Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Swiggy Ltd.
NSE: SWIGGYConsumer CyclicalInternet Retail
- Last close
- ₹176.00
- Day change
- −₹35.40 (−16.75%)vs
- Market cap
- ₹46,162 crIndian rupees
- Research updated
- 3 reports
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About Swiggy
Swiggy Ltd. is a prominent player in the food delivery and logistics industry within India. Established with the mission to revolutionize and simplify food ordering, Swiggy connects a vast network of restaurants and consumers through a sophisticated digital platform. Its core function is to facilitate online food ordering and delivery, providing users with the convenience of having their favorite meals brought directly to their doorstep. Notably, Swiggy has expanded its offerings beyond food delivery to include services like Swiggy Genie, which caters to on-demand deliveries of packages and parcels. This diversification underscores its role as a versatile logistics operator. Swiggy's presence has significantly impacted the hospitality and restaurant sectors by offering small to large businesses increased reach and visibility. Moreover, Swiggy's innovative use of technology and logistics ensures efficient, reliable services, positioning it as an essential contributor to India's growing digital economy. The company's operations support a wide range of stakeholders, including consumers, local businesses, and delivery partners, facilitating a dynamic ecosystem within urban and suburban communities alike.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: SWIGGY
- Chief executive
- Mr. Sriharsha Majety
- Employees
- 5,321
- Headquarters
- Bengaluru, India
- ISIN
- INE00H001014
- Website
- swiggy.com
Public research · Report of
Business model & financial foundation
Swiggy (NSE: SWIGGY), On-demand convenience, food delivery and quick commerce platforms: revenue of ₹23,053 crore in FY26 (+51.4% on FY25), an EBITDA margin of -14.0%, net profit of ₹-4,154 crore and net cash of ₹12,502 crore.
- Revenue, FY26 (₹ crore)
- 23,053
- consolidated
- Revenue growth, FY26
- +51.4%
- on FY25
- EBITDA margin, FY26
- -14.0%
- EBITDA (GAAP cost-stack EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- -4,154
- to owners
- Return on equity, FY26
- -29.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -12,502
- Debt including leases less company-reported treasury cash
- Market capitalisation (₹ crore)
- 55,447
- at the close of 24 Oct 2026
Company profile
Swiggy is an Indian on-demand convenience platform linking consumers, restaurant and merchant partners, and delivery partners. It offers food delivery, Instamart quick commerce, Dineout and Scenes out-of-home services and platform innovations, with B2B supply chain, distribution and logistics through subsidiaries. This services-profile classification is an analyst mapping of the annual report business description; reporting uses consolidated Ind AS accounts.
| Item | Value |
|---|---|
| Legal name | Swiggy Limited (formerly Swiggy Private Limited, Bundl Technologies Private Limited) |
| Exchange and ticker | NSE: SWIGGY; BSE: 544285 |
| ISIN | INE00H001014 |
| CIN | L74110KA2013PLC096530 |
| Sector | Consumer services |
| Industry | On-demand convenience, food delivery and quick commerce platforms |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co. LLP (since 2025-08-21) |
| Market capitalisation | ₹55,447 crore (24 Oct 2026) |
| Shares outstanding | 276.03 crore shares (FY26) |
| Price | ₹176.0 (close, 24 Oct 2026) |
| 52-week range | ₹175.0 - ₹434.0 (to 24 Oct 2026) |
| Website | https://www.swiggy.com/corporate/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Swiggy Networks Limited | 100% | Former Scootsy Logistics; wholly owned subsidiary; warehousing, fulfilment and retail distribution. |
