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Food delivery & quick commerce Historical case study · data as of 17 Jul 2026 · published 22 Oct 2026 (97 days later)

Swiggy — 100-point case study

How Swiggy looked on 50 technical and 50 fundamental measures on 17 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: SWIGGY · BSE: 544285
Close on 17 Jul 2026	₹276.87
Market cap then	₹76,372 crore
Valuation	P/E -18.4× · P/B 4.17×
Momentum	RSI (14) 61 · 1-year return -28.2%
Next 3 months	-19.2% vs Nifty 50 -6.3% (to 21 Oct 2026)

Scorecard

Technical — 50 points

18 bullish · 22 neutral · 1 caution · 8 bearish — the picture leaned positive.

Fundamental — 50 points

8 bullish · 30 neutral · 4 caution · 7 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Swiggy has no promoter group and was loss-making, so P/E and promoter-holding readings are n/a or not meaningful.

Technical analysis — 50 points

Calculated by code from daily prices up to 17 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.66%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.66% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -1.3%	Bearish	The 100-session trend line was down (-0.21%/day) and the stock was -1.3% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -28.2%	Bearish	Compared with a year earlier the price was -28.2%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 255.69 / 30W 291.11	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 270.00→284.68; lows 236.80→235.75	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	21.7	Bullish	ADX at 21.7 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 33.7 / –DI 18.6	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	257.08 (+7.7%)	Bullish	Close of 276.87 was 7.7% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	256.13 (+8.1%)	Bullish	Close of 276.87 was 8.1% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	329.09 (-15.9%)	Bearish	Close of 276.87 was 15.9% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 267.68 / 21E 261.37	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 07 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 22.2% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-3.3% in 20 sessions	Bearish	The 50-day average fell 3.3% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	257 / 256 / 272 / 329	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	267.07 (+3.7%)	Bullish	Anchored to the start of July, the volume-weighted average price was 267.07; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	60.5	Bullish	RSI at 60.5 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 5.06 / signal 2.52	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	3.40 → 2.54	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	5.06	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 76.8 / %D 67.1	Bullish	Slow stochastic at 76.8 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-16.0	Caution	%R of -16.0 put the close near the top of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	110	Bullish	CCI at 110 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+11.5%	Bullish	Price changed +11.5% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.87 (bands 230.66–283.50)	Neutral	%B of 0.87 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 20.6% (79th pct of 6M)	Neutral	Band width was at the 79th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹10.80 (3.9% of price)	Neutral	A typical day's range was about ₹10.80, or 3.9% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	45.1% vs 1Y 37.3%	Neutral	Annualised 30-day volatility was 45.1%, close to the one-year level of 37.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	239.23–284.08	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.15	Neutral	A beta of 1.15 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.96× / 5-day 1.14×	Neutral	The final session traded 0.96× its 20-day average volume and the last five sessions averaged 1.14× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.34	Bullish	Average volume on up days was 1.34× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.02	Neutral	CMF at -0.02 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	79.0	Bullish	MFI, a volume-weighted RSI, was 79.0. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹496 cr/day	Neutral	About ₹496 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	271.10 / 264.10 / 256.70	Neutral	Nearest support (prior swing lows) sat at 271.10, 2.1% below the close, then 264.10, 256.70. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	284.76 / 299.88 / 306.20	Neutral	Nearest resistance (prior swing highs) sat at 284.76, 2.8% above the close, then 299.88, 306.20. How to read: Information only.
40	Monthly pivot points (for next month)	P 266.69 \| R1 294.86 \| S1 248.69	Neutral	Classic pivots from July's high/low/close gave a pivot of 266.69; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 265 \| 38.2% 283 \| 50.0% 297 \| 61.8% 312	Neutral	Measuring the 6-month fall from 359.00 to 235.75, the close was nearest the 38.2% retracement at 282.83. How to read: Information only.
42	52-week high / low	H 474.00 / L 235.75	Neutral	The close was 41.6% below the 52-week high and 17.4% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	counter-trend bounce inside a larger downtrend	Neutral	Rule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 235.75–284.68	Neutral	The close was inside the prior 20-day range of 235.75–284.68. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 17 Jul the candle opened 273.89, ranged 267.20–281.00 and closed 276.87: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 257.94–268.75; Tenkan 267.34 / Kijun 260.22	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +5.7% / 3M -1.8%	Neutral	The stock underperformed the Nifty 50 by 1.8 points over three months and outperformed by 5.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -15.6%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 15.6 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	18 bullish · 8 bearish · 22 neutral · 1 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 271.10, resistance 284.76. This is a description of the chart on 17 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 17 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 17 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	-18.4×	Neutral	At ₹276.87 the market valued the company at about ₹76,372 crore, or -18.4× the ₹-4,154 crore profit of the four quarters to Mar 2026. That is a low multiple in absolute terms. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	4.17×	Neutral	Market cap was 4.17× the Mar 2026 book value (equity + reserves) of ₹18,314 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	3.31×	Neutral	The company was valued at 3.31× its trailing-12-month sales of ₹23,053 crore. How to read: Information only.
