Swiggy on Wednesday reported revenue and adjusted Ebitda ahead of Bloomberg estimates for Q3FY26, supported by robust growth in its food delivery business and sustained momentum in quick commerce. However, the company’s net losses widened as heavy investments in its quick commerce arm Instamart and rising competitive intensity weighed on profitability.
Swiggy posted a consolidated net loss of Rs 1,065 crore, wider than the Bloomberg consensus estimate of Rs 1,000 crore. The loss also increased from Rs 799 crore a year earlier, reflecting elevated spending to scale its quick commerce operations.
Despite this, the company delivered a strong top-line performance. Revenue rose 54% year-on-year to Rs 6,148 crore, surpassing Bloomberg estimates of Rs 5,922 crore.
Consolidated adjusted Ebitda loss narrowed to Rs 712 crore, compared with Rs 933 crore a year ago, marginally ahead of the estimated loss of Rs 713 crore. The improvement points to better operating leverage in food delivery and the out-of-home segment, even as quick commerce losses persisted.
Swiggy’s food delivery business recorded its fastest growth in three years, with gross order value (GOV) rising 20.5% year-on-year to Rs 8,959 crore.
The segment delivered an adjusted Ebitda of Rs 272 crore, up 47.8% year-on-year, with margins improving to 3% of GOV, compared with 2.5% a year ago.
Monthly transacting users grew 22% year-on-year to 18.1 million, driven by new offerings such as Bolt and 99-Store, which together now account for over a fifth of total platform volumes.
Contribution margin improved to 7.6%, up 31 basis points sequentially, aided by higher fleet utilisation. This came despite Swiggy expanding its Swiggy One subscriber base, which reduced consumer fees.
Management reiterated guidance of 18–20% GOV growth and an adjusted Ebitda margin target of 4.5–5% for the food delivery business.
Swiggy’s quick commerce arm Instamart continued to deliver strong topline momentum, posting triple-digit growth for the fourth consecutive quarter.
Gross order value rose 103.2% year-on-year to Rs 7,938 crore, highlighting sustained consumer demand for rapid grocery and essentials delivery.
Despite the strong growth, Instamart remained the primary drag on overall profitability. The business reported an adjusted Ebitda loss of Rs 791 crore, compared with Rs 528 crore a year earlier, as Swiggy stepped up investments amid intensifying competition in the quick commerce space.
Swiggy’s out-of-home segment, which includes Dineout and events platform Scenes, delivered a profitable quarter.
The segment posted adjusted Ebitda of Rs 8 crore on gross order value of Rs 1,225 crore, representing growth of roughly 50% year-on-year. Active restaurant partners increased 30% to 48,000, indicating growing traction among dining and experiential offerings.
Swiggy ended the quarter with a cash balance of Rs 13,512 crore, including Rs 9,931 crore of net proceeds from a qualified institutional placement completed in December.
In January, the company also completed the sale of its stake in mobility platform Rapido for Rs 2,399 crore, taking its proforma cash position to approximately Rs 15,900 crore.
Management described the strengthened balance sheet as a “strategic moat” as competition intensifies, particularly in the capital-heavy quick commerce segment.
Swiggy’s Q3FY26 results highlight a clear contrast between strong growth and ongoing profitability pressures. While food delivery and out-of-home businesses continue to show improving margins and operating leverage, Instamart remains a near-term earnings drag.
With ample cash reserves and sustained consumer demand, Swiggy appears well-positioned to compete aggressively. However, the pace at which quick commerce losses narrow will be critical in determining the company’s path toward sustainable profitability.