Swiggy , India's leading on-demand convenience platform, has reported robust growth for the second quarter of fiscal year 2026, with its food delivery business showing improved profitability and quick commerce segment experiencing rapid expansion.

Key Financial Highlights

• Consolidated revenue from operations grew 54.4% year-over-year (YoY) to ₹5,561.00 crore
• B2C Gross Order Value (GOV) increased 47.6% YoY to ₹16,683.00 crore
• Consolidated Adjusted EBITDA loss improved to ₹695.00 crore, down from ₹813.00 crore in Q1 FY26

Food Delivery Segment Strengthens

Swiggy's core food delivery business demonstrated solid performance:

• GOV grew 18.8% YoY to ₹8,542.00 crore
• Average Monthly Transacting Users (MTU) increased 17.2% YoY to 17.20 million
• Adjusted EBITDA improved by 25.4% quarter-over-quarter (QoQ) to ₹240.00 crore
• Adjusted EBITDA margin expanded to 2.8% of GOV, up 125 basis points YoY

The company attributed this growth to new propositions like Bolt, 99-Store, Deskeats, and health-focused curations, which have helped in expanding the user base and increasing order frequency.

Quick Commerce Accelerates

Instamart, Swiggy's quick commerce offering, showed remarkable growth:

• GOV surged 107.6% YoY and 24.2% QoQ to ₹7,022.00 crore
• Average Order Value (AOV) grew approximately 40% YoY to ₹697.00
• Contribution margin improved by 202 basis points QoQ to -2.6%
• Adjusted EBITDA margin improved by 375 basis points QoQ to -12.1%

The rapid expansion in quick commerce was driven by increased dark store network efficiency, with 1,102 stores now operational across 128 cities.

Strategic Initiatives and Future Outlook

Swiggy has undertaken several strategic initiatives to drive growth:

1. Launched 'Toing', a new app catering to budget-conscious users in Pune
2. Expanded 'Deskeats' to 7,000+ tech parks across 30 cities
3. Introduced health-focused categories on the platform
4. Planned divestment of its stake in Rapido for ₹2,399.00 crore, subject to regulatory approvals

The company's board is set to consider a fundraise of up to ₹10,000.00 crore through the Qualified Institutional Placement (QIP) route on November 7, 2025.

Management Commentary

Sriharsha Majety, MD & Group CEO of Swiggy, commented on the results: "Swiggy's Food delivery business delivered another quarter of robust growth and improved profitability, with the double-digit YoY order growth at the highest in 2 years. Instamart made giant strides in catering to all purchase-missions through Maxxsaver (grocery) and Quick India movement (non-grocery), driving up AOV 40% YoY."

As Swiggy continues to innovate and expand its services, the company remains focused on balancing growth with profitability across its diverse business segments.

Note: All financial figures are in Indian Rupees (₹).

Swiggy , India's leading food delivery and quick commerce platform, reported robust growth in its Q2 results, with significant improvements in key business segments despite an increase in net loss.

Financial Highlights

• B2C Gross Order Value (GOV) reached ₹16,683.00 crore, representing a 47.6% YoY growth
• Consolidated adjusted revenue grew to ₹5,911.00 crore, a 52.6% YoY increase
• Net loss expanded to ₹1,092.00 crore, up from ₹626.00 crore in the same quarter last year
• Consolidated adjusted EBITDA loss was ₹695.00 crore, improving from ₹813.00 crore in Q1

Segment Performance

Food Delivery

• GOV of ₹8,542.00 crore, showing 18.8% YoY growth
• Adjusted EBITDA margin improved to 2.8%

Quick Commerce

• GOV of ₹7,022.00 crore, demonstrating a 107.6% YoY growth
• Average order value reached ₹697.00, a 40% YoY increase
• 40 new dark stores added, reaching a total of 1,102 stores across 128 cities
• Profit margins improved from -4.6% in Q1 to -2.6% in Q2

Operational Insights

• Platform monthly transacting users grew 34% YoY to 22.9 million
• The company incorporated a step-down subsidiary, "Swiggy Instamart Private Limited," to house its Instamart business
• Board approved the transfer of the quick commerce business to this subsidiary through a slump sale, subject to shareholder approval

Strategic Moves and Fundraising

• Swiggy announced plans to sell its 12% stake in Rapido for ₹2,400.00 crore
• The Board will consider fundraising up to ₹10,000.00 crore through QIP route
• A Board meeting is scheduled for November 7 to discuss potential fundraising options

Market Response

Swiggy shares closed 0.23% lower at ₹418.00 on the day of the announcement. While the stock remains above its IPO price of ₹390.00, it has seen a 23% decline.

Outlook

Swiggy's Q2 results demonstrate strong growth across its business segments, particularly in quick commerce. The improvement in food delivery margins and quick commerce profitability are positive signs. While net losses have increased, the company's strategic moves, including potential fundraising and business restructuring, indicate a focus on long-term profitability and market leadership. The significant growth in user base and order values suggests continued consumer adoption of Swiggy's services, positioning the company for future growth in the competitive food delivery and quick commerce sectors.