| Supr Infotech Solutions Limited | 100% | Wholly owned subsidiary; individual business description not retrieved. |
| Swiggy Neocap Private Limited | 100% | Former Swiggy Sports Private Limited; wholly owned subsidiary; individual business description not retrieved. |
| Swiggy Instamart Private Limited | 100% | Step-down wholly owned subsidiary from 12 September 2025; AOC-1 says yet to commence operations; proposed recipient of Instamart undertaking. |
| Lynks Logistics Limited | 100% | Step-down wholly owned subsidiary; individual business description not retrieved. |
| Swiggy Employee Stock Option Trust | 100% | Controlled consolidated ESOP trust, formed 21 February 2025; holds shares for settling employee options, not operating subsidiary. |
No identified promoters (FY26 corporate governance). Loyal Hospitality Private Limited associate holding 21.72% (AOC-1 pp101-102). Five operating subsidiaries all wholly owned; trust separately controlled. Rapido divestment was investment disposal, not subsidiary sale.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | ||
| Foreign institutions | 16.07% | |||
| Domestic institutions | 22.53% | |||
| of which mutual funds | 17.23% | |||
| Retail | 5.82% | |||
| Other | 55.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | intersegment elimination, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Food Delivery | 7,832 | 34.0% | 1,041 | -7.00 | ||
| Out of home consumption | 375.0 | 1.6% | 29.0 | |||
| Quick-commerce | 3,859 | 16.7% | -3,063 | |||
| Supply chain and distribution | 10,935 | 47.4% | -77.0 | |||
| Platform Innovations | 52.0 | 0.2% | -195.0 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Eternal (ETERNAL) | |
| Delhivery (DELHIVERY) | Delivery network unit economics and scale operating leverage; not a commerce marketplace. |
| FSN E-Commerce Ventures (NYKAA) | Online commerce and fulfilment monetisation; principal retail versus marketplace mix differs. |
| One97 Communications (PAYTM) | Platform user monetisation and early-profit execution risks; regulated fintech differs. |
| PB Fintech (POLICYBZR) | Customer acquisition and platform operating leverage comparison; no last-mile fulfilment. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,568 | 8,139 | 11,247 | 15,227 | 23,053 |
| Cost of revenue (vendor classification) * | 2,627 | 3,831 | 4,948 | 6,439 | 10,666 |
| Other operating costs (vendor classification) * | 4,960 | 6,504 | 6,433 | 8,965 | 12,803 |
| EBITDA (vendor classification) * | -3,481 | -3,893 | -1,838 | -2,415 | -2,774 |
| Operating EBIT excluding other income | -3,581 | -4,121 | -2,629 | -3,398 | -4,448 |
| Finance costs | 47.8 | 58.0 | 71.4 | 100.6 | 200.0 |
| Profit before tax | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 |
| Total tax expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated profit after tax | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 |
| Diluted loss per equity share (₹) | -10.70 | -13.72 | -16.87 | ||
| Materials, purchases and inventory change | 4,604 | 6,002 | 10,067 | ||
| Employee benefits expense | 2,012 | 2,549 | 2,716 | ||
| Advertising, delivery and other operating expenses | 6,839 | 9,462 | 13,501 | ||
| GAAP cost-stack EBITDA excluding other income | -2,208 | -2,786 | -3,231 | ||
| Other income | 387.0 | 396.2 | 508.0 | ||
| Depreciation and amortisation | 420.6 | 612.3 | 1,217 | ||
| Exceptional items: signed PBT effect | -30.6 | -11.7 | -10.0 | ||
| Share of associate loss: signed PBT effect | -6.61 | -2.57 | -4.00 | ||
| Profit attributable to shareholders | n.r. | n.r. | -4,154 | ||
