The food delivery platform expects its Gross Order Value (GOV) to grow at a Compounded Annual Growth Rate (CAGR) of over 30% over the next five years, alongside an expansion in its profitability.
Commenting on the roadmap, Managing Director and Group CEO Sriharsha Majety said, “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.”
Read more: Eternal Vs Swiggy: Jefferies chooses its winner as Flipkart eyes food delivery launch
He added that Swiggy operates in three large and fast-growing consumer categories — food delivery, quick commerce and out-of-home consumption — each with the potential to compound over the coming years.
Food delivery to remain the largest profit driver
Swiggy expects its Food Delivery business to generate around ₹5,000 crore in adjusted EBITDA by FY31, with Gross Order Value projected to grow between 2.5 times to 3.5 times over the next five years. The company said affordability initiatives, including Toing, and efforts to increase ordering frequency will be key drivers of growth.
The company noted that India’s food services market is expected to expand from around $90 billion in 2026 to $150 billion by 2031, while highlighting that nearly 70% of users currently transact less than once a month, leaving significant headroom for higher consumption.
June-quarter performance
The long-term targets come after Swiggy reported a narrower-than-expected loss for the June quarter, with revenue rising 37.3% year-on-year to ₹6,812 crore while consolidated net loss narrowed to ₹791 crore from ₹1,197 crore a year earlier.
Its food delivery business reported 17.4% growth in Gross Order Value (GOV) to ₹9,490 crore, while adjusted EBITDA for the segment increased to ₹292 crore, with margin expanding to 3.1%.
Meanwhile, quick commerce arm Instamart recorded 39.8% GOV growth to ₹7,907 crore and achieved contribution break-even in May 2026, with contribution margin improving to -0.2%.
Dineout and Instamart targets
Swiggy said its Dineout business, which delivered its first full year of positive adjusted EBITDA in FY26, is expected to increase its GOV about five-fold from ₹4,600 crore in FY26 to between ₹20,000 crore – 25,000 crore by FY31. The company is targeting ₹1,000 crore in adjusted EBITDA from the business by the end of the period.For Instamart, Swiggy has set a target of building a ₹1.5 lakh crore-plus GOV business by FY31, representing a four to fivefold increase from ₹28,000 crore in FY26. The company said the business will be driven by a monthly transacting user base of more than 40 million, while continuing to focus on improving unit economics and profitability.
Swiggy added that Instamart has already narrowed its contribution margin loss to 0.2% of GOV and that more than 45% of its dark store network is contribution-margin positive, with five of its seven largest cities already operating profitably.
AI, profitability outlook
The company also outlined plans to deepen the use of artificial intelligence across demand forecasting, fulfilment, partner management, monetisation and internal operations as part of its long-term strategy.
By FY31, Swiggy expects consolidated adjusted EBITDA margins to reach around 4% of GOV, while earnings per share are projected to improve from a loss of ₹16 in FY26 to ₹30-33. The company said it remains debt-free with a cash balance of ₹14,400 crore.
Shares of Swiggy jumped as much as 5% after laying out its growth roadmap to make an intraday high of ₹305. The stock is currently trading 3.1% higher at over ₹300. The stock still trades below its IPO price of ₹390.
