Swiggy Limited – Investor Presentation Summary

Key Operational Highlights

  • Monthly Transacting Users (MTU) target: 2.5-3X growth from current base
  • Gross Order Value (GOV) target: 30%+ CAGR through FY31
  • Current MTU: 14M+ on Instamart, 150M+ total platform users
  • Dark Store Network: 1,200+ stores across 130+ cities
  • Restaurant partners: 1.5X increase in 24 months (exact count not specified)
  • Key drivers: Engaged user base through relevant offerings, higher order frequencies, improved customer experience

Segment-wise Performance

Food Delivery

  • FY26 GOV: ₹34,593 Cr (17% growth)
  • FY26 Adj EBITDA: ₹1,001 Cr
  • Performance drivers: Strong operations engine, rider NPS doubled, 1.5X restaurant partners in 24 months

Quick Commerce (Instamart)

  • FY26 GOV: ₹28,496 Cr (40% growth)
  • FY26 Adj EBITDA: -₹3,512 Cr
  • Achieved contribution margin breakeven after 5.4pp improvement in 6 quarters
  • Performance drivers: Improved delivery speed, head SKU availability at 90%, better retention

Out-of-Home Consumption (Dineout)

  • FY26 GOV: ₹4,645 Cr
  • FY26 Adj EBITDA: ₹29 Cr
  • Full year of profitability achieved
  • Restaurant partners: 52,000 against 500,000+ total restaurant TAM
  • Performance drivers: 44% MTU growth, 82% lower marketing spend since 2022

Financial Highlights

  • Total FY26 GOV: ₹67,734 Cr
  • Total FY26 Adj EBITDA: -₹2,483 Cr (-3.7% margin)
  • FY31 GOV Target: ~₹250,000 Cr
  • FY31 Adj EBITDA Target: ₹10,000 Cr (~4% margin)
  • Strong balance sheet: ₹14,400 Cr Cash, Debt Free
  • Negative Working Capital: 2% of GOV
  • High ROCE Potential: ~40% pre-tax

Geographical Revenue Split

  • Domestic vs Export: Not specified in presentation
  • Regional Breakdown: India Next (non-metros) showed 60% GOV growth, 20% AOV growth, 50% MTU growth

Balance Sheet Snapshot

  • Net Debt/Equity: Debt free with ₹14,400 Cr cash
  • Working Capital: Negative working capital cycle (2% of GOV)
  • Financial Health: Strong cash position, negative working capital, high asset turns

Capex & Cash Flow Health

  • Capital Expenditure: Near-zero capex business model
  • Free Cash Flow: Not specified
  • Operating Cash Flow: Not specified
  • Investment Rationale: Focus on platform economics and scale rather than physical infrastructure

Strategic & R&D Initiatives

Toing Affordability Platform

  • Target audience: GenZ, college students, early jobbers
  • Value proposition: Structural affordability through engineering rather than discounts
  • Early results: Meaningful contribution to Swiggy OPD, 2 out of 3 new/dormant users choose Toing over traditional Food Marketplace

Switch Proposition

  • Platform-wide bet on "better" products through brand partnerships and owned brands
  • ~400 brand partnerships for exclusive SKUs/pricing
  • No!ce: 380+ SKUs across 46+ categories, 9M+ customers, 10pp higher retention, 1.5x order frequency
  • Nectr: Focus on fruits and vegetables with better quality at competitive prices

AI Strategy

  • Five-engine approach: Demand, Fulfilment, Partners, Monetisation, Building
  • Hyper-personalization: Cross-vertical user profiling across Food and Instamart
  • Live today: In-session personalization, adaptive search bar, AI-powered partner co-pilot (Guru)
  • 78% of new code written by AI, enabling faster product development

Industry Trends & Business Environment

  • Quick Commerce market expected to grow at 40-45% CAGR to $65-70B by FY31
  • QC represents <6% of $1.1Tn QC-relevant market opportunity
  • Grocery continues to drive QC growth
  • Consumer trend: Trading up to better quality products when accessible

Management Commentary & Growth Outlook

Food Delivery FY31 Ambition

  • Drive above market growth
  • Deliver ~₹5,000 Cr Adj EBITDA

Instamart FY31 Ambition

  • ₹1.5+ Lakh Cr GOV business
  • Serve 40+ million users
  • Achieve 4-5% EBITDA margin
  • Path to profitability: EBITDA breakeven at 2.5x scale with 4pp contribution gain

Dineout FY31 Ambition

  • Deliver ₹1,000 Cr Adj EBITDA
  • Grow 2-3x faster than market

Ownership Structure

  • Domestic ownership crossed 50% on 1st July 2026
  • Board approved 49.5% foreign shareholding cap on 23rd July 2026
  • Shareholder vote at 13th AGM on 18th August 2026
  • Instamart transition to 1P model expected in 2-4 quarters post-approval

Key Risks

  • Forward-looking statements subject to changes in laws, regulations, economic conditions, competition
  • Execution risk on ambitious growth targets
  • Market competition in all three business verticals