<ul data-eligibleForWebStory="false">Swiggy is positioned for growth and profitability in the e-commerce industry, particularly in food delivery and quick commerce.The company is focusing on improvements in average order value and take rate for Instamart to achieve positive contribution margin by Q1FY27.Expectation of a 33% sales CAGR during FY25-28E and turning EBITDA and PAT positive by FY28E.Initiation of an Accumulate rating with a target price of ₹450 based on Sum-of-the-Parts valuation.