Results · Commerce & Consumer Brands

Swiggy targets ₹10,000 Cr EBITDA by FY31

By Startup Enthusiast · 6 August 2026

What they do

Swiggy projected consolidated adjusted EBITDA of ₹10,000 Cr by FY31 at its Capital Markets Day

Instamart achieved contribution margin breakeven in Q1 FY27 with positive 0.2% margins

Toing, launched in September last year, is now available in 50 cities to attract new users

Swiggy presented its long-term growth roadmap during a Capital Markets Day presentation.
The company set a consolidated adjusted EBITDA (profit after specific adjustments) target of ₹10,000 Cr by FY31.
Overall gross order value (total sales value of orders) is projected to reach ₹2.5 Lakh Cr by FY31.
Food delivery adjusted EBITDA is expected to grow from ~₹1,000 Cr in FY26 to ₹5,000 Cr by FY31.
Instamart GOV targets ₹1.5 Lakh Cr by FY31, implying a 42% compound annual growth rate.
Dineout adjusted EBITDA projection stands at ₹1,000 Cr by FY31.
Swiggy share price rose up to 5.6% post-presentation, trading at ₹288.7.
Market capitalisation reached ₹79,621.24 Cr based on the post-presentation trading price.

Nearly 70% of users place orders less than once a month, posing a frequency challenge.
The affordability initiative aims to attract consumers previously deterred by pricing.
Toing encourages higher ordering frequency to expand the online food delivery market.
Instamart achieved contribution margin breakeven in Q1 FY27, signaling operational efficiency.

Growth drivers include food delivery, quick commerce, and dining-out services.
Food delivery strategy focuses on strengthening core operations and expanding affordability via Toing.
Toing offers lower-priced meals without packaging or platform fees to reduce costs.
Toing limits restaurant commissions and eliminates additional charges to maintain low prices.
Optimised delivery routes and order batching improve delivery density and operating leverage.
Instamart benefits from higher operating leverage as volumes increase over the next five years.
Food delivery GOV is expected to grow 25%-30% annually, reaching 2.5X-3.5X current levels.
Toing + Crew generated ₹51 Cr revenue but incurred ₹131 Cr losses in Q1 FY27.
Instamart GOV was ₹7,907 Cr in Q1 FY27 with a positive 0.2% contribution margin.