Food delivery and quick commerce platform Swiggy on Thursday set out a five-year financial target of 10,000 crore in adjusted Ebitda by FY31, laying out a plan that requires its loss-making quick commerce arm Instamart to swing from a3,512 crore loss to a Rs 4,000 crore profit over the period.
At its Capital Markets Day in Mumbai on Thursday, the company said consolidated gross order value would more than triple to about 2.5 lakh crore by FY31 from67,734 crore in FY26, implying a compound annual growth rate of over 30%, with adjusted Ebitda margin expanding to roughly 4% of Gross Order Value (GOV).
Earnings per share are projected to move from a loss of 16 in FY26 to a profit of30-33 by FY31. Swiggy said it had a cash balance of Rs 14,400 crore and remained debt-free.
The segment-level break-up, disclosed in the investor presentation but not in the company’s press statement, shows the bulk of the improvement is expected to come from Instamart. The quick commerce business is targeted to grow GOV four to five times to over Rs 1.5 lakh crore from 28,000 crore in FY26, and to deliver about4,000 crore of adjusted Ebitda against a loss of3,512 crore last year.
Food delivery, which posted 1,001 crore of adjusted Ebitda in FY26 on GOV of about35,000 crore, is guided to grow 25-30% a year to deliver roughly 5,000 crore by FY31, driven by affordability-led offering Toing.
Dineout, the out-of-home consumption arm, is projected to reach20,000-25,000 crore in GOV and 1,000 crore in Ebitda, from4,645 crore and 30 crore, respectively, with an interim FY29 milestone of13,000-15,000 crore in GOV.
“Our confidence in achieving our five-year Ebitda goal is rooted in the strength of our fundamentals,” said Sriharsha Majety, managing director and group CEO. He said the company was operating in three of India’s largest and fastest-growing consumer categories, each with the potential to compound over the coming years.
The Instamart target rests on tripling the monthly transacting user base to over 40 million from 14 million, alongside a 1.2-1.4 times increase in order frequency and a 1.1-1.2 times increase in GOV per order. The business narrowed its contribution margin loss to 0.2% of GOV in the June quarter, an improvement of 5.4 percentage points from the March 2025 quarter, and Swiggy said Ebitda breakeven now requires a further 2.5 times scale-up and four percentage points of contribution margin gain.
The presentation also disclosed store-level economics for the first time. Capital expenditure per dark store is guided to rise to 2.5 crore from2.2 crore currently, with net order value per store rising to 48 crore a year from42 crore, and pre-tax return on capital employed improving to 45% from 35%. Swiggy did not disclose a target dark store count for FY31. It operated 1,171 stores across 131 cities as of end-June, against Blinkit’s 2,443 after the rival added 200 stores in the same quarter.
The targets come weeks after Swiggy reported June-quarter results in which consolidated business-to-consumer GOV rose 28% to 18,926 crore and adjusted Ebitda loss narrowed to 3.4% of GOV.
At the time, the company guided that Instamart’s contribution margin would stay in a range of zero to negative 100 basis points over the next couple of quarters. Blinkit, which turned adjusted Ebitda positive in the March quarter, reported Net Order Value (NOV) of17,132 crore in the June quarter, up 86% on year, with contribution margin at 4% of NOV.
Swiggy also reiterated progress toward investor-owned commerce company status, with domestic ownership crossing 50% on July 1 and the board approving an increase in the foreign shareholding cap to 49.5% on July 23. Shareholders vote on the change at the annual general meeting on August 18.
The company said approval would pave the way for Instamart to shift to a first-party, or 1P, inventory model within two to four quarters, under which Swiggy would buy and own the goods it sells rather than earn a commission on sales made by third-party sellers.
India’s FDI rules bar foreign-owned and controlled e-commerce firms from holding inventory and selling directly to consumers, which is why the ownership change is a precondition. Blinkit made the same shift over FY26, and Eternal has told investors it expects about one percentage point of margin accretion from it.
The five-year plan lands in a quick commerce market where Swiggy and Blinkit are building scale against aggressive rivals Zepto, Tata Digital-owned BigBasket, Amazon and Flipkart Minutes, and where investor attention has shifted from growth to which operators can hold a profit once they get there.
Swiggy shares rose as much as 5.2% on the NSE on Thursday to an intraday high of 305 before giving up the gains, closing 1% lower at 287 against the previous close of Rs 289.9.