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Swiggy’s Loss Balloons to ₹1,197 Crore in Q1 FY26 as Revenue Jumps 54%

BENGALURU — India’s food delivery giant Swiggy reported a net loss of ₹1,197 crore for Q1 of FY26, a steep 96% rise year-on-year, as the company continues to pour money into expanding its quick commerce vertical, even as revenues surged.

The widening loss underscores the tug-of-war between aggressive growth and profitability that many consumer internet businesses in India are currently navigating.

Losses Deepen, Despite Strong Revenue Growth

• Q1 Net Loss: ₹1,197 crore (up from ₹611 crore in Q1 FY25)
• Sequential Loss (QoQ): Up from ₹1,081 crore in Q4 FY25
• Revenue from Operations: ₹4,961 crore (54% YoY growth)
• Adjusted EBITDA Loss: ₹813 crore (vs ₹348 crore YoY)
• EBITDA Margin (B2C): -4.7% (vs -4.82% QoQ, -2.66% YoY)

Swiggy’s revenue growth was driven largely by Instamart (its quick commerce arm) and core food delivery operations, both of which showed encouraging user and order value metrics.

However, high burn rates — especially in quick commerce — remain a serious drag on profitability.

Food Delivery Strong, Instamart Gaining Momentum

Swiggy’s core food delivery vertical reported a Gross Order Value (GOV) of ₹8,086 crore, marking an 18.8% increase from the same quarter last year.

• Revenue from Food Delivery: ₹1,800 crore (up ~20% YoY)
• Monthly Transacting Users (MTUs): 16.3 million (net gain of 1.2M QoQ) — the highest addition in two years

Meanwhile, Instamart is seeing traction in both average order value and customer adoption, fueled by assortment expansion and offers under its Maxxsaver program.

“Our food delivery business continues to deliver robust growth, while innovating to create new customer propositions,” said Sriharsha Majety, Swiggy’s Group CEO. “Instamart witnessed a massive leap in average order value, driven by deeper assortment and value-driven initiatives.”

Profitability vs Growth: The Balancing Act Continues

While Swiggy’s top-line momentum remains strong, its bottom-line challenges highlight the high cost of leadership in India’s ultra-competitive food and quick commerce market.

• Quick commerce has emerged as Swiggy’s biggest growth lever — but also its largest cost center.
• Competition with Zomato’s Blinkit and emerging players like Zepto and Dunzo is pushing the company to spend more to retain customers and expand delivery reach.

Analysts believe that the company may have to tighten operational efficiencies or pursue monetization levers more aggressively in the coming quarters to rein in losses.

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Summary: Q1 FY26 Key Metrics

Metric	Q1 FY26	Q1 FY25	QoQ Change
Net Loss	₹1,197 crore	₹611 crore	Up ₹116 crore
Revenue	₹4,961 crore	₹3,218 crore	Up ₹551 crore
Adjusted EBITDA Loss	₹813 crore	₹348 crore	More than double
Food Delivery GOV	₹8,086 crore	₹6,804 crore	+18.8%
MTUs	16.3 million	~15 million	+1.2 million QoQ

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What’s Next for Swiggy?

As Swiggy heads deeper into FY26, eyes will be on:

• Whether Instamart can move closer to break-even
• The IPO timeline, which could pressure Swiggy to show signs of cost control
• How the company manages to balance hypergrowth with sustainability

For now, user growth and revenue expansion remain bright spots — but profitability is still a moving target.

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