Swiggy Ltd
Swiggy Ltd
Retail F&OKey Fundamentals
MidcapEcommerceRetailInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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36 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.21 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
anthropic claude-opus-4.6 10h agoSwiggy Ltd is a high-growth, loss-making consumer internet company with a market cap of ₹77,634 crore, trading at a P/B of 4.21x with no earnings. Revenue grew 47% TTM to ₹15,227 crore in FY25, but net losses widened to ₹3,117 crore for the full year, with Q4 FY25 losses nearly doubling YoY to ₹1,081 crore as the company aggressively invested in quick commerce expansion.
- Revenue growing at 47% TTM and 45% YoY in Q4 FY25 to ₹4,410 crore, demonstrating strong top-line momentum across segments
- Instamart (quick commerce) GOV surged 101% YoY in Q4 FY25 with 316 new dark stores added in a single quarter — more than cumulative additions over the prior 8 quarters
- Platform Monthly Transacting Users grew 34.5% YoY to 19.8 million in Q4 FY25, indicating expanding user base and network effects
- Consolidated B2C Gross Order Value rose 40% YoY to ₹12,888 crore in Q4 FY25, reflecting increasing consumer spending on the platform
- Out of Home Consumption segment turned profitable with 42% YoY GOV growth in Q4 FY25, showing diversification beyond core food delivery
- Food delivery margins expanded sharply in FY25, indicating the core business is maturing toward profitability
- Compounded sales CAGR of 55% over 5 years and 41% over 3 years demonstrates sustained hypergrowth trajectory
- Instamart expanded to 124 cities by Q4 FY25, significantly increasing addressable market from 54 cities in September 2024
- Net loss nearly doubled YoY to ₹1,081 crore in Q4 FY25 and full-year FY25 loss stood at ₹3,117 crore, with no clear path to near-term profitability
- Negative PE of -20.6x indicates sustained losses with compounded profit growth at -1% TTM and 0% over 3 years — no earnings improvement despite revenue growth
- Stock has declined 30% from listing, eroding significant shareholder value since IPO in November 2024
- Working capital days deteriorated sharply from 29.1 to 65.5 days, signaling worsening cash conversion efficiency
- Debtor days increased from 51.5 to 64.1 days, indicating slower collections from partners and advertisers
- Low interest coverage ratio suggests operating cash flows are insufficient to comfortably service debt obligations
- Trading at 4.21x book value despite negative ROE of -29%, meaning investors are paying a significant premium for a business destroying equity value
- Orders per dark store per day fell 22% over nine months from a peak of 1,260 to 985, raising unit economics concerns as Instamart scales
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Bangalore hotels threaten suspension Jul 30
Bangalore hotels reportedly planning to suspend operations with Swiggy from August 15 over payment transparency concerns, potentially impacting restaurant availability on the platform.
- Consolidated loss of ₹791 Cr Jul 30
Swiggy reported a consolidated loss of ₹791 crore in Q1FY27 despite standalone profit of ₹350 crore, indicating subsidiary-level losses remain significant.
- Instamart margins near breakeven Jul 30
Instamart contribution margins guided at 0% to -1% for the next few quarters, signaling the quick commerce segment is not yet profitable.
- ₹10,000 Cr EBITDA target by FY31 Aug 6
At Capital Markets Day, Swiggy outlined plans targeting ₹10,000 crore Adjusted EBITDA by FY31 with margin expansion in food delivery and Instamart contribution breakeven.
- B2C GOV surges 45.5% in FY26 Jul 25
FY26 annual report shows B2C GOV of ₹67,734 crore (+45.5% YoY), consolidated revenue of ₹23,053 crore (+51.4% YoY), and a completed ₹10,000 crore QIP.
- Revenue up 37% YoY to ₹6,812 Cr Jul 30
Q1FY27 revenue rose 37% YoY to ₹6,812 crore with food delivery GOV growth guidance maintained at 18-20%.
- Strong ESG and local sourcing Jul 24
BRSR FY26 reports ₹12,128 crore turnover and 98.63% domestic sourcing, highlighting robust ESG governance and climate targets.
- ₹350 Cr block trade on NSE Aug 7
A block trade of ~1.24 crore shares executed at ₹282.35 per share worth ₹350.11 crore on NSE, indicating institutional activity.
- New Instamart CEO appointed Jul 28
Nandita Sinha appointed Instamart CEO effective August 3, replacing Amitesh Kumar Jha. She joins from Myntra where she achieved EBITDA profitability.
- 75 new stores planned in Q2FY27 Jul 30
Swiggy plans to open approximately 75 new stores in Q2 FY27, reflecting continued network expansion and geographic reach.
- Foreign ownership capped at 49.50% Jul 23
Board approved a 49.50% cap on aggregate foreign ownership; shareholders to vote at 13th AGM on August 18, 2026.
- Q1FY27 earnings call hosted Jul 30
Swiggy held its analyst and investor conference call on July 30, 2026 at 17:00 IST to discuss Q1FY27 results.
TL;DR: Swiggy is delivering strong topline growth with revenue up 37% YoY and B2C GOV surging 45.5% in FY26, while setting an ambitious ₹10,000 Cr EBITDA target by FY31. Key risks include continued consolidated losses (₹791 Cr in Q1), Instamart margins hovering around breakeven, and potential restaurant partner friction in Bangalore. The trend is improving on revenue momentum and strategic clarity post-Capital Markets Day, but profitability remains the key milestone to watch over the next 2-3 quarters.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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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]