J P M O R G A N ▲Price Target (Sep-27):Rs5,950.00 Prior (Sep-27):Rs5,900.00 Consumer, Retail, Media Asia Pacific Equity Research 07 August 2026 Britannia Industries Limited Demand Resilient, Strategic Initiatives Gain Traction, Margins Range-Bound On the post earnings call (First Take), BRIT CEO noted that demand is holding up well, with strategic initiatives starting to pay off, which along with fading of the dual-pricing disruption and price hikes should drive improved revenue growth in coming quarters. W ...

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 ...