Food delivery and quick commerce platform Swiggy narrowed its quarterly losses in the fourth quarter of FY26 even as growth in its core food delivery business accelerated to a 15-quarter high, signalling stronger consumer demand and improving unit economics amid intensifying competition in quick commerce.
The Bengaluru-based company reported a consolidated net loss of ₹800 crore for the January-March quarter, compared with ₹1,081 crore in the year-ago period and ₹1,065 crore in the preceding quarter. Revenue from operations rose 45 per cent year-on-year to ₹6,383 crore.
Swiggy’s consolidated adjusted EBITDA loss improved sequentially to ₹652 crore from ₹712 crore in Q3FY26, while its B2C adjusted EBITDA margin improved by 181 basis points year-on-year to negative 3 per cent.
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The company’s food delivery business emerged as the standout performer during the quarter. Gross order value (GOV) in the segment rose 22.6 per cent year-on-year to ₹9,005 crore, beating the company’s guidance range of 18-20 per cent growth. Monthly transacting users in food delivery increased 21 per cent year-on-year to 18.3 million, while adjusted EBITDA margin improved to 3.3 per cent of GOV.
In his shareholder letter, Co-founder and group chief executive Sriharsha Majety said the acceleration was driven more by growth in order volumes and users rather than higher ticket sizes, which he said reflected “the durability of our demand.” He added that offerings such as Bolt, One BLCK, 99-store and Eat Right were helping expand use cases on the platform.
The company also reiterated that affordability would remain central to driving food delivery growth. Swiggy said initiatives such as 99-store, affordable restaurant marketplace Toing and its experiments in quick food delivery through Snacc were aimed at widening access for value-conscious consumers. However, the company shut down Snacc during the quarter, saying it was unconvinced about the long-term scale of the category.
Quick commerce arm Instamart continued to post strong growth, though the pace moderated amid fierce competition from rivals including Blinkit, Zepto and BigBasket.
Instamart’s GOV rose 68.8 per cent year-on-year to ₹7,881 crore, while adjusted EBITDA losses narrowed to ₹858 crore from ₹908 crore in the previous quarter. Contribution margin improved sharply to negative 1.8 per cent from negative 5.6 per cent a year ago.
Swiggy said it had consciously prioritised profitability over aggressive discount-led growth in quick commerce. “We made the deliberate choice to prioritise margin integrity over vanity volume,” the company said in the shareholder letter, adding that it had reduced exposure to low-value orders and rationalised incentives.
The company said Instamart would increasingly position itself as a differentiated convenience-led platform rather than compete purely on pricing. Swiggy also highlighted traction in its clean-label private brand Noice and broader assortment strategy to drive customer stickiness.
Swiggy’s out-of-home consumption business, which includes Dineout and Scenes, also continued its profitability trajectory. GOV in the segment grew 43 per cent year-on-year to ₹1,245 crore, while adjusted EBITDA margin turned positive at 0.8%. The platform crossed 52,000 average monthly active restaurant partners during the quarter.
As of March 31, 2026, Swiggy’s consolidated cash balance stood at Rs 15,053 crore.
On May 8, Swiggy’s shares closed 0.5% higher at Rs 282.8 apiece at BSE.