India's Swiggy laid out long-term growth targets on Thursday, aiming to achieve 100 billion rupees ($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 28.71 billion rupees 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% 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 rupees by fiscal 2031 from 280 billion rupees in fiscal 2026.
Swiggy projects consolidated GOV to grow more than 30% annually through fiscal 2031. It also forecast food delivery core earnings of about 50 billion rupees, 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%, 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.
