Swiggy: Why Nuvama sees 49% upside potential despite Instamart’s cash burn

In India’s crowded online food technology space, Swiggy remains one of the most closely watched names. From food delivery to quick commerce, the company sits at the centre of a fast-changing consumption world.

After Swiggy announced its Q3FY26 numbers, the brokerage house Nuvama has maintained a ‘Buy’ recommendation and set a target price of Rs 490. From the current market price of around Rs 328, this implies an upside potential of nearly 49%.