AI-assisted research analysis by FutureKnowledge. Sources checked 22 October 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
Swiggy’s Q2 results show a consolidated net loss of ₹922 crore for July–September, narrower than ₹1,092 crore a year ago but wider than the ₹791 crore it lost in the June quarter, as revenue rose 36% to ₹7,571 crore. Food delivery posted record profits; quick-commerce arm Instamart lost more, and management now says those losses have peaked.
Swiggy Q2 results: the key numbers
Revenue from operations rose 36.1% to ₹7,571 crore from ₹5,561 crore, while total expenses climbed to ₹8,703 crore from ₹6,711 crore, Business Standard reported from the filing. The sequential picture is less flattering: the June-quarter loss was ₹791 crore, so the deficit widened by about 17% quarter on quarter, IANS noted. First-half losses still fell to ₹1,713 crore from ₹2,289 crore, according to Indian Startup News.
On the company’s preferred measure, consolidated adjusted EBITDA was a loss of ₹760 crore, against ₹651 crore in Q1 and ₹695 crore a year earlier, according to Swiggy’s Q2 FY27 shareholders’ letter. Its press release put overall revenue, which includes other items, at ₹7,909 crore, up 33.8%.
Against expectations the result was mixed. Kotak Neo, citing LSEG data, said revenue beat the average estimate of ₹7,281 crore but the loss was wider than the ₹792 crore analysts expected. The results came after market hours; the shares had already closed 5.01% lower at ₹211.30, per the same report and Business Today, so the fall preceded the numbers.
Food delivery: record margin, steady growth
- Gross order value (GOV): ₹10,054 crore, up 17.7% year on year and 5.9% quarter on quarter; September alone grew more than 20%, the company said.
- Profit: adjusted EBITDA of ₹341 crore, up from ₹240 crore, or 3.4% of GOV, a 58 basis-point improvement.
- Users: 19.8 million monthly transacting users, up 15.2%.
- Guidance: the shareholders’ letter keeps full-year GOV growth guidance at 18–20% (excluding the new Toing app) and a 5% steady-state margin target.
Pre-results previews had looked for slightly more. Kotak Neo’s preview pencilled in about 19% GOV growth and a 3.5% margin, so food delivery landed close to, though a touch below, those estimates. The going-out business (dining, events) grew GOV 34.9% to ₹1,508 crore and stayed profitable for a seventh straight quarter at a 0.5% margin.
Why Instamart losses widened
Instamart is where the money goes. Its GOV rose 31.4% year on year to ₹9,230 crore and net order value (NOV) rose 34.8% to ₹6,594 crore, according to the shareholders’ letter. Several early reports printed NOV as ₹6,954 crore with 31.4% growth; the company’s own tables show ₹6,594 crore, which we use.
The adjusted EBITDA loss widened to ₹895 crore from ₹778 crore in Q1 and ₹849 crore a year earlier. As a share of GOV it barely moved, at -9.7% against -9.8%, because volume grew almost as fast as the loss. Contribution margin, the profit per order before fixed costs, slipped to -1.0% of GOV, 82 basis points worse than Q1 though 157 basis points better than a year ago.
The letter points to competition: horizontal e-commerce majors competed hard through the festive quarter, and management does not expect intensity to ease soon. Expansion continued too, with 69 net new dark stores taking the network to 1,240 across 133 cities. Kotak Neo’s preview had estimated the loss at about ₹840 crore, so the figure was worse than expected.
What management promised next
The letter makes several specific claims investors will test over coming quarters:
- Instamart adjusted EBITDA losses “peaked out in Q2FY27”, in the company’s words.
- Contribution margin should stay between zero and -100 basis points in Q3 and improve after that, with the adjusted EBITDA margin improving by about 100 basis points quarter on quarter in Q3.
- Breakeven needs about 2.3 times today’s scale, roughly ₹60,000 crore of annualised NOV against about ₹26,400 crore now.
A structural change sits behind part of this. Shareholders approved capping foreign ownership at 49.5% so Swiggy can qualify as an Indian-owned and controlled company; domestic ownership is above 58%, the letter says. That status would let Instamart own inventory rather than operate only as a marketplace, which the company estimates could add about 80 basis points to contribution margin and improve working capital by 8–10 days. The transition is due to start in mid-Q3 and take two to three quarters.
How Swiggy compares with Eternal’s Blinkit
The contrast with its rival is sharp. A day earlier, Eternal reported Q2 profit of ₹125 crore, with Blinkit posting positive adjusted EBITDA of 0.9% of NOV and 2,751 dark stores. Swiggy’s Instamart has fewer than half as many stores and is still losing close to a tenth of GOV. Food delivery is closer: Zomato’s NOV grew 21.5% against Swiggy’s 17.7% GOV growth, though the measures differ.
Who is more or less exposed
- Restaurants and delivery partners: a record food-delivery take rate of 26.1%, per Indian Startup News, means platforms are capturing more of each order, which can squeeze restaurant margins.
- FMCG brands and sellers: intense quick-commerce competition tends to mean discounts and ad spending funded partly by brands; a move to inventory ownership could change commercial terms.
- Consumers: continued price competition generally favours shoppers in the short term, while it lasts.
- Broader market: Swiggy reported on a weak day for Indian equities, with the Sensex closing 460 points lower as oil rose after the drone strike on Saudi Arabia’s Shaybah oilfield.
Scenarios to watch
These are conditional scenarios, not predictions.
| If… | Then a likely consequence is… | Signal to watch |
|---|---|---|
| Instamart losses fall in Q3 as guided | The “peak loss” claim gains credibility and the gap with Blinkit narrows | Q3 adjusted EBITDA margin about 100 bps better than -9.7% |
| Festive competition from e-commerce majors persists | Contribution margin stays negative and breakeven timing slips | Contribution margin below -1% of GOV |
| The ownership transition completes smoothly | Inventory model could lift margins by up to about 80 bps | Regulatory steps and progress updates by Q4/Q1 |
| Food delivery keeps September’s 20%+ pace | Full-year growth could land at the top of the 18–20% range | Q3 GOV growth and Toing traction |
What to watch next
- The earnings call commentary on festive-quarter demand and discounting.
- Instamart contribution margin and losses in the December quarter.
- Progress on the Indian-owned and controlled transition and any inventory-model rollout.
Bottom line
Swiggy’s Q2 results split cleanly in two: a food-delivery business making record money and a quick-commerce arm whose losses grew to ₹895 crore. Management says that is the peak and has put numbers on the recovery. Whether those targets hold through a fiercely competitive festive season is the question the next two quarters will answer.
Method note
We compared Swiggy’s Q2 FY27 shareholders’ letter and press release (primary sources) with reports from Business Standard, Business Today, IANS, Indian Startup News and Kotak Neo. Where media figures for Instamart NOV conflicted with the company’s tables, we used the company’s figures.