Swiggy targets ₹10,000 crore EBITDA by FY31, aims to more than triple GOV to ₹2.5 lakh crore

Food delivery and quick commerce platform Swiggy Ltd on Thursday unveiled its five-year growth roadmap at its Capital Markets Day 2026, targeting an adjusted EBITDA of ₹10,000 crore by FY31 while aiming to more than triple its consolidated Gross Order Value (GOV) to around ₹2.5 lakh crore from ₹67,734 crore in FY26. 

The company expects to deliver a 30%+ compounded annual growth rate (CAGR) in consolidated GOV through FY31, alongside expanding profitability. It also projects earnings per share (EPS) to improve from a loss of ₹16 in FY26 to ₹30-33 by FY31. 

At around 12:45 pm, Swiggy shares were trading 1.17% higher at ₹293.30 apiece on the NSE. 

"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. 

He said the company is operating across three of India's fastest-growing consumer segments—food delivery, quick commerce, and out-of-home consumption—each of which has significant long-term growth potential. 

Food delivery to remain key growth driver 

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

The company noted that India's food services market is expected to expand from around $90 billion in 2026 to $150 billion by 2031. Swiggy believes increasing ordering frequency among users and improving affordability could significantly accelerate category growth. 

During the first quarter of FY27, the food delivery business reported GOV of ₹9,490 crore, up 18% year-on-year while its adjusted EBITDA run rate rose five-fold from Q1FY25 to ₹292 crore. 

Dineout eyes fivefold growth 

Swiggy's dining-out platform Dineout, which turned adjusted EBITDA positive in FY26, is targeting fivefold revenue growth and ₹1,000 crore in adjusted EBITDA by FY31. 

The business posted FY26 GOV of ₹4,600 crore, up 51% year-on-year, and now works with more than 52,000 monthly active restaurant partners across 75 cities. 

Swiggy expects Dineout's GOV to rise to ₹20,000-25,000 crore by FY31, with adjusted EBITDA increasing from ₹30 crore in FY26 to ₹1,000 crore, taking margins above 4%. 

Instamart targets ₹1.5 lakh crore GOV 

Swiggy's quick commerce arm Instamart is aiming to build a ₹1.5 lakh crore-plus GOV business by FY31, representing a 4-5 times increase over FY26. Instamart reported Q1 FY27 GOV of ₹7,907 crore, up 40% year-on-year, while narrowing its contribution margin loss to 0.2% of GOV, an improvement of 5.4 percentage points since Q4 FY25. The platform currently serves over 14 million monthly transacting users across 130-plus cities through a network of more than 1,200 dark stores. 

Swiggy said Instamart has become only the second player in India's quick commerce industry to achieve contribution margin breakeven while maintaining 40% GOV growth. The company added that 45% of its dark store network is now contribution margin positive, with five of its seven largest cities, including Bengaluru, operating profitably. 

To strengthen differentiation in the highly competitive quick commerce market, Instamart is expanding its premium assortment through Switch, which offers products from around 400 brand partnerships, along with its private labels Noice and Nectr. 

AI-driven operations and balance sheet 

Swiggy said it is increasingly integrating artificial intelligence across its operations, including customer demand forecasting, fulfilment, merchant partnerships, monetisation and internal analytics. The company highlighted AI-powered tools such as SAGE, its in-house analytics assistant, as part of its strategy to improve efficiency. 

The company ended FY26 with a cash balance of ₹14,400 crore and remains debt-free. Swiggy also said domestic ownership crossed 50% on July 1, 2026. The board has approved increasing the foreign shareholding cap to 49.5%, subject to shareholder approval at the company's 13th Annual General Meeting on August 18. The move is expected to facilitate Instamart's transition to a first-party inventory model within two to four quarters after approval.