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Time of India
14-05-2025
- Business
- Time of India
JM Financial retains Buy on Swiggy, revises target price to Rs 450
JM Financial has maintained a Buy call on Swiggy with a target price of Rs 450 (earlier Rs 500). The current market price of Swiggy Ltd. is Rs 310.2 Time period given by analyst is a year when Swiggy price can reach the defined target. Swiggy, incorporated in 2013, is a Small Cap company with a market cap of Rs 68891.67 crore, operating in the Services sector. Swiggy's key products/revenue segments include Platform Services, Other Operating Revenue and Sale of Food for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4530.71 crore, up 10.62% from last quarter Total Income of Rs 4095.84 crore and up 44.14% from last year same quarter Total Income of Rs 3143.24 crore. The company has reported net profit after tax of Rs -1078.96 crore in the latest quarter. The company's top management includes Kripalu, Juneja, Sharma, Daniel, Mitra, Barua, Vishnubhai Haribhakti, Nandan Reddy Obul, Majety, Clark Rabalais. The company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 229 crore shares outstanding. Live Events Investment Rationale JM Financial continues to value Swiggy?s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. They value Instamart at 0.5x EV/ FY27E GOV multiple versus 1.0x earlier due to substantial margin profile deterioration amidst high competitive pressures. For other businesses, JM Financial now uses 1x EV/GOV FY27E multiple (from 0.9x earlier) for out-of-home consumption as it has turned profitable while continuing to use 0.5x EV/Sales multiple for supply chain and distribution. Accordingly, the revised SOTP based Mar?26 target price works out to Rs 450 vs. Rs 500 earlier. While they see near-term pressures on the stock price, longterm investors can use these liquidity events to build a sizeable position in Swiggy as, at CMP, the market seems to accord value to only its food delivery business, whereas Instamart and other businesses are not getting any meaningful value. The brokerage maintains BUY.
Economic Times
14-05-2025
- Business
- Economic Times
JM Financial retains Buy on Swiggy, revises target price to Rs 450
JM Financial suggests buying Swiggy shares. The target price is now Rs 450. Earlier it was Rs 500. This target may be achieved in a year. Swiggy's total income rose significantly. However, the company reported a net loss. The brokerage believes the market undervalues Instamart and other ventures. They advise long-term investors to consider Swiggy. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.) JM Financial has maintained a Buy call on Swiggy with a target price of Rs 450 (earlier Rs 500). The current market price of Swiggy Ltd. is Rs 310.2 Time period given by analyst is a year when Swiggy price can reach the defined target. Swiggy, incorporated in 2013, is a Small Cap company with a market cap of Rs 68891.67 crore, operating in the Services key products/revenue segments include Platform Services, Other Operating Revenue and Sale of Food for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4530.71 crore, up 10.62% from last quarter Total Income of Rs 4095.84 crore and up 44.14% from last year same quarter Total Income of Rs 3143.24 crore. The company has reported net profit after tax of Rs -1078.96 crore in the latest company's top management includes Kripalu, Juneja, Sharma, Daniel, Mitra, Barua, Vishnubhai Haribhakti, Nandan Reddy Obul, Majety, Clark Rabalais. The company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 229 crore shares Financial continues to value Swiggy?s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. They value Instamart at 0.5x EV/ FY27E GOV multiple versus 1.0x earlier due to substantial margin profile deterioration amidst high competitive pressures. For other businesses, JM Financial now uses 1x EV/GOV FY27E multiple (from 0.9x earlier) for out-of-home consumption as it has turned profitable while continuing to use 0.5x EV/Sales multiple for supply chain and distribution. Accordingly, the revised SOTP based Mar?26 target price works out to Rs 450 vs. Rs 500 earlier. While they see near-term pressures on the stock price, longterm investors can use these liquidity events to build a sizeable position in Swiggy as, at CMP, the market seems to accord value to only its food delivery business, whereas Instamart and other businesses are not getting any meaningful value. The brokerage maintains BUY.
