Swiggy shares rally over 5% as firm eyes ₹10,000 crore adjusted EBITDA by FY31; all you need to know

In its Capital Markets Day 2026, the company outlined its FY31 vision, targeting ₹10,000 crore in adjusted EBITDA while aiming to more than triple consolidated Gross Order Value (GOV) to around ₹2.5 lakh crore from ₹67,734 crore in FY26. This implies a GOV CAGR of over 30% through 2031, alongside a focus on improving profitability.

Swiggy expects to deliver more than 30% consolidated GOV CAGR through FY31 while expanding consolidated adjusted EBITDA margin to approximately 4% of GOV, taking overall adjusted EBITDA to approximately ₹10,000 crore.

The company’s earnings per share are expected to improve from -₹16 in FY26 to ₹30-33 by FY31. It had reported a cash balance of ₹14,400 crore and remains debt-free.

“Our confidence in achieving our five-year EBITDA goal is rooted in the strength of our fundamentals. 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,” said Sriharsha Majety, Managing Director and Group CEO, Swiggy.

By FY31, Swiggy said it expects food delivery GOV to grow 2.5-3.5 times and approximately ₹5,000 crore in adjusted EBITDA driven by toing and other affordability led initiatives.

The Bengaluru-based company’s gross order value (GOV) of its food delivery business grew 17.4% to ₹9,490 crore in Q1 FY27. Its adjusted EBITDA increased by ₹100 crore year-on-year to reach ₹292 crore. Instamart GOV had increased 39.8% YoY to ₹7,907 crore. Its contribution margin improved by 440 bps YoY to -0.2%, with adjusted EBITDA losses down by ₹80 crore quarter-on-quarter.

Instamart GOV had surged 39.8% YoY to ₹7,907 crore in Q1 FY27. Its contribution margin improved 440 bps YoY to -0.2%, with adjusted EBITDA losses down by ₹80 crore quarter-on-quarter.

Furthermore, Instamart is targeting over ₹1.5 lakh crore GOV business by FY31, a 4-5x jump from ₹28,000 crore in FY26. This will be built through a larger and stickier monthly transacting user base of more than 40 million, Swiggy said.

Swiggy said India’s food services market is projected to grow from around $90 billion in 2026 to nearly $150 billion by 2031. It highlighted two key structural levers—closing the frequency gap, with nearly 70% of users transacting less than once a month, and improving affordability—which could independently drive an additional 5–7 percentage points of category growth.

Following a breakout year, Dineout, Swiggy's out-of-home consumption business, is entering its next phase of growth with a clear path to ~5x topline growth and ₹1,000 crore in adjusted EBITDA by FY31. “The next few years will see Swiggy deepen its presence across dining-out occasions and expand its suite of offerings and use cases,” it added.

Swiggy Q1 FY27 earnings

In Q1 FY27, Swiggy had narrowed its consolidated net loss to ₹791 crore, compared to a net loss of ₹1,197 crore a year back.

Its revenue from operations surged 37.31% to ₹6,812 crore in the three months ended June 2026 as against ₹4,961 crore in the same period of the previous fiscal year.

On the operational level, the company's EBITDA loss stood at ₹650 crore, reflecting a decline of 31.87% from ₹954 crore in Q1 FY26.

At 11:49 AM, shares of Swiggy were trading at ₹298.30 apiece on the National Stock Exchange, gaining 2.9%.

According to NSE data, as of August 6, 2026, Swiggy has a total market capitalisation of ₹82,340.15 crore.