Swiggy shares zoom nearly 9% as Morgan Stanley expects Instamart’s GOV to grow at 63%

Shares of Swiggy Ltd surged 8.61% to an intra-day high of ₹361.90 apiece on the National Stock Exchange (NSE) on Wednesday, June 4. This comes after global investment bank Morgan Stanley initiated coverage on the quick commerce firm.

The global investment bank forecasted a 15.8% compound average growth rate (CAGR) in Swiggy’s food delivery segment from FY25 to FY28. Morgan Stanley further projected that the company’s Instamart business (quick commerce segment) gross order value (GOV) would grow at a CAGR of 63% within the same period, according to various media reports.

Swiggy Q4 update

In the March FY25 quarter, Swiggy reported an expansion in its consolidated net loss to ₹1,081.1 crore, compared to a loss of ₹554.7 crore in the corresponding period a year ago. Meanwhile, its revenue from operations stood at ₹4,410 crore in the quarter under review, rising 44.8% year-on-year (YoY) from ₹3,045.5 crore in Q4FY24.

On an operational basis, its EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) loss also widened to ₹962 crore in Q4FY25, as against ₹485 crore in the March FY24 quarter.

In the fourth quarter of FY25, the platform’s GOV increased by 40% YoY to ₹12,888 crore, while that of its food delivery segment rose by 17.6% YoY to ₹7,343 crore. Instamart's GOV surged 101% YoY to ₹4,670 crore in Q4. Further, its out-of-home consumption business turned profitable with a GOV growth of 42% YoY.

Swiggy stock performance

Shares of Swiggy have been in the spotlight, gaining 2.9% over the last week and 8.38% since the beginning of June. Over the past two months, the stock has gained 9.55%. However, it has lost 33.18% on a year-to-date basis. The scrip hit a 52-week low of ₹297 on May 13, 2025, and a high of ₹617.30 on December 23, 2024. Swiggy has a total market capitalisation of ₹90,145.34 crore, as of June 4, 2025, on the NSE.

As of 2:53 pm, Swiggy shares traded 8% higher at ₹360.20, outperforming the NIFTY50 index, which was up 0.3%.