Swiggy on Thursday laid out an ambitious five-year roadmap, targeting nearly ₹10,000 crore in adjusted EBITDA by FY31 as the food and quick commerce major looks to more than triple its gross order value (GOV) to around ₹2.5 lakh crore, banking on affordability-led initiatives in food delivery and improving unit economics in Instamart.
At its Capital Markets Day, the company said it expects consolidated GOV to grow at over 30 per cent CAGR through FY31 while expanding adjusted EBITDA margins to around 4 per cent of GOV. Swiggy also expects earnings per share to turn positive at ₹30-33 by FY31 from a loss of ₹16 in FY26. The company ended FY26 with a cash balance of ₹14,400 crore and remains debt free.
“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,” said Sriharsha Majety, Managing Director and Group CEO, Swiggy.
The guidance comes days after Swiggy reported mixed first-quarter results for FY27. While its food delivery business continued to post steady growth, the company’s consolidated profitability remained under pressure due to continued investments in quick commerce. Instamart reported gross order value of ₹7,907 crore in Q1 FY27, up 40 per cent year-on-year, while food delivery GOV rose 18 per cent to ₹9,490 crore. However, the quick commerce business posted an adjusted EBITDA loss of ₹778 crore as Swiggy continued to expand its dark store network.
For food delivery, Swiggy sees India’s food services market expanding from around $90 billion in 2026 to $150 billion by 2031. The company believes increasing order frequency and improving affordability could unlock a significant growth opportunity. It expects the food delivery business to grow GOV by 2.5-3.5 times over the next five years while generating around ₹5,000 crore in adjusted EBITDA by FY31. The company said initiatives such as Toing and other affordability-focused offerings will be key growth drivers.
The company also highlighted improving profitability in Instamart, saying the business has nearly reached contribution margin breakeven. Contribution margin losses narrowed to 0.2 per cent of GOV in Q1 FY27, improving 5.4 percentage points since Q4 FY25. Swiggy said over 45 per cent of its dark store network is now contribution margin positive, while five of its seven largest cities, including Bengaluru, are operating profitably.
Instamart currently serves more than 14 million monthly transacting users across over 130 cities through a network of more than 1,200 dark stores. By FY31, Swiggy aims to build a ₹1.5 lakh crore-plus GOV business with over 40 million monthly transacting users. The company said it plans to differentiate itself through its premium assortment strategy under “Switch”, supported by around 400 brand partnerships as well as its private labels Noice and Nectr.
Swiggy also outlined its plans to deepen the use of artificial intelligence across its demand forecasting, fulfilment, merchant and monetisation engines, including deploying internal AI tools to improve operational efficiency.
Separately, the company said domestic ownership has crossed 50 per cent, a milestone that enables its transition towards Investor-Owned Commerce Company (IOCC) status. Subject to shareholder approval, Swiggy expects Instamart to transition to a first-party inventory model within two to four quarters, a move that could improve inventory control and margins.
Published on August 6, 2026
