Swiggy

The ₹2,514 crore that shows up as debt is rent it has agreed to pay on its dark stores and offices over the coming years. Accounting rules count long leases as debt.

Against that, Swiggy holds ₹13,662 crore of cash and investments, most of it from ₹10,000 crore of new shares sold in December 2025.

Swiggy says it will not spend that cash just because it has it. Asked on the call why it does not open in more cities, Sriharsha Majety said the next step is a stronger business in the cities it serves, "before just using cash because it exists in the bank to set up new flanks."

Debt is not the risk here. The cash going out is: about ₹700 crore a quarter, because the business still loses money.

Sales rose 51% in FY26 to ₹23,053 crore, up from ₹2,547 crore in FY21. Losses grew too, from ₹2,350 crore in FY24 to ₹4,154 crore in FY26, as Instamart's losses grew. The first half of FY27 was better: a loss of ₹1,713 crore, against ₹2,289 crore a year before.

Food delivery is growing again. On the call, Rohit Kapoor said it was back above 20% growth in September 2026, and the company kept its 18–20% target for the year. With Toing added, it says food could grow 25–30%; Sriharsha Majety said it is "closer to that lower end" today.

One change is coming. From Oct–Dec 2026, Instamart starts owning the goods it sells (it now only takes a fee), so its reported sales should jump with no extra orders, as Blinkit's did at Eternal. The switch begins in the middle of the quarter and takes "the next two to three quarters" to complete, Rahul Bothra said.

The company's own aim is ₹10,000 crore of yearly adjusted EBITDA by FY31.

Its two big businesses point opposite ways. Food delivery keeps 3.4% of order value, its best yet, and the company aims for 5%. Instamart loses 9.7% of order value.

Swiggy says it will get food to 5% without cutting prices, even as Eternal holds its own food margin flat to grow faster. "We do not see that we will need to take any pricing actions or reduce our margin structure here because as we've already pointed out, the affordability play for us is the Toing vehicle," Rahul Bothra said on the call. Swiggy's fee is now more than 26% of each food order, its highest yet, and he added: "I don't think the margin journey necessarily stops at 5%."

The company says Instamart stops losing money at ₹60,000 crore of yearly orders, against ₹26,400 crore now, with ₹30 earned per order (after delivery and discount costs). Two-thirds of that, it says, comes from earning more per order: own brands, ads and product mix.

So ROCE here measures one thing: how much the losses eat into the money shareholders put in. It turns positive only when the company makes a profit.

The rest of the top team:

• Anand Kripaluchairs the board.
• Rahul Bothrais the finance head.
• Rohit Kapoorruns food delivery.
• Nandita Sinhahas run Instamart since August 2026, after Amitesh Jha left in July.

Co-founder Nandan Reddy left the board in April 2026. Prosus, the largest shareholder, has a director on the board.

On the latest call, Majety set out the order of priorities plainly: "our first job is to build a stable, resilient business that has clear line of sight to Adjusted EBITDA zero and the optionality's come after that." Nandita Sinha and Rahul Bothra shared the questions on Instamart.

One cost to know about: share awards to the top managers cost ₹420 crore in FY26, against ₹11 crore of salaries. Across all staff, share awards cost ₹966 crore. It is how Swiggy pays its people, and it is a real cost to shareholders.

The GST notice is the same fight Eternal has: whether delivery charges collected for delivery partners attract GST. Swiggy's covers July 2020 to March 2022 and is a notice, not yet an order. Against ₹13,662 crore of cash, it is small.

Most of it comes down to one question: can Instamart grow to ₹60,000 crore of yearly orders, the size the company says it needs to break even? It is at ₹26,400 crore today. Sriharsha Majety put it the same way on the call: "we need to get to roughly 2x the current size."

An analyst on the call pointed to a gap of about 50% in daily sales per store between Blinkit and Instamart, one that has not closed. The company's answer is more from each store, not a different network: "We are not looking at changing anything around our network," Nandita Sinha said.

Food delivery is the steady half. It earned ₹341 crore in Jul–Sep 2026, and the company aims for 5% of order value, up from 3.4% now.

One possible help: the GST Council has proposed cutting GST on delivery by delivery partners from 18% to 5%, which would make orders cheaper for customers. The date is not yet fixed.

In August 2026 shareholders agreed to cap foreign ownership at 49.5%, so Swiggy counts as Indian-owned. Only an Indian-owned company may hold its own stock in quick commerce. Indian owners now hold over 58%, the company says.

In the last quarter, Kotak Midcap and Nippon India Multi Cap funds raised their stakes, and an SBI fund now holds 5.12%. Shareholders rose from 5.23 lakh to 5.79 lakh in a year.

It raises money instead. In December 2025 it sold new shares to large funds for ₹10,000 crore at ₹375 each. Shares in issue went from 249.36 crore to 276.03 crore in a year. It also sold its stake in Rapido, the bike-taxi app, for ₹2,399 crore, most of it to Prosus, its largest shareholder.

Staff are paid partly in shares, which cost ₹966 crore in FY26. Those shares come from a trust that holds 4.98% of the company.

For now, owners pay for growth and get no cash back.