Swiggy Q2 results: Loss widens 74% as quick commerce expansion pressures margins; revenue surges 54%

Food and grocery delivery platform Swiggy reported a net loss of ₹1,092 crore for the September quarter (Q2 FY26), widening 74.4 per cent year-on-year from ₹626 crore in the same period last year, even as operating revenue grew sharply by 54.4 per cent to ₹5,561 crore. The loss, though marginally lower than the ₹1,197 crore reported in the June quarter, underscores how Swiggy’s aggressive expansion in quick commerce continues to strain its bottom line. Swiggy has accumulated losses of ₹14,589 crore between FY21 and FY25, reflecting years of heavy investment in growth and market expansion. In the first half of FY26 alone, the company has reported an additional loss of ₹1,718 crore, underscoring the continued strain on profitability despite robust topline momentum. Total expenses rose 56 per cent y-o-y to ₹6,711 crore, led by higher delivery-related costs, advertising spends and employee benefits. The company’s adjusted EBITDA loss widened to ₹695 crore, up 104 per cent from ₹341 crore in Q2 FY25. Sequentially, however, the loss narrowed from ₹813 crore in the previous quarter, indicating early signs of operational efficiency and revenue leverage from its scaled-up delivery network. Swiggy’s monthly transacting users (MTUs) grew 34 per cent year-on-year to 22.9 million, reflecting deepening consumer adoption across metros and tier-II cities. Despite subdued consumption trends and unseasonal rainfall affecting order volumes in some regions, the company said customer engagement and order frequency remained strong. The food delivery business remained the mainstay of Swiggy’s operations, recording a 22 per cent y-o-y rise in revenue to ₹2,206 crore. Its gross order value (GOV) expanded nearly 19 per cent y-o-y to ₹8,542 crore, with stable order growth and an increase in high-value transactions. “Food delivery continued its growth trajectory in line with our guidance, with steady 18.8 per cent y-o-y GOV growth even amidst volatile macro-consumption trends and higher-than-usual rainfall,” said Sriharsha Majety, Group CEO and MD, Swiggy. “Importantly, MTU growth accelerated to 17.2 per cent y-o-y, and the double-digit order growth was the highest in two years.” The company’s quick commerce vertical, Instamart, remained the key growth driver, posting a 102 per cent y-o-y jump in revenue to ₹1,038 crore and a 108 per cent increase in GOV to ₹7,022 crore. Swiggy added only 40 dark stores during the quarter, taking the total count to 1,102, as it shifts focus from expansion to improving store productivity and profitability. “As stated earlier, we will continue to sweat our already-established dark store footprint, which can support more than 2x the current order base, while adding stores to debottleneck capacity or selectively expand in specific hyperlocal zones,” Majety said. While Instamart continues to drive topline acceleration, its high operating costs weigh on overall profitability. Swiggy’s challenge now is to tighten cost structures, deepen monetisation across verticals, and convert its rapid scale-up into sustainable earnings growth. Published on October 30, 2025