The food and quick commerce platform posted a net loss of ₹791 crore, compared with a loss of ₹1,197 crore in the year-ago period and better than analysts’ estimates of a loss between ₹800 crore and ₹875 crore. Revenue from operations rose 37.3% to ₹6,812 crore from ₹4,961 crore, while EBITDA loss narrowed to ₹650 crore from ₹945 crore a year ago.
The company said overall revenue grew 34% year-on-year to ₹7,112 crore. Its food delivery business reported a 17.4% increase in Gross Order Value (GOV) to ₹9,490 crore, marginally below Street expectations of 18-19% growth.
Adjusted EBITDA for the segment improved by ₹100 crore year-on-year to ₹292 crore, with the adjusted EBITDA margin expanding to 3.1%, broadly in line with expectations. Monthly transacting users (MTUs) grew 17.8% to 19.2 million.
Management said it consciously prioritised profitability over growth in the quick commerce business during the quarter. The company said it achieved its contribution break-even target in May 2026 and is “starting to see green shoots” in its overall growth trajectory.
Quick commerce arm Instamart continued to scale, with Gross Order Value (GOV) rising 39.8% year-on-year to ₹7,907 crore. The business achieved contribution break-even in May 2026, with contribution margin improving to -0.2%, although this remained below the company’s earlier guidance of break-even for the quarter.
Managing Director and Group Chief Executive Officer Sriharsha Majety said, “Food delivery economics continue to strengthen as we innovate across affordability and consumer propositions to broaden adoption and unlock the next 100 million users in the category.”
Quick commerce arm Instamart continued to scale, with GOV rising 39.8% year-on-year to ₹7,907 crore. The business achieved contribution break-even in May 2026, ahead of its stated target, while contribution margin improved to -0.2% from a year earlier.Majety said, “Out-of-home consumption remains a profitable, fast-growing part of our business, making meaningful progress. In quick commerce, we delivered contribution breakeven exactly as we guided a year ago—a milestone that marks a real inflexion point for the business.”
Adjusted EBITDA margin improved sequentially to -9.8% from -10.9% in the March quarter, while losses reduced by ₹80 crore quarter-on-quarter. Swiggy added a net 28 dark stores during the quarter, taking its network to 1,171 stores across 131 cities.
Shares of the company ended 2.25% higher at ₹293.80 ahead of the results announcement on Thursday. The stock has advanced 25% so far in 2026.
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