Swiggy Q2 net loss narrows 15.6% to ₹922 crore, revenue rises 36%

Food and grocery delivery platform Swiggy reported a 15.6 per cent year-on-year (Y-o-Y) decline in its net loss, reaching ₹922 crore in the second quarter (July-September/Q2) of 2026-27 (FY27). This improved from a loss of ₹1,092 crore a year earlier, though the Bengaluru-based company had posted a loss of ₹791 crore in the previous quarter. Revenue from operations saw a significant 36 per cent Y-o-Y increase to ₹7,571 crore in Q2FY27, up from ₹5,561 crore in the same period last year, and ₹6,812 crore in the preceding quarter. Total expenses for the quarter ended September rose nearly 30 per cent Y-o-Y to ₹8,703 crore.

Swiggy's food delivery business demonstrated strong performance, with its gross order value (GOV) growing 17.7 per cent Y-o-Y and 5.9 per cent quarter-on-quarter (Q-o-Q) to ₹10,054 crore. The segment's monthly transacting users increased 15.2 per cent Y-o-Y to 19.8 million. Adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) for food delivery rose ₹101 crore Y-o-Y to ₹341 crore, achieving an adjusted Ebitda margin of 3.4 per cent of GOV, a 58 basis points improvement. Sriharsha Majety, Swiggy's managing director and group chief executive officer, stated that their food delivery business delivered its "highest-ever profits and margins."

He also highlighted growth in new categories through Toing, their standalone app for affordable meals, which operates in over 50 cities and attracts new users to the food delivery category. The Instamart quick-commerce business also saw its GOV grow 16.7 per cent Q-o-Q to ₹9,230 crore, with net order value rising 13.4 per cent Q-o-Q and 31.4 per cent Y-o-Y to ₹6,594 crore. Swiggy expanded its quick-commerce footprint by adding 69 dark stores during the quarter, bringing the total to 1,240 stores covering 5.2 million square feet, a 13.3 per cent Y-o-Y increase. While the quick-commerce business reported a loss of ₹895 crore for the quarter, its adjusted Ebitda margin showed improvement, moving to -9.7 per cent from -9.8 per cent in the previous quarter.

The out-of-home consumption business remained profitable for the seventh consecutive quarter, with GOV growing 34.9 per cent Y-o-Y to ₹1,508 crore and a margin of 0.5 per cent of GOV. In comparison, Eternal, the parent company of competitor Zomato, reported a 92 per cent Y-o-Y rise in net profit to ₹125 crore in Q2, alongside a 78 per cent increase in revenue from operations to ₹24,138 crore. Majety emphasized differentiation in quick commerce, stating, "We see assortment as a curation game rather than a volume game, and we aim to enable consumers to buy better, not just offer more."

What to watch: Swiggy's continued financial improvements and market strategy.

Editor's note: The draft is a comprehensive and accurate report of the provided financial figures and executive statements.