Swiggy Ltd(SWIGGY)

NSE: SWIGGYBSE: 544285

₹ 189.15+2.24%refreshed 27 Oct, 11:45 am ISTMarket cap: ₹ 52,211 crWebsite: www.swiggy.comUpdated: 27 Oct 2026

About

Swiggy is an Indian on-demand convenience platform. It runs food delivery, quick commerce (Instamart), out-of-home dining (Dineout, Scenes) and a supply chain and distribution business. In FY26 it reported revenue of INR 23,053 Cr across three reported segments. Swiggy says it pioneered quick commerce in India when it launched Instamart in 2020.^[1][2][3]

Business segments

Supply chain and distribution: 47.4% of FY26 revenue (INR 10,935 Cr), EBIT margin -0.7%.^[3]
Food Delivery: 34.0% of FY26 revenue (INR 7,839 Cr), EBIT margin 13.3%. A marketplace connecting consumers with restaurant partners.^[3]
Quick-commerce (Instamart): 16.7% of FY26 revenue (INR 3,859 Cr), EBIT margin -79.4%. Grocery and non-grocery delivery from a dark-store network.^[3]

Products and services

Bolt, One BLCK, 99-Store, Eat Right and other speed and affordability offers together made up about one-fourth of food delivery platform volumes as of Q4 FY26.^[4]
Toing is a separate value-focused food delivery app. As of Q1 FY27, 2 out of 3 of its users were new to Swiggy; the company describes it as being at an early, pre-product-market-fit stage.^[5]
Instamart's Switch to Better campaign features its own brand Noice alongside Aashirvaad, ITC and D2C brands. Many SKUs are exclusive to the platform or sold at exclusive prices (Q1 FY27).^[5]
Quick commerce non-grocery SKUs grew to 30,000+ across 20+ categories as of Q2 FY26.^[6]
Genie and Minis were shut down because they could not scale (FY25 annual report).^[2]

Quick commerce operations

As of Q4 FY26, Instamart operated 1,143 dark stores across 129 cities, covering 4.81 Mn sq ft. Only 7 net stores were added in that quarter.^[4]
Network utilisation was about 40% as of Q1 FY27. Some stores process 2,500-3,000 orders per day, which is driving new stores in the existing 8 cities.^[5]
Management says the network at about 40% utilisation can support roughly double the GOV without major new store additions (Q4 FY26).^[4]
Megapods are 8-12k sq ft dark stores holding up to 50k SKUs, compared with 10-20k SKUs in a normal dark store (FY25).^[2]
The FY25 annual report puts Instamart delivery times at about 12.5 minutes, which it calls industry-best.^[2]

Key operating numbers

Food delivery GOV grew 22.6% YoY to INR 9,005 Cr in Q4 FY26. Order volumes rose 19% YoY and monthly transacting users rose 21.4% YoY.^[4]
Food delivery GOV grew about 18% YoY (adjusted for cancellations) in Q1 FY27. The medium-term growth guidance is 18-20% YoY.^[5]
Food delivery adjusted EBITDA margin reached 3.3% of GOV in Q4 FY26, up 41 bps YoY. The medium-term target is 5% of GOV.^[4]
Instamart AOV was INR 700 in Q4 FY26, up 33% YoY. In FY25 it was INR 514. Non-grocery share of GOV was in the low-30s% in Q4 FY26.^[4][2]
Instamart M1 user retention was 61% in Q1 FY27, up from 55% a year earlier.^[5]
Dineout GOV grew 43% YoY to INR 1,245 Cr in Q4 FY26, with adjusted EBITDA margin at 0.8% of GOV. FY26 was Dineout's first full year of profitability.^[4]
Instamart 4-week cumulative NOV growth was 10% in the latest 4 weeks as of July 2026, up from 1% in the 4 weeks before.^[5]

Monetisation and take rate

In Q1 FY27, quick commerce revenue grew about 13% QoQ against about 3% QoQ NOV growth. The drivers were better brand margins, more advertising inventory and higher user fees.^[5]
Management estimates Instamart needs about INR 20 more per order to reach EBITDA breakeven, split roughly between brand margins and advertising (Q1 FY27).^[5]
Instamart advertising revenue is targeted at 6-7% of GOV at steady state (Q2 FY26).^[6]
Swiggy is willing to run Instamart at 0 to -100 bps contribution margin to reinvest in growth (Q1 FY27).^[5]

Customers and distribution

Food delivery operates in 700+ cities and serves about 18 million monthly transacting users (FY25 annual report).^[2]
Quick commerce monthly transacting users rose 67% to 7.1 million in FY25.^[2]
In FY25, subsidiary Scootsy managed about 4.2 million sq ft of warehousing across 24 cities. It had about 954 brand distribution partnerships and served about 94,000 retailers and wholesalers.^[2]
Lynks Logistics, integrated in 2023, adds tech-enabled authorised distribution for brands selling to general trade.^[2]

Expansion and capex

Dark-store additions in Q2 FY27 are guided to exceed the total added in the previous four quarters combined. The additions are limited to the existing 8 cities.^[5]
Capex is expected to fall meaningfully in FY27 because the dark-store and warehousing build-out is largely complete (Q4 FY26).^[4]
The medium-term quick commerce target is INR 1 lakh crore NOV with a 4-5% EBITDA margin over 3-6 years (Q4 FY26).^[4]

Recent developments

In December 2025, Swiggy completed an INR 10,000 Cr QIP at INR 375 per share, with demand over 4x the issue size.^[7]
Swiggy received INR 2,399 Cr from the sale of its Rapido stake in January 2026, bringing proforma cash to about INR 15,900 Cr.^[7]
Snacc, the micro-kitchen business, was shut down in Q4 FY26 for lack of enough demand density.^[4]
Group cash breakeven is targeted within about two quarters from Q1 FY27.^[5]

Market Cap

₹52,211 Cr

High / Low

₹435 / 175

Stock P/E

-15.1

Price / Book

3.2

Book Value

₹66

EPS

₹-15.1

No. of Shares

276.03 Cr

ROCE

-24.7%

ROE

-29.1%

OPM

-16.7%

Debt / Equity

0.01

Sales

₹23,053 Cr

Net Profit

₹-4,154 Cr

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