SWIGGY
Mid CapSwiggy Limited
Services
Swiggy is an Indian urban convenience platform offering food delivery, quick commerce (Instamart), and out-of-home dining (Dineout). It aims to elevate consumer quality of life through unparalleled convenience, focusing on growth and profitability across its diverse service portfolio.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +45% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,383 Cr | +44.7% | +3.8% |
| EBITDA | ₹-698 Cr | +27.6% | +10.9% |
| Operating margin | -11.0% | +1100 bps | +200 bps |
| PAT | ₹-800 Cr | NDF | NDF |
| PAT margin | -12.5% | +1198 bps | +479 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Swiggy's Q4 FY26 saw Food GOV surge 22.6% YoY, a 15-quarter high, driven by order/user volume. Quick commerce GOV grew 68.8% YoY, with contribution margin improving to -1.8%. Consolidated Adjusted EBITDA losses narrowed to INR 652 Cr, while Food delivery achieved a record 3.3% Adjusted EBITDA margin.
The company is demonstrating strong execution in food delivery, achieving record profitability and growth. Quick commerce is prioritizing unit economics, showing significant margin improvement despite intense competition. Overall platform losses are narrowing, supporting the long-term profitability thesis.
Food Delivery Affordability
99-Store and Toing (affordable restaurant marketplace) lower entry barriers for value-conscious consumers.
Food Delivery Convenience/Speed
Bolt and One BLCK redefine convenience for time-sensitive users, driving user growth.
Dineout Platform Expansion
Cross-sell from Food delivery to dining creates a compounding organic flywheel, with 52k active restaurant partners.
Quick Commerce Differentiation
Instamart aims to be a destination for 'everyday upgrades' with differentiated assortment, like Noice (clean-food private brand).
Quick Commerce Darkstores
Total darkstore area increased to over 4.8 Mn sq ft (+21.1% YoY), adding 7 darkstores to reach 1,143 across 129 cities.
Darkstore Utilization
Current utilization at ~40%; can comfortably double business without significant new store additions (except for densification).
Expanding Discretionary Incomes
In-restaurant dining is a secular growth opportunity, with the category significantly underpenetrated even in top-tier cities.
Food Delivery Growth Initiatives
Disciplined execution and focused launches across 'selection-speed-affordability' framework driving momentum.
Quick Commerce Market Opportunity
Medium term opportunity remains attractive, aiming for over 1 lakh crore Net Order Value business with 4-5% EBITDA.
Quick Commerce Competition
Highly competitive segment with increasing players and intensity, leading to a temporary order volume slowdown.
Gig Workforce Migration
Peak harvest season and state elections triggered temporary migration, constraining delivery partner supply across the industry.
Increased Delivery Times
Momentary increase in promised delivery times across some cities due to gig worker shortage, leading to demand throttling.
New Food Delivery Competition
New entrants must find value vectors not already addressed; Swiggy proactively pre-empts these openings through targeted innovations.
Quick Commerce Profitability vs. Growth
Deliberate choice to prioritize margin integrity over vanity volume in response to irrational discounting and high variable costs.
Instamart Differentiation Execution
Long-term success hinges on ability to drive differentiation, not just value/price, requiring work with partner brands across categories.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing annual growth trends and market penetration in a growing sector. QoQ is vital for tracking sequential momentum, operational efficiency improvements, and the impact of recent strategic decisions, especially in competitive quick commerce.
Food delivery GOV
Grew 22.6% YoY to INR 9,005 Cr, a 15-quarter high.
Food delivery Adjusted EBITDA Margin
Increased to 3.3% of GOV (+41bps YoY, +26bps QoQ), a lifetime high.
Food delivery MTU
Accelerated to 21% YoY (+0.2 Mn QoQ), reaching 18.3 Mn.
Quick commerce GOV
Grew 68.8% YoY to INR 7,881 Cr.
Food Delivery GOV Growth
Reiterate sustainable medium term guidance of 18-20% YoY GOV growth.
Food Delivery Adjusted EBITDA Margin
Adjusted EBITDA margin guidance of 5% of GOV in the medium-term remains unchanged.
Quick Commerce Contribution Margin
Confident of achieving break-even CM guidance in Q1FY27, having made rapid progress of 450 bps improvement.
Capex Reduction
Overall capex investments to meaningfully come down in FY27, with significant headroom created in infrastructure network.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Quick Commerce Contribution Margin | -1.8% (Q4FY26), -1.1% (Mar-26) | Achieving break-even in Q1FY27, as guided by management. |
| Food Delivery Adjusted EBITDA Margin | 3.3% of GOV | Progressive movement towards 5% of GOV in the medium-term. |
| Quick Commerce Darkstore Utilization | ~40% | Increased utilization to drive compounding operating leverage and business doubling. |
| Consolidated Cash Balance | INR 15,053 Cr | Normalization of working capital and meaningful reduction in capex in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -23.6% / mo · near 52W low
Technical chart
SWIGGYweekly · 3Y-42.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 38.
- SMA20 falling (~30.8% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Growth contributes 6/25 to the score.
- Valuation contributes 4/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 27th percentile of the scored universe and 30th percentile within Services. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-2898 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 30th pctile, median 66 · Mid: 16th pctile, median 76
33 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2898 Cr.
- ▸ROCE is low at -24.1%.
- ▸ROE is low at -29%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.63
- EV/EBITDA
- —
- Market Cap
- 66565.00Cr
Profitability
- ROE
- -29.00%
- ROCE
- -24.10%
- ROA
- -16.46%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 55.00%
- EPS 5Y
- —
- Revenue 3Y
- 41.00%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- -16.17×
- Altman Z
- 7.52
- Book Value
- 66.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -2898.00 Cr
- EPS TTM
- -15.05
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.