| Noncontrolling profit attribution | n.r. | n.r. | n.r. | ||
| Basic EPS (₹) | -13.72 | -16.87 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 12,267 | 9,057 | 7,791 | 10,219 | 18,314 |
| Bank borrowings excluding lease liabilities | 211.2 | 28.2 | 100.0 | ||
| Cash and cash equivalents | 1,096 | 832.5 | 887.1 | 1,231 | 2,747 |
| Trade receivables | 1,112 | 1,062 | 963.9 | 2,463 | 4,048 |
| Inventories | 17.7 | 10.6 | 48.7 | 55.5 | 76.0 |
| Trade payables | 956.1 | 873.2 | 880.9 | 1,818 | 2,278 |
| Net PPE excluding right-of-use assets | 452.8 | 1,059 | 1,304 | ||
| Separate capital work in progress | 15.7 | 8.04 | n.r. | n.r. | n.r. |
| Total assets | 14,406 | 11,281 | 10,529 | 15,205 | 25,237 |
| Bank balances other than cash equivalents | 3.80 | 2,069 | 1,296 | ||
| Current investments | 3,728 | 1,323 | 3,269 | ||
| Noncurrent investments | 1,382 | 1,296 | 2,711 | ||
| Total investments carrying value | 5,111 | 2,619 | 5,980 | ||
| Current plus noncurrent carrying lease liabilities | 653.0 | 1,675 | 2,451 | ||
| Debt including leases less company-reported treasury cash | n.r. | -4,992 | -12,502 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | -1,313 | -2,169 | -2,898 | ||
| Free cash flow (vendor definition) * | -4,192 | -4,228 | -1,664 | -2,920 | -3,817 |
| Positive cash expenditure on PPE and intangibles | -227.4 | -157.3 | 351.7 | 750.8 | 919.0 |
| CFO less positive cash capex | -1,664 | -2,920 | -3,817 | ||
| Dividends paid | n.r. | n.r. | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end gross legal issued equity shares | 3.01 | 228.65 | 276.03 | ||
| Equity count net of ESOP trust-held shares | n.a. | 228.65 | 260.61 | ||
| Basic and diluted EPS weighted share denominator (crore shares) | 219.63 | 227.09 | 246.28 | ||
| Company treasury cash position including bank deposits | 15,053 | ||||
| Treasury less identified margin and earmarked bank balances | 14,831 | ||||
| FD statutory external revenue / GOV after elimination (fraction) | 0.21 | 0.22 | 0.23 | ||
| IM statutory external revenue / GOV after elimination (fraction) | 0.12 | 0.15 | 0.14 | ||
| OOH statutory external revenue / GOV after elimination (fraction) | 0.07 | 0.08 | 0.08 | ||
| Exact IM AOV = GOV INRcr *10 / orders million | 459.8 | 514.3 | 691.3 | ||
| Consolidated COGS / supply external revenue (mapping proxy) (fraction) | 0.96 | 0.94 | 0.92 | ||
| FD adj EBITDA/GOV (FY24-25 rounded disclosed margin) (fraction) | -0.00 | 0.02 | 0.03 | ||
| IM adj EBITDA/GOV (FY24-25 rounded disclosed margin) (fraction) | -0.16 | -0.14 | -0.12 | ||
| OOH adj EBITDA/GOV (FY24-25 rounded disclosed margin) (fraction) | -0.08 | -0.01 | 0.01 | ||
| Supply adjusted EBITDA / external revenue (fraction) | -0.04 | -0.04 | -0.02 | ||
| GAAP less reconstructed segment adjusted EBITDA | -370.8 | -879.1 | -360.0 | ||
| EPS reconstruction shares = PAT / reported diluted EPS (crore) | 219.65 | 227.17 | 246.24 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,601 | 3,993 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 |
| Cost of revenue (vendor classification) * | 1,388 | 1,565 | 2,291 | 2,064 | 2,746 | 2,915 | 2,975 | |
| Other operating costs (vendor classification) * | 2,160 | 2,497 | 2,325 | 3,165 | 3,511 | 3,498 | 3,825 | |
| EBITDA (vendor classification) * | -468.7 | -623.0 | -865.7 | -868.0 | -687.0 | -432.0 | -440.0 | |
| Operating EBIT excluding other income | -685.0 | -879.7 | -1,167 | -1,242 | -1,102 | -1,095 | -1,009 | -948.0 |
| Finance costs | 23.1 | 25.6 | 32.2 | 41.0 | 48.0 | 55.0 | 56.0 | 53.0 |
| Profit before tax | -625.5 | -799.1 | -1,081 | -1,197 | -1,092 | -1,065 | -800.0 | -791.0 |
