Swiggy Q1 FY26 Losses Deepen Despite Robust Revenue Growth Across Segments

On Aug 1, 2025, Swiggy share price slipped ~4%, reaching a day low of ₹386.25 at 09:40 AM, after opening at ₹405.20 on BSE. The fall in Swiggy share price came after the company released its results for the quarter ended June 30, 2025.

Swiggy, India’s leading quick commerce and food delivery platform, reported a significant widening of its consolidated net loss for the first quarter of FY26, ending June 2025. The company posted a net loss of ₹1,197 crore, nearly doubling from ₹611 crore in the same quarter last year.

This rise in losses came despite a strong 54% year-on-year increase in revenue, which climbed to ₹4,961 crore in Q1 FY26 from ₹3,222 crore in Q1 FY25. On a sequential basis, revenue rose 12.5%, while losses remained elevated compared to the ₹1,081 crore loss reported in the March 2025 quarter.

Swiggy’s adjusted EBITDA loss stood at ₹813 crore, up from ₹465 crore a year ago and ₹732 crore in the previous quarter, reflecting increased investments and cost pressures.

Swiggy Q1FY26 Results: Platform and User Metrics

The platform’s Gross Order Value (B2C GOV) surged 45% YoY to ₹14,797 crore. However, Swiggy's B2C adjusted EBITDA margin declined 204 basis points year-on-year to -4.7%, though it saw a modest 12 bps improvement quarter-on-quarter. The platform’s monthly transacting user (MTU) base expanded significantly to 21.6 million, marking a 35.2% increase YoY and 9% QoQ.

Swiggy Segment-wise Performance Breakdown

Food Delivery

Swiggy’s core food delivery segment reported an 18.8% YoY increase in GOV, reaching ₹8,086 crore. The company added 1.2 million MTUs, bringing the total to 16.3 million — the highest net addition in any quarter over the past two years.

However, the adjusted EBITDA margin in this segment compressed to 2.4% of GOV, largely due to seasonal expenditure on ensuring delivery partner availability and the effects of annual salary hikes.

Quick Commerce (Instamart)

Swiggy’s Instamart division continued its rapid expansion, with GOV soaring 108% YoY and 21% QoQ, driven by a 25.6% increase in Average Order Value (AOV) to ₹612, surpassing internal forecasts. This growth was supported by an expanding range of non-grocery products and a trend toward higher-value baskets across user segments.

Contribution margins improved by ~100 bps sequentially to -4.6%, while adjusted EBITDA margin improved to -15.8%. Swiggy also added 41 new dark stores during the quarter, increasing total active dark store space to 4.3 million sq ft — a 158.7% YoY and 8.2% QoQ rise.

Out-of-Home Consumption

The Out-of-Home vertical witnessed strong momentum, with GOV rising 61% YoY and 21% QoQ. This growth was underpinned by the ongoing success of its Great Indian Restaurant Festival (GIRF) and a strategic push around festive occasions.

This segment turned profitable in the previous quarter and maintained its positive trajectory, posting an adjusted EBITDA margin of 0.5%, a 20-basis-point improvement over the March 2025 quarter.

Also Read: Vedanta Q1 FY26 Earnings Results: Net Profit Falls 11.7% YoY to ₹3,185 Crore, EBITDA Rises 6%

Sriharsha Majety, MD & Group CEO, Swiggy, said, “Swiggy’s Food delivery business continues to deliver robust growth, while innovating to create new customer propositions which can open up the market further. Bolt and 99-store are efforts to ensure that we keep challenging the status quo, and help our restaurant partners garner new users and incremental consumption. Instamart witnessed a massive leap in AOV led by assortment expansion and Maxxsaver adoption. Focus has been on agile and calibrated network expansion, and improving wallet-share by increasing basket size, which is one of the prime determinants of long-term profitability. We have moved past the Mar 25 peak of losses in Quick-commerce, but amidst significant competition, we will modulate investments to ensure that we drive the business towards scale-led profitability."

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