Swiggy Limited (NSE: SWIGGY, BSE: 544285), India’s pioneering on-demand convenience platform, today outlined its FY31 vision at Capital Markets Day 2026, setting out its goal to build a ₹10,000 Cr. Adjusted EBITDA business, more than tripling consolidated Gross Order Value (GOV) to approximately ₹2.5 Lakh Cr. from ₹67,734 Cr. in FY26, implying a 30%+ GOV CAGR through 2031 alongside expanding profitability.
Commenting on Swiggy’s vision, Sriharsha Majety, Managing Director and Group CEO, Swiggy, said, “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”.
Food Delivery: Built on Bold, Category-Expanding Bets to Drive Above-Market Growth and ~5x Adjusted EBITDA by FY31
India’s food services market is on track to grow from ~$90 Bn in 2026 to ~$150 Bn by 2031. Within this, two structural levers stand out: closing the frequency gap, since ~70% of the users today transact less than once a month and, cracking affordability, which can unlock 5-7 percentage points of higher category growth on its own. By FY31, Swiggy expects Food Delivery GOV to grow 2.5-3.5x and ~₹5,000 Cr. in Adjusted EBITDA driven by Toing and other affordability led initiatives.
Powered by strong execution across operations, delivery efficiency, partner enablement, network scale, accelerated MTU growth and innovation, Swiggy’s Food Delivery business posted ₹9,490 Cr. GOV in Q1 FY27, up 18% YoY, with adjusted EBITDA runrate of ₹292 cr, up by 5x from Q1 FY25.
Dineout: Out-of-Home Consumption Completes a Year of Profitability
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 Cr. in Adjusted EBITDA by FY31. The business is underpinned by a strong and steadily improving core engine. The next few years will see Swiggy deepen its presence across dining-out occasions, and expand its suite of offerings and use cases. This will help it tap into significant headroom for growth, drive higher consumer engagement, merchant adoption and monetisation.
Dineout delivered its first full year of positive Adjusted EBITDA in FY26, with ₹4,600 Cr. full-year GOV, up 51% YoY. The business now serves over 52,000 monthly active restaurant partners across 75 cities.
Dineout’s GOV is projected to scale five times in five years, growing from ₹4,600 Cr. in FY26 to ₹20,000-25,000 Cr. by FY31. Adjusted EBITDA is projected to grow from ₹30 Cr. in FY26 to ₹1,000 Cr. by FY31, widening margins from 0.6% to 4%+ over the period. The trajectory underscores Dineout’s shift from a growth bet to a durable, high-margin profit contributor within the Swiggy portfolio.
Instamart: Redefining Everyday Convenience and the Path to Profitability
Instamart, Swiggy’s quick commerce business, grew GOV to ₹7,907 Cr. in Q1 FY27, up 40% YoY. It also narrowed its Contribution Margin loss to -0.2% of GOV, a 5.4 percentage point improvement since Q4 FY25. The business now serves over 14 million monthly transacting users across 130+ cities through a network of 1,200+ dark stores. Instamart became only the second player in quick commerce to demonstrate Contribution Margin breakeven while delivering 40% GOV for the year.
This gain has been driven by better unit economics: a higher Revenue per Order (up ₹25) and a lower Cost per Order (down ₹3) since Q4 FY25. This progress is already visible with 45%+ of the store network Contribution Margin-positive and 5 of 7 top cities, including Bangalore operating profitably. EBITDA breakeven is now in sight, requiring a further 2.5x scale-up and an additional 4 percentage point gain in Contribution Margin, from -0.2% to the ~4.0% breakeven level.
Instamart is targeting a ₹1.5+ Lakh Cr. GOV business by FY31, a 4-5x jump from ₹28,000 Cr. in FY26. This will be built through a larger and stickier monthly transacting user base of more than 40M.
The company has demonstrated a continuous upward trajectory in its core operating metrics in the last few quarters and is ready to invest behind sustainable growth from here onwards
To stand out from the crowded quick commerce competitive landscape, Instamart is scaling a platform-wide proposition, Switch, anchored on offering customers access to better-quality products through roughly 400 brand partnerships and two owned brands- Noice, spanning 46+ categories and 380+ SKUs with over 9 million customers, and Nectr, its fresh produce brand.
Technology: Building for an Agentic Era
Swiggy also outlined its continued shift toward AI-native operations across five core engines, namely Demand, Fulfilment, Partners, Monetisation, and Building, encompassing in-session personalisation, a self-correcting fulfilment network, and internal AI tooling such as SAGE, an analytics assistant developed for operating teams. The company is leveraging AI and a decade of engineering investment and proprietary data to deliver a competitive advantage.
Delivering Profitable Growth
Swiggy expects to deliver 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 Cr. Earnings per share are expected to improve from -₹16 in FY26 to ₹30-33 by FY31. The company reported a cash balance of ₹14,400 Cr. and remains debt-free.
Swiggy also highlighted continued progress on its path to Investor-Owned Commerce Company (IOCC) status: domestic ownership crossed 50% on July 1, 2026, and the Board approved raising the foreign shareholding cap to 49.5% on July 23, 2026, ahead of a shareholder vote at the Company’s 13th AGM on August 18, 2026-a step expected to pave the way for Instamart’s transition to a 1P inventory model within 2-4 quarters of approval.
About Swiggy
Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 6.5 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2.7 lakh restaurants across 720+ cities. Instamart, its quick commerce platform operating in 131 cities, delivers groceries and other essentials across 20+ categories. Fueled by a commitment to innovation, Swiggy continually incubates and integrates new services like Swiggy Dineout and Swiggy Scenes into its multi-service app as well as creating standalone offerings like Toing and Crew for opening up new market segments. Leveraging cutting-edge technology and Swiggy One, the country’s only membership program offering benefits across food, quick commerce and dining out, Swiggy aims to provide a superior experience to its users.
For more details, please visit our website: www.swiggy.com/corporate/
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