Swiggy's FY31 Growth Blueprint Lifts Shares 6%; Targets Rs 10,000 Crore EBITDA

Food delivery platform Swiggy shares gained as much as 5.6% to an intraday high of Rs 305.10 on Thursday after the company unveiled an ambitious five-year growth strategy at its Capital Markets Day 2026, targeting Rs 10,000 crore in adjusted EBITDA by FY31.

At 11:10 am, the stock was trading 3.50% higher at Rs 299 on the BSE, outperforming the benchmark Sensex, which was up 0.23% at 78,760.

ALSO READ: Swiggy Q1 Results: Net Loss Narrows, Revenue Jumps 37%

Swiggy expects to more than triple its consolidated Gross Order Value (GOV) to around Rs 2.5 lakh crore by FY31 from Rs 67,734 crore in FY26, implying a compound annual growth rate (CAGR) of over 30% while expanding profitability.

On the company's long-term vision, Sriharsha Majety, managing director and group CEO, Swiggy, said, “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”.

Food Delivery

Swiggy expects its food delivery business to grow its GOV by 2.5–3.5 times by FY31 and generate around Rs 5,000 crore in adjusted EBITDA, driven by higher order frequency and affordability-focused initiatives.

The segment reported a GOV of Rs 9,490 crore in Q1 FY27, up 18% year-on-year, while its adjusted EBITDA run rate rose to Rs 292 crore, nearly five times the level seen in Q1 FY25.

Dineout

Swiggy's dining-out business, Dineout, completed its first full year of positive adjusted EBITDA in FY26. The company expects the business to deliver around fivefold growth in both GOV and profitability over the next five years.

Dineout posted a GOV of Rs 4,600 crore in FY26, up 51% year-on-year, and now works with more than 52,000 monthly active restaurant partners across 75 cities. Swiggy expects GOV to rise to Rs 20,000–25,000 crore by FY31, while adjusted EBITDA is projected to increase to Rs 1,000 crore from Rs 30 crore in FY26.

Instamart

Swiggy's quick commerce business, Instamart, reported a 40% year-on-year increase in GOV to Rs 7,907 crore in Q1 FY27. The business also narrowed its contribution margin loss to 0.2% of GOV and now serves over 14 million monthly transacting users across more than 130 cities through a network of over 1,200 dark stores.

The company is targeting a GOV of more than Rs 1.5 lakh crore for Instamart by FY31, supported by an expanded user base of over 40 million monthly transacting customers. Swiggy said improving unit economics and differentiated offerings, including its Switch platform and private brands Noice and Nectr, are expected to support the path to profitability.

AI-Led Technology Push

Swiggy also outlined plans to deepen the use of artificial intelligence across its business, including demand forecasting, fulfilment, partner management, monetisation and internal operations. 

The company said it is leveraging proprietary data and AI-powered tools, including its in-house analytics assistant SAGE, to enhance efficiency and strengthen its competitive position.

Swiggy Q1 Results 

Swiggy narrowed its consolidated net loss to Rs 791 crore in Q1FY27 from Rs 1,197 crore a year earlier, while revenue from operations rose 37.3% YoY to Rs 6,812 crore, according to its exchange filing.

Operational performance also improved, with the EBITDA loss narrowing to Rs 650 crore from Rs 954 crore in the year-ago quarter. 

The company said higher investments in delivery partner availability weighed on sequential margins, although adjusted EBITDA margin improved 70 basis points (bps) YoY on the back of higher take rates and operating leverage. Swiggy reiterated its medium-term target of achieving a 5% adjusted EBITDA margin on gross order value (GOV).

Food delivery remained resilient, with GOV rising 17.4% YoY. The company said restaurant-led cancellations in the early part of the quarter impacted growth, adding that like-for-like GOV growth would have been around 18% after adjusting for the disruption.

ALSO READ: Swiggy Q1 Delivers On Instamart, Even As Losses Stay On The Menu — Here's What Top Brokerages Think

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