Food and grocery delivery platform Swiggy Ltd. announced its financial results for the quarter ended September 2025 on October 30, 2025, reporting a significant 54% year-on-year (YoY) rise in revenue to ₹5,561 crore, compared to ₹3,601 crore in the same period last year. Despite this impressive growth, the company’s net loss widened to ₹1,092 crore, up from ₹626 crore in the year-ago quarter.
The sequential trend, however, showed a marginal improvement, as the loss narrowed from ₹1,197 crore reported in the previous quarter. Swiggy attributed the overall loss to rising expenses tied to expansion and increased operational costs across delivery and marketing. Total expenses rose 56% YoY to ₹6,711 crore in Q2FY26, from ₹4,309 crore in the same quarter last year.
Food Delivery Business Shows Consistent Growth
Swiggy’s food delivery vertical continued its positive momentum during the quarter, with revenue increasing to ₹1,923 crore from ₹1,577 crore a year earlier. The gross order value (GOV) rose nearly 19% YoY to ₹8,542 crore, driven by a rise in active users and order frequency.
The company’s average monthly transacting users (MTUs) increased 34% YoY to 22.9 million, reflecting the strength of its consumer engagement strategy. According to Co-founder, MD & Group CEO Sriharsha Majety, this growth came despite volatile consumption trends and adverse weather conditions. “Our improved execution and focus on customer experience have helped us sustain growth across both Food Delivery and Dineout,” Majety said.
Swiggy’s adjusted EBITDA for the quarter stood at a loss of ₹695 crore, an improvement of ₹118 crore quarter-on-quarter, signalling efficiency gains and better cost management.
Quick Commerce Delivers Robust Expansion
Swiggy’s quick commerce arm, Instamart, recorded another strong performance, with gross order value surging 108% YoY to ₹7,022 crore, and revenue rising 102% YoY to ₹1,038 crore. The segment’s rapid expansion was supported by 40 new dark stores, bringing the total to 1,102 stores across 128 cities.
The company reported that its dark store network now covers over 4.6 million sq. ft. of active space, an increase of 136% year-on-year. The average order value also grew 40% YoY to ₹697, supported by wider product selection and higher-basket purchases from users.
Contribution losses in quick commerce reduced by 30% sequentially to ₹181 crore, while margins improved by 202 basis points to -2.6%, aligning with Swiggy’s guidance of achieving breakeven before the June 2026 quarter.
Fundraise Plan and Strategic Focus
Swiggy’s Board of Directors is set to meet on 7 November 2025 to consider a ₹10,000 crore fundraise through a Qualified Institutional Placement (QIP) route. The proposed fundraise aims to strengthen the company’s balance sheet and ensure strategic flexibility amid a highly competitive delivery market.
In its shareholder communication, Swiggy noted that the external environment remains dynamic, with both established and new players continuing to attract investor interest. The company stated that additional growth capital will enable it to continue investing in technology, customer engagement, and operational efficiency.
Outlook
Swiggy’s performance in Q2FY26 underscores its strong market position in both food delivery and quick commerce segments. The firm continues to prioritise operational efficiency, digital innovation, and enhanced customer experience to drive sustainable growth.
As India’s online food and grocery delivery ecosystem evolves, Swiggy’s expanding user base, improving margins, and disciplined execution place it well to capitalise on future growth opportunities, even amid competitive pressures.
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Conclusion
Swiggy’s Q2FY26 results reflect a dynamic phase of growth and recalibration. With revenue up 54% YoY, strong user engagement, and strategic expansion in quick commerce, the company continues to balance rapid growth with a focus on profitability and long-term market leadership.
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