Anand Rathi Upgrades Swiggy To 'Buy' With Target Price Of ₹310

Brokerage firm Anand Rathi upgraded quick food delivery platform Swiggy to 'Buy' while maintaining a target price of ₹310 based on FY28 EBITDA estimates.

Swiggy's contribution margin improved from a loss of around 5.6% in Q4FY25 to breaking even in Q1FY27 due to a strategic focus on profitability over rapid growth.

The company is shifting Instamart toward a direct inventory-led model and expanding high-margin non-grocery categories, which now account for about 30% of its total business.