Swiggy reported a sharp jump in quarterly revenue, but its net loss widened as spending rose to support expansion across food delivery and quick commerce.
The growth was driven by strong demand and continued scale-up of Instamart, even as higher costs hurt profitability.
It maintained that investments are aimed at long-term growth, with losses reflecting aggressive expansion in a highly competitive market.
Food delivery and quick-commerce giant Swiggy on Thursday reported its financial results for the third quarter (October–December) of financial year 2025-26 (FY26) revealing a mix of revenue growth and widening losses as the company continues to invest heavily in expanding its services.
Its consolidated revenue from operations climbed by nearly 54% to around ₹6,148 crore compared with the year-ago quarter. However, the company’s net loss widened significantly to ₹1,065 crore, up from ₹799 crore in the corresponding period last year.
1 January 2026
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Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter also was a loss of ₹782 crore, compared to an EBITDA loss of ₹725 crore in same quarter last fiscal.
Swiggy's food delivery business reported revenue of ₹2,041 crore, higher than the ₹1,637 crore that it had reported during the same quarter last year. Gross Order Value (GOV) for the food delivery business broke through the 20% barrier, increasing by 20.5% from last year, while its EBITDA on an adjusted basis is up 1.5 times to ₹272 crore.
"Swiggy continues to accelerate user growth and gross order value in food delivery, defying broader scepticism around a sector slowdown while significantly improving our operating margins. In quick commerce, where we believe we are only a quarter of the way through the opportunity, we are deepening wallet penetration and expanding differentiated assortment across categories to strengthen engagement and order value," CEO Sriharsha Majety's statement read.
Swiggy's growth has been driven by strong demand not only in its core food delivery business but also in its quick-commerce arm, Instamart. In Q3, Instamart continued to grow at over a 100% YoY, generating a GOV of ₹7938 crore. "Growth (GOV +103% YoY, NOV +76% YoY) was partially impacted by 300bps of GST-related price-cuts and base-effect from an earlier start to the festive season this year," Majety's statement further said.
Despite strong top-line performance, profitability remains elusive. Swiggy’s investment in rapid delivery infrastructure, marketing, and user incentives continues to weigh on margins and contribute to substantial losses. This has been a key trend for the company since its IPO in late 2024, where rapid expansion took priority over near-term profits, reports stated.
Swiggy added around 34 darkstores in the quarter under review, selectively to take the overall network to 1136 darkstores, covering 4.8 mn sq ft across 131 cities. Its average order value also increased by 39.7% YoY to reach ₹746.
Notably, the food delivery and quick-commerce space, with rivals like Zomato’s Blinkit and Zepto have also pushing price wars and service expansions. Swiggy recently filed a clarification with the BSE rejecting claims that it lost its number-two market position in quick commerce to Zepto, calling the reports “baseless and unreliable.”
