Swiggy Limited (IN:SWIGGY)
:SWIGGY
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Swiggy Limited
(SWIGGY)
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Rating:42Neutral
Price Target:
₹273.00
▼(-0.69% Downside)
Action:ReiteratedDate:03/12/26
The score is driven primarily by weak financial quality—persistent losses and worsening negative free cash flow—despite strong revenue growth and a stable balance sheet. Technicals add pressure with a clear downtrend and negative momentum. Valuation provides limited support because the company is loss-making and no dividend yield is available.
Positive Factors
Revenue Growth
Revenue has grown strongly (37.48% YoY), reflecting robust market demand and adoption of Swiggy's platform. Persistent top-line expansion supports scale economies and network effects across restaurants and delivery partners, providing runway to improve unit economics over time.
Negative Factors
Unprofitable Operations
Despite top-line growth, Swiggy reports a deeply negative gross margin and a -20.46% net margin in 2025. Persistent unprofitability signals structural cost and pricing challenges in its service model that must be resolved to achieve durable free cash flow and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue has grown strongly (37.48% YoY), reflecting robust market demand and adoption of Swiggy's platform. Persistent top-line expansion supports scale economies and network effects across restaurants and delivery partners, providing runway to improve unit economics over time.
Read all positive factors
Swiggy Limited (SWIGGY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹758.81B
Dividend YieldN/A
Average Volume (3M)539.59K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth46.50%
EPS Growth-75.02%
CountryIN
Employees5,401
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-4.36
Shares Outstanding2,760,313,500
10 Day Avg. Volume569,851
30 Day Avg. Volume539,589
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)7.37
Price to Sales (P/S)4.95
P/FCF Ratio-25.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹455.00Price Target Upside65.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-7.53
Revenue Forecast (FY)₹293.11B
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 also offers grocery and household items delivery services through Swiggy Instamart platform. In addition, it provides restaurant r...
How the Company Makes Money
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Swiggy Limited Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 189.25B | 152.27B | 112.47B | 82.65B | 57.05B | 25.47B |
| Gross Profit | 79.85B | 66.76B | 61.25B | -15.68B | 29.40B | 8.50B |
| EBITDA | -13.96B | -4.65B | -18.52B | -38.35B | -34.09B | -14.06B |
| Net Income | -41.69B | -31.17B | -23.50B | -41.79B | -36.29B | -16.17B |
Balance Sheet | ||||||
| Total Assets | 157.92B | 152.05B | 105.29B | 112.81B | 144.06B | 29.15B |
| Cash, Cash Equivalents and Short-Term Investments | 56.33B | 46.23B | 49.19B | 60.43B | 102.17B | 14.80B |
| Total Debt | 43.81B | 17.03B | 8.64B | 6.00B | 5.08B | 5.70B |
| Total Liabilities | 59.95B | 49.86B | 27.38B | 22.24B | 21.39B | 11.78B |
| Stockholders Equity | 97.97B | 102.19B | 77.91B | 90.57B | 122.67B | 17.37B |
Cash Flow | ||||||
| Free Cash Flow | -6.61B | -29.20B | -16.64B | -42.28B | -41.92B | -9.18B |
| Operating Cash Flow | -4.72B | -21.69B | -13.13B | -40.60B | -39.00B | -8.79B |
| Investing Cash Flow | 7.95B | -13.72B | 14.58B | 39.68B | -91.60B | 9.85B |
| Financing Cash Flow | -470.00M | 39.03B | -1.23B | -1.72B | 136.34B | 137.00M |
Swiggy Limited Technical Analysis
Negative
274.90
Price Trends
302.15
Negative
341.94
Negative
377.23
Negative
Market Momentum
-9.33
Negative
43.33
Neutral
58.87
Neutral
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 274.9 is below the 20-day moving average (MA) of 277.41, below the 50-day MA of 302.15, and below the 200-day MA of 377.23, indicating a bearish trend. The MACD of -9.33 indicates Negative momentum. The RSI at 43.33 is Neutral, neither overbought nor oversold. The STOCH value of 58.87 is Neutral, 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹4.95B | 12.58 | ― | 3.31% | 0.14% | 7.90% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | ₹4.96B | 15.98 | ― | 0.87% | 6.66% | -21.40% | |
56 Neutral | ₹7.01B | 40.97 | ― | ― | 23.44% | 277.43% | |
55 Neutral | ₹2.05B | 41.80 | ― | ― | 18.81% | -26.71% | |
42 Neutral | ₹758.81B | -22.15 | ― | ― | 46.50% | -75.02% |
* Consumer Cyclical Sector Average
IN:SWIGGY
Swiggy Limited
274.90
-57.85
-17.39%
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IN:SPECIALITY
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102.91
-40.17
-28.08%
Swiggy Limited Corporate Events
Swiggy Closes Trading Window Ahead of FY26 Results
Mar 27, 2026
Swiggy Limited has notified stock exchanges that it is closing its trading window for company securities from April 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and its internal code of conduct. The window will reo...
Swiggy Publishes Monitoring Agency Report on IPO and QIP Fund Utilisation
Jan 29, 2026
Swiggy Limited has disclosed that CRISIL Ratings Limited, acting as the monitoring agency, has submitted its reports for the quarter ended December 31, 2025 on the utilization of funds raised through the company’s initial public offer and qu...
Swiggy Schedules Q3 FY26 Earnings Call for Analysts and Investors
Jan 19, 2026
Swiggy Limited has scheduled a virtual earnings conference call for analysts and investors on January 29, 2026, from 17:00 to 18:00 IST to discuss its financial results for the third quarter of FY26, coinciding with its previously announced board ...
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.