SWIGGY Q3 FY26 Guidance vs Delivery (SWIGGY Management Mirror)

Food Delivery GOV Growth Reported at 20.5% YoY in Dec'25 Qtr, Above 18%-20% Prior Guidance; Mid-Term Target Reaffirmed at 18%-20%

Management reaffirmed its mid-term growth guidance of 18%-20% for Food Delivery Gross Order Value (GOV), noting increasing confidence in hovering near the upper end of this range. Chronologically, in the Jun'25 Qtr concall, Food Marketplace GOV growth was reported at 18.8% YoY with management maintaining a medium-term EBITDA margin guidance of 5%. In the Sep'25 Qtr concall, management reaffirmed this medium-term 5% EBITDA margin target. In the Dec'25 Qtr concall, the company reported Dec'25 Qtr GOV growth of 20.5% YoY, which came marginally above management's prior guidance of 18%-20% for the period. Steady-state contribution margin is currently guided to reach 4.5%-5.0% of GOV.