Swiggy
Swiggy
Retail F&OKey Fundamentals
MidcapEcommerceRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 3.59 times its book value
- Company has low interest coverage ratio.
- Debtor days have increased from 51.5 to 64.1 days.
- Working capital days have increased from 29.1 days to 65.5 days
Growth Rate
AI Analysis — Bull vs Bear
Swiggy Ltd has a market capitalisation of about Rs 73,010 crore and remains loss-making, with a P/E of -19.7 and a last-year ROE of -29%. Sales have compounded at 55% over 5 years and 47% on a TTM basis, while profit growth has been flat to negative (-1% TTM, 0% over 3 years). In Q1FY27, revenue from operations rose 37% YoY to Rs 6,812 crore and the net loss narrowed to Rs 791 crore from Rs 1,197 crore. The stock is down 37% over one year.
- Revenue growth is high and sustained: compounded sales growth of 55% over 5 years, 41% over 3 years and 47% on a TTM basis.
- Losses are narrowing: Q1FY27 consolidated net loss fell 34% YoY to Rs 791 crore from Rs 1,197 crore, and revenue from operations grew to Rs 6,812 crore from Rs 4,961 crore.
- Instamart unit economics are improving: Q1FY27 contribution margin improved 440 bps YoY to -0.2%, close to breakeven at the contribution level.
- Instamart gross order value (GOV, the total value of orders placed) grew 39.8% YoY to Rs 7,907 crore in Q1FY27, showing continued scale in quick commerce.
- Q4FY26 revenue rose 44.73% YoY to Rs 6,383 crore from Rs 4,410 crore, helped by strong food delivery performance.
- Instamart has a large physical footprint: 1,143 dark stores across 129 cities covering 4.8 million sq ft as of Q4FY26, which creates a distribution base that is hard to copy quickly.
- The stock has fallen 37% over the past year, so the current Rs 73,010 crore market cap reflects a much lower starting valuation than a year ago.
- The company is expected to deliver a good quarter, which, together with a Q1FY27 quarterly loss of Rs 791 crore that is still shrinking, points to operating leverage.
- The company is still loss-making at the net level: a P/E of -19.7 implies annual losses of roughly Rs 3,700 crore against a Rs 73,010 crore market cap.
- Returns on capital are poor: last-year ROE was -29%, meaning shareholder equity is being eroded by losses.
- Profit growth lags revenue growth: compounded profit growth is -1% TTM and 0% over 3 years, despite sales growing 41-55% a year.
- Working capital is getting worse: working capital days rose from 29.1 to 65.5, and debtor days rose from 51.5 to 64.1, so more cash is tied up in operations.
- Quick commerce growth wobbled: Q4FY26 Instamart GOV of Rs 7,881 crore was 0.7% lower than the December quarter, and the stock fell about 7% after those results. Q1FY27 Instamart GOV growth of 39.8% is also below the 68.8% YoY growth reported in Q4FY26.
- The valuation is high for a loss-making business: the stock trades at about 4 times book value (P/B of 4.04).
- The company has a low interest coverage ratio, meaning operating earnings do not comfortably cover finance costs while losses continue.
- Competition in quick commerce is intensifying, including rival Zepto receiving IPO approval, which could put pressure on Instamart's -0.2% contribution margin and the pace of expansion across its 1,143 dark stores.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- MSCI index deletion triggers outflows Sep 2
MSCI removed Swiggy from its Global Standard and Mid Cap indices effective September 7, 2026, after the company capped foreign ownership at 49.5% under its IOCC strategy. Swiggy had only been added in August 2025, and the removal forces passive ETF and global fund selling.
- Deep drawdown, weak price trend Sep 2
Shares are down 29.33% in 2026 and 34.74% over one year, against a 52-week range of ₹235.75-₹474. Selling pressure has persisted since October 2025, and a break below ₹235-240 support could open downside to ₹200-210.
