Swiggy Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹51,200 Cr
- ROE
- -29.07%
- Price to sales
- 2.06
- Debt to equity
- 0.14
- 52W high / low
- ₹419 / ₹176
- Sales growth (5Y)
- 55.36%
- EBITDA margin
- -11.77%
- Net profit margin
- -17.99%
- Sales (last year)
- ₹24,904 Cr
Founded in 2014, Swiggy Ltd is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app.[1]
Guidance scorecard · Q2 FY27 call
What Swiggy Ltd's management guided
and where it ranks in Retailing
Retailing
RevenueQ2 FY27 call
20–40%- Swiggy aims to grow its market roughly 2x the current size, focusing on building a resilient business with clear sight to Adjusted EBITDA zero before expanding further.
- Quick commerce growth is expected to continue with a double-digit growth guidance driven by improved store productivity and a better category mix.
- Food delivery core business is guided to grow at 18-20% YoY, with stable margins around 5% of Gross Order Value (GOV) and continued operating leverage.
- Toing (affordability-focused segment) targets to accelerate overall marketplace growth to 25-30%, with growth expected at the lower end (~25%) currently, and investments to remain range-bound while scaling cautiously.
2 more points from Swiggy Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Swiggy Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Swiggy is maintaining investments in the Toing business (quick commerce), with investments range-bound in the short term as they continue to iterate and assess the platform’s product-market fit and unit economics.
- Capex related to dark store expansions is driven by capacity needs; new stores open when existing ones approach ~2,000 orders/day, to maintain growth without over-expansion.
- Store additions are planned selectively in hyperlocal zip codes maxing out capacity (5-7% stores per quarter hitting capacity thresholds).
- No aggressive store expansion just for growth; focus remains on increasing store productivity and category mix rather than network reconfiguration.
2 more points from Swiggy Ltd's call on capex
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FundraisingQ2 FY27 call
See what Swiggy Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- Average orders per day per store have increased by close to 9% sequentially, reaching approximately 1,200 orders per store per day, the highest ever seen.
- Orders per store have shown only slight improvement, though the average NOV (Net Order Value) per store rose by 9%.
- Around 5-7% of the store network reaches capacity at roughly 2,000 orders per day, prompting new store openings.
- Swiggy is expanding stores only in hyperlocal zip codes where capacity is maxed out; geographic expansion is limited.
- The strategy focuses on increasing productivity per store rather than aggressively adding new stores.
2 more points from Swiggy Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Retailing
on management's own guidance
- Strong growth2
- Strong growth1
- Entero Healthcare Solutions LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Retailing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,264 Cr | 38.2 | |
| 2 | 40%+ | Flat | ₹6,053 Cr | 53.9 | |
| 3 | Entero Healthcare Solutions Ltd | 20–40% | Up 0–2% | ₹6,899 Cr | 53.5 |
| 4 | 20–40% | Up 0–2% | ₹790 Cr | 19.0 | |
| 5 | 20–40% | Flat | ₹3.14L Cr | 725.0 | |
| 6 | 20–40% | Flat | ₹1.12L Cr | 170.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingFinancials of Swiggy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Swiggy Ltd
Shareholding breakup across reporting periods.
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| FIIs + | 6.19% | 4.90% | 7.36% | 12.23% | 16.07% | 14.59% | 13.96% | 8.86% |
| DIIs + | 7.75% | 9.33% | 13.53% | 15.95% | 22.54% | 25.45% | 27.38% | 34.49% |
| Public + | 86.07% | 85.77% | 71.38% | 64.93% | 55.47% | 54.39% | 53.57% | 51.67% |
| Others + | 0.00% | 0.00% | 7.72% | 6.88% | 5.94% | 5.59% | 5.08% | 4.98% |
| No. of Shareholders | 4,23,592 | 5,04,712 | 5,13,632 | 5,22,922 | 5,35,024 | 5,36,096 | 5,70,439 | 5,78,707 |
Financials of Swiggy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,763 | 3,049 | 3,046 | 3,222 | 3,601 | 3,992 | 4,410 | 4,961 | 5,561 | 6,148 | 6,383 | 6,812 | 7,571 |
