Swiggy Limited announced its consolidated financial results for the quarter and nine months ended December 31, 2025, demonstrating robust revenue growth across its business segments despite reporting increased losses. The food delivery and quick commerce platform's performance reflects continued expansion in market presence and operational scale, with management providing detailed insights during the earnings conference call held on January 29, 2026.

Financial Performance Overview

The company's consolidated revenue from operations reached ₹6,148 crore in Q3FY26, marking a substantial 54.0% year-on-year growth from ₹3,993 crore in Q3FY24. Sequential growth was also strong at 10.6% compared to ₹5,561 crore in Q2FY26.

For the nine-month period, revenue from operations totaled ₹16,670 crore, representing a 54.1% increase from ₹10,817 crore in the corresponding period of the previous year. However, the net loss for the nine-month period widened to ₹3,354 crore from ₹2,036 crore.

Segment-wise Performance

Swiggy operates across five key business segments, each contributing to the overall revenue growth:

The Quick Commerce segment showed exceptional growth of 76.1% year-on-year, while the Food Delivery segment, the company's core business, grew by 24.7%. Supply Chain and Distribution also demonstrated strong momentum with 76.1% growth.

Management Strategy and Market Positioning

During the earnings conference call, CEO Amitesh Jha emphasized the company's commitment to quality growth over vanity metrics. The management highlighted their strategic approach of not pursuing growth through excessive discounting, focusing instead on sustainable customer acquisition and retention.

The company reiterated its guidance for achieving contribution margin breakeven in the April-June 2026 quarter, despite competitive pressures in the quick commerce space.

Major Corporate Developments

During Q3FY26, Swiggy completed several significant corporate actions. The company successfully raised ₹10,000 crore through a Qualified Institutional Placement (QIP), allotting 26,66,66,663 equity shares at ₹375 per share to eligible Qualified Institutional Buyers.

The company also completed the sale of its investment in Roppen Transportation Services Private Limited (Rapido) for ₹2,399 crore, with the sale consideration received subsequent to the quarter end. This transaction resulted in a gain of ₹1,350 crore recognized in Other Comprehensive Income during Q2FY26.

Operational Expenses and Competitive Dynamics

Total expenses for Q3FY26 increased to ₹7,298 crore from ₹4,898 crore in Q3FY24, reflecting the company's continued investment in growth and expansion.

Management acknowledged the intense competitive environment, particularly from new entrants offering aggressive discounting. However, they emphasized their focus on structural improvements in assortment, availability, and customer experience rather than participating in what they termed "irrational competition."

Business Restructuring and Future Outlook

Swiggy announced plans to transfer its Instamart business to a newly incorporated step-down subsidiary, "Swiggy Instamart Private Limited," through a slump-sale arrangement. This proposal was approved by shareholders through a postal ballot resolution passed on November 01, 2025.

The company also received ₹31 crore under its Employee Dishonesty Insurance Policy during the quarter, against a claim related to an embezzlement incident reported in the previous financial year. Additionally, the company reported exceptional items of ₹10 crore in Q3FY26, primarily related to the statutory impact of new Labour Codes implemented by the Government of India, which became effective November 21, 2025.

Management expressed confidence in their ability to navigate competitive pressures while maintaining their path toward profitability, emphasizing that their current cash position and strategic focus position them well for sustainable long-term growth.

Major food delivery platforms have quietly removed their aggressive 10-minute delivery promises from marketing materials, marking a significant shift in strategy following government concerns about rider safety and working conditions. The change affects ultra-fast delivery services from industry leaders Swiggy and Zomato, forcing companies to pivot from speed-focused messaging to execution-driven approaches.

Government Intervention Triggers Policy Shift

The removal of 10-minute delivery propositions from app descriptions and marketing materials came after Union Labour Minister Mansukh Mandaviya urged major hyperlocal platforms to move away from aggressive timelines on 13 January. The minister cited concerns around rider safety and working conditions, prompting immediate changes across the industry.

Swiggy's services Bolt and Snacc, along with Zomato's Blinkit Bistro, had previously promised delivery of limited, high-demand assortments of snacks and beverages from select nearby eateries within 10 minutes. These services targeted quick, impulse-led food orders that bridge the gap between restaurant delivery and quick commerce.

Impact on Customer Acquisition and Marketing

Industry experts warn the messaging change could affect new customer acquisition in the near term. According to Satish Meena, founder of market research firm Datum Intelligence, the absence of clear speed promises could make it harder to attract first-time users, for whom such messaging has historically served as a strong hook.

The advertising impact is already visible, with targeted branding like "10-minute deliveries" typically having strong pull and helping ad creatives perform better. Siddharth Jhawar, country manager at ad-tech firm Moloco, noted there will certainly be a small, short-term impact by simply removing '10 minutes' from messaging, potentially lowering advertisement click-through rates.

Strong User Growth Despite Changes

Despite the messaging shift, both platforms have demonstrated robust user growth in recent quarters. The companies continue to add substantial numbers of monthly transacting users, indicating underlying demand remains strong.

Execution-Focused Strategy Emerges

Companies are now pivoting to execution-driven approaches, focusing on consistently fast deliveries and better assortment curation rather than headline claims. Sandeep Abhange, research analyst at LKP Securities, emphasized that trust and consistency will now matter more than numeric delivery timers.

Platforms are increasingly using order data to identify cuisine gaps and items consumers want quickly but are unavailable nearby. They are addressing supply constraints through cloud kitchens and additional fulfillment points to improve service reliability.

Service Performance and Market Position

Swiggy's Bolt emerged as the company's fastest-scaling initiative within a year of launch, expanding to 700 cities as of November 2025. The service contributes over 10% to Swiggy's overall food delivery orders, with the share expected to rise as availability improves.

Zomato's food delivery business saw net order value grow 16.60% year-on-year in the December quarter, helped by reducing minimum order values for free delivery on Gold orders, leading to higher ordering frequency from budget-conscious customers.

Industry Outlook and Adaptation

While the removal of 10-minute promises is unlikely to materially dent demand, it raises the bar on consistency when new customer additions remain critical for scaling. The market size is expected to catch up in the long run as companies focus on execution excellence over speed promises.

Both platforms continue to innovate with segmented propositions that feel customized to specific consumer need-states. Online food delivery remains one of the more resilient consumption segments, delivering steady growth despite the strategic messaging shift away from aggressive timeline promises.