Swiggy Limited (SWIGGY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1055.2%

-₹1,701.91

vs ₹178.18 price

Levered DCF

-₹1,798.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.47

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-15.41×	-24.17×	-43.42×	-24.42×	-28.13×	-63.15×
P/B	3.5×	7.37×	13.1×	11.27×	8.32×	58.74×
P/S	2.78×	4.95×	9.07×	12.35×	17.89×	40.07×
EV / EBITDA	-22.85×	-158.7×	-55.11×	-26.55×	-29.76×	-76.41×
Gross margin	13.9%	43.8%	-1.6%	-19.0%	51.5%	33.4%
Operating margin	-19.3%	-22.3%	-23.1%	-55.2%	-66.9%	13.9%
Net margin	-18.0%	-20.5%	-20.9%	-50.6%	-63.6%	-63.5%
Current ratio	3.35×	2.54×	3.2×	4.59×	7.21×	2.88×
Debt / equity	0.14×	0.17×	0.11×	0.07×	0.04×	0.33×
Interest coverage	-22.24×	-33.78×	-36.43×	-78.34×	-78.86×	9.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-22.7%	-30.5%	-30.2%	-46.1%	-29.6%	-93.1%
Return on invested capital	-21.2%	-28.3%	-29.8%	-46.8%	-29.8%	15.3%
Return on assets	-16.5%	-20.5%	-22.3%	-37.0%	-25.2%	-55.5%
Free cash flow yield	-5.6%	-3.9%	-1.6%	-4.1%	-4.1%	-0.9%
Earnings yield	-6.5%	-4.1%	-2.3%	-4.1%	-3.6%	-1.6%
Enterprise value	₹625.4B	₹737.2B	₹1T	₹1T	₹1T	₹1T
Net debt / EBITDA	0.55×	3.44×	0.01×	0.06×	0.17×	-0.04×
Cash conversion cycle (days)	24	-6	16	21	27	-48