| Expenses + | 3,387 | 3,575 | 3,536 | 3,766 | 4,155 | 4,718 | 5,374 | 5,916 | 6,360 | 6,931 | 7,081 | 7,463 | 8,343 |
| Operating Profit | -624 | -526 | -490 | -544 | -554 | -726 | -964 | -955 | -799 | -783 | -698 | -651 | -772 |
| OPM % | -23% | -17% | -16% | -17% | -15% | -18% | -22% | -19% | -14% | -13% | -11% | -10% | -10% |
| Other Income + | 87 | 78 | 73 | 75 | 82 | 107 | 121 | 87 | 59 | 86 | 266 | 211 | 212 |
| Interest | 15 | 18 | 20 | 20 | 23 | 26 | 32 | 41 | 48 | 55 | 56 | 53 | 54 |
| Depreciation | 105 | 108 | 117 | 122 | 131 | 154 | 206 | 288 | 304 | 313 | 312 | 298 | 308 |
| Profit before tax | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 | -922 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit + | -657 | -574 | -555 | -611 | -626 | -799 | -1,081 | -1,197 | -1,092 | -1,065 | -800 | -791 | -922 |
| EPS in Rs | -62.75 | -3.57 | -4.73 | -4.80 | -4.38 | -3.86 | -2.90 | -2.87 | -3.34 |
Financials of Swiggy Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 | 26,914 |
| Expenses + | 7,292 | 3,843 | 9,355 | 12,538 | 13,447 | 18,015 | 26,288 | 29,818 |
| Operating Profit | -3,824 | -1,296 | -3,650 | -4,273 | -2,199 | -2,788 | -3,235 | -2,904 |
| OPM % | -110% | -51% | -64% | -52% | -20% | -18% | -14% | -11% |
| Other Income + | 218 | -19 | 239 | 438 | 341 | 384 | 498 | 775 |
| Interest | 85 | 75 | 48 | 58 | 71 | 101 | 200 | 218 |
| Depreciation | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 | 1,231 |
| Profit before tax | -3,908 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,578 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| Net Profit + | -3,920 | -1,617 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 | -3,578 |
| EPS in Rs | -13.63 | -15.05 | -12.97 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Swiggy Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.88 | 0.01 | 0.86 | 3 | 3 | 229 | 261 | 262 |
| Reserves | 2,966 | 1,736 | -3,296 | -6,509 | -7,785 | 9,991 | 18,053 | 16,708 |
| Borrowings + | 89 | 93 | 16,071 | 16,162 | 16,437 | 1,702 | 2,551 | 2,514 |
| Other Liabilities + | 1,346 | 1,086 | 1,637 | 1,624 | 1,874 | 3,283 | 4,372 | 5,954 |
| Total Liabilities | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 | 25,438 |
| Fixed Assets + | 1,332 | 747 | 801 | 1,505 | 2,041 | 3,631 | 4,558 | 4,174 |
| CWIP | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 | 6,074 |
| Other Assets + | 1,182 | 1,243 | 3,263 | 3,235 | 3,317 | 8,897 | 14,645 | 15,190 |
| Total Assets | 4,402 | 2,915 | 14,412 | 11,281 | 10,529 | 15,205 | 25,237 | 25,438 |
Financials of Swiggy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -3,841 | -1,175 | -3,900 | -4,060 | -1,313 | -2,169 | -2,898 |
| Cash from Investing Activity + | 3,195 | 1,282 | -9,160 | 3,968 | 1,472 | -1,372 | -4,983 |
| Cash from Financing Activity + | 849 | 14 | 13,634 | -172 | -123 | 3,903 | 9,397 |
| Net Cash Flow | 202 | 120 | 574 | -264 | 37 | 362 | 1,516 |
| Free Cash Flow | -4,175 | -915 | -4,128 | -4,217 | -1,657 | -2,912 | -3,809 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 99% | 91% | 105% | 94% | 60% | 79% | 89% |
Financials of Swiggy Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 24 | 71 | 47 | 31 | 59 | 64 |
| Inventory Days | 31 | 10 | 4 | 1 | 4 | 3 | 3 |
| Days Payable | 311 | 223 | 154 | 94 | 70 | 111 | 83 |
| Cash Conversion Cycle | -268 | -189 | -79 | -46 | -35 | -48 | -16 |
| Working Capital Days | -22 | -41 | 18 | 18 | 0 | 21 | 66 |
| ROCE % | -57% | -48% | -37% | -24% | -29% | -24% |
Guidance history
How Swiggy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | None planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
2 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −55.8% | 2% |
| Last 6 months | −31.5% | 7% |
| Last 3 months | −37.4% | 1% |
The price is 69% below its all-time high of ₹597.45 (20 Dec 2024). Stocks more than 20% below their peak have their score halved, so 4 became 2.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Swiggy Ltd: 0.4 × 2 + 0.4 × 7 + 0.2 × 1 = 4, halved to 2 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Swiggy Ltd's management said in earlier quarters
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