Swiggy eyes Rs 10000 crore EBITDA by FY31

Food delivery and quick commerce platform Swiggy on Thursday, August 6, said it is targeting an adjusted EBITDA of around Rs 10,000 crore by FY31, driven by growth across its food delivery and quick commerce businesses.

The company's consolidated adjusted EBITDA improved by Rs 162 crore year-on-year in the April-June quarter of the current financial year, narrowing its loss to Rs 651 crore.

Speaking at Capital Markets Day 2026, the company said it expects its consolidated Gross Order Value (GOV) to more than triple to around Rs 2.5 lakh crore by FY31, up from Rs 67,734 crore in FY26  a compounded annual growth rate (CAGR) of over 30 per cent.

Swiggy also highlighted progress toward becoming an Investor-Owned Commerce Company (IOCC), noting that domestic ownership crossed 50 per cent on July 1, 2026. The company's board has approved raising the foreign shareholding cap to 49.5 per cent ahead of its 13th annual general meeting, scheduled for August 18, 2026.

"We are operating 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," said Sriharsha Majety, Managing Director and Group CEO of Swiggy.

The company said its food delivery business is projected to grow GOV by 2.5 to 3.5 times by FY31, generating around Rs 5,000 crore in adjusted EBITDA, aided by affordability-led initiatives and operational improvements.

Swiggy said India's food services market is projected to expand from about USD 90 billion in 2026 to nearly USD 150 billion by 2031, with higher order frequency and affordability expected to drive category growth.

The food delivery business posted a GOV of Rs 9,490 crore in the first quarter of FY27, up 18 per cent year-on-year, with its adjusted EBITDA run rate rising to Rs 292 crore.

The company's out-of-home consumption business, Dine out, completed its first full year of positive adjusted EBITDA in FY26, recording a GOV of Rs 4,600 crore, up 51 per cent year-on-year.

Swiggy said Dine out is targeting five-fold topline growth and around Rs 1,000 crore in adjusted EBITDA by FY31, with projected GOV of Rs 20,000-25,000 crore. The business currently serves more than 52,000 monthly active restaurant partners across 75 cities.

Quick commerce arm Instamart reported a GOV of Rs 7,907 crore in the first quarter of FY27, up 40 per cent year-on-year, while narrowing its contribution margin loss to 0.2 per cent of GOV from levels seen in the fourth quarter of FY25.

Instamart currently serves over 14 million monthly transacting users across more than 130 cities through a network of over 1,200 dark stores. The company attributed the improvement to stronger unit economics, including higher revenue per order and lower cost per order.

More than 45 per cent of Instamart's store network is now contribution margin-positive, and five of its seven largest cities, including Bengaluru, are operating profitably.

Swiggy said Instamart is targeting a GOV of over Rs 1.5 lakh crore by FY31, up from Rs 28,000 crore in FY26, supported by a monthly transacting user base of more than 40 million.

At the consolidated level, Swiggy expects adjusted EBITDA margins to expand to around 4 per cent of GOV by FY31. The company also projects earnings per share to improve from a loss of Rs 16 in FY26 to a gain of Rs 30-33 by FY31.

Swiggy said it remains debt-free, with a cash balance of Rs 14,400 crore.

(Inputs: PTI)