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Swiggy Limited
(SWIGGY)
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Rating:47Neutral
Price Target:
₹251.00
▼(-0.16% Downside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by weak financial performance: despite strong revenue scaling and a relatively low-leverage balance sheet, the business remains loss-making with negative operating and free cash flow. Technicals are moderately supportive in the short term (above key shorter moving averages), but the longer-term trend remains weaker (below the 200-day). Valuation is constrained by negative earnings and no dividend data.
Positive Factors
Strong Revenue Growth
Sustained double-digit revenue growth indicates continued customer demand and market expansion across Swiggy’s platform. If maintained, this scale can improve delivery density, strengthen merchant monetization, and provide operating leverage as order volumes grow.
Negative Factors
Persistent Unprofitability
Strong revenue expansion has not yet translated into sustainable earnings, showing that customer and market growth still carries a substantial cost burden. Persistent negative margins can constrain reinvestment, delay self-funding, and leave results sensitive to execution and spending discipline.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained double-digit revenue growth indicates continued customer demand and market expansion across Swiggy’s platform. If maintained, this scale can improve delivery density, strengthen merchant monetization, and provide operating leverage as order volumes grow.
Read all positive factors
Swiggy Limited (SWIGGY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹700.84B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth46.79%
EPS Growth4.92%
CountryIN
Employees5,321
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-15.43
Shares Outstanding2,760,313,500
10 Day Avg. Volume1,274,794
30 Day Avg. Volume1,141,005
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)3.50
Price to Sales (P/S)2.78
P/FCF Ratio-17.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹385.00Price Target Upside53.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-11.21
Revenue Forecast (FY)₹303.29B
Swiggy Limited Business Overview & Revenue Model
Company Description
Swiggy Limited operates Swiggy, a platform to browse, select, order, and pay for food delivery in India. The company operates through food delivery, quick commence, out-of-home consumption, supply chain and distribution, and platform innovation se...
How the Company Makes Money
Swiggy makes money primarily by facilitating transactions on its platform and charging fees to participating businesses and customers, and by monetizing traffic through advertising. Key revenue streams include: (1) Restaurant/merchant commissions:...
Swiggy Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 249.04B | 230.53B | 152.27B | 112.47B | 82.65B | 57.05B |
| Gross Profit | 37.21B | 32.04B | 66.76B | -1.75B | -15.68B | 29.40B |
| EBITDA | -25.17B | -27.37B | -4.65B | -18.52B | -38.35B | -34.09B |
| Net Income | -37.48B | -41.54B | -31.17B | -23.50B | -41.79B | -36.29B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 252.37B | 152.05B | 105.29B | 112.81B | 144.06B |
| Cash, Cash Equivalents and Short-Term Investments | 111.52B | 73.12B | 46.23B | 49.19B | 60.43B | 102.17B |
| Total Debt | 0.00 | 25.51B | 17.03B | 8.64B | 6.00B | 5.08B |
| Total Liabilities | -183.14B | 69.23B | 49.86B | 27.38B | 22.24B | 21.39B |
| Stockholders Equity | 183.14B | 183.14B | 102.19B | 77.91B | 90.57B | 122.67B |
Cash Flow | ||||||
| Free Cash Flow | -6.61B | -35.71B | -29.20B | -16.64B | -42.28B | -41.92B |
| Operating Cash Flow | -4.72B | -26.52B | -21.69B | -13.13B | -40.60B | -39.00B |
| Investing Cash Flow | 7.95B | -52.38B | -13.72B | 14.58B | 39.68B | -91.60B |
| Financing Cash Flow | -470.00M | 94.06B | 39.03B | -1.23B | -1.72B | 136.34B |
Swiggy Limited Technical Analysis
Negative
251.40
Price Trends
276.45
Negative
266.22
Negative
294.45
Negative
Market Momentum
-4.09
Positive
34.96
Neutral
5.54
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SWIGGY, the sentiment is Negative. The current price of 251.4 is below the 20-day moving average (MA) of 272.82, below the 50-day MA of 276.45, and below the 200-day MA of 294.45, indicating a bearish trend. The MACD of -4.09 indicates Positive momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 5.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SWIGGY.
Swiggy Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | ₹306.50B | 68.99 | ― | 0.26% | 16.26% | 75.87% | |
56 Neutral | ₹161.64B | -580.87 | ― | ― | 14.72% | -133.37% | |
56 Neutral | ₹67.86B | -424.16 | ― | ― | 10.17% | -283.44% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹93.13B | 290.08 | ― | 0.07% | 6.76% | 212.75% | |
51 Neutral | ₹65.50B | -31.15 | ― | ― | 13.29% | 24.69% | |
47 Neutral | ₹700.84B | -16.21 | ― | ― | 46.79% | 4.92% |
* General Sector Average
IN:SWIGGY
Swiggy Limited
250.20
-167.55
-40.11%
IN:DEVYANI
Devyani International Ltd.
130.15
-41.15
-24.02%
IN:JUBLFOOD
Jubilant Foodworks Limited
455.00
-162.29
-26.29%
IN:RBA
Restaurant Brands Asia Limited
91.61
13.56
17.37%
IN:SAPPHIRE
Sapphire Foods India Ltd.
212.30
-84.65
-28.51%
IN:WESTLIFE
Westlife Foodworld Limited
589.90
-91.03
-13.37%
Swiggy Limited Corporate Events
Swiggy Publishes Capital Markets Day Investor Presentation
Aug 6, 2026
Swiggy Limited has notified the BSE and NSE that it has released an investor presentation for its Capital Markets Day held on August 6, 2026. The presentation, shared in compliance with SEBI’s listing disclosure norms, is available on the co...
Swiggy Sets August 18 Virtual AGM, Highlights Regulatory Compliance
Jul 27, 2026
Swiggy Limited has announced that its 13th Annual General Meeting will be held on August 18, 2026, at 3:00 p.m. IST via video conferencing or other audio-visual means, allowing shareholders to participate remotely. The company published newspaper ...
Swiggy Caps Foreign Ownership and Plans Capital Restructuring Ahead of August AGM
Jul 23, 2026
Swiggy Limited’s board has scheduled the company’s 13th Annual General Meeting for August 18, 2026, to be held via video conferencing in line with Indian corporate governance guidelines. The AGM notice and related details will be share...
Swiggy Caps Foreign Ownership, Plans Capital Structure Changes Ahead of August AGM
Jul 23, 2026
Swiggy Limited’s board has scheduled the company’s 13th Annual General Meeting for August 18, 2026, to be conducted via video conferencing in line with corporate governance guidelines. The notice and related AGM information will be rel...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.