Time of India
08-05-2025
- Business
- Time of India
I-Sec initiates coverage on United Breweries with Add rating, target price Rs 2,300
United Breweries' key products/revenue segments include Others, Scrap, Other Operating Revenue, Royalty Income, Sale of services and Non-Alcoholic Beverages for the year ending 31-Mar-2024. Financials For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 2010.40 crore, down -5.49% from last quarter Total Income of Rs 2127.12 crore and up 8.72% from last year same quarter Total Income of Rs 1849.23 crore. The company has reported a net profit after tax of Rs 38.52 Crore in the latest quarter. The company's top management includes Kripalu, Gupta, A J Van Steenbergen, Cornelis van der Linden, Mazumdar Shaw, Gidwani Verma, Anand, Somasundaram. Company has S R Batliboi & Associates LLP as its auditors. As on 31-03-2025, the company has a total of 26 Crore shares outstanding. Investment Rationale ICICI Securities has initiated coverage on United Breweries with an ADD rating and a DCF-based target price of Rs 2,300. The brokerage expects the company to deliver revenue/EBITDA/PAT growth CAGRs of 13%/29%/34% over FY25?27E. They expect recovery in volume growth momentum and United Breweries to deliver an 8.5% CAGR over FY25?27E on the back of higher growth in premium portfolio alongside the company addressing manufacturing capacity constraint and leveraging its superior distribution network. Separately, favourable operating leverage and receding raw material price inflation coupled with price hikes should help United Breweries improve EBITDA margin by 300bps over FY25?27E. Key risks are regulatory changes and RM price inflation. Promoter/FII Holdings Promoters held 70.83 per cent stake in the company as of 31-Mar-2025, while FIIs owned 6.92 per cent, DIIs 16.14 per cent. ICICI Securities has an Add call on United Breweries with a target price of Rs 2,300. The current market price of United Breweries is Rs 2127.85. United Breweries, incorporated in 1999, is a Large Cap company with a market cap of Rs 56627.65 crore, operating in Beverages - Alcoholic Breweries' key products/revenue segments include Others, Scrap, Other Operating Revenue, Royalty Income, Sale of services and Non-Alcoholic Beverages for the year ending the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 2010.40 crore, down -5.49% from last quarter Total Income of Rs 2127.12 crore and up 8.72% from last year same quarter Total Income of Rs 1849.23 crore. The company has reported a net profit after tax of Rs 38.52 Crore in the latest company's top management includes Kripalu, Gupta, A J Van Steenbergen, Cornelis van der Linden, Mazumdar Shaw, Gidwani Verma, Anand, Somasundaram. Company has S R Batliboi & Associates LLP as its auditors. As on 31-03-2025, the company has a total of 26 Crore shares Securities has initiated coverage on United Breweries with an ADD rating and a DCF-based target price of Rs 2,300. The brokerage expects the company to deliver revenue/EBITDA/PAT growth CAGRs of 13%/29%/34% over FY25?27E. They expect recovery in volume growth momentum and United Breweries to deliver an 8.5% CAGR over FY25?27E on the back of higher growth in premium portfolio alongside the company addressing manufacturing capacity constraint and leveraging its superior distribution network. Separately, favourable operating leverage and receding raw material price inflation coupled with price hikes should help United Breweries improve EBITDA margin by 300bps over FY25?27E. Key risks are regulatory changes and RM price held 70.83 per cent stake in the company as of 31-Mar-2025, while FIIs owned 6.92 per cent, DIIs 16.14 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Economic Times
25-04-2025
- Business
- Economic Times
Buy Swiggy, target price Rs 500: JM Financial
JM Financial maintains a buy call on Swiggy with a target price of Rs 500 (unchanged) . The current market price of Swiggy is Rs 340.85. Swiggy, incorporated in 2013, is a Small Cap company with a market cap of Rs 77877.54 crore, operating in Services sector. ADVERTISEMENT Swiggy's key Products/Revenue Segments include Platform Services, Other Operating Revenue and Sale of Food for the year ending 31-Mar-2024. Financials For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 4095.84 crore, up 11.11% from last quarter Total Income of Rs 3686.26 crore and up 30.82% from last year same quarter Total Income of Rs 3130.93 crore. The company has reported net profit after tax of Rs -798.95 crore in the latest quarter. The company's top management includes Kripalu, Juneja, Sharma, Daniel, Mitra, Barua, Vishnubhai Haribhakti, Nandan Reddy Obul, Majety, Clark Rabalais. