Swiggy Net Loss Narrows to Rs 922 Crore in Q2 FY27
Revenue rose about 36.1% year on year, but Instamart's adjusted EBITDA loss widened to Rs 895 crore.
Key Takeaways
- Swiggy's net loss fell about 15.6% year on year to Rs 922 crore, but rose about 16.6% from the previous quarter.
- Revenue from operations grew about 36.1% year on year to Rs 7,571 crore.
- Food delivery posted its highest ever adjusted EBITDA of Rs 341 crore.
- Instamart's adjusted EBITDA loss widened to Rs 895 crore from Rs 778 crore in the previous quarter.
- Swiggy expects Instamart losses to have peaked and plans an inventory-led model.
Swiggy reported a consolidated net loss of Rs 922 crore for the July to September quarter of FY27, down about 15.6% from Rs 1,092 crore in the same quarter last year. Revenue from operations rose about 36.1% year on year to Rs 7,571 crore.
The loss is higher than the Rs 791 crore Swiggy lost in the April to June quarter, a rise of about 16.6%. Food delivery earned its highest ever adjusted EBITDA of Rs 341 crore, while the quick commerce arm Instamart posted an adjusted EBITDA loss of Rs 895 crore.
Swiggy Q2 FY27 at a glance
| Detail | Value |
|---|---|
| Company | Swiggy Limited |
| Quarter | Q2 FY27 (quarter ended September 30, 2026) |
| Consolidated net loss | Rs 922 crore, against Rs 1,092 crore a year earlier and Rs 791 crore in the previous quarter |
| Change in net loss | Down about 15.6% year on year, up about 16.6% from the previous quarter |
| Revenue from operations | Rs 7,571 crore, up about 36.1% year on year and about 11.1% from the previous quarter |
| Food delivery adjusted EBITDA | Rs 341 crore, the highest ever, up Rs 101 crore year on year |
| Food delivery gross order value | Rs 10,054 crore, up 17.7% year on year |
| Instamart gross order value | Rs 9,230 crore, up 31.4% year on year |
| Instamart adjusted EBITDA loss | Rs 895 crore, against Rs 849 crore a year earlier and Rs 778 crore in the previous quarter |
| Instamart dark stores | 1,240 across 133 cities, with 69 added in the quarter |
Where Swiggy makes money and where it still loses it
Swiggy's main consumer businesses are food delivery, the quick commerce service Instamart, and out-of-home dining, which includes Dineout. Food delivery is the profit engine. Instamart is the biggest drain, and Swiggy says it expects the adjusted EBITDA losses of Instamart to have peaked in Q2 FY27.
Out-of-home consumption gross order value grew 34.9% year on year to Rs 1,508 crore, and the business has been adjusted EBITDA positive for seven straight quarters. Swiggy also runs Toing, a separate app for low-priced meals that is now in more than 50 cities. Two in three of its new users are either new to Swiggy or have been inactive for a long time.
| When | What happened |
|---|---|
| Q2 FY26 (quarter ended September 2025) | Swiggy posted a net loss of Rs 1,092 crore on revenue from operations of Rs 5,561 crore |
| August 6, 2026 | Swiggy held a Capital Markets Day |
| Q1 FY27 (quarter ended June 2026) | Swiggy posted a net loss of Rs 791 crore on revenue from operations of Rs 6,812 crore |
Instamart grows faster while its loss gets bigger
Instamart gross order value rose 31.4% year on year to Rs 9,230 crore, and it handled about 130 million orders in the quarter. Monthly transacting users rose to 14.8 million, and Swiggy added 69 dark stores to reach 1,240 in 133 cities.
Growth came at a cost. The adjusted EBITDA loss of Rs 895 crore is about 5.4% higher than the Rs 849 crore a year earlier and about 15.0% higher than the Rs 778 crore in the previous quarter. Contribution margin was about minus 1% of gross order value, weaker than the previous quarter.
Food delivery posts its best profit yet
Food delivery gross order value grew 17.7% year on year to Rs 10,054 crore. Adjusted EBITDA of Rs 341 crore was the highest Swiggy has reported for the segment, and the margin was 3.4% of gross order value. Swiggy kept its full year growth guidance for food delivery, excluding Toing, at 18% to 20%.
What the Instamart numbers mean for founders in quick commerce
Swiggy shows that fast growth and shrinking losses do not always arrive together. Instamart added users and stores quickly, yet its absolute loss rose, so scale alone did not fix the economics in this quarter. For founders, the lesson is to watch loss per order and store utilisation, not only order growth.
For investors, the split is clear. Food delivery now covers part of the cost of quick commerce, but the group still lost Rs 922 crore in the quarter. Small businesses that sell through these apps can also see that platforms are pushing own brands and advertising to earn more per order.
Can Instamart cut its losses in the festive quarter?
Swiggy expects Instamart to deliver another quarter of double-digit sequential growth in net order value in Q3 FY27, with contribution margin between zero and minus 100 basis points. It also expects the adjusted EBITDA margin to improve by about 100 basis points from the previous quarter.
Swiggy also plans to move Instamart to an inventory-led model over the next few quarters, which it says could add about 80 basis points of margin.
