710
2 months ago
Swiggy Q3: Loss Surges 33% YoY To INR 1,065 Cr
Summary
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The company managed to trim its loss by 3% from INR 1,092 Cr in the preceding September quarter
Operating revenue surged 54% YoY and 11% QoQ to INR 6,148 Cr in Q3 FY26
Total expenses zoomed 49% YoY to INR 7,298 Cr.
Swiggy’s consolidated net loss zoomed 33% to INR 1,065 Cr in Q3 FY26 from INR 799 Cr in the year-ago quarter. However, it managed to trim its loss by 3% from INR 1,092 Cr in the preceding September quarter.
Important to note that the company had said that its loss had “bottomed out” while disclosing its financial numbers for Q2 FY26. Its adjusted EBITDA zoomed 45% YoY and 2% QoQ to INR 712 Cr in Q3 FY26.
Its top line crossed the INR 6,000 Cr mark for the first time during the quarter under review. Operating revenue surged 54% YoY and 11% QoQ to INR 6,148 Cr in Q3 FY26.
Including other income of INR 96 Cr, the company’s total income for the quarter stood at INR 6,244 Cr. Meanwhile, total expenses zoomed 49% YoY to INR 7,298 Cr.
The company incurred an exceptional loss of INR 10 Cr during the quarter under review due to a statutory impact of the new labour code implemented by the Centre. Swiggy said that this impact primarily arose due to change in wage definition.
On the operational front, Swiggy’s B2C gross order value surged 49% YoY to INR 18,122 Cr as total B2C total orders during the quarter increased 26% YoY to 29.4 Cr. While the platform’s average monthly transacting users increased 36% YoY to 2.4 Cr, platform frequency remained almost flat at 4.04.
With that, here’s a brief overview of the performance of the company’s key verticals in the quarter:
Food Delivery: Its revenue breached the INR 2,000 Cr mark, zooming 25% YoY to INR 2,041 Cr. It raked a profit of INR 282 Cr, up 46% YoY.
Quick Commerce: Swiggy Instamart’s loss surged 50% YoY to INR 791 Cr, as the company continued to ramp up investments. Revenue jumped 76% YoY to INR 1,016 Cr.
Out Of Home Consumption: The segment, which operates DineOut and SteppinOut offerings, retained profitability in the quarter under review, reporting a profit of INR 8 Cr as against a loss of INR 8 Cr in the year-ago quarter. Its operating revenue surged 56% YoY to INR 88 Cr.
Platform Innovations: The segment, which houses Swiggy’s supplementary businesses like Swiggy Sports, SNACC, saw its revenue contract 59% YoY to INR 9 Cr. Its loss skyrocketed 4X YoY to INR 40 Cr.
Supply Chain & Distribution: Swiggy’s B2B business, under which it offers supply chain services to wholesalers, retailers and FMCG brands, continued to be the bedrock of its overall business. While this vertical’s operating revenue zoomed 76% YoY to INR 2,981 Cr, its loss reduced 87% YoY to INR 8 Cr.
The company’s experimentation spree, which has seen it introduce a plethora of new offerings over the past few quarters, seems to be paying off. The vertical’s gross order value (GOV) grew about 21% YoY compared to a single digit growth in the year-ago quarter. The company maintained a guidance of 18-20% YoY GOV growth in food delivery.
Swiggy, which has expanded its food delivery offerings to Bolt, 99store, among others, said its monthly transacting users (MTU) grew 22% YoY or over 30 Lakh in the past three quarters. At the same time, it claimed that its AOV continued to inch-up, as premiumisation and inflation balanced out.
Swiggy said that 10-minute food delivery offering Bolt and affordable offering 99-store together constitute well over a fifth of food delivery platform volumes now.
“While these are not all incremental in nature, the differentiated proposition they offer is attracting users and building salience and repeat-behaviour structurally. Since both these offerings come with lower last-mile distances, they are able to service the consumer’s specific need-state with optimised delivery cost which helps balance unit-economics, as these propositions have a lower AOV than the platform average,” the company said.
Instamart’s total orders for the quarter surged 45% YoY to 10.6 Cr while average order value per order zoomed 40% YoY to INR 746. Instamart added 34 dark stores in the quarter, taking the total dark store count to 1,136
Despite this, adjusted EBITDA loss for the vertical rose 57% YoY and 7% QoQ to INR 908 Cr.
While profitability seems distant for the quick commerce vertical right now, Instamart is unwilling to chase market leadership by aggressively spending on discounts, even if such tactics boost short-term order volumes or headline metrics like orders per day (OPD).
Responding to investor queries during the earnings call on Blinkit lagging in market share, the company said “buying growth” leads to low customer loyalty and does not result in a sustainable business.
Instamart CEO Amitesh Jha said while market leadership remains the ambition, it must be achieved through long-term, structural growth rather than discount-led expansion. He noted that irrational growth in the market is driving frequent customer switching across platforms, with little stickiness. Instead, Instamart is prioritising a stronger value proposition built around better assortment, sharper customer insights, and repeat usage.
