Swiggi Loss of 922 Crore Rupees Exceeds Estimates Despite Revenue Beat
Key Facts
Swiggi reported a consolidated net loss of 922 crore rupees for the quarter ended September 2026, exceeding estimates despite higher-than-expected revenue from operations. The net loss estimate cited by NDTV Profit was 871 crore rupees, leaving profitability below expectations. Still, the loss narrowed from 1,092 crore rupees in the quarter ended September 2025, according to Business Standard. On a quarterly basis, the loss widened from 791 crore rupees in the quarter ended June 2026. In trading ahead of the results announcement on October 22, 2026, Swiggi shares were down 4% at 11:23 a.m. India time, according to the newspaper.
Revenue from operations totaled 7,571 crore rupees in the September quarter, according to NDTV Profit. That exceeded Bloomberg's estimate of 7,336 crore rupees for the same period, while losses also exceeded estimates. On an adjusted revenue basis, the company reported a 33.8% year-on-year increase to 7,909 crore rupees, a measure separate from revenue from operations. The group's total expenses reached 8,703 crore rupees during the quarter, according to Business Standard. Its loss before interest, taxes, depreciation and amortization was 770 crore rupees, according to NDTV Profit. That compared with an expected loss of 595 crore rupees, leaving losses larger than anticipated on this measure as well.
In food delivery, gross order value rose to 10,054 crore rupees in the quarter ended September, according to Swiggi's statement. That represented growth of 17.7% from the same period a year earlier. Order value also increased 5.9% from the quarter ended June, as the business continued to grow on both an annual and quarterly basis. Food delivery generated adjusted earnings before interest, taxes, depreciation and amortization of 341 crore rupees, according to Business Standard. The earnings margin reached 3.4% of gross order value, while the group continued to report a consolidated net loss. Swiggi said in its statement that the business's adjusted earnings improved by 101 crore rupees year on year. Food delivery had 19.8 million monthly transacting users, according to the newspaper.
At Instamart, the quick-commerce business, net order value rose to 6,594 crore rupees in the September quarter, according to the company's statement. Growth reached 31.4% year on year and 13.4% from the previous quarter, outpacing growth in food delivery order value, although the two businesses use different order measures. Instamart added 69 dark stores during the quarter, according to the statement, alongside the increase in order value. The business reported an adjusted loss before interest, taxes, depreciation and amortization of 895 crore rupees, according to Business Standard. Its adjusted margin improved to negative 9.7% of gross order value, compared with negative 9.8% in the quarter ended June 2026, according to Swiggi.
Looking ahead, management reaffirmed growth guidance of 18% to 20% for the core food delivery business, excluding Toing, for the current fiscal year during the October 2026 earnings call, according to the transcript published by Investing.com. At Instamart, management is focused on using available capacity and adding stores where demand is rising within its existing markets. It said during the call: "We have no expectations of expanding geographic coverage in the near term." Management expects to complete the business's transition to an inventory ownership model over the next two to three quarters, according to guidance issued on the same call. For the quarter ending December 2026, it is targeting an improvement of about 100 basis points in Instamart's earnings before interest, taxes, depreciation and amortization margin. That targeted improvement excludes benefits from the shift to inventory ownership, management clarified.