Swiggy Limited (NSE:SWIGGY) Just Reported Second-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

Last week, you might have seen that Swiggy Limited (NSE:SWIGGY) released its quarterly result to the market. The early response was not positive, with shares down 3.5% to ₹410 in the past week. Revenues were a bright spot, with ₹56b in revenue arriving 3.6% ahead of expectations, although statutory earnings didn't fare nearly so well, recording a loss of ₹4.59, some 3.7% below consensus predictions. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

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Taking into account the latest results, the most recent consensus for Swiggy from 24 analysts is for revenues of ₹221.2b in 2026. If met, it would imply a meaningful 17% increase on its revenue over the past 12 months. Losses are expected to be contained, narrowing 12% from last year to ₹14.78. Yet prior to the latest earnings, the analysts had been forecasting revenues of ₹215.9b and losses of ₹14.60 per share in 2026.

See our latest analysis for Swiggy

There were no major changes to the ₹480consensus price target despite the higher revenue estimates, with the analysts seeming to believe that ongoing losses have a larger impact on the valuation. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Swiggy, with the most bullish analyst valuing it at ₹740 and the most bearish at ₹285 per share. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Swiggy's past performance and to peers in the same industry. We would highlight that Swiggy's revenue growth is expected to slow, with the forecast 37% annualised growth rate until the end of 2026 being well below the historical 47% growth over the last year. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 22% annually. So it's pretty clear that, while Swiggy's revenue growth is expected to slow, it's still expected to grow faster than the industry itself.

The Bottom Line

The most important thing to take away is that the analysts reconfirmed their loss per share estimates for next year. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. The consensus price target held steady at ₹480, with the latest estimates not enough to have an impact on their price targets.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have forecasts for Swiggy going out to 2028, and you can see them free on our platform here.

We also provide an overview of the Swiggy Board and CEO remuneration and length of tenure at the company, and whether insiders have been buying the stock, here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.