Shares of Swiggy ended today’s trading session 1.17% higher at INR 327.40
[Edited by: Vinaykumar Rai]
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Login or create a free account to continue reading in private mode.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The company managed to trim its loss by 3% from INR 1,092 Cr in the preceding September quarter
Operating revenue surged 54% YoY and 11% QoQ to INR 6,148 Cr in Q3 FY26
Total expenses zoomed 49% YoY to INR 7,298 Cr.
Swiggy’s consolidated net loss zoomed 33% to INR 1,065 Cr in Q3 FY26 from INR 799 Cr in the year-ago quarter. However, it managed to trim its loss by 3% from INR 1,092 Cr in the preceding September quarter.
Important to note that the company had said that its loss had “bottomed out” while disclosing its financial numbers for Q2 FY26. Its adjusted EBITDA zoomed 45% YoY and 2% QoQ to INR 712 Cr in Q3 FY26.
Its top line crossed the INR 6,000 Cr mark for the first time during the quarter under review. Operating revenue surged 54% YoY and 11% QoQ to INR 6,148 Cr in Q3 FY26.
Including other income of INR 96 Cr, the company’s total income for the quarter stood at INR 6,244 Cr. Meanwhile, total expenses zoomed 49% YoY to INR 7,298 Cr.
The company incurred an exceptional loss of INR 10 Cr during the quarter under review due to a statutory impact of the new labour code implemented by the Centre. Swiggy said that this impact primarily arose due to change in wage definition.
On the operational front, Swiggy’s B2C gross order value surged 49% YoY to INR 18,122 Cr as total B2C total orders during the quarter increased 26% YoY to 29.4 Cr. While the platform’s average monthly transacting users increased 36% YoY to 2.4 Cr, platform frequency remained almost flat at 4.04.
With that, here’s a brief overview of the performance of the company’s key verticals in the quarter:
Food Delivery: Its revenue breached the INR 2,000 Cr mark, zooming 25% YoY to INR 2,041 Cr. It raked a profit of INR 282 Cr, up 46% YoY.
Quick Commerce: Swiggy Instamart’s loss surged 50% YoY to INR 791 Cr, as the company continued to ramp up investments. Revenue jumped 76% YoY to INR 1,016 Cr.
Out Of Home Consumption: The segment, which operates DineOut and SteppinOut offerings, retained profitability in the quarter under review, reporting a profit of INR 8 Cr as against a loss of INR 8 Cr in the year-ago quarter. Its operating revenue surged 56% YoY to INR 88 Cr.
Platform Innovations: The segment, which houses Swiggy’s supplementary businesses like Swiggy Sports, SNACC, saw its revenue contract 59% YoY to INR 9 Cr. Its loss skyrocketed 4X YoY to INR 40 Cr.
Supply Chain & Distribution: Swiggy’s B2B business, under which it offers supply chain services to wholesalers, retailers and FMCG brands, continued to be the bedrock of its overall business. While this vertical’s operating revenue zoomed 76% YoY to INR 2,981 Cr, its loss reduced 87% YoY to INR 8 Cr.
The company’s experimentation spree, which has seen it introduce a plethora of new offerings over the past few quarters, seems to be paying off. The vertical’s gross order value (GOV) grew about 21% YoY compared to a single digit growth in the year-ago quarter. The company maintained a guidance of 18-20% YoY GOV growth in food delivery.
Swiggy, which has expanded its food delivery offerings to Bolt, 99store, among others, said its monthly transacting users (MTU) grew 22% YoY or over 30 Lakh in the past three quarters. At the same time, it claimed that its AOV continued to inch-up, as premiumisation and inflation balanced out.
Swiggy said that 10-minute food delivery offering Bolt and affordable offering 99-store together constitute well over a fifth of food delivery platform volumes now.
“While these are not all incremental in nature, the differentiated proposition they offer is attracting users and building salience and repeat-behaviour structurally. Since both these offerings come with lower last-mile distances, they are able to service the consumer’s specific need-state with optimised delivery cost which helps balance unit-economics, as these propositions have a lower AOV than the platform average,” the company said.
Instamart’s total orders for the quarter surged 45% YoY to 10.6 Cr while average order value per order zoomed 40% YoY to INR 746. Instamart added 34 dark stores in the quarter, taking the total dark store count to 1,136
Despite this, adjusted EBITDA loss for the vertical rose 57% YoY and 7% QoQ to INR 908 Cr.
While profitability seems distant for the quick commerce vertical right now, Instamart is unwilling to chase market leadership by aggressively spending on discounts, even if such tactics boost short-term order volumes or headline metrics like orders per day (OPD).
Responding to investor queries during the earnings call on Blinkit lagging in market share, the company said “buying growth” leads to low customer loyalty and does not result in a sustainable business.
Instamart CEO Amitesh Jha said while market leadership remains the ambition, it must be achieved through long-term, structural growth rather than discount-led expansion. He noted that irrational growth in the market is driving frequent customer switching across platforms, with little stickiness. Instead, Instamart is prioritising a stronger value proposition built around better assortment, sharper customer insights, and repeat usage.
Shares of Swiggy ended today’s trading session 1.17% higher at INR 327.40
[Edited by: Vinaykumar Rai]
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Login or create a free account to continue reading in private mode.
AI Description
Swiggy reported a significant Q3 loss surge of 33% YoY to INR 1,065 Cr, while the company's revenue grew 54% YoY to INR 6,148 Cr during the December quarter.