Food and grocery delivery platform Swiggy has set an ambitious financial target of generating Rs 10,000 crore in annual adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) by fiscal year 2031, according to a presentation shared during the company’s Capital Markets Day on Thursday.
Adjusted Ebitda measures a company’s core operating performance by excluding one-time items, non-cash expenses and certain accounting adjustments. The target highlights Swiggy’s long-term strategy to strengthen profitability across its food delivery, quick commerce and out-of-home consumption businesses.
Swiggy reported an adjusted Ebitda loss of Rs 2,483 crore in FY26, primarily due to continued investments in its quick commerce business, Instamart. However, its food delivery segment remained profitable, posting an operating profit of Rs 1,001 crore during the financial year.
To achieve its FY31 goal, Swiggy expects its food delivery business to contribute Rs 5,000 crore in operating profit, while Instamart is projected to generate Rs 4,000 crore. The remaining Rs 1,000 crore is expected to come from its out-of-home consumption business, which recorded an operating profit of Rs 29 crore in FY26.
“Our confidence in achieving our five-year (adjusted) 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,” Sriharsha Majety, founder and group CEO, Swiggy, said in a statement. “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.”
Earlier this year, while announcing its January-March quarter results, Swiggy said it aims to achieve Rs 1 lakh crore in net order value (NOV) across its businesses over the medium term.
During the April-June quarter, the Bengaluru-based company reduced its consolidated net loss by 34% year-on-year to Rs 791 crore as it continued improving Instamart’s financial performance. The quick commerce business became contribution-neutral during the quarter and is expected to reach adjusted Ebitda break-even once quarterly orders increase to 250-300 million, compared with 114.5 million orders recorded in the June quarter.
Contribution is a financial metric that measures the revenue remaining after variable costs are deducted.
Swiggy also projects Rs 1.5 lakh crore in gross order value (GOV) for Instamart by FY31, representing a four to five-fold increase from Rs 28,000 crore reported in FY26. GOV refers to net order value plus discounts.
As part of its long-term strategy, Swiggy plans to transition to an inventory-led model. The company will seek shareholder approval to become an Indian-owned and controlled company during its annual general meeting scheduled for August 18, marking its second attempt after stakeholders rejected a similar proposal in May. Swiggy said domestic ownership has already crossed the 50% threshold.
Following the required approvals, the company expects the transition to the inventory model to take two to four quarters.
Swiggy’s long-term roadmap reflects its focus on improving profitability while expanding across food delivery, quick commerce and out-of-home consumption. If the company executes its strategy successfully, stronger operating performance from Instamart and sustained growth across its core businesses could play a significant role in achieving its FY31 financial targets.