4	EV / EBITDA (approx.)	-24.4×	Neutral	Enterprise value (market cap + ₹2,551 cr borrowings; cash not netted) was -24.4× trailing operating profit of ₹-3,235 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	-5.4%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹-5.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. Note: the Mar 2026 quarter carried unusual other income of ₹266 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹76,372 cr	Neutral	At about ₹0.76 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	n/m	Neutral	Not meaningful with negative earnings or book value. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+51.4%	Bullish	Revenue for FY26 was ₹23,053 crore, +51.4% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+44.7%	Bullish	The Jan–Mar 2026 quarter brought ₹6,383 crore of revenue, +44.7% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	n/a	Neutral	FY26 net profit was ₹-4,154 crore, n/a on FY25's ₹-3,117 crore. Note: the Mar 2026 quarter carried unusual other income of ₹266 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	n/a	Neutral	Quarterly profit was ₹-800 crore versus ₹-1,081 crore a year earlier (n/a). Note: the Mar 2026 quarter carried unusual other income of ₹266 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	40.8%	Caution	Revenue compounded at 40.8% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	n/a	Neutral	Not available. Note: the Mar 2026 quarter carried unusual other income of ₹266 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	55.4%	Caution	Over five years (FY21–FY26) revenue compounded at 55.4% a year. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	n/a	Neutral	Not available. Note: the Mar 2026 quarter carried unusual other income of ₹266 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	-14%	Neutral	Operating profit (EBITDA) was -14% of sales in FY26 versus -18% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	-19% → -14% → -13% → -11%	Bullish	Quarterly margins moved from -19% to -11% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	-18.0%	Neutral	₹-18.0 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	-29.1%	Bearish	FY26 profit was -29.1% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	-24%	Bearish	Return on capital employed (debt + equity) was -24% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	-16.46%	Neutral	Net profit was -16.46% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	0%	Neutral	The company paid about 0% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	-12%	Neutral	Non-operating 'other income' of ₹498 crore made up -12% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.14	Bullish	Borrowings of ₹2,551 crore were 0.14× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	-0.79×	Bullish	Debt equalled -0.79 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	-19.8×	Bearish	Earnings before interest and tax covered interest cost -19.8 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+79.2%	Bullish	Shareholders' equity grew +79.2% from ₹10,220 crore to ₹18,314 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹0 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	66 days	Neutral	Working capital tied up equalled 66 days of sales (FY25: 21). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-16 days	Neutral	It took -16 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	64 (FY25 59)	Neutral	Customers took 64 days on average to pay, versus 59 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-2,898 cr	Bearish	The business generated ₹-2,898 crore of operating cash in FY26 versus ₹-2,169 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-3,809 cr	Bearish	After capital spending, free cash flow was ₹-3,809 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.70×	Caution	Operating cash flow was 0.70× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-5.0%	Neutral	FY26 free cash flow was -5.0% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-8,378 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-8,378 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹911 cr	Neutral	Implied capital expenditure was about ₹911 crore, 4.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+14.0%	Caution	Paid-up equity capital changed +14.0% (₹229 cr → ₹261 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	No promoter (widely held)	Neutral	The company has no identified promoter group — ownership is spread among institutions and the public. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	14.59% (+9.69 pts YoY)	Bullish	FIIs held 14.59% at Mar 2026, up from 4.90% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	25.45% (+16.12 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 25.45%, up from 9.33%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	5.4 lakh (+6.2% YoY)	Neutral	The shareholder count moved from 5.0 lakh to 5.4 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Not applicable — no promoter group. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: CFO > net profit, leverage fell, operating margin improved, ROA improved. Failed: positive profit, positive operating cash flow, asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 4 weakness(es)	Neutral	Strengths: Company is expected to give good quarter. Weaknesses: Stock is trading at 3.37 times its book value; Company has low interest coverage ratio; Debtor days have increased from 51.5 to 64.1 days; Working capital days have increased from 29.1 days to 65.5 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	8 bullish · 7 bearish · 30 neutral · 4 caution	Neutral	On the numbers published by 17 Jul 2026 the fundamental picture was mixed. Valuation: P/E -18.4×, P/B 4.17×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 17 Apr 2026 – 17 Jul 2026 that an investor could have known on the snapshot date.

