Bengaluru: Swiggy Ltd on Thursday set a five-year roadmap to build a ₹10,000-crore adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) business by FY31, driven by rapid growth in food delivery, quick commerce and dining out.

At its Capital Markets Day, the company said it aims to more than triple consolidated gross order value (GOV) to around ₹2.5 trillion by FY31, implying a compound annual growth rate of over 30%. It expects adjusted Ebitda margins to expand to around 4% of GOV.

The Bengaluru-based company expects its earnings per share to improve from a loss of ₹16 in FY26 to ₹30-33 by FY31.

On Thursday, Swiggy’s shares rose nearly 5% following the news. They later pared some gains and were up 0.5% at ₹297.90 apiece on the BSE.

Swiggy said it plans to achieve its target by expanding its monthly transacting user base by 2.5-3 times, increasing ordering frequency and broadening consumer use cases across its platforms. The company ended Q1FY27 with a B2C GOV of ₹18,926 crore and 27.5 million average monthly transacting users.

“Our confidence in achieving our five-year Ebitda goal is rooted in the strength of our fundamentals,” managing director and group chief executive Sriharsha Majety said, adding that Swiggy operates across three large consumer markets, each capable of compounding over the coming years.

The food delivery business is expected to contribute roughly half of the FY31 Ebitda target. Swiggy projects the business to generate around ₹5,000 crore in adjusted Ebitda, with GOV growing 2.5-3.5 times over FY26 levels.

The company said affordability initiatives, including its recently launched Toing platform, would be a key growth lever as it looks to close the frequency gap in the country’s food delivery market, where about 70% of users currently order less than once a month.

The company estimates India’s food services market to expand from around $90 billion in 2026 to about $150 billion by 2031, creating room for above-market growth. Affordability alone could unlock 5-7 percentage points of additional category growth, it noted.

Quick commerce

In quick commerce, Instamart is targeting GOV of more than ₹1.5 trillion by FY31, representing a four- to fivefold increase over FY26. It also aims to expand its monthly transacting user base to over 40 million while moving towards Ebitda breakeven.

Swiggy said Instamart has already improved unit economics, with contribution margin losses narrowing to 0.2% of GOV in Q1FY27 from much steeper losses in earlier periods. About 45% of its dark store network is already contribution-margin positive, while five of its seven largest cities, including Bengaluru, are operating profitably.

“To stand out in a crowded quick commerce market, we are building differentiation through better products, stronger brand partnerships and our own brands, rather than competing only on speed,” Nandita Sinha, Instamart’s newly appointed CEO, said.

The company also plans to differentiate Instamart through “Switch”, a platform focused on premium assortment and quality products.

Meanwhile, Swiggy expects Dineout to emerge as another meaningful profit engine. The dining-out business, which completed its first full year of adjusted Ebitda profitability in FY26, is projected to grow its GOV five-fold to ₹20,000-25,000 crore by FY31. Alongside business expansion, Swiggy said it is investing heavily in artificial intelligence.

Swiggy said it remains debt-free with a cash balance of ₹14,400 crore. It reiterated that its transition to an investor-owned commerce company (IOCC) structure and the proposed increase in the foreign shareholding cap to 49.5% would enable Instamart's move to a first-party inventory model within two-four quarters of shareholder approval.

Bengaluru: Swiggy Ltd on Thursday set a five-year roadmap to build a ₹10,000-crore adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) business by FY31, driven by rapid growth in food delivery, quick commerce and dining out.

At its Capital Markets Day, the company said it aims to more than triple consolidated gross order value (GOV) to around ₹2.5 trillion by FY31, implying a compound annual growth rate of over 30%. It expects adjusted Ebitda margins to expand to around 4% of GOV.

The Bengaluru-based company expects its earnings per share to improve from a loss of ₹16 in FY26 to ₹30-33 by FY31.

On Thursday, Swiggy’s shares rose nearly 5% following the news. They later pared some gains and were up 0.5% at ₹297.90 apiece on the BSE.

Swiggy said it plans to achieve its target by expanding its monthly transacting user base by 2.5-3 times, increasing ordering frequency and broadening consumer use cases across its platforms. The company ended Q1FY27 with a B2C GOV of ₹18,926 crore and 27.5 million average monthly transacting users.

“Our confidence in achieving our five-year Ebitda goal is rooted in the strength of our fundamentals,” managing director and group chief executive Sriharsha Majety said, adding that Swiggy operates across three large consumer markets, each capable of compounding over the coming years.

The food delivery business is expected to contribute roughly half of the FY31 Ebitda target. Swiggy projects the business to generate around ₹5,000 crore in adjusted Ebitda, with GOV growing 2.5-3.5 times over FY26 levels.

The company said affordability initiatives, including its recently launched Toing platform, would be a key growth lever as it looks to close the frequency gap in the country’s food delivery market, where about 70% of users currently order less than once a month.

The company estimates India’s food services market to expand from around $90 billion in 2026 to about $150 billion by 2031, creating room for above-market growth. Affordability alone could unlock 5-7 percentage points of additional category growth, it noted.

Quick commerce

In quick commerce, Instamart is targeting GOV of more than ₹1.5 trillion by FY31, representing a four- to fivefold increase over FY26. It also aims to expand its monthly transacting user base to over 40 million while moving towards Ebitda breakeven.

Swiggy said Instamart has already improved unit economics, with contribution margin losses narrowing to 0.2% of GOV in Q1FY27 from much steeper losses in earlier periods. About 45% of its dark store network is already contribution-margin positive, while five of its seven largest cities, including Bengaluru, are operating profitably.

“To stand out in a crowded quick commerce market, we are building differentiation through better products, stronger brand partnerships and our own brands, rather than competing only on speed,” Nandita Sinha, Instamart’s newly appointed CEO, said.

The company also plans to differentiate Instamart through “Switch”, a platform focused on premium assortment and quality products.

Meanwhile, Swiggy expects Dineout to emerge as another meaningful profit engine. The dining-out business, which completed its first full year of adjusted Ebitda profitability in FY26, is projected to grow its GOV five-fold to ₹20,000-25,000 crore by FY31. Alongside business expansion, Swiggy said it is investing heavily in artificial intelligence.

Swiggy said it remains debt-free with a cash balance of ₹14,400 crore. It reiterated that its transition to an investor-owned commerce company (IOCC) structure and the proposed increase in the foreign shareholding cap to 49.5% would enable Instamart's move to a first-party inventory model within two-four quarters of shareholder approval.