- Losses and margin pressure persist Sep 2
Q1 FY27 consolidated net loss was still ₹791 crore, with total expenses up over 25% to ₹7,813 crore. Margins were hit by seasonal factors and annual salary hikes, though management expects them to normalise over the rest of the year.
- Instamart warehouse expired food raid Sep 8
Health officials raided a Swiggy Instamart warehouse in Bengaluru and found expired food products. This raises food-safety compliance and reputational risk for the quick-commerce business.
- Shares slip in midday trade Sep 3
Swiggy was among the midday decliners on September 3 while the Nifty 50 hovered near 23,930 and the Sensex near 76,685. The article gave no Swiggy-specific figure or trigger.
- Strong Q1 FY27 revenue growth Sep 2
Revenue from operations rose over 37% YoY to ₹6,812 crore, and the net loss narrowed about 34% from ₹1,197 crore to ₹791 crore. Food delivery revenue grew 23% to ₹2,208 crore, GOV rose 17% to ₹9,490 crore and MTUs grew about 18% to 1.92 crore.
- ₹1,041 cr BNP-Goldman block buy Sep 2
BNP Paribas bought 1.78 crore shares for ₹491.99 crore and Goldman Sachs bought 1.98 crore shares for ₹549.01 crore, together a 1.36% stake at ₹276.10. The stock rose 2.53% to ₹276.10 on NSE, trading between ₹269.30 and ₹284.40.
- SBI MF crosses 5% stake Oct 1
SBI Mutual Fund bought 1.18 crore shares on the open market on September 29, 2026, raising its holding from 4.70% to 5.13%. This shows domestic institutional demand as foreign ownership is capped.
- IOCC path unlocks Instamart inventory Sep 2
After an earlier rejection in May, shareholders approved the 49.5% foreign ownership cap and FEMA-aligned amendments to the Articles of Association. IOCC status would let Instamart own and sell inventory directly, which is expected to improve margins and supply-chain control.
- Exits Lynks B2B unit to Udaan Sep 7
Swiggy is selling Lynks Logistics to Udaan's parent Trustroot in a share swap for 166,534 Series R CCPS at USD 314.40 each, with closing expected by October 22, 2026. The business had ₹668 crore revenue (2.90% of consolidated) and ₹500 crore net assets, so the exit drops a lower-margin, asset-heavy operation while keeping roughly a 3.2% Udaan stake, including a ₹75 crore primary investment. The consideration is paper in Udaan, which recently recapitalised for $160 million after a $170 million bond default.
- Crew concierge launches travel service Sep 3
Swiggy's premium concierge Crew launched an end-to-end travel service at ₹999 per quarter, covering hotels, flights, visas, forex and 24/7 trip support. It is open only to paid and invited members and is too small to move the numbers in the near term.
- Large-trade signals near ₹275-281 Sep 23
On September 23, about 32.2 lakh shares traded at ₹281.20 (₹90.62 crore), after about 8.98 lakh shares at ₹275.80 (₹24.78 crore) on September 22. Both are unconfirmed real-time BSE signals.
- September investor conference roadshow Sep 3
Swiggy scheduled investor meetings at Citi GEMS in New York (September 8-9), Jefferies India Forum in Gurugram (September 17) and J.P. Morgan India Conference in Mumbai (September 21).
