Shares in Swiggy fell after initial gains as investors digested the company’s long-term plans to expand gross order value and profitability by 2031, amid positive analyst sentiment and cautious market views.
Swiggy shares gave back early gains on Thursday after investors digested the delivery and quick-commerce group’s latest long-term growth plan, which points to a far larger and more profitable business by fiscal 2031. The stock had risen as much as 5.6% during the session after management outlined a path to Rs 10,000 crore in adjusted EBITDA, but profit-taking later dragged it lower by the close. The move shows how sharply investors are still reacting to any new signal on execution, valuation and earnings visibility.
At its Capital Markets Day 2026, the company projected that consolidated gross order value could rise to about Rs 2.5 lakh crore by fiscal 2031 from Rs 67,734 crore in fiscal 2026. Chief executive Sriharsha Majety said the outlook is built on three expanding consumer businesses: food delivery, quick commerce through Instamart and out-of-home consumption via Dineout. In food delivery, Swiggy is targeting gross order value growth of 2.5 to 3.5 times by fiscal 2031 and around Rs 5,000 crore of adjusted EBITDA, while Dineout is expected to scale to Rs 20,000 crore to Rs 25,000 crore in gross order value and roughly Rs 1,000 crore in adjusted EBITDA.
The company’s quick-commerce arm remains central to the story. Instamart posted 40% year-on-year gross order value growth in the latest quarter cited by the company and Swiggy is aiming for more than Rs 1.5 lakh crore in gross order value from the business by fiscal 2031. It also wants monthly transacting users to rise above 40 million. Management said profitability should improve as unit economics strengthen, private-label sales grow and the platform pushes more differentiated offerings, with artificial intelligence expected to play a larger role in forecasting, logistics, partner management and monetisation through its SAGE analytics tool.
Broker sentiment remains broadly constructive. Bloomberg data cited by NDTV Profit showed 21 analysts with a Buy rating, six with Hold and three with Sell, implying a 26.5% upside from current levels. Separately, Motilal Oswal reaffirmed a Buy call on Swiggy with a target of ₹440, pointing to strong momentum in both food delivery and quick commerce and noting revenue growth of 54.6% year on year in Q3 FY26, alongside 20.5% gross order value growth in food delivery. Jefferies has also argued that the company’s improving profitability is becoming more convincing as operating leverage builds. Even so, some market participants remain cautious: Kranthi Bathini of WealthMills Securities told NDTV Profit that the stock suits investors with a higher risk appetite and that sustainable profitability, not just share gains, will ultimately determine long-term value creation.
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