Swiggy's ambitious roadmap to deliver Rs 10,000 crore in adjusted EBITDA by FY31 has found support among brokerages, with analysts backing the food delivery and quick commerce platform's long-term vision while cautioning that execution will determine whether those targets are achievable.
At its Capital Markets Day, the company laid out plans 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, implying a growth rate of over 30% annually. Swiggy also expects its monthly transacting user base to expand to more than 40 million, driven by food delivery, Instamart and its out-of-home business.
Jefferies retained its Buy rating and raised its target price to Rs 435 from Rs 415, describing the FY31 roadmap as a "grand vision" to build a $1 billion EBITDA business.
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The brokerage expects quick commerce to remain Swiggy's biggest growth engine, supported by private labels, faster deliveries and better customer retention. It also sees food delivery margins improving as affordability initiatives expand the addressable market, while the out-of-home business and cost efficiencies could provide additional earnings upside.
Citi also reiterated its Buy rating with a target price of Rs 390, saying Swiggy is focused on defending and gaining market share in quick commerce while narrowing the operational efficiency gap with Eternal.
It added that the company is looking to unlock incremental demand in food delivery through value-focused offerings, expanding the total addressable market.
Morgan Stanley, however, retained its Equal-weight rating with a target price of Rs 328, calling the company's aspirations ambitious. The brokerage highlighted Swiggy's targets to grow business volumes by more than 30% annually and nearly triple its monthly transacting user base, but said investors will need evidence that the strategy can be executed consistently.
Swiggy's management also outlined plans to deepen the use of artificial intelligence across logistics, demand forecasting and monetisation while improving unit economics in Instamart.
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