Food delivery and quick commerce company Swiggy reported a consolidated net loss of Rs 922 crore for Q2 FY27, narrowing 15.6% from Rs 1,092 Cr a year earlier. Revenue from operations rose 36.1% year on year to Rs 7,571 Cr, seen continued growth across its businesses.
However, the loss widened from Rs 791 Cr in Q1 FY27 as increased spending in Q-commerce weighed on profitability. Total expenses climbed to Rs 8,703 Cr from Rs 6,711 Cr in the year-ago quarter.
Food Delivery Records Highest-Ever Profitability
Swiggy’s food delivery business delivered its strongest profitability to date, with adjusted EBITDA rising to Rs 341 Cr, an increase of Rs 101 Cr year on year. Adjusted EBITDA margin improved to 3.4% of gross order value (GOV).
Food delivery GOV grew 17.7% year on year to Rs 10,054 crore, while monthly transacting users in the segment increased 15.2% to 19.8 mn.
The results suggest that higher order volumes, advertising revenue and improved delivery efficiency are supporting the core food delivery business. Swiggy is also expanding its affordable-meal offering through Toing, which it says is available in more than 50 cities.
Instamart Expansion Weighs on the Bottom Line
Swiggy’s quick commerce business, Instamart, continued to expand, but profitability remained under pressure.
Its net order value increased 31.4% year on year and 13.4% quarter on quarter to Rs 6,954 Cr. The business added 69 dark stores during the quarter, taking its network to 1,240 stores across 133 cities.
Instamart reported an adjusted EBITDA loss of Rs 895 Cr for Q2 FY27. Its contribution margin stood at negative 1% of GOV, down 82 basis points from the previous quarter, reflecting increased investment in pricing, customer retention and network expansion.
The numbers highlight the trade off Swiggy faces in quick commerce: expanding its store network and improving product selection can support growth, but these investments also increase near-term costs. The company will need to improve unit economics as the network scales.
Half-Year Revenue Crosses Rs 14,000 Crore
For the six months ended September 30, 2026, Swiggy reported a consolidated net loss of Rs 1,713 cr, compared with Rs 2,289 cr in the corresponding period last year. Revenue from operations rose to Rs 14,383 cr from Rs 10,522 cr.
Swiggy’s Managing Director and Group CEO, Sriharsha Majety, said food delivery had delivered its highest ever profits and margins, while Instamart continued to accelerate growth. He also highlighted the company’s progress towards qualifying as an Indian owned and controlled company.
The half year figures show that Swiggy is growing revenue while reducing its year-on-year loss. Yet the sequential increase in losses is a reminder that stronger sales alone will not guarantee improved profitability as the company invests in quick commerce.
The next key measure for investors will be whether Swiggy can sustain food delivery margins while bringing down Instamart’s losses without slowing growth.
Disclaimer: This article is for information purposes only and is not investment advice. Investments in securities are subject to market risks. Please read the official offer documents before investing.
