Swiggy targets Rs 10,000 Cr adjusted EBITDA by FY31

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

For the April-June quarter of this financial year, the company's consolidated adjusted EBITDA improved by Rs 162 crore on a year-on-year basis, following which the company's loss narrowed to Rs 651 crore.

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

The company also highlighted progress towards becoming an Investor-Owned Commerce Company (IOCC), stating that domestic ownership crossed 50% on July 1, 2026.

Its board has approved raising the foreign shareholding cap to 49.5% ahead of its 13th annual general meeting on 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," Swiggy Managing Director and Group CEO Sriharsha Majety said.

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

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

Its food delivery business reported a GOV of Rs 9,490 crore in the first quarter of FY27, up 18% year-on-year, while adjusted EBITDA run rate rose to Rs 292 crore.

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

Swiggy said Dineout 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.

The company's quick commerce business, Instamart, reported a GOV of Rs 7,907 crore in the first quarter of FY27, registering 40% year-on-year growth, while narrowing its contribution margin loss to 0.2 per cent of GOV from the levels seen in the fourth quarter of FY25.

Instamart now 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% of Instamart's store network is now contribution margin-positive, while 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, 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% of GOV by FY31. The company also projects earnings per share to improve from a loss of Rs 16 (-Rs 16) in FY26 to +Rs 30 to Rs 33 by FY31.

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