Swiggy net loss widens 33% to ₹1,065 crore in Q3; revenue tops ₹6,000 crore
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Swiggy’s consolidated net loss widened 33% year-on-year to ₹1,065 crore in the December quarter (Q3FY26), due to the continued cost of scaling its quick commerce business even as revenue crossed a key milestone and its core food delivery arm posted its strongest margins in two years.
The loss compares with ₹799 crore in the year-ago period, although sequentially, Swiggy managed to pare losses by about 3% from ₹1,092 crore in the preceding quarter. The company’s top line crossed the ₹6,000 crore mark for the first time during the quarter, reflecting strong growth across food delivery, dining out, and quick commerce.
Sriharsha Majety, managing director and group CEO of Swiggy, said the company was seeing sustained momentum in its core businesses while continuing to invest in newer growth engines. “Swiggy continues to accelerate user growth and gross order value in food delivery, defying broader scepticism around a sector slowdown while significantly improving our operating margins,” he said.
Revenue milestone amid rising scale
Swiggy’s revenue growth during the quarter was supported by rising order volumes and higher user engagement across services. Average monthly transacting users on the platform rose 37% year-on-year to 24.3 million, with over 36% of users now using more than one Swiggy service, indicating deeper cross-category adoption.
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The company said its recent qualified institutional placement had strengthened its balance sheet and provided long-term capital to support expansion. “With robust cash reserves backing our strategic priorities, our long-term approach emphasises disciplined fiscal prudence and a distinctive product offering to drive sustained momentum toward contribution margin breakeven,” Majety said.
Food delivery gains, Instamart remains a drag
Swiggy’s food delivery business remained the standout performer. Gross order value (GOV) in the segment grew 20.5% year-on-year to ₹8,959 crore, while monthly transacting users increased 22% to 18.1 million. Adjusted EBITDA from food delivery rose 1.5 times year-on-year to ₹272 crore, with margins improving to 3% of GOV, the highest level in the past two years.
In contrast, losses in quick commerce continued to weigh on overall profitability. Instamart posted an adjusted EBITDA loss of ₹908 crore during the quarter, even as GOV more than doubled year-on-year to ₹7,938 crore. Average order value jumped nearly 40% to ₹746, aided by larger baskets and expansion into non-grocery categories.
Contribution margins in Instamart improved marginally to -2.5%, and adjusted EBITDA margins narrowed to -11.4% from -12.1% in the previous quarter, reflecting operating leverage and tighter control over incentives. Swiggy added 34 dark stores during the quarter, taking its network to 1,136 stores across 131 cities.
Swiggy’s out-of-home consumption segment, which includes dining and events, also remained profitable, with GOV growing 49% year-on-year and adjusted EBITDA margins improving to 0.7%.