Swiggy’s July-September quarter numbers paint a familiar picture of high growth shadowed by widening losses. The food and grocery delivery major reported a net loss of Rs 1,092 crore during the period, 74.4% higher year-on-year from Rs 626 crore, even as revenue surged 54% to Rs 5,561 crore. The company managed to narrow its loss sequentially by nearly 9% from the previous quarter’s Rs 1,197 crore, but Instamart’s expansion weighs heavily on margins. The net loss was higher than Bloomberg consensus estimate of Rs 917 crore.
Revenue growth, however, remained strong. At Rs 5,561 crore, it beat estimates of Rs 5,285 crore, on the back of sustained traction in both food delivery and quick commerce. Total expenses surged 56% year-on-year to Rs 6,711 crore. Adjusted Ebitda loss stood at Rs 695 crore, an improvement over Rs 813 crore in Q1 but still significantly wider than the Rs 341 crore loss a year ago.
Swiggy’s core food delivery business delivered steady growth, with revenue up 22% year-on-year to Rs 2,206 crore. Gross order value rose nearly 19% to Rs 8,542 crore, while adjusted Ebitda improved to Rs 240 crore with margins at 2.8% of GoV. Monthly transacting users crossed 17.2 million, up 17% year-on-year, adding close to a million new users in the quarter. CEO Sriharsha Majety said Swiggy’s subscription programmes continued to gain traction despite heightened competition, and the overall cost of service for users remained stable at around 5–6% of average order value.
Instamart, Swiggy’s quick commerce arm, remained the main growth engine as well as the biggest drag. Revenue doubled to Rs 1,038 crore from Rs 513 crore a year earlier, with GoV surging 108% to Rs 7,022 crore. Monthly transacting users climbed 34% to 22.9 million. Yet, expansion has slowed. Swiggy added just 40 new darkstores in the quarter, taking its total to 1,102, compared to Blinkit’s aggressive addition of 271 stores to reach 1,816. Swiggy said it plans to “sweat its existing assets,” claiming its current infrastructure can handle more than twice the existing order load.
Beyond delivery, Swiggy’s out-of-home consumption vertical, Dineout and SteppinOut, posted Rs 1,118 crore in GoV, up 52% year-on-year, and achieved adjusted Ebitda positivity at Rs 6 crore. The segment now works with over 44,000 active restaurants monthly, up from 35,000 a year ago. Majety said the business could reach 5% GoV profitability as urban dining demand strengthens.
As of September-end, Swiggy held Rs 4,605 crore in cash, with an additional Rs 2,400 crore expected from the sale of its 12% stake in Rapido. The company is preparing to raise up to Rs 10,000 crore through a qualified institutional placement, with the board set to meet on November 7 to approve the move. The fresh capital would more than double its cash reserves to around Rs 17,000 crore, still trailing rival Blinkit-parent Eternal’s Rs 18,000 crore war chest.
Swiggy’s shares closed 0.2% lower at Rs 418 on the NSE ahead of the earnings announcement.
