Swiggy Limited (IN:SWIGGY)
:SWIGGY
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Swiggy Limited
(SWIGGY)
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Rating:42Neutral
Price Target:
₹253.00
▼(-8.86% Downside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by persistent losses and ongoing cash burn despite strong revenue growth. Technicals add pressure with the stock trading below key moving averages and a negative MACD, while valuation is constrained by unprofitability and no stated dividend support.
Positive Factors
Strong revenue growth
Consistent double-digit revenue growth across FY24–FY26 demonstrates durable market demand and platform scale. Sustained top-line expansion supports network effects, higher merchant supply and order density, and creates scope for long-term operating leverage as fixed logistics costs spread over more orders.
Negative Factors
Negative cash generation
Operating and free cash flow remain persistently negative, with cash burn worsening in FY26. Chronic negative cash generation forces reliance on external financing, restricts self-funded expansion, and raises execution and liquidity risk until the core business reaches sustainable cash-flow breakeven.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Consistent double-digit revenue growth across FY24–FY26 demonstrates durable market demand and platform scale. Sustained top-line expansion supports network effects, higher merchant supply and order density, and creates scope for long-term operating leverage as fixed logistics costs spread over more orders.
Read all positive factors
Swiggy Limited (SWIGGY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹689.94B
Dividend YieldN/A
Average Volume (3M)539.59K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth51.40%
EPS Growth-28.79%
CountryIN
Employees5,401
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-17.83
Shares Outstanding2,760,313,500
10 Day Avg. Volume569,851
30 Day Avg. Volume539,589
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
₹412.50Price Target Upside48.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-8.51
Revenue Forecast (FY)₹299.71B
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
Swiggy makes money primarily by monetizing transactions and services across its platform. Key revenue streams typically include: (1) Commission/marketplace fees charged to restaurant partners for facilitating orders and providing demand through th...
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 | 189.25B | 230.53B | 152.27B | 112.47B | 82.65B | 57.05B |
| Gross Profit | 79.85B | 32.04B | 66.76B | 61.25B | -15.68B | 29.40B |
| EBITDA | -13.96B | -32.31B | -4.65B | -18.52B | -38.35B | -34.09B |
| Net Income | -41.69B | -41.54B | -31.17B | -23.50B | -41.79B | -36.29B |
Balance Sheet | ||||||
| Total Assets | 157.92B | 252.37B | 152.05B | 105.29B | 112.81B | 144.06B |
| Cash, Cash Equivalents and Short-Term Investments | 56.33B | 73.12B | 46.23B | 49.19B | 60.43B | 102.17B |
| Total Debt | 43.81B | 25.51B | 17.03B | 8.64B | 6.00B | 5.08B |
| Total Liabilities | 59.95B | 69.23B | 49.86B | 27.38B | 22.24B | 21.39B |
| Stockholders Equity | 97.97B | 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
277.60
Price Trends
274.83
Negative
306.73
Negative
360.11
Negative
Market Momentum
-7.85
Positive
35.79
Neutral
17.40
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 277.6 is above the 20-day moving average (MA) of 267.58, above the 50-day MA of 274.83, and below the 200-day MA of 360.11, indicating a bearish trend. The MACD of -7.85 indicates Positive momentum. The RSI at 35.79 is Neutral, neither overbought nor oversold. The STOCH value of 17.40 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹4.94B | 12.58 | ― | 3.31% | -1.65% | -7.57% | |
64 Neutral | ₹5.31B | 18.58 | ― | 0.87% | 10.84% | 1.07% | |
62 Neutral | ₹6.14B | 26.14 | ― | ― | 15.32% | -52.74% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | ₹1.91B | 41.80 | ― | ― | 10.39% | 37.93% | |
42 Neutral | ₹689.94B | -15.41 | ― | ― | 51.40% | -28.79% |
* Consumer Cyclical Sector Average
IN:SWIGGY
Swiggy Limited
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IN:SPECIALITY
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-17.61%
Swiggy Limited Corporate Events
Swiggy Secures Clean Audit Opinion on FY 2026 Results
May 8, 2026
Swiggy Limited’s board has approved the audited consolidated and standalone financial results for the quarter and full year ended March 31, 2026, at a meeting held on May 8, 2026. The results, which include the performance of its subsidiarie...
Swiggy Notifies Exchanges of Q4 2025-26 Shareholders’ Letter
May 8, 2026
Swiggy Limited has informed the stock exchanges that it has issued a shareholders’ letter for the fourth quarter of the 2025-26 financial year, dated May 08, 2026. The communication, addressed to BSE and NSE, indicates the letter has been ma...
Swiggy Posts 45% Revenue Surge as Food Delivery and Instamart Drive Strong GOV Growth
May 8, 2026
Swiggy reported its strongest food delivery performance in nearly four years, with Gross Order Value rising 22.6% year-on-year to INR 9,005 crore and adjusted EBITDA reaching INR 297 crore, marking a 3.3% margin on GOV. Platform monthly transactin...
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...
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.