Swiggy narrowed its loss by 26% to ₹800 Cr in Q4 FY26 from ₹1,081 Cr in the same quarter last year. Sequentially, loss declined 24.9% from ₹1,065 Cr
Revenue from operations zoomed 44.7% to ₹6,383 Cr from ₹4,410 Cr in the year-ago period. On a QoQ basis, it increased 3.8% from ₹6,148 Cr
The company’s total expenses increased 32.8% to ₹7,448 Cr from ₹5,610 Cr in the year-ago period
Foodtech major Swiggy narrowed its loss by 26% to ₹800 Cr in Q4 FY26 from ₹1,081 Cr in the same quarter last year. Sequentially, loss declined 24.9% from ₹1,065 Cr.
Revenue from operations zoomed 44.7% to ₹6,383 Cr from ₹4,410 Cr in the year-ago period. On a QoQ basis, it increased 3.8% from ₹6,148 Cr.
Including other income of ₹266 Cr, total income stood at ₹6,649 Cr during the quarter under review.
The company’s total expenses increased 32.8% to ₹7,448 Cr from ₹5,610 Cr in the year-ago period. Its adjusted EBITDA loss improved nearly 11% YoY and 8.4% QoQ to ₹652 Cr during the quarter under review.
For the full year FY26, Swiggy’s loss widened 33% to ₹4,154 Cr from ₹3,117 Cr in the previous year. Operating revenue during the fiscal under the review rose 50.8% to ₹23,053 Cr from ₹15,227 Cr in FY25.
On the operational front, Swiggy’s B2C arm, which includes its food delivery, quick commerce (Instamart) and out of home (DineOut) businesses, saw gross order value (GOV) jump 40.7% YoY to ₹18,131 Cr in Q4. Total orders during the quarter increased 22.4% YoY to 30.1 Cr.
Even as the platform’s consolidated average monthly transacting users increased 27.2% YoY to 2.5 Cr, platform frequency dipped nearly 5% to 4.01.
Here’s a quick snapshot of how Swiggy’s key verticals performed during the quarter:
Food Delivery: The foodtech major’s bellwether vertical saw a 23.4% YoY jump in adjusted revenue to ₹2,304 Cr in Q4. Adjusted EBITDA improved 40% YoY to ₹297 Cr.
Quick Commerce: Instamart continued to be the growth engine, clocking 48.7% YoY jump in adjusted revenue to ₹1,090 Cr in the quarter under review. Profitability remained elusive as adjusted EBITDA loss widened 2% YoY to ₹858 Cr.
Out Of Home Consumption: DineOut’s adjusted EBITDA grew 5X YoY to ₹10 Cr during the quarter, while adjusted revenue rose 73.2% YoY to ₹123 Cr.
Platform Innovations: Housing the company’s experimental verticals like Toing and Builders Club, the vertical’s adjusted revenue crashed 70.4% YoY to ₹13 Cr during the quarter, while adjusted EBITDA loss zoomed 66% YoY to ₹58 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 company’s biggest growth driver. The vertical’s revenue surged 56.4% YoY to ₹3,135 Cr, while adjusted EBITDA loss improved 40% YoY to ₹42 Cr.
Food Delivery: The Steady Rock
Food delivery continued to be the bellwether vertical for Swiggy during the quarter. Gross order value for the arm rose 22.6% YoY to ₹9,005 Cr in Q4, a 15-quarter high as per the company.
Average monthly transacting users stood at 1.8 Cr, up 21% from the previous year. The company attributed this growth to a compounding effect from launches under the “selection-speed-affordability” framework.
For context, the trifecta includes products such as quick delivery platform Bolt, premium subscription offering One BLCK and specialised offerings like Eat Right, Desk Eats, Food on Train and the affordable 99-Store offering.
As per Swiggy, the health-focused offering ‘Eat Right’ recorded higher average order value compared to the larger platform. Swiggy claimed that it pre-emptively entered these verticals to counter any specialised moat that new entrants might try to seek.
Meanwhile, Swiggy also said that adjusted EBITDA and adjusted EBITDA margin for its food delivery vertical saw healthy expansion YoY primarily due to ad-led revenue growth, increased visibility and high-intent traffic. The company also claimed it managed to expand contribution margins without taking aggressive pricing actions that could impact consumer demand.
It also claimed that the food delivery vertical improved cost efficiency via increased order density to offset fleet costs, and moving its value proposition from discount-led to utility-led through specialised offerings.
“By optimising order-per-hour efficiency, we have lowered the cost of delivery while maintaining speed and increasing driver partner earnings,” the company said in its shareholders’ letter.
Instamart Chases Differentiation
Swiggy’s quick commerce vertical saw its GOV jump 68.8% YoY to ₹7,881 Cr, but contracted 0.7% on a sequential basis.
Similarly, average order value grew 33% YoY to ₹700, but dipped 6.2% on a sequential basis. This was despite the total number of orders growing 27% YoY and nearly 6% QoQ to 11.3 Cr during the quarter.
Instarmart’s adjusted EBITDA loss normalised to Q1 levels during the quarter, down 5% QoQ to ₹858 Cr.
Swiggy Instamart managed to add a mere seven new dark stores during the quarter, increasing its total fulfilment network to 1,143 stores across 129 cities. The company claimed that it has achieved the desired densification and geographical coverage after two years of aggressive expansion.
Swiggy added that store expansion hereafter will be a derivative of growth and utilisation. Its utilisation stood at 40% in Q4, compared to 36% in the year ago period, allowing it to double its business without having to expand store numbers and burden operational leverage.
Going forward, the foodtech major plans to position Instamart as a convenience-led and lifestyle-upgradation destination rather than one for daily essentials. This approach, it believes, could drive MTU growth and frequency.
“While serving all latent need states for our core consumers today, we want to improve their experience on the platform by offering differentiated assortment/propositions that make it easier to upgrade to a better lifestyle,” the company said, citing its homegrown clean-label brand Noice as an example, which it said is improving stickiness.
In the letter to shareholders, Swiggy CEO Sriharsha Majety said that going forward, the platform will have to work with partner brands to solve for this differentiation across more categories and consumption occasions.
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