Swiggy Limited (SWIGGY) AI Stock Analysis

• Market Cap: ₹858.73B
• Dividend Yield: N/A
• Average Volume (3M): 539.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• Revenue Growth: 46.50%
• EPS Growth: -75.02%
• Country: IN
• Employees: 5,401
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -4.36
• Shares Outstanding: 2,760,313,500
• 10 Day Avg. Volume: 569,851
• 30 Day Avg. Volume: 539,589
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹486.67
• Price Target Upside: 58.21% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: ₹300.00 ▼(-2.47% Downside)

Swiggy's overall stock score is primarily impacted by its financial performance, which shows strong revenue growth but significant profitability and cash flow challenges. Technical analysis indicates bearish momentum, while valuation metrics are unfavorable due to negative earnings. The absence of earnings call insights and corporate events leaves these areas unaddressed.

Positive Factors

Market Position & Diversification

Swiggy’s expansion beyond food delivery into quick commerce, grocery and broad on‑demand logistics creates multiple durable revenue streams. This diversification leverages its delivery network and merchant relationships, raising lifetime customer value and resilience to single-market shocks.

Robust Revenue Growth

Sustained double‑digit revenue growth indicates strong product-market fit and rising consumer adoption across services. Over the medium term, high top-line expansion supports scale advantages in logistics and technology, enabling investment in unit economics and network density if margin levers are executed.

Conservative Leverage / Strong Equity

A strong equity base and low leverage provide financial flexibility to fund growth, absorb temporary losses, and invest in infrastructure. This balance sheet strength lowers refinancing risk and supports longer runway for strategic initiatives like geographic expansion and new service rollouts.

Negative Factors

Persistent Negative Cash Flow

Worsening free cash flow and inability to convert earnings into cash are durable red flags. Reliance on external financing to fund operations constrains autonomy, raises dilution or interest costs risk, and limits capacity to reinvest in marketing, tech, or driver incentives over the medium term.

Lack of Profitability / Negative Margins

Consistently negative gross and net margins reflect structural operational inefficiencies and high fulfillment or customer acquisition costs. Without sustained margin improvement, revenue growth may not translate to shareholder returns and competitive reinvestment capacity will remain constrained.

Earnings & ROE Pressure

Sharp EPS decline and reported negative return on equity from ongoing net losses indicate strained profitability metrics. This undermines internal capital generation, complicates funding for expansion, and pressures management to deliver a credible, structural plan to restore returns over the medium term.

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 reservation services through Dineout platform; and events bookings services through SteppinOut platform; product pick-up/dropoff services through Genie platform; and hyperlocal commerce services through Swiggy Minis platform. The company was incorporated in 2013 and is based in Bengaluru, India.

How the Company Makes Money

Swiggy generates revenue through multiple streams. The primary source is commission fees charged to restaurants for each order facilitated through its platform, which typically ranges from 15% to 25% of the order value. Additionally, Swiggy charges delivery fees to customers, which can vary based on distance and order size. The company also offers subscription services, such as Swiggy Super, which provides customers with benefits like free deliveries and discounts for a monthly fee. Partnerships with various brands for promotions and advertisements on its platform further contribute to its earnings. Moreover, the expansion into grocery delivery services allows for additional revenue generation through a similar commission-based model. Seasonal promotions and loyalty programs also play a role in driving customer retention and increasing order frequency, thus enhancing overall revenue.

Swiggy Limited Financial Statement Overview

Summary

Swiggy is experiencing robust revenue growth but is simultaneously grappling with profitability challenges and cash flow constraints. Despite strong equity and controlled leverage, the persistent negative cash flow and profitability metrics suggest operational inefficiencies.

