Nuvama initiates coverage on Swiggy with ‘Buy’ rating, sets target at Rs 510 on strong food delivery momentum

November 10, 2025

Nuvama Institutional Equities initiated coverage on Swiggy with a ‘Buy’ rating and a target price of ₹510, citing its strong scale, improving profitability in food delivery, and early recovery in quick commerce. The brokerage highlighted Swiggy’s turnaround in execution, noting it now outpaces Zomato’s growth and stands among India’s largest hyperlocal delivery players.

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