Swiggy Limited reported its audited financial results for the quarter and year ended March 31, 2026, with the Board of Directors approving the consolidated and standalone statements on May 08, 2026. The statutory auditors, Walker Chandiok & Co LLP, issued an unmodified opinion on the financial results. The company demonstrated strong top-line expansion across business segments, with Food Delivery achieving its strongest growth pace in nearly four years, although elevated investments in quick commerce and platform expansion resulted in a consolidated net loss for the year.

"Food delivery has grown at its strongest pace in nearly four years, crossing INR 1,000 Cr in annual adjusted EBITDA and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago. Out of home continues to be a profitable and growing part of the business. In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance. The strong balance sheet gives us room to be disciplined and deliberate as we enter FY27," said Sriharsha Majety, MD & Group CEO, Swiggy.

Consolidated Financial Performance

On a consolidated basis, Swiggy posted significant revenue growth for both the quarter and the full year. Revenue from operations for FY26 reached ₹23,053 crore, compared to ₹15,227 crore in FY25, representing a 45% surge. For the quarter ended March 31, 2026, consolidated revenue stood at ₹6,383 crore, up from ₹4,410 crore in the corresponding quarter of the previous year. The consolidated net loss for Q4 narrowed to ₹800 crore from ₹1,081 crore in Q4 FY25, reflecting improving operating leverage. Total expenses for FY26 rose to ₹27,701 crore from ₹18,725 crore in FY25, driven primarily by purchases of stock-in-trade (₹10,044 crore), delivery and related charges (₹5,849 crore), and advertising expenses (₹4,207 crore). The company recognized an exceptional item of ₹10 crore during the quarter ended December 31, 2025, pertaining to the statutory impact of the new Labour Codes.

Swiggy Platform — Key Operating Metrics

Consolidated Adjusted Revenue grew 41.3% YoY to INR 6,665 crore in Q4 FY26, up 3.6% QoQ. Platform Average Monthly Transacting Users (MTUs) grew 27.2% YoY to 25.2 million, while B2C Gross Order Value reached INR 18,131 crore in Q4 FY26. B2C Adjusted EBITDA Margin improved by 181 bps YoY to -3.0% of B2C GOV, gaining 43 bps QoQ. Consolidated Adjusted EBITDA improved by INR 60 crore QoQ to a loss of INR 652 crore. As at March 31, 2026, Swiggy's consolidated cash and cash equivalents stood at INR 15,053 crore.

Food Delivery Operational Highlights

Swiggy's Food Delivery business Gross Order Value (GOV) growth accelerated to 22.6% YoY to INR 9,005 crore in Q4 FY26, a 15-quarter high, ahead of the company's guided range of 18–20%. This acceleration was driven by a sharper increase in order volumes (+19.0% YoY) and user volumes (+21.4% YoY) rather than average order values. Food Delivery MTUs grew 21% YoY to reach 18.3 million. Adjusted EBITDA improved 9.1% QoQ and 39.8% YoY to INR 297 crore, with Adjusted EBITDA Margin reaching a lifetime high of 3.3% of GOV, up 41 bps YoY and 26 bps QoQ. The Food Delivery segment delivered INR 1,000 crore in annual Adjusted EBITDA for FY26. Speed and affordability propositions — including Bolt, One BLCK, 99-Store, and Eat Right — collectively account for approximately one fourth of total platform volumes. The company proactively shut down Snacc during the quarter, citing insufficient scale for the micro-kitchen model's sustainable economics.

