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10 Yrs X-Ray 
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Analyst Note 
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About
Swiggy Ltd (SWIGGY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544285 NSE: SWIGGY e-Commerce | Mid Cap | Swiggy Share Price
₹277.90 -1.10 (-0.39%)
As on 11-Sep'26 16:59
Swiggy Ltd (SWIGGY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544285 NSE: SWIGGY e-Commerce | Mid Cap | Swiggy Share Price
₹277.90 -1.10 (-0.39%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹76,709 Cr.
Current Price
₹277.9
52-Week Low / High
₹236 / 473
TTM EPS
₹-13.6
TTM Sales
₹24,904 Cr.
Book Value per Share
₹55.9
P/E Ratio
0.00
Industry PE
105.1
Price to Book (P/B)
4.97
Higher than its 5-year historical median
Price to Sales (P/S)
3.08
Lower than its 5-year historical median
EV/EBITDA
-31.71
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-33.96%
In line with industry median
Return on Capital Employed (ROCE)
-27.59%
Underperforms industry median
Return on Assets (ROA)
-20.54%
Operating Profit Margin
-14%
Net Profit Margin
-18.02%
Gross Profit Margin
-12.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
23.86%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹15,158 Cr.
Equity
₹276 Cr.
Face Value
₹1
All Time Low / High
₹235.85 / 617.00
Check Before You Invest
Quality
Not GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Swiggy Ltd a good quality company?
Swiggy Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Swiggy Ltd performance compare with that of its Peers?
Revenue growth of Swiggy Ltd vs industry peers?
Swiggy Ltd revenue CAGR is 32.69%, compared to the industry median CAGR of 32.69%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Swiggy Ltd?
Promoters hold 0.00% of the Swiggy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Swiggy Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -33.51% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Swiggy Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -103.6% | -66.9% | -70.1% | -82.2% | -45% | -50% | -33.3% | -19.8% | -1.7% | 2.7% | - |
| Value Creation Index ⓘ | -10.2 | -6.9 | -7.2 | -8.3 | -5.0 | NA | NA | NA | -1.2 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 133 | 417 | 1,122 | 3,288 | 2,008 | 3,557 | 4,653 | 6,372 | 6,667 | 8,258 | 10,822 |
| Sales YoY Gr. | - | 213.4% | 169% | 193.1% | -38.9% | 77.2% | 30.8% | 36.9% | 4.6% | 23.9% | - |
| Adj EPS ⓘ | -20,906.5 | -37,682 | -2,29,661.2 | -3,61,965.1 | -1,14,567.5 | -3,730.4 | -1,367.4 | -603.9 | -0.8 | 1.6 | -4.2 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 13,442.6 | 91,271 | 5,65,271 | 2,70,511 | 17,368 | -4,157.2 | -2,516.2 | -2,678.9 | 43.9 | 71.8 | 69.2 |
| Adj Net Profit ⓘ | -213 | -385 | -2,346 | -3,697 | -1,201 | -3,194 | -3,634 | -1,816 | -172 | 428 | -1,159 |
| Cash Flow from Ops. ⓘ | -188 | -357 | -2,328 | -3,723 | -656 | -2,473 | -3,863 | -1,409 | -1,444 | -2,845 | - |
| Debt/CF from Ops. ⓘ | -0.3 | -0 | 0 | -0 | -0.1 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 58.2% | 32.7% | 21.1% | 23.9% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -44.1% | -66.6% | NA | 63.7% | ||||
| Share Price | - | - | - | -33.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -124.8 | -72.3 | -70.4 | -83.3 | -44.9 | -43.1 | -32.4 | -19.3 | -1.6 | 2.6 | -6 |
| Op. Profit Mgn % ⓘ | -158.6 | -98.2 | -222.2 | -111 | -50.4 | -84.8 | -87.6 | -35.9 | -9.6 | -0.4 | -16.6 |
| Net Profit Mgn % ⓘ | -160.3 | -92.2 | -209.1 | -112.5 | -59.8 | -89.8 | -78.1 | -28.5 | -2.6 | 5.2 | -10.7 |
| Debt to Equity ⓘ | 0.4 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 44 | 34 | 95 | 61 | 112 | 160 | 256 | 219 | 248 | 293 | 169 |
| Cash Conv. Cycle ⓘ | -6 | -60 | -7 | -5 | -12 | -10 | -20 | -11 | -35 | -30 | 127 |
