Swiggy Narrows Q2 FY27 Loss to Rs 922 Crore as Revenue Climbs 36%

Swiggy reported a year-on-year reduction in its net loss for the second quarter of FY27, supported by strong revenue growth and improved profitability in its food delivery business. However, continued losses in its quick commerce arm, Instamart, remained a drag on the company’s overall financial performance.

The food and grocery delivery platform posted a net loss of Rs 922 crore for the July–September quarter, down 15.6% from Rs 1,092 crore in the corresponding period last year. Revenue increased 36% year-on-year to Rs 7,571 crore, compared with Rs 5,561 crore in Q2 FY26.

Food Delivery Business Records Strong Profitability

Swiggy’s food delivery business continued to strengthen its financial performance during the quarter. Its gross order value (GOV) rose 17.7% year-on-year to Rs 10,054 crore.

The segment reported an adjusted EBITDA of Rs 341 crore, an improvement of Rs 101 crore compared with the year-ago period. The results reflect the business’s progress in improving operating performance while expanding its customer base.

Sriharsha Majety, Managing Director and Group CEO of Swiggy, reported that the food delivery company had reached its highest-ever profit and margins. He also highlighted the company’s efforts to expand into new consumption categories through Toing, its standalone offering focused on affordable meals.

Instamart Expands as Losses Remain High

Swiggy’s quick commerce business, Instamart, continued to grow during the September quarter, although its losses remained substantial.

The platform’s net order value increased 31.4% year-on-year to Rs 6,954 crore. Instamart generated revenue of Rs 1,306 crore, compared with Rs 980 crore in the same quarter last year.

However, its loss widened to Rs 764 crore from Rs 739 crore a year earlier, highlighting the financial pressure associated with scaling the quick commerce business.

Instamart added 69 dark stores during the quarter, matching the total number of stores it had added over the previous three quarters combined. This took its network to 1,240 dark stores, covering approximately 5.2 million square feet.

Majety said Instamart had accelerated growth in line with the company’s expectations. He also noted that the business had received the necessary approvals to qualify as an Indian-owned and controlled company, marking an important step in its ongoing transition.

Swiggy Wants Its Adjusted EBITDA to Reach Rs 10,000 Crore by FY31

By FY31, Swiggy hopes to reach its long-term profitability goal of Rs 10,000 crore in adjusted EBITDA. The company outlined this ambition at its first Capital Markets Day on August 6, 2026.

Majety claims that reaching a gross order value of about Rs 2.5 lakh crore with adjusted EBITDA margins of about 4% is the goal.

The company is also focusing on improving its product assortment and helping customers discover products that better meet their needs. Majety said Swiggy views assortment as a matter of carefully selecting relevant offerings rather than simply increasing the number of products available.

Eternal Reports Strong Growth in Q2

Swiggy’s financial performance comes as its rival Eternal, the parent company of Zomato and Blinkit, reported strong growth in the second quarter of FY27.

Eternal’s net profit rose 92% year-on-year to Rs 125 crore, while revenue increased 78% to Rs 24,138 crore.

The contrasting results highlight the competitive nature of India’s food delivery and quick commerce markets, where companies are pursuing growth while working to improve profitability across their businesses.