Quick Commerce (Instamart) Operational Highlights

Instamart posted 68.8% YoY GOV growth to INR 7,881 crore in Q4 FY26, with Net Order Value (NOV) growth at 60.3% to INR 5,675 crore (sequential growth at 4%). Network expansion remained selective, with seven darkstores added to take the total to 1,143 stores across 129 cities, covering more than 4.8 million sq ft. Average order value grew 32.8% YoY to INR 700, driven by a sustained non-grocery mix and larger basket sizes. Contribution margin improved 65 bps QoQ to -1.8%, with the monthly contribution margin reaching -1.1% in March 2026. Adjusted EBITDA margin improved to -10.9% from -11.4% in Q3, with Quick Commerce posting an overall Adjusted EBITDA loss of INR 858 crore for the quarter. The company noted that current darkstore utilization stands at approximately 40%, indicating capacity to double the business without significant additional store additions. Management expressed confidence in achieving contribution margin breakeven guidance in Q1 FY27, and outlined a medium-term vision to grow to over 1 lakh crore Net Order Value with 4–5% EBITDA.

Out-of-Home Consumption and Supply Chain

The Out-of-Home (OOH) Consumption business continued its steady profitability trajectory. GOV grew 43% YoY to INR 1,245 crore in Q4 FY26, with Adjusted EBITDA margins expanding to 0.8% during the quarter. The Dineout platform crossed 52,000 average monthly active restaurant partners (9% QoQ growth), growing at 36% YoY. The segment delivered its first full year of profitability in FY26, achieving a 0.6% EBITDA margin compared to -12% in FY23. The Supply Chain and Distribution segment recorded revenue of INR 3,135 crore in Q4 FY26, up 56.4% YoY, with Adjusted EBITDA margin improving to -1.3% from -3.5% in Q4 FY25.

Segment-Wise Performance

Swiggy operates across five segments: Food Delivery, Out-of-Home Consumption, Quick Commerce, Supply Chain and Distribution, and Platform Innovations. Food Delivery remained the only segment to report a positive segment result, contributing ₹1,041 crore in FY26. Quick Commerce recorded a segment loss of ₹3,063 crore in FY26 against ₹1,896 crore in FY25, reflecting ongoing investments in the Instamart business. The Platform Innovations segment, which serves as a sandbox for new business models, recorded an Adjusted EBITDA loss of INR 58 crore in Q4 FY26 with an Adjusted EBITDA margin of -462.8% of Adjusted Revenue.

Standalone Financial Results and Corporate Actions

On a standalone basis, Swiggy reported revenue from operations of ₹8,258 crore for FY26. The standalone continuing operations turned profitable, recording a profit of ₹416 crore against a loss of ₹201 crore in FY25. The Instamart business was classified as discontinued operations effective April 01, 2026, following its transfer to a wholly-owned step-down subsidiary, Swiggy Instamart Private Limited. Loss from discontinued operations for FY26 stood at ₹3,835 crore before tax on a standalone basis.

Key corporate developments during the year included a Qualified Institutions Placement (QIP) aggregating ₹10,000 crore, with 26,66,66,663 equity shares allotted at ₹375 per share, and the sale of its entire investment in Rapido for ₹2,399 crore, recognizing a gain of ₹1,350 crore in Other Comprehensive Income. Inter-corporate deposits of ₹1,130 crore given to Supr Infotech Solutions Limited were converted into Compulsorily Convertible Debentures. Approximately 100,000 delivery partners have registered on the E-Shram portal, unlocking access to accident, health, life insurance, pension, and other government-sponsored schemes. The Board also appointed Mr. Rahul Bothra and Mr. Phani Kishan Addepalli as Additional Directors effective June 01, 2026, while Mr. Lakshmi Nandan Reddy Obul resigned as Whole Time Director – Head of Innovation effective April 10, 2026.

Source: None/Company/INE00H001014/9d490d8fc24d40fb.pdf

Swiggy Limited has filed Monitoring Agency Reports with the stock exchanges on May 08, 2026, covering the utilisation of proceeds from its Initial Public Offer (IPO) and Qualified Institutional Placement (QIP) for the quarter ended March 31, 2026. The reports were prepared by Crisil Ratings Limited, acting as the Monitoring Agency, pursuant to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The peer-reviewed Independent Chartered Accountant certificates were issued by M/s Manian & Rao, Chartered Accountants (Firm Registration Number: 001983S).

