Swiggy reported a consolidated net loss of ₹922 crore for the September 2026 quarter, narrower than the ₹1,092 crore loss a year earlier. Revenue from operations rose 36.1% year on year to ₹7,571 crore, but the loss in its quick commerce business grew. The results were announced after market hours on Thursday, October 22, 2026.
The loss was larger than the average analyst expectation of about ₹792 crore reported by Whalesbook, and it was also higher than the ₹791 crore loss Swiggy posted in the June quarter.
Swiggy Q2 FY27 Results at a Glance
Swiggy’s growth came across most of its businesses, but the quick commerce arm Instamart again absorbed most of the losses. The table compares the key reported figures with the year-ago quarter.
| Metric (₹ crore) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7,571 | 5,561 | +36.1% |
| Consolidated net loss | 922 | 1,092 | Loss narrowed 15.6% |
| Quick commerce segment revenue | 1,305 | 980 | +33.2% |
| Quick commerce segment loss | 764 | 735 | Loss higher by 29 |
| Supply chain and distribution revenue | 3,690 | 2,560 | +44.1% |
| Platform innovations revenue | 106 | 12 | About 8.8 times |
Revenue also grew sequentially, rising from ₹6,812 crore in the June 2026 quarter to ₹7,571 crore, an increase of about 11%. Growth of that size in a single quarter points to continued expansion across the business, even as losses stayed high.
For the six months ended September 30, 2026, Swiggy’s consolidated revenue from operations reached ₹14,383 crore, up from ₹10,522 crore in the same period last year. For the full financial year ended March 31, 2026, the company had reported a consolidated loss of ₹4,154 crore.
Why the Loss Narrowed Year on Year but Rose From June
Compared with the September 2025 quarter, the loss narrowed by about 15.6%, helped by faster revenue growth than expense growth. Compared with the June 2026 quarter, however, the loss widened from ₹791 crore to ₹922 crore.
Swiggy’s consolidated adjusted EBITDA loss also increased, to ₹760 crore in the September quarter from ₹651 crore in the June quarter. Adjusted EBITDA is a profit measure that excludes certain items, and a rising loss on this measure means operating costs rose faster than operating income between the two quarters. Coverage of the results links the pressure mainly to spending on Instamart.
Instamart: Faster Growth, Higher Losses
Instamart remains the central question for the company. Its revenue rose to ₹1,305 crore from ₹980 crore a year earlier, but its segment loss increased to ₹764 crore from ₹735 crore.
The segment loss was also higher than in the June 2026 quarter, when it stood at ₹651 crore, an increase of ₹113 crore in one quarter. Business Today and Kotak Neo put the Instamart loss at ₹895 crore for the quarter, which is measured on a different basis from the segment figure above. The business added 69 dark stores during the quarter, taking its network to 1,240 stores. Dark stores are fulfilment centres that serve online orders only and are the base of the quick delivery model.
The quarter shows the trade-off Swiggy faces. More stores can lift order volumes and market presence, but they also add rent, staffing and delivery costs before the orders reach a scale that covers them.
Quick commerce delivers groceries and household items in minutes from local dark stores. Its economics depend on order density, so each new store typically runs at a loss until enough customers order from it every day.
Food Delivery Profit Reaches a Record High
The core food delivery business moved in the opposite direction. Its adjusted EBITDA rose to a record ₹341 crore from ₹240 crore a year earlier, according to Kotak Neo’s report on the results.
This divergence is now a defining feature of Swiggy’s reporting: food delivery is profitable on an adjusted basis, while quick commerce is not. Elsewhere, the supply chain and distribution segment grew revenue 44.1% to ₹3,690 crore.
Newer businesses are also growing from a small base. The platform innovations segment, which includes Swiggy Minis, Swiggy Sports, Snacc, Toing, Crew and Jus+, generated ₹106 crore of revenue against ₹12 crore a year ago.
What the Results Mean for Swiggy Shareholders
Swiggy shares settled at ₹211.30 on October 22, down more than 5% for the day, according to Business Today. Because the results came after market hours, the stock’s reaction to the numbers themselves will show up in the October 23 session.
Holding Swiggy shares requires a demat account, and investors who do not have one can open a demat account online before placing an order. Active investors can then track the stock on a trading platform and compare the reported numbers with the figures above.
Key points to watch from the results include:
- Whether Instamart’s losses stabilise as the dark store network matures.
- How food delivery profit evolves as competition and discounting change.
- Whether the consolidated adjusted EBITDA loss, now ₹760 crore, reverses its rise.
- How quickly the newer platform businesses contribute to revenue.
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