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 229 crore shares outstanding. ADVERTISEMENT Investment RationaleJM Financial continues to value the company?s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. In quick commerce, they value Instamart at 1x EV/ FY27E GOV multiple. For Other businesses, they use 0.9x EV/GOV FY27E multiple for out-of-home consumption and 0.5x EV/Sales multiple for supply chain and distribution. Accordingly, their SOTP-based Mar?26 target price stands at Rs 500. While the brokerage sees near-term pressures on the stock price due to volatility on account of lock-in expiry, long-term investors with a strong positive conviction on India?s hyper local delivery market opportunity can use these liquidity events to build a sizeable position. JM Financial maintains a BUY. Promoter/FII Holdings Promoters held $ per cent stake in the company as of 31-Mar-2025, while FIIs owned 4.89 per cent, DIIs 9.32 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Time of India
25-04-2025
- Business
- Time of India
Buy Swiggy, target price Rs 500: JM Financial
iStock Biryani Swiggy's key Products/Revenue Segments include Platform Services, Other Operating Revenue and Sale of Food for the year ending 31-Mar-2024. Financials For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 4095.84 crore, up 11.11% from last quarter Total Income of Rs 3686.26 crore and up 30.82% from last year same quarter Total Income of Rs 3130.93 crore. The company has reported net profit after tax of Rs -798.95 crore in the latest quarter. The company's top management includes Kripalu, Juneja, Sharma, Daniel, Mitra, Barua, Vishnubhai Haribhakti, Nandan Reddy Obul, Majety, Clark Rabalais. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 229 crore shares outstanding. Live Events Investment Rationale JM Financial continues to value the company?s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. In quick commerce, they value Instamart at 1x EV/ FY27E GOV multiple. For Other businesses, they use 0.9x EV/GOV FY27E multiple for out-of-home consumption and 0.5x EV/Sales multiple for supply chain and distribution. Accordingly, their SOTP-based Mar?26 target price stands at Rs 500. While the brokerage sees near-term pressures on the stock price due to volatility on account of lock-in expiry, long-term investors with a strong positive conviction on India?s hyper local delivery market opportunity can use these liquidity events to build a sizeable position. JM Financial maintains a BUY. Promoter/FII Holdings Promoters held $ per cent stake in the company as of 31-Mar-2025, while FIIs owned 4.89 per cent, DIIs 9.32 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial maintains a buy call on Swiggy with a target price of Rs 500 (unchanged) . The current market price of Swiggy is Rs 340.85. Swiggy, incorporated in 2013, is a Small Cap company with a market cap of Rs 77877.54 crore, operating in Services key Products/Revenue Segments include Platform Services, Other Operating Revenue and Sale of Food for the year ending the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 4095.84 crore, up 11.11% from last quarter Total Income of Rs 3686.26 crore and up 30.82% from last year same quarter Total Income of Rs 3130.93 crore. The company has reported net profit after tax of Rs -798.95 crore in the latest company's top management includes Kripalu, Juneja, Sharma, Daniel, Mitra, Barua, Vishnubhai Haribhakti, Nandan Reddy Obul, Majety, Clark Rabalais. Company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 229 crore shares Financial continues to value the company?s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. In quick commerce, they value Instamart at 1x EV/ FY27E GOV multiple. For Other businesses, they use 0.9x EV/GOV FY27E multiple for out-of-home consumption and 0.5x EV/Sales multiple for supply chain and distribution. Accordingly, their SOTP-based Mar?26 target price stands at Rs 500. While the brokerage sees near-term pressures on the stock price due to volatility on account of lock-in expiry, long-term investors with a strong positive conviction on India?s hyper local delivery market opportunity can use these liquidity events to build a sizeable position. JM Financial maintains a held $ per cent stake in the company as of 31-Mar-2025, while FIIs owned 4.89 per cent, DIIs 9.32 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
