Swiggy revenue jumps 36 per cent as Q2 loss narrows to Rs 922 crore

MUMBAI: Swiggy’s latest quarter has delivered a familiar mix of growth and growing pains, with the food delivery and quick commerce company bringing in more revenue but continuing to spend heavily on the business of getting everything from meals to groceries to customers’ doors. Consolidated revenue from operations rose 36.1 per cent year on year to Rs 7,571 crore in the quarter ended 30 September 2026, while its net loss narrowed to Rs 922 crore from Rs 1,092 crore in the corresponding quarter last year.

The company’s total consolidated income, including other income, climbed to Rs 7,783 crore from Rs 5,620 crore a year earlier. However, total expenses rose to Rs 8,703 crore from Rs 6,711 crore, keeping the company firmly in the red. The results were approved by Swiggy’s board on 22 October 2026, following a recommendation from the audit committee.

The quarter also marked a sequential increase in revenue from Rs 6,812 crore in the June quarter, although the consolidated loss widened from Rs 791 crore over the same period. The numbers highlight the challenge facing Swiggy as it expands across food delivery, quick commerce and supply chain services: higher sales are translating into greater scale, but not yet into consolidated profitability.

Food delivery remained one of the brighter parts of the business. The segment generated revenue of Rs 2,338 crore in the September quarter, up from Rs 1,921 crore in the corresponding period last year. Its segment result increased to Rs 349 crore from Rs 257 crore, indicating that the core business continued to contribute positively even as the wider group reported a substantial loss.

For the first half of FY27, food delivery revenue reached Rs 4,546 crore, compared with Rs 3,720 crore in the same period a year earlier. The segment result rose to Rs 648 crore from Rs 453 crore, reinforcing its role as a key contributor to Swiggy’s operating performance.

Quick commerce, meanwhile, continued to be a major drag on the bottom line. Revenue from the segment, which operates through Instamart, rose to Rs 1,305 crore in the September quarter from Rs 980 crore a year earlier. However, its segment loss widened to Rs 764 crore from Rs 735 crore.

For the six months ended 30 September 2026, quick commerce generated revenue of Rs 2,538 crore, against Rs 1,785 crore in the year-ago period. Its segment loss stood at Rs 1,415 crore, compared with Rs 1,536 crore in the corresponding half-year period last year. The figures point to continued revenue growth, but also the cost of scaling a business that competes on speed, availability and convenience.

Swiggy’s supply chain and distribution business remained its largest revenue contributor among the reported segments. It generated Rs 3,690 crore in the September quarter, up from Rs 2,560 crore a year earlier. The segment nevertheless reported a loss of Rs 7 crore, compared with a loss of Rs 18 crore in the corresponding quarter last year.

For the first half, supply chain and distribution revenue rose to Rs 6,885 crore from Rs 4,819 crore. Its segment loss narrowed to Rs 15 crore from Rs 65 crore, suggesting an improvement in the financial performance of the business, which provides supply chain services to wholesalers, retailers and fast-moving consumer goods companies.

Out-of-home consumption, which includes restaurant discovery and dining solutions through Dineout and curated outdoor events through Scenes, recorded revenue of Rs 131 crore during the quarter, compared with Rs 88 crore a year earlier. Its segment result increased to Rs 8 crore from Rs 6 crore. For the first half, revenue stood at Rs 257 crore, against Rs 165 crore, while the segment result rose to Rs 22 crore from Rs 11 crore.

The platform innovations segment, which houses newer offerings and initiatives including Swiggy Minis, Swiggy Sports, Snacc, Toing, Crew and Jus+, generated revenue of Rs 106 crore in the September quarter, compared with Rs 12 crore a year earlier. However, its segment loss widened to Rs 162 crore from Rs 45 crore. For the first half, revenue reached Rs 157 crore, while the segment loss stood at Rs 293 crore, compared with Rs 57 crore in the corresponding period last year.

The cost of keeping the platform running also continued to rise. Purchases of stock-in-trade increased to Rs 3,607 crore from Rs 2,330 crore in the year-ago quarter. Employee benefits expense, however, declined to Rs 676 crore from Rs 690 crore. Finance costs rose to Rs 54 crore from Rs 48 crore, while depreciation and amortisation stood at Rs 308 crore, compared with Rs 304 crore.

Advertising and sales promotion expenditure increased to Rs 1,298 crore from Rs 1,039 crore. Delivery and related charges rose to Rs 1,895 crore from Rs 1,426 crore, while other expenses increased to Rs 1,029 crore from Rs 862 crore. These increases formed part of the wider cost burden that kept total expenses above income during the quarter.

For the six months ended September 2026, Swiggy’s consolidated revenue from operations reached Rs 14,383 crore, up from Rs 10,522 crore in the corresponding period last year. Total income rose to Rs 14,806 crore from Rs 10,668 crore. However, total expenses also increased to Rs 16,516 crore from Rs 12,955 crore.

The consolidated loss for the first half narrowed to Rs 1,713 crore from Rs 2,289 crore a year earlier. Loss per share for the six-month period stood at Rs 6.41, compared with Rs 9.63 in the first half of the previous financial year. For the full financial year ended 31 March 2026, Swiggy had reported a consolidated loss of Rs 4,154 crore.

The company’s cash flow and balance sheet offer another view of its financial position. As at 30 September 2026, consolidated cash and cash equivalents stood at Rs 2,736 crore, broadly in line with Rs 2,747 crore at the end of March 2026. Total assets were reported at Rs 25,434 crore, compared with Rs 25,237 crore at the end of the previous financial year.

Swiggy also made a significant change to its supply chain and distribution portfolio during the quarter. On 7 September 2026, its wholly owned subsidiary Swiggy Networks entered into an agreement to transfer its business-to-business authorised distribution business to Lynks Logistics, another wholly owned subsidiary. The transfer took effect on 15 September.

Swiggy Networks subsequently agreed to sell its entire shareholding in Lynks to Trustroot Internet Private Limited for a consideration of Rs 500 crore. The consideration was settled through the issue of 1,66,534 Series R compulsorily convertible preference shares of Trustroot. Lynks ceased to be a subsidiary of Swiggy Networks and a step-down subsidiary of Swiggy from 15 September 2026, and was consequently deconsolidated from the group’s results.

The filing also records changes in the company’s leadership. Nandita Sinha was appointed chief executive officer of Instamart with effect from 3 August 2026. Amitesh Kumar Jha resigned as Instamart CEO and ceased to be a senior management personnel with effect from 28 July 2026. The company also disclosed that Lakshmi Nandan Reddy Obul, whole-time director and head of innovation, and nominee director Roger Clark Rabalais resigned with effect from 10 April 2026, while Renan De Castro Alves Pinto was appointed as a non-executive nominee director from 11 April 2026.

Swiggy’s statutory auditors, Walker Chandiok & Co LLP, issued an unmodified limited review report on the consolidated and standalone results. The auditor noted that the group’s share of loss from one associate amounted to approximately Rs 2 crore for the quarter and Rs 3 crore for the half year, based on financial information that had not been reviewed by that associate’s auditor. The auditors said the information was not material to the group, and their conclusion was not modified on this account.

For now, Swiggy’s September-quarter performance reflects a business still prioritising scale across multiple verticals. Food delivery and supply chain services are generating growth, while quick commerce and newer initiatives continue to weigh on profitability. The narrowing year-on-year consolidated loss offers some relief, but the sequential increase in losses underlines the challenge of turning rising revenue into a more sustainable bottom line.