Date: August 06, 2026

Financial Targets & Guidance

Swiggy Limited outlined its FY31 vision at Capital Markets Day 2026, setting ambitious financial targets:

  • Consolidated Gross Order Value (GOV) target: Approximately ₹2.5 Lakh Cr. by FY31 (more than tripling from ₹67,734 Cr. in FY26)
  • Consolidated GOV CAGR: 30%+ through 2031
  • Consolidated Adjusted EBITDA target: ₹10,000 Cr. by FY31
  • Consolidated Adjusted EBITDA margin target: Approximately 4% of GOV
  • Earnings per share improvement: From -₹16 in FY26 to ₹30-33 by FY31

Business Segment Performance & Outlook

Food Delivery Business

  • Q1 FY27 GOV: ₹9,490 Cr. (up 18% YoY)
  • Q1 FY27 Adjusted EBITDA runrate: ₹292 Cr. (up 5x from Q1 FY25)
  • FY31 Target: 2.5-3.5x GOV growth and ~₹5,000 Cr. in Adjusted EBITDA
  • Growth drivers: Toing and other affordability-led initiatives, closing frequency gap (70% of users transact less than once a month)

Instamart (Quick Commerce Business)

  • Q1 FY27 GOV: ₹7,907 Cr. (up 40% YoY)
  • Contribution Margin: -0.2% of GOV (5.4 percentage point improvement since Q4 FY25)
  • Monthly transacting users: Over 14 million across 130+ cities
  • Store network: 1,200+ dark stores
  • FY26 GOV: ₹28,000 Cr.
  • FY31 Target: ₹1.5+ Lakh Cr. GOV (4-5x jump from FY26)
  • Monthly transacting user target: More than 40M by FY31
  • Current profitability status: 45%+ of store network Contribution Margin-positive; 5 of 7 top cities operating profitably (including Bangalore)
  • Path to EBITDA breakeven: Requires 2.5x scale-up and additional 4 percentage point gain in Contribution Margin (from -0.2% to ~4.0% breakeven level)
  • Differentiation strategy: Switch platform with 400 brand partnerships and two owned brands (Noice spanning 46+ categories and 380+ SKUs with over 9 million customers, and Nectr fresh produce brand)

Dineout (Out-of-Home Consumption Business)

  • FY26 Performance: First full year of positive Adjusted EBITDA
  • FY26 GOV: ₹4,600 Cr. (up 51% YoY)
  • FY26 Adjusted EBITDA: ₹30 Cr. (0.6% margin)
  • Restaurant partners: Over 52,000 monthly active partners across 75 cities
  • FY31 Target: 5x GOV growth to ₹20,000-25,000 Cr.; ₹1,000 Cr. Adjusted EBITDA (4%+ margin)

Financial Position & Corporate Developments

  • Cash balance: ₹14,400 Cr.
  • Debt status: Debt-free
  • Ownership transition: Domestic ownership crossed 50% on July 1, 2026
  • Foreign shareholding cap: Board approved raising to 49.5% on July 23, 2026 (subject to shareholder vote at 13th AGM on August 18, 2026)
  • Instamart model transition: Expected transition to 1P inventory model within 2-4 quarters of foreign shareholding cap approval

Technology Strategy

Swiggy is shifting toward AI-native operations across five core engines: Demand, Fulfilment, Partners, Monetisation, and Building. Key initiatives include in-session personalisation, self-correcting fulfilment network, and internal AI tooling such as SAGE analytics assistant for operating teams.

Market Context

India's food services market is projected to grow from ~$90 Bn in 2026 to ~$150 Bn by 2031. Swiggy aims to capture this growth through affordability initiatives that can unlock 5-7 percentage points of higher category growth.

Management Commentary

Sriharsha Majety, Managing Director and Group CEO, stated: "Our confidence in achieving our five-year EBITDA goal is rooted in the strength of our fundamentals. We have always believed that if we stay focused on solving large consumer problems and execute with discipline, the financial outcomes will follow. We are operating in three of India's largest and fastest growing consumer opportunity spaces: food-delivery, quick commerce and out of home consumption with each of these businesses having the potential to compound over the coming years."