New Delhi, May 12 -- Domestic brokerage firm HDFC Securities has upgraded Swiggy to a 'Buy' from its earlier 'Reduce' rating, even as the food delivery and quick commerce platform reported a steep increase in losses for the March 2025 quarter. While the brokerage trimmed its target price slightly to Rs.400 from Rs.410 earlier, the revised estimate still implies an upside potential of nearly 28 percent from Friday's closing price.

Swiggy reported a consolidated loss of Rs.1,081.18 crore in Q4FY25, nearly doubling from Rs.554.77 crore reported in the same quarter last year. Despite the losses, revenue from operations rose sharply by 44.8 percent year-on-year to Rs.4,410 crore, compared to Rs.3,045.55 crore in Q4FY24.

HDFC Securities belie...