Income Statement

Swiggy has shown significant revenue growth over the years, with the most recent year showing a 37.48% increase in revenue compared to the previous year, indicating strong market demand. However, the company is facing challenges in profitability, evidenced by a negative gross profit margin of 43.82% in 2023 and a net profit margin of -20.46% in 2025. Despite revenue growth, high operational costs and negative EBIT and EBITDA margins highlight ongoing operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity position, with an equity ratio of 67.21% in 2025, indicating financial stability. The debt-to-equity ratio remains low at 0.17, suggesting conservative leverage usage. However, the return on equity is negative due to persistent net losses, which is a concern for long-term profitability and shareholder returns.

Cash Flow

Swiggy's cash flow statement reflects challenges in generating positive free cash flow, with a worsening trend as free cash flow became more negative year-over-year. The operating cash flow to net income ratio is negative, indicating that the company struggles to convert its earnings into cash flow. This is a critical issue that could affect liquidity if not addressed.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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

• Technical Analysis Sentiment: Negative
• Last Price: 307.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 307.6 is below the 20-day moving average (MA) of 335.64, below the 50-day MA of 372.48, and below the 200-day MA of 384.73, indicating a bearish trend. The MACD of -18.81 indicates Positive momentum. The RSI at 28.41 is Positive, neither overbought nor oversold. The STOCH value of 28.07 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADVANIHOTR	72 Outperform	₹5.24B	22.20	―	3.31%	0.14%	7.90%
SHREERAMA	72 Outperform	₹7.64B	13.15	―	―	23.44%	277.43%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BYKE	58 Neutral	₹2.64B	50.84	―	―	18.81%	-26.71%
SPECIALITY	56 Neutral	₹5.03B	23.39	―	0.87%	6.66%	-21.40%
SWIGGY	45 Neutral	₹858.73B	-16.33	―	―	46.50%	-75.02%

Swiggy Limited Corporate Events

Swiggy Publishes Monitoring Agency Report on IPO and QIP Fund Utilisation

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 qualified institutional placement. The reports, which have been reviewed by Swiggy’s Audit Committee and approved by its Board on January 29, 2026, confirm ongoing regulatory compliance around the deployment of capital market proceeds, and have been made available on the company’s corporate website for investors and other stakeholders.

Swiggy Schedules Q3 FY26 Earnings Call for Analysts and Investors

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 meeting on the same day. By formally notifying the stock exchanges and providing public access details via its investor relations website, Swiggy underscores its commitment to transparent communication with capital markets, enabling shareholders and market participants to gain timely insights into its quarterly performance and outlook.

Swiggy Completes Landmark INR 10,000 Crore QIP

Swiggy Limited has successfully completed a Qualified Institutions Placement (QIP) of INR 10,000 crore, marking one of the largest transactions in the Indian consumer tech space. The placement attracted significant interest from global and domestic institutional investors, reflecting strong confidence in Swiggy’s business model and growth potential. The funds raised will be used to expand Swiggy’s quick commerce fulfillment network, invest in technology and cloud infrastructure, enhance brand visibility, and support potential acquisitions, thereby strengthening its market position and operational capabilities.

Swiggy Concludes Qualified Institutions Placement, Strengthening Financial Position

Swiggy Limited has announced the closure of its Qualified Institutions Placement (QIP) of equity shares, with the Investment & Allotment Committee approving the allocation of over 2.66 billion equity shares at a price of ₹375 each, which is at a discount to the floor price. This strategic move is expected to enhance Swiggy’s financial flexibility and strengthen its market position, potentially impacting its stakeholders positively by providing additional capital for growth and expansion.

Swiggy Limited Holds First EGM for 2025-26

Swiggy Limited held its first Extraordinary General Meeting (EGM) for the financial year 2025-26 on December 8, 2025, via video conference. The meeting, chaired by Independent Director Shailesh Vishnubhai Haribhakti, saw the resolution set out in the notice dated November 14, 2025, passed by the shareholders with the requisite majority. The EGM proceedings were webcast live, and voting was conducted through remote e-voting and during the meeting. This development indicates Swiggy’s commitment to maintaining transparency and engaging its stakeholders effectively.