Swiggy Q2 Results: Net Loss Narrows 16% YoY to Rs 922 Cr, Revenue Jumps 36%; Instamart Costs Weigh

Swiggy reported a narrower year-on-year net loss for the September quarter of FY27, supported by strong revenue growth and an increase in monthly transacting users. However, the food and grocery delivery platform continued to face profitability challenges as expenses remained elevated and investments in its quick commerce business, Instamart, weighed on operating performance.

Swiggy Q2 Results: Net Loss Narrows 16% YoY to Rs 922 Crore, Revenue Jumps

The Bengaluru-based company posted a consolidated net loss of Rs 922 crore in the second quarter of FY27, compared with Rs 1,092 crore in the corresponding quarter last year. This represents a reduction of around 16% in its annual loss. However, the loss widened from Rs 791 crore reported in the June quarter, highlighting the continued pressure on the company’s bottom line.

Swiggy Q2 Revenue Rises 36% to Rs 7,571 Crore

Swiggy’s revenue from operations increased 36% year-on-year to Rs 7,571 crore in the quarter ended September, compared with Rs 5,561 crore in the same period last year. Revenue also grew sequentially from Rs 6,812 crore in the first quarter of FY27, reflecting continued business activity across its food delivery and quick commerce operations.

The revenue growth indicates that Swiggy continued to expand its business despite competitive pressure in the online food delivery and grocery markets. Its growing user base and demand for convenient ordering have supported business expansion, although higher sales have yet to translate into consistent improvement in profitability.

Swiggy Expenses Rise Nearly 30% as Profitability Remains Under Pressure

Swiggy’s total expenses increased nearly 30% year-on-year to Rs 8,703 crore in the September quarter, compared with Rs 6,711 crore in the corresponding period last year. Expenses were also higher than the Rs 7,813 crore reported in the preceding quarter.

The increase in costs highlights the challenge of balancing growth with operating efficiency. While revenue expanded at a faster pace than expenses on a year-on-year basis, the company’s sequential performance remained under pressure.

Swiggy’s consolidated adjusted EBITDA loss widened to Rs 760 crore in the September quarter from Rs 651 crore in the June quarter. The increase indicates that operating losses grew sequentially despite higher revenue, reflecting continued investments in growth initiatives, particularly its quick commerce business.

Swiggy Monthly Transacting Users Rise to 27.8 Million

Swiggy’s average monthly transacting users increased to 27.8 million in the September quarter, compared with 22.9 million in the corresponding quarter last year. The growth reflects a larger base of users regularly placing orders through the platform.

Monthly transacting users are an important metric for consumer internet businesses because they provide an indication of active customer engagement rather than simply app downloads or visits. A growing user base can help support order volumes, improve customer reach and create opportunities to increase revenue through repeat transactions.

However, the financial benefit of higher user numbers depends on how efficiently the company converts demand into profitable orders. Customer acquisition costs, discounts, delivery expenses and spending on technology and infrastructure can influence the extent to which user growth contributes to margins.

Instamart Expansion Continues to Weigh on Swiggy’s Bottom Line

Swiggy’s quick commerce business, Instamart, remains an important part of its expansion strategy and a key area investors will monitor for signs of improving operating performance. The segment operates in a competitive market where companies invest heavily in dark stores, inventory management, delivery networks, technology and customer acquisition.

Quick commerce allows platforms to increase order frequency and expand beyond restaurant meals into groceries and everyday essentials. However, the business model also faces challenges from relatively thin margins on several product categories and the costs associated with fulfilling orders quickly.

Food Delivery Remains Central to Swiggy’s Business

Swiggy’s core food delivery business continues to play a significant role in its overall financial performance. Repeat orders, restaurant partnerships and advertising opportunities can support revenue generation, while an established delivery network can help the company serve customers across its operating markets.

Nevertheless, competition, promotional spending and delivery-related costs can affect margins. Maintaining growth while improving operating efficiency will therefore remain important as Swiggy expands its customer base and invests in adjacent businesses.

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