Swiggy Q2 FY27: Loss Narrows to ₹922 Cr as Revenue Climbs 36%

Swiggy reported a consolidated net loss of ₹922 crore for the second quarter of the financial year 2027, marking an improvement from the ₹1,092 crore loss recorded in the same period last year. This reduction in losses occurred alongside a significant 36.1 percent increase in revenue from operations, which reached ₹7,571 crore for the quarter ending in September.

The Bengaluru-based food delivery and quick commerce giant disclosed its financials on Thursday, revealing that while revenue expanded notably, total expenses also grew sharply to ₹8,703 crore from ₹6,711 crore in the prior year quarter. This cost increase outpaced revenue growth, keeping the company in the red despite progress.

Breaking down the numbers, Swiggy’s consolidated revenue from operations rose from ₹5,561 crore in the July-September quarter of FY26 to ₹7,571 crore in FY27. Total income, which includes other revenue streams, climbed to ₹7,783 crore compared to ₹5,620 crore a year earlier.

Swiggy’s food delivery segment showed encouraging signs of profitability improvement. The gross order value (GOV) for this business expanded by 17.7 percent year-on-year, reaching ₹10,054 crore. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for food delivery increased by ₹101 crore to ₹341 crore, resulting in an adjusted EBITDA margin of 3.4 percent relative to GOV.

The company’s out-of-home consumption vertical, which caters to dining and catering services, also recorded growth. Its GOV rose 34.9 percent to ₹1,508 crore year-on-year, maintaining profitability for the seventh consecutive quarter. The adjusted EBITDA margin for this segment stood at 0.5 percent of GOV.

Instamart, Swiggy’s quick commerce platform, continued its expansion trajectory. Net order value (NOV) for Instamart increased 31.4 percent year-on-year and 13.4 percent sequentially, reaching ₹6,954 crore. The platform added 69 new dark stores during the quarter, bringing the total count to 1,240 locations nationwide.

Despite the growth, Instamart’s contribution margin remained negative at -1 percent of GOV. However, this represented an improvement of 157 basis points compared to the same quarter in the previous year, although it declined by 82 basis points sequentially. The quick commerce segment reported a quarterly loss of ₹895 crore, while its adjusted EBITDA margin slightly improved to -9.7 percent from -9.8 percent in the prior quarter.

Commenting on these results, Swiggy’s Managing Director and Group CEO Sriharsha Majety highlighted the food delivery business’s record profits and margins. He also pointed to the company’s efforts to diversify through new categories, mentioning Toing, a standalone platform focused on affordable meals.

Regarding quick commerce, Majety noted that Swiggy achieved accelerated growth as planned, and secured approvals to be recognized as an Indian owned and controlled company. He described this as a significant milestone supporting the ongoing transition in the business.

Majety emphasized that in the competitive quick commerce market, differentiation will play a critical role in determining leading players. He suggested that speed and product selection will become standard expectations, while Swiggy aims to focus on curated assortments that help consumers make better purchasing decisions rather than simply offering a larger volume of products.

Swiggy operates in a highly dynamic sector marked by intense competition among food delivery and quick commerce firms. The company’s financial performance and strategic moves reflect broader trends in India’s digital commerce space, where profitability and sustainable growth remain key challenges. Investors and market observers will likely watch how Swiggy balances expansion with cost control in the coming quarters.