Swiggi Loss of 9.22 Billion Rupees Exceeds Forecasts Despite Revenue Growth
Key Facts
Swiggi reported a consolidated net loss of 9.22 billion rupees in the second quarter of fiscal 2027, ended September 2026, exceeding analysts' forecasts despite higher operating revenue, according to Reuters. The loss narrowed from 10.92 billion rupees in the corresponding period of fiscal 2026, but the year-on-year improvement did not extend to the comparison with the previous quarter. Analysts polled by the London Stock Exchange Group had forecast an average loss of 7.92 billion rupees, below the loss the company reported for the period. On a quarterly basis, the loss widened from the first quarter of fiscal 2027, when it reported 791 crore rupees, according to Moneycontrol. The quarterly deterioration also extended to the group's adjusted earnings before interest, taxes, depreciation and amortization, which remained negative. The loss on that measure reached 760 crore rupees in the second quarter, compared with 651 crore rupees in the previous quarter, the website reported.
Swiggi's reported operating revenue, meanwhile, rose to 75.71 billion rupees in the second quarter of fiscal 2027, according to figures reported by Reuters. Revenue grew 36.1% from the same period a year earlier, while the group's bottom line remained in the red. Operating revenue also exceeded Bloomberg's estimate of 7,336 crore rupees, according to NDTV Profit's coverage of the results. In its press release, Swiggi reported adjusted gross revenue of 7,909 crore rupees for the same period. That measure grew 33.8% year on year, compared with the higher growth rate in reported operating revenue, reflecting the different measures used to present the company's results.
Food delivery supported operating performance, with gross order value reaching 10,054 crore rupees in the second quarter of fiscal 2027, according to Swiggi's statement. Order value rose 17.7% from the corresponding period a year earlier and 5.9% from the first quarter, recording growth on both comparisons. This coincided with an expansion in the food-delivery monthly transacting user base to 19.8 million during the quarter. The number of those users grew 15.2% year on year, according to the company, compared with faster growth in gross order value over the same period. In terms of profitability, the segment posted an adjusted earnings before interest, taxes, depreciation and amortization margin of 3.4% of order value, according to the statement. Reuters attributed the improvement in the business's adjusted earnings to "delivery efficiencies", while the quick-commerce business continued to post losses.
Instamart reported an adjusted loss before interest, taxes, depreciation and amortization of 895 crore rupees in the second quarter of fiscal 2027, according to Swiggi's statement. Against the backdrop of the business's performance, the company said it "does not expect competition in quick commerce to ease in the near term", according to NDTV Profit. Swiggi plans to deepen Instamart's presence in existing markets to improve warehouse efficiency and profitability, according to Reuters' account of the company's plans for the business. For food delivery, the company maintained its forecast for annual order-value growth in fiscal 2027 within a range of 18%-20%, excluding budget-meal platform Toing. At Instamart, Swiggi believes adjusted losses peaked in the quarter ended September 2026, according to Reuters. The company expects a quarterly improvement of about 100 basis points in the business's adjusted margin in the quarter ended December 2026.