Indian food delivery giant Swiggy reported a notable improvement in its financial performance for the fourth quarter of FY26, with losses narrowing significantly even as revenue surged. Strong momentum in its quick commerce arm and steady growth in core food delivery operations played a key role in the company’s performance.
Swiggy reported a quarterly loss of ₹800 crore in Q4 FY26, marking a substantial improvement compared to ₹1,081 crore in the same period last year. The company had also posted a loss of ₹1,065 crore in the previous quarter, indicating a consistent trend toward financial stabilization.
This narrowing of losses reflects better cost management and improving unit economics across key business segments. However, the company continues to operate in a high-investment phase, particularly in quick commerce, which impacts overall profitability.
At the same time, total expenses rose sharply to ₹7,448 crore during the quarter, compared to ₹5,610 crore a year earlier. The increase in expenses highlights ongoing investments in logistics, technology, and expansion initiatives.
The company reported a 45% year-on-year increase in revenue, reaching ₹6,383 crore in Q4 FY26, up from ₹4,410 crore in the corresponding quarter last year.
This robust revenue growth underscores the continued demand for online food delivery and quick commerce services in India. Increased order volumes, improved customer retention, and expansion into new categories have all contributed to the strong topline performance.
Swiggy’s core food delivery segment recorded its fastest growth in 15 quarters, signaling a strong recovery and renewed consumer demand.
The segment’s improved margins and profitability metrics suggest that the company is successfully optimizing its delivery network and pricing strategies. The growth also counters concerns about a slowdown in the food delivery sector.
Swiggy’s quick commerce arm, Instamart, emerged as a major growth driver during the quarter.
While Instamart continues to operate at a loss, the improving margins indicate progress toward achieving breakeven. The segment remains a key strategic focus area for Swiggy as it competes in the rapidly growing quick commerce space.
A significant milestone for Swiggy was the profitability of its out-of-home consumption segment.
The segment recorded:
This marks the first full year of profitability for the segment, highlighting its potential as a stable revenue contributor. The growth reflects increasing consumer willingness to dine out and use Swiggy’s platform for restaurant discovery and bookings.
Swiggy’s platform saw a strong increase in user engagement, with monthly transacting users rising 27.2% year-on-year to 25.2 million.
This growth indicates expanding market penetration and improved customer retention. The rise in active users also supports higher order volumes, contributing to overall revenue growth.
Commenting on the results, Sriharsha Majety, Managing Director and Group CEO of Swiggy, highlighted the company’s strong performance and future outlook.
He noted that the food delivery business has achieved its fastest growth in nearly four years, surpassing ₹1,000 crore in annual adjusted EBITDA. He also emphasized that the segment has delivered better margins compared to the previous year, despite skepticism about a potential slowdown.
Regarding quick commerce, Majety stated that the next phase of growth will focus on anticipating consumer needs rather than simply fulfilling orders. He added that unit economics are steadily improving and that the company remains on track to achieve contribution margin breakeven in line with its guidance.
Looking ahead, Swiggy plans to maintain a balanced approach between growth and profitability. The company’s strong balance sheet provides the flexibility to invest in innovation while remaining financially disciplined.
Key strategic priorities include:
Conclusion
Swiggy’s Q4 FY26 results reflect a company in transition—balancing rapid growth with a clear focus on improving profitability. With losses narrowing, revenue rising, and key segments showing strong performance, the company appears well-positioned for the next phase of growth.
As competition intensifies in both food delivery and quick commerce, Swiggy’s ability to innovate and optimize operations will be critical in sustaining its momentum.