Swiggy Q1 revenue jumps 37 per cent as losses continue to narrow

MUMBAI: Swiggy is discovering that the quickest route to growth is not just delivering faster, it is losing slower. The food and quick commerce platform reported strong revenue growth in the first quarter of FY27, with losses narrowing year on year as its food delivery business remained profitable and Instamart continued to scale while improving its unit economics.

For the quarter ended 30 June 2026, revenue from operations rose 37.3 per cent to Rs 6,812 crore, compared with Rs 4,961 crore in the corresponding quarter last year.

Including other income of Rs 211 crore, total income increased 39.1 per cent to Rs 7,023 crore, up from Rs 5,048 crore a year earlier.

Despite continued investments across businesses, loss before tax narrowed 33.9 per cent to Rs 791 crore, compared with Rs 1,197 crore in the first quarter of FY26.

The company reported a net loss of Rs 791 crore, an improvement of 33.9 per cent from the Rs 1,197 crore loss recorded a year earlier.

Total comprehensive loss also improved to Rs 792 crore, compared with Rs 1,199 crore in the corresponding quarter last year.

Operating costs rose as Swiggy expanded its business. Total expenses increased 25.1 per cent year on year to Rs 7,813 crore, up from Rs 6,244 crore.

Among the largest cost heads, delivery and related charges climbed to Rs 1,750 crore from Rs 1,313 crore, while advertising and sales promotion expenses rose to Rs 1,160 crore from Rs 1,036 crore. Employee benefit expenses stood at Rs 662 crore, broadly stable compared with Rs 686 crore a year ago.

The Food Delivery business remained Swiggy’s earnings engine. Revenue increased 22.7 per cent year on year to Rs 2,208 crore, while segment profit surged 48 per cent to Rs 299 crore, compared with Rs 202 crore in the corresponding quarter last year.

The biggest growth came from Instamart, Swiggy’s quick commerce arm. Revenue jumped 52.9 per cent to Rs 1,232 crore from Rs 806 crore, although the segment reported a loss of Rs 651 crore, compared with Rs 726 crore a year earlier, reflecting improving profitability despite continued expansion.

The Supply Chain and Distribution business generated Rs 3,195 crore in revenue, up 41.4 per cent from Rs 2,259 crore, while its segment loss narrowed sharply to Rs 8 crore from Rs 47 crore.

The Out of Home Consumption segment also continued to expand, with revenue rising 63.6 per cent to Rs 126 crore, while segment profit nearly tripled to Rs 14 crore.

The company’s Platform Innovations business reported revenue of Rs 51 crore, more than doubling from Rs 20 crore a year earlier, although losses widened to Rs 131 crore as Swiggy continued investing in newer businesses.

On a sequential basis, Swiggy also delivered an improved performance. Revenue increased from Rs 6,383 crore in the March quarter, while net loss narrowed slightly from Rs 800 crore, indicating that growth and profitability are beginning to move in the same direction.

The results suggest Swiggy is entering a more mature phase of growth. Food delivery continues to generate healthy profits, while quick commerce is steadily improving its economics without sacrificing scale. As competition intensifies across India’s digital commerce landscape, Swiggy’s ability to balance expansion with a gradual reduction in losses may prove just as important as winning the race for market share.