| Total tax expense (dash means nil) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated profit after tax | -625.5 | -799.1 | -1,081 | -1,197 | -1,092 | -1,065 | -800.0 | -791.0 |
| Diluted EPS - reported not annualised (₹) | -2.80 | -3.48 | -4.60 | -5.04 | -4.59 | -4.36 | -3.34 | -2.96 |
| Cost of materials consumed | 8.87 | 6.49 | 5.23 | 13.0 | 13.0 | 8.00 | 11.0 | 0.00 |
| Purchases of stock-in-trade | 1,384 | 1,557 | 1,849 | 2,058 | 2,330 | 2,757 | 2,899 | 2,978 |
| Changes in inventories of stock-in-trade | -5.32 | 1.11 | -0.52 | -7.00 | -1.00 | -19.0 | 5.00 | -3.00 |
| Employee benefits expense including SBC | 607.3 | 656.8 | 695.6 | 686.0 | 690.0 | 673.0 | 667.0 | 662.0 |
| Advertising and sales promotion | 537.1 | 751.5 | 977.7 | 1,036 | 1,039 | 1,108 | 1,024 | 1,160 |
| Delivery and related charges | 1,095 | 1,127 | 1,161 | 1,313 | 1,426 | 1,533 | 1,577 | 1,750 |
| Other expenses - Others (not aggregate) | 529.0 | 618.5 | 683.3 | 816.0 | 862.0 | 870.0 | 897.0 | 915.0 |
| Total statutory expenses including DA and finance | 4,310 | 4,898 | 5,610 | 6,244 | 6,711 | 7,298 | 7,448 | 7,813 |
| Other income | 84.8 | 102.8 | 120.7 | 87.0 | 59.0 | 96.0 | 266.0 | 211.0 |
| Depreciation and amortisation | 130.9 | 154.0 | 205.7 | 288.0 | 304.0 | 313.0 | 312.0 | 298.0 |
| Share of associate loss (signed) | -0.13 | -0.13 | -2.23 | -1.00 | -1.00 | -1.00 | -1.00 | -1.00 |
| Exceptional items (signed gain or loss) | -2.12 | 3.49 | 0.00 | 0.00 | 0.00 | -10.0 | 0.00 | 0.00 |
| Profit attributable to owners | -625.5 | -799.1 | -1,081 | -1,197 | -1,092 | -1,065 | -800.0 | -791.0 |
| Materials + purchases + signed inventory changes | 1,387 | 1,565 | 1,854 | 2,064 | 2,342 | 2,746 | 2,915 | 2,975 |
| Other expenses aggregate: advertising + delivery + Others | 2,161 | 2,497 | 2,822 | 3,165 | 3,327 | 3,511 | 3,498 | 3,825 |
| Operating EBITDA excluding other income | -554.2 | -725.7 | -961.8 | -954.0 | -798.0 | -782.0 | -697.0 | -650.0 |
| Non-controlling share of PAT - separate line absent | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Consolidated adjusted EBITDA (non-GAAP; kept separate) | -341.0 | -490.0 | -732.0 | -813.0 | -695.0 | -712.0 | -652.0 | -651.0 |
| Basic EPS (₹) | -4.60 | 5.04 | -4.59 | -4.36 | -3.34 | -2.96 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 46.2% | 38.2% | 35.4% | 51.4% | |
| EBITDA margin | -19.6% | -18.3% | -14.0% | ||
| Net margin | -18.0% | ||||
| Return on equity | -29.1% | ||||
| Return on capital employed | -32.8% | -37.2% | -31.0% | ||
| Return on assets | -20.5% | ||||
| Net debt (₹ crore) | -4,992 | -12,502 | |||
| Net debt / EBITDA | 1.79x | 3.87x | |||
| Interest cover | -74.9x | -71.0x | -36.8x | -33.8x | -22.2x |
| Asset turnover | 0.39x | 0.63x | 1.03x | 1.18x | 1.14x |
| Receivable days | 73 | 48 | 31 | 59 | 64 |
| Inventory days (on revenue) | 1 | 0 | 2 | 1 | 1 |
| Payable days (on revenue) | 63 | 39 | 29 | 44 | 36 |
| Cash conversion | 0.70x | ||||
| Capex intensity | 4.1% | 1.9% | 3.1% | 4.9% | 4.0% |
| Free cash flow (₹ crore) | -1,664 | -2,920 | -3,817 | ||
| Dividend payout | -0.0% | ||||
| EPS, diluted (₹) | -10.70 | -13.72 | -16.87 | ||
| Book value per share (₹) | 2,591 | 44.70 | 66.35 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (GAAP cost-stack EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Debt including leases less company-reported treasury cash; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (GAAP cost-stack EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted loss per equity share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Swiggy includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Swiggy
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 24 Oct 2026.
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