08 May 2026 Swiggy Q4 FY26 net loss narrows to Rs 800 crore; FY26 loss widens to Rs 4,154 crore — Q4 FY26 revenue from operations rose 45% YoY to Rs 6,383 crore and net loss narrowed to Rs 800 crore from Rs 1,081 crore. Full-year FY26 net loss rose 33% to Rs 4,154 crore. source
11 May 2026 Swiggy sinks 7% after Q4 results amid rising quick commerce competition — Shares fell as much as 7% to Rs 261.2 intraday and closed about 6% lower at Rs 263.7 as investors worried about quick-commerce competition. Nomura, Citi and Kotak kept Buy ratings while Morgan Stanley stayed Equal Weight. source
29 May 2026 Swiggy shareholders reject special resolution; stock falls about 3% — Swiggy shareholders did not approve a special resolution, which Business Today later reported was a proposal to classify the company as an Indian Owned and Controlled Company (IOCC). The stock fell about 3% on the news. source
07 Jul 2026 Swiggy becomes majority Indian-owned by shareholding as foreign stake falls below 50% — A regulatory filing showed aggregate foreign shareholding at 49.76% as of July 6, 2026, a step toward the IOCC status that could let Instamart own inventory. Shares rose as much as 5.94% to Rs 264. source
09 Jul 2026 Swiggy shares gain over 6% as Food on Train network expands to over 180 cities — Swiggy's Food on Train service expanded to more than 180 cities, with orders tripling in April-June 2026 YoY. The stock rose over 6% intraday on NSE. source

What happened next (17 Jul 2026 → 21 Oct 2026)

Price went from ₹276.87 to ₹223.65 by 21 Oct 2026 (-19.2%) while the Nifty 50 moved -6.3% — underperforming by 13.0 points.
Highest ₹305.00 on 06 Aug 2026; lowest ₹217.90 on 21 Oct 2026.
S1 271.10: broken on a closing basis on 20 Jul 2026.
S2 264.10: broken on a closing basis on 22 Jul 2026.
R1 284.76: cleared on a closing basis on 29 Jul 2026.
R2 299.88: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 30 Jul 2026): revenue ₹6,812 crore (+37.3% YoY), net profit ₹-791 crore (n/m — loss or no profit a year earlier YoY), operating margin -10% vs -19% a year earlier (Screener consolidated figures).

Later news

30 Jul 2026 Swiggy Q1 FY27: net loss narrows 34% YoY to Rs 791 crore, revenue up 37% — Revenue from operations rose 37.3% YoY to Rs 6,812 crore and consolidated net loss narrowed to Rs 791 crore from Rs 1,197 crore. Instamart GOV grew 39.8% to Rs 7,907 crore with contribution margin at -0.2%. source
31 Jul 2026 Swiggy shares fall over 5% after Q1 results; brokerages flag quick commerce — Shares fell as much as 5.31% to Rs 280.20 on NSE after Q1 FY27 results. Nomura expects Instamart losses through FY27-28, while Bernstein was more positive. source
25 Aug 2026 Swiggy shares sink 38% from listing-day peak — The stock closed at Rs 287.15, about 26% below its Rs 390 IPO price and roughly 38% below its listing-day intraday high of Rs 465.80 on NSE. source
04 Sep 2026 Swiggy block deal moves 1.11 crore shares after MSCI removal — About 1.11 crore shares (around 4% of equity per the report) changed hands in a block deal after MSCI decided to remove Swiggy from its global indices, linked to its foreign-ownership changes. The stock closed up 2.2% at Rs 276.20 on BSE. source

Educational summary. On 17 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved -19.2% against -6.3% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Swiggy today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 22 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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