IPO Proceeds Utilisation

Swiggy's IPO was held during November 6–8, 2024, with a total issue size of Rs 1,13,274.27 million, comprising a fresh issue of Rs 44,990.00 million and an Offer for Sale (OFS) of Rs 68,284.27 million. After deducting issue expenses of Rs 1,400.18 million, the net proceeds available for deployment stood at Rs 43,589.82 million. The Monitoring Agency confirmed that all utilisation was in accordance with the disclosures in the Offer Document, with no deviations reported.

The following table summarises the progress in utilisation of IPO proceeds as at the end of the quarter ended March 31, 2026:

The unutilised IPO gross proceeds of Rs 7,138.27 million were deployed in fixed deposits and current accounts of Swiggy Limited and its subsidiary, Scootsy Logistics Pvt Ltd, earning a total of Rs 316.64 million, with a market value of Rs 7,455.38 million as at March 31, 2026. A delay was noted in the implementation of the lease/license payments for Dark Stores object, as the company had estimated to utilise Rs 1,546.00 million by Fiscal 2026 but utilised only Rs 1,503.02 million. This was attributed to delays in invoice submission and processing, with the remaining amount to be utilised in the subsequent quarter.

QIP Proceeds Utilisation

Swiggy's QIP was conducted during December 9–12, 2025, comprising the issue of 26,66,66,663 equity shares aggregating to gross proceeds of Rs 1,00,000.00 million. After deducting issue expenses of Rs 813.57 million, the net proceeds available for deployment stood at Rs 99,186.43 million. The Monitoring Agency confirmed that all utilisation was in accordance with the disclosures in the Placement Document, with no deviations reported.

The following table summarises the progress in utilisation of QIP proceeds as at the end of the quarter ended March 31, 2026:

The general corporate purposes utilisation under the QIP during the quarter ended March 31, 2026 amounted to Rs 3,716.04 million, comprising administrative expenses of Rs 2,192.49 million (towards salary payouts) and meeting expenses incurred in the ordinary course of business of Rs 1,523.54 million (towards indirect expenses). The Monitoring Agency confirmed that no payments were made to any directors, Key Managerial Personnel, or Group Companies from the QIP proceeds under general corporate purposes.

Deployment of Unutilised QIP Proceeds

The unutilised QIP gross proceeds of Rs 93,865.63 million were deployed across a diversified set of instruments as at March 31, 2026, earning total returns of Rs 1,455.32 million, with a market value of Rs 95,320.94 million. The deployment included:

• Fixed Deposits with HDFC Bank, Axis Bank, and ICICI Bank
• Corporate Deposits with Shriram Finance Limited, Mahindra & Mahindra Financial Services Ltd, and Bajaj Finance Limited
• Bonds/NCDs issued by entities including Aditya Birla Capital Limited, HDB Financial Services Limited, Kotak Mahindra Investments Limited, Cholamandalam Investment and Finance Company Limited, Tata Capital Financial Services Limited, Tata Capital Limited, National Bank for Agriculture and Rural Development, REC Limited, Godrej Industries Limited, and Shriram Finance Limited
• Mutual Funds including HDFC Floating Rate Debt Direct-G, Aditya Birla SL Floating Rate Direct-G, Kotak Low Duration Direct-G, Nippon India Liquid Direct-G, Nippon India Low Duration Direct-G, Tata Money Market Direct-G, ICICI Pru Savings Direct-G, and Axis Treasury Advantage Direct-G
• Commercial Papers of Kotak Mahindra Prime Limited, Aditya Birla Capital Limited, and ICICI Securities Limited
• Balance in Axis Escrow Account

A delay was also noted in the QIP's quick commerce fulfilment network object, as the company had estimated to utilise Rs 120.00 million for this object by Fiscal 2026 but utilised Rs Nil as at the end of fiscal 2026. This was attributed to delays in invoice submission and processing, with the amount to be utilised in the subsequent quarter. The company confirmed that no lien of any nature was created during the interim use of proceeds for either the IPO or the QIP.