Swiggy Q4 results preview: Check expectations, key factors to watch, targets & more

Recently listed Swiggy Ltd shall announce its results for the quarter and financial year ended on March 31, 2025 on Friday, May 09, 2025. Brokerage firms tracking the company believe that the foodtech major may report a healthy growth in revenue on a year-on-year (YoY) basis, while quarter-on-quarter (QoQ) shall remain in single digits.

Besides this, they believe that the company will continue to report losses on an operational and net basis, thanks to expanding loss margins for the quarter due to cash burns. However, gross over value (GOV) and gross merchandise value (GMV) is expected to rise for the quarter, leading to a strong volume growth.

Kotak Institutional Equities is expecting Swiggy to report revenue at Rs 4,217.8 crore, up 38.5 per cent YoY and 5.6 per cent QoQ. Ebitda loss is seen expanding sharply to Rs 688.2 crore, with Ebitda loss margins expanding sharply to 16.3 per cent. Net loss is likely to come in at Rs 788 crore, doubling from the previous year. It has a 'buy' rating on Swiggy with a target price of Rs 400.

We expect 4QFY25 revenue to grow driven by 20 per cent YoY growth in food delivery revenues and 119 YoY growth in Instamart revenues. The sharp 101 per cent YoY and 20 per cent QoQ GMV growth in Instamart will be driven by rapid store addition. Overall profitability will be, however, impacted by sharp sequential increase in ESOP cost to Rs 85 crore," it Kotak added.

Market share gain or loss in Food delivery and quick commerce business,; order volume growth; scope for platform fee expansion in food delivery business; adjusted Ebitda margin expansion/contraction and net dark store addition for Instamart shall be the key factors to watchout.

Anand Rathi Shares & Stock Brokers expect Swiggy to report a revenue of Rs 4,265 crore in Q4FY25, up 40 per cent YoY and 6.8 per cent QoQ. Ebitda margin is seen negative at 18.8 per cent, while the company may report a net loss of Rs 879.6 crore in the fourth quarter of FY25.

"We expect 17 per cent YoY GOV growth, with 20-30 bps increases in contribution and adjusted Ebitda margins. In QC, we believe Q4 to have been the peak in terms of investment and hence, expect losses to have widened due to rapid store expansion," said Anand Rathi, which has a 'buy' rating on the stock.

Ahead of quarter earnings, shares of Swiggy dropped 3.5 per cent to Rs 303.65 on Monday, barely shy of its 52-week low at Rs 303.05. The total market capitalization of the company barely held Rs 70,000 crore mark. The stock has crashed more than 50 per cent from its 52-week high at Rs 617, hit in December 2024.

Equirus Securities is expecting Swiggy's revenue to come in at Rs 4,335.3 crore, up 42 per cent YoY and 9 per cent Qoq. Ebitda loss may come in at Rs 832.2 crore, with loss margins widening to 19.2 per cent for the quarter. The company may report a net loss of Rs 896.5 crore for the quarter. It has a 'reduce' rating on the stock with a target price of Rs 380.

"While food delivery would post 2 per cent QoQ GOV degrowth, Instamart would post a strong 32 per cent QoQ GOV growth. We expect sequential Adjusted Ebitda margin improvement of 45bps/34bps in food delivery and Instamart respectively, compared to 94bps improvement in food delivery and 419bps sequential decline in Instamart for 3QFY25," it said.

To recall, Swiggy raised a total of Rs 11,327.43 crore via IPO, by selling its shares for Rs 390 apiece in November 2024. The stock is currently down 22 per cent from its IPO price. The stock has posted a double digit loss in the last one month period.

JM Financial is expecting Swiggy to report revenue of Rs 4,195.6 crore, up 37.8 per cent YoY and 5.1 per cent QoQ. The company may report an Ebitda loss of Rs 853.6 crore, with net loss may come in at Rs 924.2 crore for the quarter.

Swiggy's food delivery growth is expected to moderate due to broader consumption slowdown, aggressive dark store expansion is likely to result in healthy growth trends in quick commerce, said JM, which has a 'buy' rating on Swiggy with a target price of Rs 500.