Swiggy Q2 Results FY27 Preview: Food delivery and quick-commerce platform Swiggy is set to announce its financial results for the July-September quarter (Q2 FY27) today, October 22, 2026. The company is expected to report steady revenue growth and a narrower operating loss on a sequential basis. However, its consolidated net loss is projected to widen amid continued investments in its quick-commerce business, Instamart.
According to estimates by ET Now Research, Swiggy’s consolidated revenue is expected to increase 7.7 per cent quarter-on-quarter (QoQ) to Rs 7,336 crore in Q2 FY27, compared with Rs 6,812 crore in the June quarter.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) loss is expected to narrow to Rs 595 crore from Rs 650 crore in Q1 FY27.
However, consolidated net loss is estimated to widen to Rs 871 crore from Rs 791 crore in the preceding quarter.
Swiggy Q2 Results FY27: Key earnings estimates
| Financial metric | Q2 FY27 estimate | Q1 FY27 | QoQ change |
| Revenue | Rs 7,336 crore | Rs 6,812 crore | Up 7.7% |
| EBITDA | Loss of Rs 595 crore | Loss of Rs 650 crore | Loss narrows |
| Net profit/loss | Loss of Rs 871 crore | Loss of Rs 791 crore | Loss widens |
The estimates suggest that Swiggy could deliver higher revenue and reduce its EBITDA loss while continuing to face pressure on its bottom line.
Swiggy food delivery business: Revenue may grow nearly 6%
Swiggy’s core food delivery business is expected to maintain steady growth during the September quarter.
Segment revenue is projected to increase 5.7 per cent QoQ to Rs 2,333 crore from Rs 2,208 crore in the previous quarter.
Gross order value (GOV) is expected to grow 6 per cent sequentially, indicating continued expansion in the value of orders placed through the platform.
The food delivery business is expected to report a contribution margin of 7.8 per cent.
Meanwhile, its EBITDA margin as a percentage of gross merchandise value (GMV) is estimated to remain between 3.3 per cent and 3.5 per cent.
The performance of this segment will be important in assessing the profitability of Swiggy’s established food delivery operations.
Swiggy Instamart Q2 FY27: Revenue may jump 13%; 75 new dark stores expected
Swiggy’s quick-commerce business, Instamart, is expected to record faster revenue growth than its food delivery segment.
Instamart’s revenue is projected to rise 13 per cent QoQ to Rs 1,391 crore in Q2 FY27, compared with Rs 1,232 crore in the June quarter.
The segment’s GOV is expected to increase 14 per cent sequentially, while net order value (NOV) growth is estimated at 15 per cent.
However, profitability is likely to remain under pressure as Swiggy continues investing in its quick-commerce operations.
Instamart’s contribution margin is expected to remain negative, ranging between minus 0.4 per cent and minus 1 per cent.
Its adjusted EBITDA margin is estimated to improve marginally to minus 9.5 per cent from minus 9.8 per cent in Q1 FY27.
Instamart dark store expansion
Swiggy is expected to add 75 dark stores during the quarter, taking Instamart’s total network to 1,246 stores.
Dark stores are fulfilment centres used by quick-commerce companies to store products and process online orders for rapid delivery.
The expansion is expected to remain an important area of focus as competition in India’s quick-commerce market intensifies.
Investors will watch whether the growing store network supports higher order volumes and improves operating efficiency over time.
Out-of-home consumption and supply chain businesses
Swiggy’s out-of-home consumption segment is expected to report revenue of Rs 137 crore in Q2 FY27, compared with Rs 126 crore in the preceding quarter, representing sequential growth of 8.7 per cent.
Meanwhile, the company’s supply chain business is projected to record revenue of Rs 3,384 crore, up 6 per cent from Rs 3,195 crore in Q1 FY27.
These businesses are expected to contribute to Swiggy’s overall revenue growth during the quarter.
Why could Swiggy’s net loss widen despite higher revenue?
A key expectation for the September quarter is continued pressure on profitability due to increased investments in Instamart.
While the company’s consolidated EBITDA loss is projected to narrow sequentially, its net loss is expected to increase by Rs 80 crore to Rs 871 crore.
The estimates indicate that improving operating performance may not immediately translate into a reduction in the company’s overall net loss.
Investors will therefore focus on management’s commentary regarding spending, quick-commerce expansion and the timeline for improving margins.
Swiggy Q2 Results: Key factors investors should monitor
Beyond the headline earnings numbers, investors will closely track four important developments;
- Competition: Management’s assessment of competitive intensity in food delivery and quick commerce, particularly Instamart.
- Monthly transacting users (MTUs) and order growth: Changes in Instamart’s active customer base and net order value will be important indicators of demand.
- Dark store additions: The pace of network expansion and its implications for future growth and operating costs.
- Margin trajectory: Whether Instamart’s contribution margin and adjusted EBITDA margin continue improving despite expansion-related investments.
Zomato Q2 results: Rival Eternal reports nearly twofold profit growth
Eternal posted a consolidated net profit of Rs 125 crore for Q2 FY27, compared with Rs 65 crore in the corresponding quarter last year, representing a nearly twofold increase.
Its revenue from operations increased to Rs 24,138 crore from Rs 13,590 crore a year earlier.
However, total expenses also rose to Rs 24,166 crore from Rs 13,813 crore in the year-ago quarter.
On the quick-commerce front, Blinkit added 308 net new stores during the quarter, taking its total network to 2,751 stores.
The company expects its store count to cross 3,500 by March 2027.
Eternal’s rapid quick-commerce expansion provides important industry context ahead of Swiggy’s results, particularly as investors assess Instamart’s growth, store additions and profitability.
Swiggy Q2 FY27 results: What to expect today
Swiggy’s September-quarter results are expected to show steady growth across its food delivery, quick-commerce, out-of-home consumption and supply chain businesses.
While consolidated revenue is projected to increase nearly 8 per cent sequentially, the company’s net loss is expected to widen because of continued investments, particularly in Instamart.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)