7 August 2026 Swiggy Ltd (SWIGGY IN) Hold: Investor day – Impressive targets, execution remains the key Swiggy outlined highly ambitious FY31 targets at its Capital Markets Day in Mumbai. If these ambitions are achieved—even at the midpoint (Exhibit 1)—we believe the share price could potentially increase by 3–4x over the next 3–4 years. At a high level, achieving INR100bn EBITDA in FY31 could imply a market capitalization of approximately USD30bn within ~3 years. That said, these targets appear stretched a ...