Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Swiggy Limited (SWIGGY)
Mid CapConsumer stocks · Mid cap · NSE
Swiggy is an Indian online food delivery and quick commerce platform. It operates a food marketplace and Instamart for quick commerce, focusing on expanding penetration and improving profitability. The company is committed to building a strong foundation for durable growth and achieving EBITDA profitability.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 09:20 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage10/14 · 71%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
25Bearishfull bear SMA stack · SMA20 -11.0% / mo · MACD − · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SWIGGYD candles · FIT view-20.2%Latest close ₹229.00 on 2026-10-19
Bar
-2.5%
RSI
32
MACD hist
-0.90
52W pos
0%
2026-10-19O ₹234.80H ₹235.50L ₹228.50C ₹229.00Vol 48.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SWIGGYNifty Consumer DurablesNifty 500
- SWIGGY
- -15.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -9.8 pp
Chart stats
19 Oct 2026- From 52W high
- -50.2%
- 52W range position
- 0%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹299 Cr
- 20D price channel
- ₹228.5 - ₹289.7
₹460
₹228.5 - ₹460
₹8.1
Latest completed session
20-session average
37.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED15
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +37.3% · PAT NDF YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +37% YoY · margin expansion · +7% QoQ
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,812 Cr | +37.3% | +6.7% |
| EBITDA | ₹-651 Cr | +31.8% | +6.7% |
| Operating margin | -10.0% | +900 bps | +100 bps |
| PAT | ₹-791 Cr | NDF | NDF |
| PAT margin | -11.6% | +1252 bps | +92 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.52
- EV/EBITDA
- —
- Market Cap
- 64605.00Cr
Profitability
- ROE
- -29.10%
- ROCE
- -24.10%
- ROA
- -14.85%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 55.00%
- EPS 5Y
- —
- Revenue 3Y
- 41.00%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- -13.83×
- Altman Z
- 7.47
- Book Value
- 66.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -2898.00 Cr
- EPS TTM
- -14.01
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 23.1k+51.4% vs prev
Net Profit
₹ CrLatest: -4,154-33.3% vs prev
Return on Equity
%Latest: -22.7+25.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 32. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.4% over last month) — short-term momentum negative.
- RSI(14) at 32 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 1 Base / Transition
1M return
-16.1%
3M return
-15.4%
6M return
-22.3%
1Y return
-45.7%
RS 1D
0
RS 20D
-10
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 13.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -2.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 56.1-1.25%
RS vs Nifty 50056
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality0/20
Balance Sheet5/15
Cash Flow1/10
Piotroski
2/9 (+0)
Penalties
1
Raw sum
15
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
15/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 5/15 to the score.
- Growth contributes 6/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
3.5
EV/EBITDA
—
ROE
-29.1%
ROCE
-24.1%
FCF Yield
—
Debt/Equity
0.1
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
15
Previous: 15
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
15
15
15
15
15
15
15
15
15
15
15
15
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
7.4
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAUKRI
Mid
Info Edge (India) Limited
Internet Services
match 44
42
53.6
1.8%
-86%
WATCHLIST
CARTRADE
Large
Cartrade Tech Limited
Internet Services
match 32
38
61.5
9.7%
-136%
WATCHLIST
JUSTDIAL
Micro
Just Dial Limited
Internet Services
match 30
48
12.7
3.4%
-16%
FAIR VALUE
KALYANKJIL
Mid
Kalyan Jewellers India Limited
Retail
match 19
57
38.9
24.8%
-19%
FAIR VALUE
VMM
Mid
Vishal Mega Mart Limited
Retail
match 19
42
50.4
12.2%
-49%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T00:42:36.459Z
Management commentary snapshot
Q1 FY27 saw quick commerce achieve contribution margin breakeven, now prioritizing growth within a 0 to -100 bps range. Food delivery maintained 18% adjusted YoY growth, supported by significant take rate improvements from monetization efforts across brands, advertising, and user fees.
Quick commerce achieved CM breakeven, now shifting to growth with a flexible -0 to -100 bps CM target. Food delivery shows robust YoY growth and strong monetization. The focus on differentiated assortment and new value-led platform (Toing) aims to drive durable growth and expand market penetration, with overall cash breakeven targeted in two quarters.
