Swiggy posts bigger-than-expected quarterly loss

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The firm posted a consolidated Q2 net loss of ₹922 crore ($97.24 million) vs ₹1,092 crore a year earlier

By Reuters

Updated - October 22, 2026 at 04:48 PM.

Swiggy reported a narrower second-quarter loss on Thursday, helped by ​improving profitability in its food delivery business, although the ‌result fell short of analyst expectations.

The quick-commerce and ​food delivery firm posted a consolidated net ⁠loss of ₹922 crore ($97.24 million) for the quarter ended September 30, compared with a loss of ₹1,092 crore ‌a year earlier. Analysts had expected a loss of ₹792 crore, according to ‌data compiled by LSEG.

While the company’s food ‌delivery ⁠business reported a record adjusted core profit, ⁠losses at quick-commerce Instamart, which delivers everything from phones to groceries, widened as the company stepped up spending on pricing, customer ​acquisition and warehouse expansion.

Swiggy’s revenue ‌from operations rose 36.1% year-on-year to ₹7,571 crore, beating analysts’ estimate of ₹7,281 crore, per LSEG data.

Its food delivery business reported adjusted ‌core profit of ₹341 crore, up from ₹240 crore a year earlier, helped by higher advertising revenue and delivery efficiencies.

Instamart’s ⁠adjusted core loss widened to ₹895 crore from ₹849 crore a year earlier, even as ‌its net order value rose 34.8% to ₹6,594 crore.

India’s quick-commerce companies have been investing heavily in networks of small warehouses, known as dark stores, to meet rising demand for rapid deliveries of groceries and other products.

Swiggy added 69 net dark ‌stores during the quarter, taking Instamart’s network to 1,240 across ​133 cities.

Its contribution margin in quick commerce deteriorated to negative 1% of gross order value ⁠from negative 0.2% in the preceding quarter, reflecting spending ⁠on pricing and customer retention.

Rival Eternal’s Blinkit, meanwhile, added 308 net stores during the September quarter ‌and said it planned to accelerate expansion without a near-term reduction in margins.

($1 = 94.8175 Indian ​rupees)

Published on October 22, 2026

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