Valuation of Swiggy - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,128 | 3,468 | 2,547 | 5,705 | 8,265 | 11,247 | 15,227 | 23,053 |
| Operating Expenses ⓘ + | 3,634 | 7,293 | 3,843 | 9,356 | 12,540 | 13,455 | 18,012 | 26,284 |
| Operating Profit ⓘ | -2,506 | -3,825 | -1,296 | -3,651 | -4,276 | -2,208 | -2,785 | -3,231 |
| Operating Profit Margin (%) | -222.0% | -110.0% | -50.9% | -64.0% | -51.7% | -19.6% | -18.3% | -14.0% |
| Other Income ⓘ + | 169 | 260 | 129 | 415 | 450 | 387 | 396 | 508 |
| Interest ⓘ | 5 | 85 | 75 | 48 | 58 | 71 | 101 | 200 |
| Depreciation ⓘ | 20 | 217 | 221 | 170 | 286 | 421 | 612 | 1,217 |
| Profit Before Tax ⓘ | -2,362 | -3,909 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -2,362 | -3,909 | -1,612 | -3,629 | -4,179 | -2,350 | -3,117 | -4,154 |
| PAT Margin (%) | -209.0% | -112.0% | -63.3% | -63.6% | -50.6% | -20.9% | -20.5% | -18.0% |
| Adjusted EPS (₹) | -2,36,360.0 | -3,92,040.0 | -1,61,690.0 | -4,239.4 | -1,572.9 | -781.0 | -13.6 | -15.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 5,634 | 2,537 | 1,265 | 11,671 | 8,124 | 6,306 | 8,253 | 16,209 | |||
| Debt + | 0 | 79 | 92 | 0 | 0 | 148 | 28 | 100 | |||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Trade Payables | 461 | 289 | 348 | 956 | 873 | 881 | 1,818 | 2,278 | |||
| Others Liabilities ⓘ | 288 | 1,498 | 1,211 | 1,778 | 2,284 | 3,195 | 5,106 | 6,650 | |||
| Total Liabilities ⓘ | 6,383 | 4,402 | 2,915 | 14,406 | 11,281 | 10,529 | 15,205 | 25,237 | |||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 139 | 1,332 | 895 | 968 | 1,647 | 2,041 | 3,631 | 4,558 | |||
| CWIP ⓘ | 18 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Investments ⓘ | 5,407 | 1,879 | 925 | 10,348 | 6,541 | 5,171 | 2,677 | 6,034 | |||
| Inventories | 4 | 28 | 16 | 18 | 11 | 49 | 55 | 76 | |||
| Trade Receivables | 138 | 122 | 165 | 1,112 | 1,062 | 964 | 2,463 | 4,048 | |||
| Cash Equivalents | 289 | 583 | 703 | 1,104 | 864 | 891 | 3,300 | 4,043 | |||
| Others Assets ⓘ | 387 | 449 | 211 | 856 | 1,156 | 1,414 | 3,079 | 6,478 | |||
| Total Assets ⓘ | 6,383 | 4,402 | 2,915 | 14,406 | 11,281 | 10,529 | 15,205 | 25,237 | |||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -2,347 | -3,841 | -1,175 | -3,900 | -4,060 | -1,313 | -2,169 | -2,898 |
| Cash Flow From Investing Activity ⓘ + | -4,625 | 3,195 | 1,282 | -9,160 | 3,968 | 1,458 | -1,372 | -4,983 |
| Cash Flow From Financing Activity ⓘ + | 7,068 | 849 | 14 | 13,634 | -172 | -123 | 3,903 | 9,397 |
| Net Cash Flow ⓘ | 96 | 202 | 120 | 574 | -264 | 23 | 362 | 1,516 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -41.92 | -95.69 | -84.83 | 0 | 0 | 0 | 0 | -33.96 | ||
| ROCE (%) | -41.19 | -87.12 | -62.9 | -50.8 | -38.65 | -26.72 | -33.05 | -27.59 | ||
| Asset Turnover Ratio | 0.18 | 0.64 | 0.7 | 0.66 | 0.65 | 1.04 | 1.2 | 1.17 | ||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Working Capital Days | ||||||||||
| Receivable Days | 44.70 | 13.70 | 20.60 | 40.60 | 47.70 | 32.70 | 40.50 | 50.40 | ||
| Inventory Days | 1.30 | 1.70 | 3.20 | 1.10 | 0.60 | 1 | 1.20 | 1 | ||
| Payable Days | 4,523.80 | 404.30 | 203.70 | 104.90 | 98.80 | 69.50 | 82.10 | 74.30 | ||
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Swiggy Ltd FAQs
The current trading price of Swiggy on 11-Sep-2026 16:59 is ₹277.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Swiggy stood at ₹76,709.1 Cr
The latest P/E ratio of Swiggy as of 10-Sep-2026 is 0.00.
The latest P/B ratio of Swiggy as of 10-Sep-2026 is 4.02.
The 52-week high of Swiggy is ₹473.0 and the 52-week low is ₹235.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Swiggy is ₹10,822 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Swiggy Ltd is a below average quality company.