TL;DR: Swiggy's operations are improving: Q1 FY27 revenue grew 37% to ₹6,812 crore, losses narrowed 34%, and the Lynks exit sharpens its focus on food delivery and Instamart. On risks, the stock is down about 29% in 2026 after the MSCI deletion, it still lost ₹791 crore in Q1, and the Instamart expired-food raid adds compliance risk. Domestic institutions are absorbing the foreign selling, with SBI MF now above 5% and ₹1,041 crore in block buys, and the price has held around ₹275-281. Watch for a sustained move above the ₹280-310 zone, Instamart margin gains from IOCC status, and the Udaan deal closing by October 22 to see whether the trend turns up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,390 | 2,763 | 3,049 | 3,046 | 3,222 | 3,601 | 3,992 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 |
| Expenses | 2,964 | 3,387 | 3,575 | 3,536 | 3,766 | 4,155 | 4,718 | 5,374 | 5,916 | 6,360 | 6,931 | 7,081 | 7,463 |
| Operating Profit | -575 | -624 | -526 | -490 | -544 | -554 | -726 | -964 | -955 | -799 | -783 | -698 | -651 |
| OPM % | -24% | -23% | -17% | -16% | -17% | -15% | -18% | -22% | -19% | -14% | -13% | -11% | -10% |
| Other Income | 119 | 87 | 78 | 73 | 75 | 82 | 107 | 121 | 87 | 59 | 86 | 266 | 211 |
| Interest | 17 | 15 | 18 | 20 | 20 | 23 | 26 | 32 | 41 | 48 | 55 | 56 | 53 |
| Depreciation | 91 | 105 | 108 | 117 | 122 | 131 | 154 | 206 | 288 | 304 | 313 | 312 | 298 |
| PBT | -564 | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -564 | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 |
| EPS in Rs | — | — | — | — | — | -62.75 | -3.57 | -4.73 | -4.8 | -4.38 | -3.86 | -2.9 | -2.87 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 | 24,904 |
| Expenses | 7,292 | 3,843 | 9,355 | 12,538 | 13,447 | 18,015 | 26,288 | 27,835 |
| Operating Profit | -3,824 | -1,296 | -3,650 | -4,273 | -2,199 | -2,788 | -3,235 | -2,931 |
| OPM % | -110% | -51% | -64% | -52% | -20% | -18% | -14% | -12% |
| Other Income | 218 | -19 | 239 | 438 | 341 | 384 | 498 | 622 |
| Interest | 85 | 75 | 48 | 58 | 71 | 101 | 200 | 212 |
| Depreciation | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 | 1,227 |
| PBT | -3,908 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,748 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -3,920 | -1,617 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,748 |
| EPS in Rs | — | — | — | — | — | -13.63 | -15.05 | -14.01 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.88 | 0.01 | 0.86 | 3 | 3 | 229 | 261 |
| Reserves | 2,966 | 1,736 | -3,296 | -6,509 | -7,785 | 9,991 | 18,053 |
| Borrowings | 89 | 93 | 16,071 | 16,162 | 16,437 | 1,702 | 2,551 |
| Other Liabilities | 1,346 | 1,086 | 1,637 | 1,624 | 1,874 | 3,283 | 4,372 |
| Total Liabilities | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
| Fixed Assets | 1,332 | 747 | 801 | 1,505 | 2,041 | 3,631 | 4,558 |
| CWIP | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 |
| Other Assets | 1,182 | 1,243 | 3,263 | 3,235 | 3,317 | 8,897 | 14,645 |
| Total Assets | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -3,841 | -1,175 | -3,900 | -4,060 | -1,313 | -2,169 | -2,898 |
| Investing | 3,195 | 1,282 | -9,160 | 3,968 | 1,472 | -1,372 | -4,983 |
| Financing | 849 | 14 | 13,634 | -172 | -123 | 3,903 | 9,397 |
| Net Cash Flow | 202 | 120 | 574 | -264 | 37 | 362 | 1,516 |
| Free Cash Flow | -4,175 | -915 | -4,128 | -4,217 | -1,657 | -2,912 | -3,809 |
| CFO/OP | 99 | 91 | 105 | 94 | 60 | 79 | 89 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 24 | 71 | 47 | 31 | 59 | 64 |
| Inventory Days | 31 | 10 | 4 | 1 | 4 | 3 | 3 |
| Days Payable | 311 | 223 | 154 | 94 | 70 | 111 | 83 |
| Cash Conversion Cycle | -268 | -189 | -79 | -46 | -35 | -48 | -16 |
| Working Capital Days | -22 | -41 | 18 | 18 | 0 | 21 | 66 |
| ROCE % | — | -57% | -48% | -37% | -24% | -29% | -24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY20–FY27.
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Company Information
Founded in 2014, Swiggy Ltd is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app.[1]
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