Swiggy’s Losses Reach 922 Crore Rupees, Exceed Estimates in Second Quarter
Key Facts
Swiggy reported a consolidated net loss of 922 crore rupees in the second quarter of fiscal 2026-27, ended September 30, 2026, exceeding analyst estimates, according to the company’s results and NDTV Profit’s coverage. The loss was lower than the 1,092 crore rupees recorded a year earlier, but rose from 791 crore rupees in the previous quarter. The company posted revenue from operations of 7,571 crore rupees, above Bloomberg’s estimate of 7,336 crore rupees. The net loss estimate was 871 crore rupees, making the result weaker than expected on profitability. The figures put revenue growth alongside continued pressure on earnings, as the food delivery business posted adjusted operating profit while Instamart remained loss-making.
Revenue from operations rose 36% year on year to 7,571 crore rupees, compared with 5,561 crore rupees in the corresponding quarter of the previous year, according to Business Standard. It was also above revenue of 6,812 crore rupees in the previous quarter. Meanwhile, annual total expenses increased about 30% to 8,703 crore rupees. Consolidated EBITDA loss was 770 crore rupees, compared with 798 crore rupees a year earlier, according to NDTV Profit. Though it narrowed year on year, it remained higher than the estimated loss of 595 crore rupees. Other income also rose to 212 crore rupees from 59 crore rupees, the same source said.
In food delivery, gross order value rose 17.7% year on year and 5.9% quarter on quarter to 10,054 crore rupees during the quarter, according to a Swiggy statement. Monthly transacting users reached 19.8 million, up 15.2% from the corresponding period a year earlier. The business’s adjusted EBITDA rose by 101 crore rupees year on year to 341 crore rupees. Its adjusted EBITDA margin was 3.4% of gross order value, up 58 basis points year on year. The company said food delivery achieved its highest profit and margins to date, while it continued to explore growth in new categories through Toing.
Instamart, meanwhile, posted an adjusted EBITDA loss of 895 crore rupees, while its adjusted EBITDA margin improved to negative 9.7% from negative 9.8% in the previous quarter, according to the company’s statement. The business added 69 dark stores during the quarter, equal to its total additions in the previous three quarters, bringing the total to 1,240 stores. The stores covered a total area of 5.2 million square feet. Management said it was focused on deepening Instamart’s presence in the more than 130 cities where it already operates, prioritising business economics before expanding into new geographies. On the earnings call, management said an existing store typically handles about 2,000 orders a day before a new store opens, while new stores typically reach 2,300-2,500 orders a day after two to three months.
Management maintained its forecast for 18%-20% growth in gross order value for the core food delivery business, excluding Toing, in fiscal 2026-27, according to NDTV Profit. At the same time, it said competition in quick commerce was not expected to ease in the near term. The chief financial officer said guidance for the current quarter included double-digit quarter-on-quarter growth for Instamart, alongside a targeted 100-basis-point improvement in EBITDA. Management said the business would begin its shift to an inventory-owning model midway through the quarter, with completion expected over the following two to three quarters. It added that the expected financial and operating benefits of the shift were not included in current guidance.