Swiggy’s Rs 10,000 crore EBITDA blueprint: How food delivery & Instamart aim to triple order value by FY31

The target was laid out at the company’s Capital Markets Day.  The company wants to more than triple consolidated gross order value (GOV) to around Rs 2.5 lakh crore by FY31, from Rs 67,734 crore in FY26, a compounded annual growth rate north of 30%. Adjusted EBITDA margin is expected to climb to roughly 4% of GOV over the same period, and earnings per share are projected to swing from a loss of Rs 16 in FY26 to a profit of Rs 30-33 by FY31.

Swiggy Q1FY27 performance

The numbers for the June quarter (Q1FY27) offer an early marker against those ambitions. Swiggy’s net loss narrowed to Rs 791 crore, from Rs 1,197 crore a year earlier, though it barely moved from the Rs 800 crore loss in the preceding March quarter. 

Q1FY27 revenue rose 28.66% year-on-year to Rs 6,812 crore, up from Rs 4,961 crore in Q1FY26, and 6.30% higher than the Rs 6,383 crore reported in Q4FY26.

Food delivery growth to be driven by affordability and higher order frequency 

On food delivery, the plan is to grow GOV 2.5-3.5 times by FY31 and take segment EBITDA from Rs 292 crore currently to around Rs 5,000 crore, leaning on the budget offering Toing and other affordability pushes. 

As per the company, this ambition rests on the fact that India’s food services industry is expected to grow from about $90 billion in 2026 to $150 billion by 2031, and roughly 70% of users today order less than once a month.

The June quarter gave a sense of where things currently stand. Food delivery GOV grew 17.4% year-on-year to Rs 9,490 crore, a number that would have been closer to 18% but for restaurant cancellations tied to LPG supply disruptions early in the quarter. 

Monthly transacting users rose 17.8% to 19.2 million, and segment EBITDA improved by Rs 100 crore year-on-year, taking margin up to 3.1%. Toing itself expanded to 50 cities in the quarter, and two out of every three new users on the platform, the company said, were either new to food delivery altogether or had drifted away and come back.

Instamart targets EBITDA breakeven through scale and higher margins 

Quick commerce arm Instamart has been set a steeper climb: a GOV target of over Rs 1.5 lakh crore by FY31, up from Rs 28,000 crore in FY26, riding on a monthly user base swelling past 40 million. The business crossed contribution margin breakeven this year while still growing GOV 40%, which Swiggy is treating as a turning point.

Getting to full EBITDA breakeven, however, will need another 2.5 times scale-up and a further four percentage point gain in contribution margin, from -0.2% to around 4%.

That breakeven milestone actually landed in May, within the June quarter, in line with a target the company had set for itself a year ago. GOV for the quarter rose 39.8% year-on-year to Rs 7,907 crore. Even so, Instamart posted an overall loss of Rs 778 crore for the quarter. The company also added 28 dark stores on a net basis, taking its total count to 1,171 stores across 131 cities, the company noted.

To differentiate itself from rivals stacking similar grocery lists, Instamart is pushing a proposition it calls Switch, roughly 400 brand tie-ups alongside two in-house brands, Noice (46-plus categories, 380-plus SKUs) and Nectr, its fresh produce line.

Dineout business remains profitable as Swiggy scales out-of-home segment 

The out-of-home consumption business, anchored by Dineout, is the smallest of Swiggy’s three bets but also the one furthest along on profitability. It notched its first full year of positive adjusted EBITDA in FY26, with GOV of Rs 4,600 crore, up 51% year-on-year, across more than 52,000 monthly active restaurant partners in 75 cities. 

By FY31, Swiggy wants that GOV at Rs 20,000-25,000 crore and EBITDA at Rs 1,000 crore, up from just Rs 30 crore in FY26.

In the June quarter, the segment’s GOV climbed 44.8% year-on-year, with adjusted EBITDA margin at 0.9% of GOV.

Across the platform, monthly transacting users grew 27.4% year-on-year to 27.5 million in the quarter.

“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. 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,” Sriharsha Majety, Managing Director and Group CEO, Swiggy, said.

Cash position, ownership changes and AI investments 

Swiggy reported a cash balance of Rs 14,400 crore and said it carries no debt. It also flagged progress on becoming an Investor-Owned Commerce Company: domestic ownership crossed 50% on July 1, and the board approved raising the foreign shareholding cap to 49.5% on July 23. If passed, the company said, it would clear the way for Instamart to shift to a 1P inventory model within two to four quarters.

Separately, Swiggy said it continues to build out AI-based systems across five areas it labels Demand, Fulfilment, Partners, Monetisation and Building, including an internal analytics tool called SAGE used by its operating teams.