Swiggy shares fell 25% in CY25: FIIs, MFs continue to increase holdings, retail holdings are being trimmed

Food delivery giant Swiggy’s share price fell 3.5% to Rs 390 during Tuesday’s trading session, extending the total decline in CY25 to over 25%. Interestingly, institutional investors have been steadily expanding their investments, while retail investors are moving in the opposite direction. Since its debut on the NSE and BSE on November 13, 2024, Swiggy has experienced a remarkable difference in investor behavior over the last four quarters.

Swiggy has seen a consistent inflow of investments from institutional players, with both foreign institutional investors (FIIs) and mutual funds (MFs) steadily increasing their stakes. Mutual funds in particular are on a constant buying spree, increasing their holdings for four consecutive quarters, from 4.4% in December 2024 to 11.89% in September 2025.Foreign institutional investors, on the other hand, initially reduced their exposure, with their holdings falling from 6.18% in December 2024 to 4.89% in March 2025. However, they have since staged a strong recovery and increased their holdings to 12.23% in September 2025. This trend points to the growing confidence among large institutional investors in Swiggy’s long-term growth prospects, despite the recent share price volatility.

Retail investors are turning contrarian: Interestingly, retail investors have reduced their exposure, bucking the institutional trend. Their holdings peaked at 7.52% in March ’25, before falling to 6.35% in September ’25.

Swiggy shareholding pattern (%)Dec ’24March ’25June 25Sept ’25MFs4.45.519.8511.89

FII6.184.897.3612.23

Retail6.367.526.636.35

Financial performance: robust revenue growth, but losses are increasing

In the September 2025 quarter, Swiggy showed strong revenue growth, with revenues of Rs 3,109 crore, up 35% compared to the same period last year. This growth reflects the company’s continued expansion and increasing market power. However, the quarter also saw a rise in net losses, which rose to Rs 881 crore, from Rs 490 crore in September 2024. The rising losses suggest that while Swiggy is rapidly scaling its operations, profitability remains a challenge, likely driven by high operating and supply costs in the growth stage.

Analyst Outlook: Strong upside potential for Swiggy

Despite the recent 25% decline in Swiggy’s share price in CY25, analysts remain optimistic about the stock’s prospects. According to Trendlyne, the average price target for Swiggy suggests a potential upside of 24.5% from current levels, indicating room for recovery and growth. The positive sentiment is further reinforced by a consensus among 25 analysts maintaining a BUY rating, signaling continued confidence in the company’s long-term fundamentals and market positioning.

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