Food delivery and quick commerce company Swiggy Ltd on Thursday said its consolidated loss after tax narrowed to ₹922 crore in the second quarter of FY27 from ₹1,092 crore in the same quarter last year. However, sequentially, losses rose to ₹792 crore as rapid expansion in its quick commerce vertical, Instamart, took a toll.
The Bengaluru company’s revenue from operations rose 36 per cent y-o-y to ₹7,571 crore in Q2, up from ₹5,561 crore a year ago. It had reported a revenue of ₹6,812 crore in the previous quarter.
Consolidated adjusted EBITDA loss widened on a sequential basis to ₹760 crore, compared to ₹651 crore in the previous quarter.
Swiggy reported a 17.7 per cent y-o-y increase in food delivery gross order value (GOV) to ₹10,054 crore in the September quarter, while Instamart saw a sharper recovery in growth as the company stepped up investments in customer acquisition, pricing and store expansion.
Food delivery remained the company’s strongest profit engine, with adjusted EBITDA rising to a record ₹341 crore from ₹240 crore a year earlier and ₹292 crore in the preceding quarter. Its adjusted EBITDA margin expanded 58 basis points y-o-y to 3.4 per cent of GOV.
Food delivery GOV grew 5.9 per cent sequentially, while the company said growth accelerated to more than 20 per cent in September. It retained its full-year GOV growth guidance of 18-20 per cent, excluding Toing, its standalone budget-meal app.
Instamart, meanwhile, recorded a sharper sequential recovery, with net order value (NOV) rising 13.4 per cent to ₹6,594 crore, compared with 2.5 per cent growth in the preceding quarter. Orders increased 29.3 per cent y-o-y to 130.3 million, while monthly transacting users rose 23 per cent to 14.8 million.
The acceleration came alongside an expansion of its network to 1,240 dark stores, following 69 net additions during the quarter. However, Instamart’s adjusted EBITDA loss widened to ₹895 crore from ₹849 crore a year earlier and ₹778 crore in the June quarter. Its contribution margin stood at -1 per cent of GOV, reflecting investments in customer reactivation, repeat ordering and service availability.
“Competitive intensity in the sector remains high, and we do not expect it to ease in the near term,” Swiggy said in its letter to shareholders, adding that it expects another quarter of double-digit sequential NOV growth in Q3 FY27.
The company expects contribution margins to remain between zero and minus 1 per cent in the December quarter, with adjusted EBITDA margin improving by around 100 basis points sequentially. Swiggy also expects its Instamart adjusted EBITDA losses to have peaked in Q2.
A further potential margin lever is its transition to an inventory-led model, which management expects to add around 80 basis points to Instamart’s contribution margin once fully implemented over the next few quarters.
The company’s shares closed at ₹211.30 down by 5.01 per cent on the BSE.
Published on October 22, 2026
