosus has invested more than $8 billion into some of India’s best known digital companies including Swiggy, Urban Company and Meesho, along with many promising early-stage startups.