Swiggy has outlined its FY31 growth and profitability targets at Capital Markets Day 2026, aiming to build a Rs 10,000 crore Adjusted EBITDA business while scaling consolidated Gross Order Value to around ₹2.5 lakh crore.
The company expects consolidated GOV to more than triple from Rs 67,734 crore in FY26, implying a CAGR of over 30% through FY31. Adjusted EBITDA margin is projected to reach around 4% of GOV.
Food Delivery And Dineout Target Higher Growth And Profitability
Swiggy expects its food delivery GOV to grow between 2.5x and 3.5x by FY31, with Adjusted EBITDA reaching around Rs 5,000 crore. The company estimates India’s food services market will grow from approximately $90 billion in 2026 to $150 billion by 2031.
Food Delivery recorded GOV of Rs 9,490 crore in Q1 FY27, up 18% YoY, while its Adjusted EBITDA run rate stood at Rs 292 crore.
Dineout, meanwhile, is targeting GOV of Rs 20,000 crore to Rs 25,000 crore by FY31, compared with Rs 4,600 crore in FY26. Adjusted EBITDA is expected to increase from Rs 30 crore to Rs 1,000 crore over the same period.
Dineout reported its first full year of positive Adjusted EBITDA in FY26, with GOV growing 51% YoY. It currently has more than 52,000 monthly active restaurant partners across 75 cities.
Instamart Eyes Rs 1.5 Lakh Crore GOV By FY31
Instamart is targeting more than Rs 1.5 lakh crore in GOV by FY31, representing a four- to five-fold increase from around Rs 28,000 crore in FY26. Swiggy expects its monthly transacting user base to cross 40 million.
The quick commerce business recorded GOV of Rs 7,907 crore in Q1 FY27, up 40% YoY. Its Contribution Margin loss narrowed to 0.2% of GOV, improving 5.4% points from Q4 FY25.
Instamart currently serves more than 14 million monthly transacting users across over 130 cities through more than 1,200 dark stores. Swiggy said over 45% of the store network is Contribution Margin positive, while five of its seven largest cities are operating profitably.
The company is also expanding Switch, which includes partnerships with around 400 brands alongside its owned brands Noice and Nectr.
Swiggy Targets Rs 10,000 Crore Adjusted EBITDA By FY31
At the consolidated level, Swiggy expects GOV to reach approximately Rs 2.5 lakh crore by FY31, alongside Adjusted EBITDA of around ₹10,000 crore. Earnings per share are projected to improve from a loss of Rs 16 in FY26 to positive Rs 30 to Rs 33 by FY31.
Swiggy is also expanding the use of AI across demand, fulfilment, partner operations, monetisation and internal development, including its analytics assistant SAGE.
The company reported a cash balance of Rs 14,400 crore and remains debt-free. Domestic ownership crossed 50% on July 1, 2026, while its board has approved raising the foreign shareholding limit to 49.5%, subject to shareholder approval on August 18.
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.”
He further added, “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”.
FAQs
- What is Swiggy Instamart?
Swiggy Instamart is the company’s quick commerce service that delivers groceries, food products and other everyday essentials.
- What are Swiggy growth plans for FY31?
Swiggy plans to grow its consolidated GOV to around Rs 2.5 lakh crore and reach approximately Rs 10,000 crore in Adjusted EBITDA by FY31.
- What is Gross Order Value or GOV?
GOV is the total value of orders placed through a platform before accounting for expenses, commissions and other costs.
- How much does Swiggy expect Instamart to grow?
Instamart is targeting more than Rs 1.5 lakh crore in GOV by FY31, compared with around Rs 28,000 crore in FY26.
- What is Swiggy Dineout?
Swiggy Dineout is Swiggy’s dining out platform that helps consumers discover restaurants and access dining offers and services
