Swiggy on Wednesday reported revenue and adjusted Ebitda ahead of Bloomberg estimates for Q3FY26, driven by strong growth in food delivery and continued momentum in quick commerce, though net losses widened as the company invested heavily in its Instamart business amid intensifying competition.
The company posted a consolidated net loss of Rs 1,065 crore, wider than the Bloomberg consensus estimate of Rs 1,000 crore, as quick commerce investments and competitive pressures offset profitability gains in its restaurant-facing businesses. The loss compared with Rs 799 crore a year earlier.
Revenue rose 54% year-on-year to Rs 6,148 crore, beating estimates of Rs 5,922 crore. Consolidated adjusted Ebitda loss narrowed to Rs 712 crore from Rs 933 crore a year ago, marginally ahead of the estimated loss of Rs 713 crore, reflecting improved operating leverage across food delivery and the out-of-home segment even as quick commerce losses persisted.
Food Delivery Metrics
Food delivery recorded its fastest growth in three years, with gross order value rising 20.5% year-on-year to Rs 8,959 crore. The segment posted an adjusted Ebitda of Rs 272 crore, up 47.8% year-on-year, with margins expanding to 3% of gross order value (GOV) from 2.5% a year ago.
Monthly transacting users grew 22% year-on-year to 18.1 million, driven by new product propositions such as Bolt and 99-Store, which together account for over a fifth of platform volumes.
Contribution margin improved to 7.6%, up 31 basis points sequentially, supported by higher fleet utilisation even as the company expanded its Swiggy One subscriber base reducing consumer fees. Management maintained guidance of 18-20% GOV growth and a 4.5-5% adjusted Ebitda margin target.
The quick commerce arm Instamart continued to see triple-digit growth but remained the primary drag on profitability. Gross order value rose 103.2% year-on-year to Rs 7,938 crore, marking the fourth consecutive quarter of over 100% growth. The business posted an adjusted Ebitda loss of Rs 791 crore, compared with Rs 528 crore a year earlier.
Out-of-Home Segment Success
The out-of-home segment, comprising Dineout and events service Scenes, turned profitable for the quarter. The business posted adjusted Ebitda of Rs 8 crore on gross order value of Rs 1,225 crore, up roughly 50% year-on-year. Active restaurant partners grew 30% to 48,000.
Swiggy ended the quarter with a cash balance of Rs 13,512 crore, including Rs 9,931 crore of net proceeds from a qualified institutional placement in December.
The company also completed the sale of its stake in mobility platform Rapido for Rs 2,399 crore in January, taking its proforma cash position to approximately Rs 15,900 crore. Management described the balance sheet as a “strategic moat” as competition intensifies in quick commerce.