Swiggy Bets On Toing, Instamart To Achieve ₹10,000 Cr Adjusted EBITDA By FY31

Swiggy is banking on its affordable meals platform Toing and quick commerce business Instamart to achieve a consolidated adjusted EBITDA of ₹10,000 Cr by FY31.

At its Capital Markets Day, the foodtech major outlined its long-term growth roadmap, projecting an overall gross order value (GOV) of ₹2.5 Lakh Cr by FY31, driven by sustained growth across food delivery, quick commerce, and dining-out.

For its food delivery business, Swiggy expects adjusted EBITDA to increase fivefold from about ₹1,000 Cr in FY26 to ₹5,000 Cr by FY31. To achieve this, the company plans to strengthen its core food delivery operations, expand affordability initiatives such as Toing, and drive monetisation through scale efficiencies. 

Meanwhile, Swiggy is targeting a GOV of ₹1.5 Lakh Cr for Instamart by FY31, implying a CAGR of 42% from ₹28,000 Cr in FY26. The company also expects Dineout to generate ₹1,000 Cr in adjusted EBITDA by FY31. 

Swiggy launched Toing in September last year to offer affordable meal options. Initially launched in Pune, the platform is now available across 50 cities, including Mumbai, Bengaluru, Delhi NCR, Ahmedabad, Kolkata, Chennai, Jaipur, Chandigarh and Patna. 

In Q1 FY27, Toing and Crew together generated revenue of ₹51 Cr, while losses widened to ₹131 Cr as the company continued investing in the two offerings. 

Swiggy said it is expanding its affordability initiatives to attract consumers who have so far stayed away from online food delivery because of pricing. It added that two out of every three users acquired through Toing are either new to the platform or inactive users returning to it. 

Instamart, meanwhile, achieved contribution margin breakeven in Q1 FY27, with contribution margin turning positive at 0.2% on a GOV of ₹7,907 Cr.

Following the Capital Markets Day presentation, Swiggy shares rose as much as 5.6% to an intraday high of ₹305.10 on the BSE today. The stock later pared some gains and was trading marginally lower at ₹288.7 apiece at 14:53 IST, taking the company’s market capitalisation to ₹79,621.24 Cr

Inside Swiggy’s Affordability Playbook 

Swiggy said affordability remains one of the biggest hurdles to increasing ordering frequency, with nearly 70% of users placing food delivery orders less than once a month.

To address this, Toing offers lower-priced meals without packaging or platform fees. According to the company, the platform is designed to encourage users to order more frequently and expand the overall online food delivery market instead of merely competing for market share.

Swiggy said Toing is able to keep prices low by limiting restaurant commissions, eliminating additional charges, optimising delivery routes through shorter last-mile distances, batching orders, and leveraging its existing logistics and customer support infrastructure.

According to the company, these structural efficiencies improve delivery density and operating leverage as order volumes increase, while allowing it to offer lower prices without relying on deep discounts.

Swiggy expects affordability-led initiatives such as Toing to help its food delivery business grow at 25%-30% annually, with the segment’s GOV projected to increase 2.5X-3.5X by FY31.

On the quick commerce front, Swiggy said Instamart’s contribution margin breakeven in Q1 FY27 marked an important milestone in its path towards long-term profitability. The company expects the business to continue scaling rapidly over the next five years while benefiting from higher operating leverage. 

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