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 said it expects Instamart's adjusted EBITDA losses to have peaked in Q2 FY27, and it plans to move Instamart to 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. 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 |
Swiggy 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.
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.
Swiggy Q2 results: 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 Swiggy says it expects for Instamart in Q3 FY27
Swiggy said it expects Instamart to deliver another quarter of double-digit sequential growth in net order value in Q3 FY27. 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.
Where Swiggy stands after Q2 FY27
Swiggy's quarterly loss was smaller than a year ago but larger than in the June quarter, with food delivery earning its highest ever adjusted EBITDA of Rs 341 crore, while Instamart's adjusted EBITDA loss widened to Rs 895 crore. Instamart now runs 1,240 dark stores in 133 cities and has 14.8 million monthly transacting users. Swiggy said it expects Instamart's adjusted EBITDA losses to have peaked in Q2 FY27 and its adjusted EBITDA margin to improve by about 100 basis points in Q3 FY27.
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