Swiggy Q2 net loss widens to Rs 1,092 cr

Swiggy reported a consolidated net loss of Rs 1,092 crore in Q2 FY26, widening from a net loss of Rs 626 crore in Q2 FY25.

Despite the loss, the company recorded strong top-line growth, with revenue from operations rising 54.42% year-on-year (YoY) to Rs 5,561 crore in the quarter ended 30 September 2025.

Total expenses climbed 55.74% YoY to Rs 6,711 crore, compared with Rs 4,309 crore in Q2 FY25. Advertising and sales promotion expenses surged 93.48% YoY to Rs 1,039 crore, while delivery and related charges increased 30.22% YoY to Rs 1,426 crore. Employee benefit expenses stood at Rs 690 crore (up 13.67% YoY) and finance costs climbed 108.69% YoY to Rs 48 crore during the quarter.

The company?s pre-tax loss also stood at Rs 1,092 crore in Q2 FY26, against a pre-tax loss of Rs 626 crore in Q2 FY25.

Swiggy?s Food Delivery business continued to perform well, with Gross Order Value (GOV) growing 18.8% YoY to Rs 8,542 crore. Food delivery monthly transacting users (MTUs) rose by over 0.9 million quarter-on-quarter, delivering a 17% YoY growth. The Adjusted EBITDA margin improved to 2.8% of GOV (up 125 bps YoY and 44 bps QoQ), demonstrating that efforts to increase users' interactions with the platform through new use-cases and optimum affordability are gaining traction; without sacrificing platform growth or profitability.

Instamart, the company?s quick commerce vertical, reported GOV growth of 108% YoY (and 24.2% QoQ) to Rs 7,022 crore. Swiggy added 40 new dark stores, taking its total network to 1,102 dark stores across 128 cities, covering 4.6 million sq. ft. of space. The average order value (AOV) increased 39.7% YoY to Rs 697, driven by continued traction from Maxxsaver, its basket-building proposition, and expansion into non-grocery categories.

The company said that, in an industry first, Instamart successfully completed the inaugural Quick Commerce sale called the ?Quick India Movement,? showcasing over 30,000 SKUs to the majority of consumers. The contribution margin improved to -2.6% (+202 bps QoQ) on the back of expanded basket sizes, optimization of customer incentives, and operating leverage. Overall, the Quick Commerce segment posted a loss of Rs 849 crore for the quarter, while the adjusted EBITDA margin improved to -12.1% from -15.8% in Q1.

Sriharsha Majety, MD & Group CEO, Swiggy, said ?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. This was led by acceleration in user-growth on the back of new propositions like Bolt, 99-Store, Deskeats and Health-focused curations; all aimed at covering the entire breadth of user expectations.

Instamart made giant strides in catering to all purchase-missions through Maxxsaver (grocery) and Quick India movement (non-grocery), driving up AOV 40% YoY. A ~200 bps QoQ Contribution margin improvement showcases our commitment to drive scale-led, sustainable and profitable growth in Quick-commerce, led by best-in-class speed and selection.

Meanwhile, the company?s board of directors is scheduled to meet on 7 November 2025 to consider and approve the raising of funds up to Rs 10,000 crore through public or private offerings, including one or more qualified institutional placements (QIPs) or other permitted modes under applicable laws, in one or more tranches, subject to requisite shareholder and regulatory approvals.

Swiggy is India?s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 6.9 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2.6 lakh restaurants across 720+ cities.

The counter shed 0.20% to settled at Rs 418.10 on the BSE.

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