How has been the historical performance of Swiggy?

Revenue Growth and Operating Income

Swiggy’s net sales have shown a robust upward trajectory, rising from ₹8,264.60 crores in March 2023 to ₹15,227.00 crores by March 2025. This represents an impressive compound growth, reflecting the company’s expanding market presence and increased consumer demand. The total operating income mirrors this growth, with no other operating income reported during this period, indicating that core business activities are the primary revenue drivers.

Despite this growth, the company’s expenditure has also escalated sharply. Total expenditure excluding depreciation increased from ₹12,540.42 crores in 2023 to ₹18,012.00 crores in 2025. Notably, selling and distribution expenses were introduced in 2025 at ₹7,141.00 crores, a significant addition that underscores increased marketing and delivery costs associated with scaling operations.

Profitability and Margins

Swiggy has consistently reported operating losses over the last three years, although the magnitude of these losses has narrowed. Operating profit before depreciation and interest (PBDIT) improved from a loss of ₹4,275.82 crores in 2023 to a loss of ₹2,785.00 crores in 2025. Similarly, the operating profit margin, excluding other income, improved from -51.74% to -18.29% over the same period, signalling progress towards operational efficiency.

However, the company remains unprofitable at the net level, with consolidated net losses of ₹3,117.00 crores in 2025, albeit reduced from ₹4,179.31 crores in 2023. The profit after tax margin has also improved but remains negative at -20.47% in 2025. Earnings per share reflect this trend, showing a loss per share of ₹13.61 in 2025, a significant improvement from the steep losses recorded in prior years.

Balance Sheet and Financial Position

Swiggy’s balance sheet reveals a strengthening equity base, with shareholder’s funds rising to ₹10,219.49 crores in 2025 from ₹9,056.61 crores in 2023. The company has effectively reduced its long-term borrowings to zero by 2025, indicating a strategic move to deleverage. Total liabilities have fluctuated but stood at ₹15,205.32 crores in 2025, reflecting the scale of the company’s operations and obligations.

On the asset side, net block assets have grown substantially, reaching ₹2,006.15 crores in 2025, up from ₹959.26 crores in 2023, signalling ongoing investments in infrastructure and technology. Current assets have also increased, with cash and bank balances rising sharply to ₹3,299.61 crores in 2025, providing liquidity support for operations.

Cash Flow Trends

Cash flow from operating activities remains negative, though the deficit has narrowed from ₹4,059.00 crores in 2023 to ₹2,169.00 crores in 2025. Investing activities have seen a reversal, with outflows of ₹1,372.00 crores in 2025 compared to inflows in previous years, reflecting increased capital expenditure. Financing activities have provided substantial inflows in 2025, amounting to ₹3,903.00 crores, which have helped improve the company’s overall cash position.

Outlook and Considerations

Swiggy’s historical performance highlights a company in growth mode, with strong revenue expansion and improving operational metrics. However, persistent losses and negative margins indicate that profitability remains a key challenge. The company’s ability to manage costs, optimise selling and distribution expenses, and convert its growing top line into sustainable profits will be critical going forward.

Investors should also consider the company’s improving liquidity position and reduced debt levels as positive signs of financial discipline. Nonetheless, the sizeable operating losses and cash flow deficits underline the need for cautious optimism as Swiggy continues to scale its business in a competitive market.

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