Food and grocery delivery platform Swiggy on October 30 reported that its net loss widened 74.4 percent year-on-year (YoY) to Rs 1,092 crore in the second quarter (Q2) of financial year 2025-26 (FY26), up from Rs 626 crore in the same period a year ago.
The Bengaluru-based firm had reported a loss of Rs 1,197 crore in the previous quarter, as rapid expansion in its quick commerce vertical Instamart took a toll on the company’s bottom line.
Swiggy’s revenue from operations rose 54.4 percent YoY to Rs 5,561 crore in Q2, up from Rs 3,601 crore a year ago. It had reported a revenue of Rs 4,961 crore in the previous quarter.
In comparison, its chief rival Zomato posted a 63 percent year-on-year (YoY) decline in quarterly profit at Rs 65 crore in the September quarter, while its revenue rose 183 percent YoY to Rs 13,590 crore, as its quick commerce vertical Blinkit switched to an inventory ownership model.
Swiggy's adjusted EBITDA loss for the quarter stood at Rs 695 crore for the September quarter, up 104 percent from Rs 341 crore in the year ago period. This figure stood at Rs 813 crore in the previous quarter.
Meanwhile, its total expenses increased nearly 56 percent YoY to Rs 6,711 crore in the quarter ended September, up from Rs 4,309 crore a year ago and Rs 6,244 crore a quarter ago.
The platform's average monthly transacting users (MTUs) grew 34 percent YoY to 22.9 million during the quarter, from 17.1 million in the year ago period.
Food delivery
The firm's food delivery revenue rose 22 percent YoY to Rs 2,206 crore in Q2FY26, from Rs 1808 crore a year ago. Meanwhile the gross order value (GOV) of this vertical grew nearly 19 percent YoY to Rs 8,542 crore, from Rs 7,191 crore in Q2 FY25.
“Food delivery continued its growth trajectory in line with our guidance, with a steady 18.8 percent YoY GOV growth even amidst volatile macro-consumption trends and higherthan-usual rainfall. Led by competitive action, subscription programmes expanded their ambit even further,” Swiggy Group CEO and MD Sriharsha Majety, talking about the company’s food delivery business.
“Importantly, MTU growth accelerated to 17.2 percent YoY and the double digit YoY order growth was the highest in 2 years,” he added.
Instamart
Revenue for Swiggy's quick commerce business, Instamart, rose 102 percent to Rs 1,038 crore on an annual basis, from Rs 513 crore in Q2 FY25. GOV growth accelerated to almost 108 percent YoY to Rs 7,022 crore. It had reported a GOV of Rs 3,382 crore in the year ago period, and Rs 5,655 crore in the previous quarter.
However, the company added just 40 dark stores during the quarter, taking its total store count to 1,102. In comparison, Zomato added 271 new stores in the September quarter, taking its total dark store footprint to 1,816.
"As stated earlier, we will continue to sweat our already-established darkstore footprint (which can support more than 2X the current order-base), while adding stores to debottleneck capacity or selectively add coverage in specific hyperlocal zones; rather than expanding significantly into the long-tail of smaller cities in the near-term," Majety added.
On October 30, Swiggy's shares on NSE closed 0.2% lower at Rs 418 apiece.
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