New Delhi, Oct. 13 -- Bengaluru-based online food ordering and delivery company, Swiggy is well-positioned for steady growth amid a turnaround in its food delivery business, rising Instamart AOV, and a pause in dark store expansion, said Motilal Oswal in its latest note.

The brokerage, which had upgraded Swiggy to 'buy' earlier in September with a target price of Rs.550 per share, highlighted multiple tailwinds that position the company to enter a phase of profitability. The target price indicates an upside rise of 26.50% from the stock's latest closing price of Rs.434.80 apiece.

Motilal Oswal said that the food delivery business, which had slowed in the past few quarters due to subdued consumer sentiment and broader macroeconomic press...