The key valuation ratios of Swiggy Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Swiggy Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Swiggy Ltd
Swiggy was incorporated as ‘Bundl Technologies Private Limited’ as a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated December 26, 2013, issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequent to a change in its registered office from the state of Andhra Pradesh to the state of Karnataka pursuant to the Board resolution dated November 2, 2015, and the special resolution passed by its Shareholders on December 11, 2015, a fresh certificate of registration dated September 19, 2016, was issued by the Registrar of Companies, Karnataka at Bengaluru. The company changed its name to ‘Swiggy Private Limited’ pursuant to the Board resolution dated January 25, 2024, and the special resolution dated February 19, 2024, further to which a fresh certificate of incorporation dated April 1, 2024 was issued by the RoC, CPC. The company was subsequently converted into a public limited company pursuant to the Board resolution dated February 14, 2024 and special resolution passed by its Shareholders on February 19, 2024 and the name of the company was changed to ‘Swiggy Limited’. A fresh certificate of incorporation dated April 10, 2024 was accordingly issued by the RoC, CPC.
Swiggy is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app - to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through its on-demand delivery partner network. Its platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut), avail product pick-up/ dropoff services (Genie) and engage in other hyperlocal commerce (Swiggy Minis, among others) activities.
The company augments the value proposition to users through its membership programme called ‘Swiggy One’ providing discounts and offers; in-app payment solutions like digital wallet ‘Swiggy Money’ (a pre-paid payment instrument), ‘Swiggy UPI’, and Swiggy-HDFC Bank credit card for additional benefits. It offers comprehensive business enablement solutions to restaurant partners, merchant partners (that sell grocery and household items on its platform) and brand partners including its alliance partners such as analytics-backed tools to enhance their online presence and user base; fulfilment services for streamlining their supply chain operations; and last-mile delivery.
It caters to users’ needs of ease, immediacy, quality, variety, reliability and consistency in their food, grocery and household items consumption and other hyperlocal commerce needs. Although Food Delivery and Quick Commerce categories in India are large addressable markets that are witnessing rapid online penetration, they are relatively nascent and have high growth headroom. Due to high frequency, habit formation and recall value, these categories have the potential to unlock additional revenue through monetisation of ancillary services. Its experience, execution capability and network of users and partners, together with its innovation-led approach, positions it well to tap into this growing market opportunity.
Business area of the company
The company is a consumer-first technology company offering users an easy-to-use convenience platform - to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery network.
Awards, accreditations, and accolades
- 2017: Winner in the category of ‘Startup of the Year’ at The Economic Times Startup Awards 2017.
- 2017: Winner of the Digital Solution of the Year Award 2017 Rank II at the Financial Express’ Express IT Awards.
- 2019: Commended with ‘Exemplary Position’ under the ‘E-Commerce Logistics’ category at the Confederation of Indian Industry’s 2019 Supply Chain and Logistics Excellence Awards.
- 2020: Winner of the ‘Outstanding Performance in Logistics & Supply Chain’ award at the Confederation of Indian Industry’s 2020 Supply Chain and Logistics Excellence Awards.
- 2021: Winner at the 11th edition of the Aegis Graham Bell Awards 2020 in the category of ‘Innovation in Transport Tech’.
- 2021: Received certificate of recognition at the AmbitionBox ‘Best Places to work in India’ at the Employee Choice Awards 2021
- 2021: Commended with ‘Excellent Position’ under the ‘E-Commerce Logistics’ category at the Confederation of Indian Industry’s 2021 Supply Chain and Logistics Excellence Awards.
- 2022: Received certificate of recognition at the AmbitionBox “Best Places to work in India” at the Employee Choice Awards 2022.
- 2022: Winner in the ‘Best Employer Brand on LinkedIn – Between 1,000 and 5,000 Employees on LinkedIn’ category at the LinkedIn Talent Award 2022.
- 2023: Winner of the Cultimate Best Employer Brand 2023 Award.
History and milestones
- 2013: Incorporation of the Company.
- 2014: Launch of its Food Delivery business.
- 2015: First major fund raised by the Company.
- 2019: Expansion of the food delivery business to cover 500+ cities.
- 2020: Launch of ‘Swiggy Instamart’ and ‘Swiggy Genie’.
- 2021: Launch of membership program, ‘Swiggy One’.
- 2022: Acquisition the Dine Out business and subsequent introduction of restaurant discovery, bookings and payments services through its app for dine-in.
- 2022: Expansion of Swiggy Instamart to cover 25 cities, 400+ Dark Stores and 8,400+ SKUs.
- 2022: Launch of ‘Swiggy Minis’.
- 2023: Launch of a Swiggy-HDFC Bank co-branded credit-card.
- 2023: Acquisition of 100% stake in Lynks.
- 2023: Launch of ‘Swiggy Mall’.
- 2023: Expansion of EV fleet to 7,500 active electric vehicles.
- 2024: SwiggyOne members crossed over 5.7 million members.
- 2024: Crossed 110 million ever transacted users on its platforms.
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