Swiggy targets ₹10,000 cr core earnings by FY31 on Instamart growth

The food delivery platform expects strong expansion in Instamart and aims to nearly quadruple consolidated gross order value by fiscal 2031

India's Swiggy laid out long-term growth targets on Thursday, aiming to achieve ₹10,000 crore ($1.05 billion) in annual core ​earnings by fiscal 2031, as it aggressively expands its quick-commerce business ​Instamart.

 

The company, which has yet to turn a profit since listing in 2024, ‌reported an adjusted EBITDA loss of ₹2,871 crore in fiscal 2026. It expects to become profitable as it scales both its quick-commerce and food delivery businesses.

 

Swiggy's ambitions come as it and rival Eternal's Blinkit race to build scale in one of India's most hotly contested consumer sectors, fending off competition from Zepto, Tata-backed BigBasket, Amazon and Walmart-backed Flipkart, even as investors increasingly focus on which players can sustainably turn a profit.

 

 

Swiggy's shares rose as much as 5.2 per cent to their highest in five months after the latest update.

 

"There is little doubt about the growth opportunity in quick commerce, but ‌Swiggy's targets leave little room for execution errors. Investors will be watching closely to see if it can sustain the operational discipline that has underpinned its progress so far," said Aishvarya Dadheech, founder and CIO at Fident Asset Management.

 

Last week, the company reported a narrower quarterly loss and improving profitability at Instamart, while outlining plans to expand the network of its dark stores, or fulfilment centres, to fuel growth.

 

Swiggy now expects gross order value (GOV), ​or the total value of goods sold before discounts, at Instamart, which delivers everything from eggs to ‌iPhones in minutes, to grow four-to-fivefold to ₹1.5 trillion by fiscal 2031 from ₹28,000 crore in fiscal 2026.

 

Swiggy projects consolidated GOV to grow more than ​30 per cent annually ‌through fiscal 2031. It also forecast food delivery core earnings of about ₹5,000 crore, aided ‌by GOV growth of 2.5 to 3.5 times.

 

Separately, Swiggy said its board approved raising the foreign shareholding cap to 49.5 per cent, paving the way for Instamart to shift to ‌a ​first-party inventory model ​within two to four quarters after shareholder approval.

 

The move would allow the quick-commerce business to stock and sell goods directly rather than operating solely as a marketplace, ‌which would improve ​merchandising and unit economics.