Swiggy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Supply chain and distribution: 47.4% • Food Delivery: 34.0% • Quick-commerce: 16.7%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Company has delivered good sales growth of 55.4% CAGR over last 5 years
- Operating margins have improved to -13.7% from -46.0%
- Institutional investors have been accumulating - FII+DII up 20.5pp
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -94.5pp
- Company has a low return on capital employed of -29.1%
- Interest coverage is weak at -19.8x - earnings barely cover interest
- Company has a low return on equity of -11.3% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ETERNAL | 323.00 | 719.88 | 311706.33 | 0.00 | 92.00 | 268.00 | 20211.00 | 182.00 | 3.29 | 2.94 |
| MEESHO | 216.60 | 70.11 | 100203.94 | 0.00 | -1328.35 | -359.07 | 37128.11 | 1382.83 | -41.16 | -6.05 |
| NYKAA | 343.20 | 383.80 | 98302.60 | 0.00 | 79.76 | 225.95 | 2782.00 | 29.10 | 20.15 | 8.48 |
| SWIGGY | 277.90 | 0.00 | 76709.11 | 0.00 | -791.00 | 33.92 | 6812.00 | 37.31 | -27.59 | -9.56 |
| INDIAMART | 1698.15 | 20.70 | 10213.21 | 3.53 | 172.20 | 12.18 | 414.40 | 11.37 | 28.39 | 31.83 |
| SHIPROCKET | 134.05 | 0.00 | 9753.18 | 0.00 | -137.14 | — | 5920.87 | — | -3.02 | -1.84 |
| FIRSTCRY | 168.60 | 69.07 | 8802.45 | 0.00 | -43.95 | 33.91 | 2106.23 | 13.08 | -0.20 | 2.83 |
| IBULLSLTD | 25.89 | 14.41 | 6038.08 | 0.00 | 1410.20 | 53516.67 | 3594.50 | — | 0.00 | 42.82 |
| MSTCLTD | 738.05 | 22.18 | 5195.87 | 2.13 | 58.22 | 37.50 | 94.24 | 21.71 | 30.28 | 61.36 |
| ISFT | 79.38 | 9.44 | 129.48 | 0.00 | 4.54 | 10.85 | 139.63 | 8.25 | 6.12 | 3.50 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,763 | 3,049 | 3,046 | 3,222 | 3,601 | 3,993 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 | |
| 3,387 | 3,574 | 3,531 | 3,766 | 4,155 | 4,718 | 5,372 | 5,915 | 6,359 | 6,930 | 7,080 | 7,813 | |
| Operating Profit | -623 | -525 | -485 | -544 | -554 | -725 | -962 | -954 | -798 | -782 | -697 | -1,001 |
| OPM % | -22.55% | -17.23% | -15.94% | -16.88% | -15.38% | -18.16% | -21.81% | -19.23% | -14.35% | -12.72% | -10.92% | -14.69% |
| 87 | 78 | 73 | 75 | 82 | 107 | 121 | 87 | 59 | 86 | 266 | 211 | |
| Interest | 15 | 18 | 20 | 20 | 23 | 26 | 32 | 41 | 48 | 55 | 56 | 53 |
| Depreciation | 105 | 108 | 117 | 122 | 131 | 154 | 206 | 288 | 304 | 313 | 312 | 298 |
| Profit before Tax | -656 | -574 | -550 | -611 | -626 | -798 | -1,079 | -1,196 | -1,091 | -1,064 | -799 | -791 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | 0 | 0 | 0 | 0 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 |
| -3.00 | -2.61 | -2.52 | -2.76 | -2.80 | -3.48 | -4.60 | -5.04 | -4.59 | -4.36 | -3.34 | -2.96 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 1,128 | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 | 24,904 | |
| 3,634 | 7,293 | 3,843 | 9,356 | 12,540 | 13,455 | 18,012 | 26,284 | 28,182 | |
| Operating Profit | -2,506 | -3,825 | -1,296 | -3,651 | -4,276 | -2,208 | -2,785 | -3,231 | -3,278 |
| OPM % | -222.06% | -110.29% | -50.90% | -64.00% | -51.74% | -19.63% | -18.29% | -14.02% | -13.16% |
| 169 | 218 | -19 | 242 | 441 | 356 | 384 | 498 | 622 | |
| Interest | 5 | 85 | 75 | 48 | 58 | 71 | 101 | 200 | 212 |
| Depreciation | 20 | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 | 1,227 |
| Profit before Tax | -2,362 | -3,908 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,745 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -2,362 | -3,908 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,745 |
| EPS | 0.00 | -383864.00 | -99.00 | -18.62 | -19.33 | -781.85 | -13.61 | -15.92 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 55%
- 3 Years:
- 41%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -34%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -7%
- 3 Years:
- -11%
- Last Year:
- -34%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 1 | 3 | 3 | 229 | 261 | |
| 5,634 | 2,536 | 1,264 | -3,892 | -7,441 | -9,271 | 8,024 | 15,948 | |
| 0 | 783 | 482 | 427 | 482 | 644 | 1,377 | 2,078 | |
| Trade Payables | 461 | 289 | 348 | 956 | 873 | 881 | 1,818 | 2,278 |
| 289 | 794 | 822 | 16,914 | 17,364 | 18,272 | 3,757 | 4,672 | |
| Total Liabilities | 6,383 | 4,402 | 2,915 | 14,406 | 11,281 | 10,529 | 15,205 | 25,237 |
| 139 | 1,332 | 747 | 801 | 1,505 | 2,041 | 3,631 | 4,558 | |
| Capital Work in Progress | 18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5,407 | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 | |
| 4 | 28 | 16 | 18 | 11 | 49 | 55 | 76 | |
| 0 | 0 | 0 | 0 | 0 | 964 | 2,463 | 4,048 | |
| Cash & Bank | 289 | 583 | 702 | 1,104 | 864 | 891 | 3,300 | 4,043 |
| 526 | 580 | 525 | 2,135 | 2,360 | 1,414 | 3,079 | 6,478 | |
| Total Assets | 6,383 | 4,402 | 2,915 | 14,406 | 11,281 | 10,529 | 15,205 | 25,237 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -2,336 | -3,803 | -1,280 | -3,841 | -4,015 | -1,313 | -2,169 | -2,898 | |
| Cash from Investing | -4,625 | 3,195 | 1,282 | -9,160 | 3,968 | 1,458 | -1,372 | -4,983 |
| Cash from Financing | 7,068 | 849 | 14 | 13,634 | -172 | -123 | 3,903 | 9,397 |
| 96 | 202 | 120 | 574 | -264 | 23 | 362 | 1,516 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Swiggy Limited has informed the Exchange about the sale/disposal of stake in step down wholly owned subsidiary of the Company.
2026-09-03 - Swiggy Limited has informed the Exchange about Schedules of meet
2026-08-18 - Swiggy Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-06 - Swiggy Limited has informed the Exchange regarding a press release dated August 06, 2026, titled "Swiggy Eyes INR 10,000 Cr. Adj. EBITDA by FY31, Backed by Affordability in Food and Differentiated Instamart Strategy".
2026-08-06 - Swiggy Limited has informed the Exchange about Investor Presentation
2026-08-05 - Swiggy Limited has informed the Exchange about Transcript
2026-07-31 - Swiggy Limited has informed the Exchange about Copy of Newspaper Publication of Unaudited Financial Results for the quarter ended June 30, 2026
2026-07-31 - Swiggy Limited has informed the Exchange about Link of Recording
2026-07-30 - Monitoring Agency Report for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for SWIGGY
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Swiggy Ltd.
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