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 4.20 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 5d 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 5h 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 subsidiaries and quick commerce still burning cash.
- Instamart margins near breakeven Jul 30
Instamart contribution margins guided at 0% to -1% for the next few quarters, signaling the quick commerce segment remains unprofitable in the near term.
- ₹10,000 Cr EBITDA target by FY31 Aug 6
At Capital Markets Day, Swiggy outlined ambitious plans targeting ₹10,000 crore Adjusted EBITDA by FY31 with margin expansion in food delivery and contribution breakeven in Instamart.
- 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
FY26 BRSR reports ₹12,128 crore turnover with 98.63% domestic sourcing, highlighting supply chain resilience and ESG governance.
- Foreign ownership capped at 49.50% Aug 18
Shareholders approved capping foreign ownership at 49.50% at the 13th AGM on August 18, with all seven resolutions passed. Public institutions held over 92% of polled shares.
- ₹350 Cr block trade on NSE Aug 7
A block trade of approximately 1.24 crore shares was executed at ₹282.35 per share, totaling ₹350.11 crore, indicating significant institutional activity.
- ~75 new stores planned in Q2FY27 Jul 30
Swiggy plans to open approximately 75 new stores in Q2 FY27 as part of its network expansion strategy to broaden geographic reach.
- New Instamart CEO appointed Jul 28
Nandita Sinha appointed as Instamart CEO effective August 3, replacing Amitesh Kumar Jha. She joins from Myntra where she achieved EBITDA profitability.
- Q1FY27 earnings call posted Aug 1
Audio recording of the July 30 analyst and investor conference call uploaded to Swiggy's corporate website per SEBI compliance.
TL;DR: Swiggy is delivering strong topline growth with revenue up 37% YoY and B2C GOV surging 45.5% in FY26, backed by an ambitious ₹10,000 crore EBITDA target by FY31. Key risks include continued consolidated losses (₹791 Cr in Q1), near-breakeven Instamart margins, and potential restaurant partner friction in Bangalore. The trend is improving on growth metrics and margin trajectory, but profitability at the consolidated level remains the critical gap to close over the next few 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]