Target: ₹250CMP: ₹273.10As per an exchange filing, Swiggy’s aggregate foreign shareholding has declined to about 49.76 per cent, falling below the 50 per cent threshold for the first time.Although this is a key pre-requisite for qualifying as an Indian-Owned-and-Controlled Company (IOCC) under FEMA, it is not sufficient by itself; Swiggy will also need to complete the requisite governance changes, including demonstrating that ownership and control vest with resident Indian citizens/entities.As per our reading of official requirements, the test for IOCC eligibility is based on the ownership and control position at end-March of the previous fiscal year. Consequently, even if the required governance changes and foreign shareholding cap are completed over the next few months, IOCC transition is unlikely to happen before end-Mar’27. This in turn, would push out Instamart’s transition to an inventory-led model as per our understanding to April 27 (at the earliest).We continue to ascribe zero value to Instamart, supply chain and platform innovation segments given the lack of visibility on a turnaround and the increasing probability of prolonged value destruction. We also exclude cash from our valuation, as continued losses will only deplete the balance of ₹15,000 crore each passing quarter.We continue to value the FD business at 35x adjusted EBITDA and the out-of-home segment at 25x EV/adjusted EBITDA, yielding a Jun’27E TP of ₹250.Published on July 10, 2026