External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Swiggy delivered a revenue of INR39.9b in 3QFY25 (up 11% QoQ) vs. our estimate of INR38.9b.</li><li>The food delivery (FD) business’s GOV grew 19.2% YoY, whereas the contribution margin was 7.4%, recording 80bp QoQ expansion.</li><li>FD’s adjusted EBITDA as a % of GOV margin rose 90bp QoQ to 2.5%. Instamart’s GOV was INR39.0b (+88.1% YoY), which missed our estimate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy delivered a revenue of INR39.9b in 3QFY25 (up 11% QoQ) vs. our estimate of INR38.9b.The food delivery (FD) business’s GOV grew 19.2% YoY, whereas the contribution margin was 7.4%, recording 80bp QoQ expansion.FD’s adjusted EBITDA as a % of GOV margin rose 90bp QoQ to 2.5%. Instamart’s GOV was INR39.0b (+88.1% YoY), which missed our estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy - Competition and Expansion Plans to Drag QC Profits

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.</li><li>Adj. EBITDA margin in FD improved ~90bps QoQ despite marginal decline in take rate driven by cost optimisation.</li><li>Pre-contribution expenses in FD were down 1.2% QoQ, which we believe implies 3-4% QoQ improvement in unit economics. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.Adj. EBITDA margin in FD improved ~90bps QoQ despite marginal decline in take rate driven by cost optimisation.Pre-contribution expenses in FD were down 1.2% QoQ, which we believe implies 3-4% QoQ improvement in unit economics. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy - Gains Share in Food Delivery; QC Losses Grow Higher than Expected

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it back</li><li>Overall, B2C GoV grew ~38/7.6% YoY/QoQ respectively</li><li>In FD, MTU addition/GOV growth was largely in line with expectations (up 19% YoY), with stable take rates</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it backOverall, B2C GoV grew ~38/7.6% YoY/QoQ respectivelyIn FD, MTU addition/GOV growth was largely in line with expectations (up 19% YoY), with stable take ratesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (3QFY25): Quick Commerce Burn Deepens. Maintain REDUCE

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


<ul><li>In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)</li><li>The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)</li><li>Overall, B2C GoV grew ~30/11% YoY/QoQ respectively</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)Overall, B2C GoV grew ~30/11% YoY/QoQ respectivelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Swiggy - Competition and Expansion Plans to Drag QC Profits

Overall, Swiggy reported a net loss of INR8b, marking a 39% YoY increase. For 4QFY25, we expect revenue/adj. EBITDA loss to increase 7.0%/14.5% QoQ.

Motilal Oswal

Swiggy (3QFY25): Quick Commerce Burn Deepens. Maintain REDUCE

Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it back. Overall, B2C GoV grew ~38/7.6% YoY/QoQ...

HDFC Securities

Aequitas 2025 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong...

Sumeet Singh

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)

HDFC Securities

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Swiggy - Competition and Expansion Plans to Drag QC Profits

Overall, Swiggy reported a net loss of INR8b, marking a 39% YoY increase. For 4QFY25, we expect revenue/adj. EBITDA loss to increase 7.0%/14.5% QoQ.

Motilal Oswal

Swiggy - Gains Share in Food Delivery; QC Losses Grow Higher than Expected

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey...

ICICI Securities Limited

Swiggy (3QFY25): Quick Commerce Burn Deepens. Maintain REDUCE

Swiggy’s food delivery trumped our margin expectations, alas widening Instamart losses pulled it back. Overall, B2C GoV grew ~38/7.6% YoY/QoQ...

HDFC Securities

Aequitas 2025 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong...

Sumeet Singh

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)

HDFC Securities