Growth engines
Quick Commerce Growth Acceleration
Post CM breakeven, management plans to accelerate growth, operating within a 0 to -100 bps contribution margin range.
Differentiated Assortment (Instamart)
Building unique value propositions with proprietary brands (Noice), large incumbent brands (Aashirvaad), and D2C challengers to drive incremental growth.
Toing (Value-led Food Delivery)
A purpose-built model for affordability to expand food delivery penetration, with 2 out of 3 users new to the Swiggy platform.
Transacting User Base & Frequency Increase
Key levers for order growth, supported by improved M1 retention and weeding out low-profitable users.
Capacity and execution
Quick Commerce Store Expansion
More stores will be added in Q2 FY27 than in the last four quarters, primarily in existing top 8 cities where some stores are maxing out capacity (2,500-3,000 orders/day).
Tailwinds
Under-penetrated Food Delivery Market
Only 1 out of 10 Indians have transacted on a food delivery platform, indicating a secular and multi-year opportunity.
Funding Environment for Competitors
Tight funding for unlisted competitors may lead to rationalization of irrational discounting in the market.
Headwinds
Competitive Intensity
The quick commerce market has 7-8 players, with many expanding networks rapidly, requiring Swiggy to fiercely shape its positioning.
Risk radar
Sustaining Growth vs. Profitability
Balancing accelerated growth with maintaining contribution margin targets (0 to -100 bps) in a competitive market.
Competition in Affordability Segment
New competitors are likely to enter the value segment, which is easier to enter than the premium segment.
Toing Monetization & Durability
Ensuring the new value-led food delivery model (Toing) can achieve durable economics with lower commissions while covering delivery costs.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Food delivery growth is reported YoY, indicating seasonality. Quick commerce NOV growth is reported QoQ and for recent weeks, highlighting sequential momentum and the impact of strategic shifts.
Sector KPIs management disclosed
Food Delivery YoY Growth
Adjusted growth for Q1 FY27 was 18%; management maintains guidance of 18% to 20% YoY growth.
Quick Commerce NOV Growth
NOV growth was 3% QoQ; recent 4-week cumulative growth was 10% versus 1% in the previous 4 weeks.
Quick Commerce Contribution Margin
Closed Q1 FY27 at -0.2%; management targets operating within a 0 to -100 bps contribution margin level.
Take Rate Improvement
Significant increase across brand take rates, advertising, and user fees, contributing to CM breakeven. Management states these improvements are sustainable.
Management forward view
Quick Commerce Strategy
Management believes they have earned the right and flexibility to operate at 0 to -100 bps CM, focusing on quality growth to achieve EBITDA profitability.
Monetization Sustainability
Take rate improvements from brand negotiations, advertising, and user fees are established revenues and are expected to be sustainable.
Toing Differentiation
Toing is a bottom-up approach, differentiated from the main Swiggy app in terms of value, experience, selection, and speed, with different commission structures.
Accounting Practices
The company does not capitalize employee salary costs, cloud token costs, or indirect costs related to stores, even for new stores during initial periods.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Quick Commerce Contribution Margin | -0.2% | Adherence to the stated 0 to -100 bps range as growth accelerates. |
| Quick Commerce NOV Growth | 10% (recent 4 weeks cumulative) | Sustained double-digit sequential growth and its impact on overall profitability. |
| Food Delivery YoY Growth | 18% (adjusted) | Maintenance of the 18-20% guidance amidst increasing competition in the affordability segment. |
| Overall Cash Burn | Burn on Quick Commerce and Platform Innovation | Achievement of overall cash breakeven in the next two quarters, excluding platform innovation burn. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 30th percentile within Consumer. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
38 docs text-extracted · 19 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Consumer: 30th pctile, median 66 · Mid: 14th pctile, median 76
Evidence depth
Financial-only
38 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2898 Cr.
- ▸ROCE is low at -24.1%.
- ▸ROE is low at -29.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Swiggy Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 3h - Board approved 13th AGM on Aug 18, 2026, 49.5% foreign ownership cap, and AoA/MoA amendments.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jun - Swiggy to host Capital Markets Day in Mumbai on August 6, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Aug - Swiggy outlines FY31 plan for ₹10,000 Cr EBITDA, ₹2.5 lakh Cr GOV, and Instamart/Dineout expansion.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Newspaper publication of Unaudited Financial Results for the Quarter ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Jun
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.