Swiggy valuation — what today's price assumes
Ten years of Swiggy (SWIGGY)'s results, the ratios that matter for this business, and the growth and returns today's share price already implies — all built from its filed accounts.
We do not publish one number for Swiggy — and here is why.
Swiggy is really several different businesses under one roof, and they do not work the same way. Adding them together into a single “fair value” would produce a figure that describes none of them. So we value each part on its own terms instead of printing one number that looks tidy and means little.
What the market is assuming
Worked backwards from today's share price: the growth today’s price implies for Swiggy, against what the model assumes.
How to read this. The number on the left is the growth today’s share price quietly takes for granted. The number on the right is what the model actually assumes. When the two are far apart, that gap is the bet you would be taking.
Ten years, in charts
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
The numbers behind them
Revenue and net profit as filed, in ₹ crore.
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2022 | 5,705 | — | — |
| FY2023 | 8,265 | — | — |
| FY2024 | 11,247 | — | — |
| FY2025 | 15,227 | -3,117 | -20.5% |
| FY2026 | 23,053 | -4,154 | -18.0% |
How this company gets valued — and why
This is a group of businesses with different economics. A single discounted cash flow across all of them averages them into something that describes none of them, so our engine withholds a single blended fair value rather than publishing a number it cannot defend. The parts are valued separately instead.
Estimate withheld — the engine says so itselfUnderstand this method
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The complete valuation
Unlock the complete valuation report
- ✓Fair value per share — with the full working behind it
- ✓Bull, base and bear cases — and what moves between them
- ✓Every assumption — growth, margins, cost of capital, with sources
- ✓Peer comparison — how rivals are priced on the same measures
- ✓Downloadable PDF report — the full write-up, yours to keep
Frequently asked
Is Swiggy overvalued?
At ₹275 the market is pricing in roughly 35% sustained growth, against the ~35% its own record supports. That is close to what it has delivered, so the price is broadly consistent with the company simply continuing as it has.
What is the intrinsic value of Swiggy?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
Is Swiggy a good long-term investment?
Revenue went from ₹0.06 lakh crore to ₹0.23 lakh crore over the period shown, while return on equity moved from -62.4% to -29.6%. Growing scale on a rising return is a very different proposition from growing scale on a falling one.
How much debt does Swiggy carry?
Debt to equity stands at 0.00, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.
How does FairStocks calculate fair value?
From published financial statements. The method is chosen to fit the business — a bank on excess return, a regulated utility on its rate base, a conglomerate by its parts — and every assumption is shown with its source. When the numbers do not support an estimate, no estimate is published. This is an educational research tool: it reports what the model computed and does not recommend buying or selling anything.
What assumptions are used to value Swiggy?
A cost of capital of 12.02%, growth drawn from the company's own record rather than from guidance, and the valuation method that fits the business. All of them are listed in the report, with how much each one moves the answer.