Since its debut on the NSE and BSE on November 13, 2024, Swiggy has experienced a notable divergence in investor behavior over the past four quarters.
Swiggy has seen a consistent inflow of investments from institutional players, with both Foreign Institutional Investors (FIIs) and Mutual Funds (MFs) steadily raising their stakes. Mutual Funds, in particular, have been on a continuous buying spree, increasing their holdings over four consecutive quarters, from 4.4% in December 2024 to 11.89% in September 2025.
Foreign Institutional Investors, on the other hand, initially reduced their exposure, with holdings falling from 6.18% in December 2024 to 4.89% in March 2025. However, they have since made a strong recovery, boosting their stake to 12.23% by September 2025. This trend highlights growing confidence among large institutional investors in Swiggy’s long-term growth prospects, despite recent stock price volatility.t ’25.
Retail Investors Turn Contrarian: Interestingly, retail investors have reduced their exposure, going against the institutional trend. Their stake peaked at 7.52% in Mar ’25, before dropping to 6.35% in Sept ’25.
Swiggy Shareholding Pattern (%)Dec ’24Mar ’25Jun ’25Sept ’25MFs4.45.519.8511.89
FIIs6.184.897.3612.23
Retail6.367.526.636.35
Financial Performance: Robust Revenue Growth, but Losses Expand
In the September 2025 quarter, Swiggy demonstrated strong top-line growth, reporting revenue of Rs 3,109 crore, a 35% increase compared to the same period last year. This growth reflects the company’s continued expansion and increasing market traction. However, the quarter also saw an expansion in net losses, which widened to Rs 881 crore, up from Rs 490 crore in September 2024. The rising losses suggest that while Swiggy is scaling its operations rapidly, profitability remains a challenge, likely driven by high operational and delivery costs in its growth phase.
Analyst Outlook: Strong upside potential for Swiggy
Despite the recent 25% decline in Swiggy’s share price in CY25, analysts remain bullish on the stock’s prospects. According to Trendlyne, the average target price for Swiggy suggests a potential upside of 24.5% from current levels, indicating room for recovery and growth. The positive sentiment is further reinforced by a consensus among 25 analysts who maintain a BUY recommendation, signaling continued confidence in the company’s long-term fundamentals and market positioning.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
