Summary:
Swiggy shares fell nearly 14% after Q2FY27 results as investors focused on rising sequential losses and Instamart's ₹895 crore adjusted EBITDA loss. Revenue grew 36% year-on-year to ₹7,571 crore, while food delivery profitability improved during the quarter.
Swiggy Limited (NSE: SWIGGY) reported a consolidated net loss of ₹922 crore for the second quarter of FY27 compared to ₹1,092 crore in the year-ago quarter. Revenue from operations was up 36% YoY to ₹7,571 crore. However, higher spending on its quick commerce business Instamart broadened sequential losses and led to a sharp fall in the company’s share price on Friday, October 23, 2026.
Swiggy Q2FY27 Results: Revenue Up, Loss Down YoY
The Bengaluru-based food delivery and quick commerce company posted adjusted revenue of ₹7,909 crore, a 33.8% increase year-on-year, while statutory revenue from operations rose to ₹7,571 crore from ₹5,561 crore.
Its consolidated loss narrowed 15.6% YoY but was higher compared to ₹791 crore reported in Q1FY27. Total expenses went up nearly 30% YoY to ₹8,703 crore from ₹6,711 crore.
The company’s consolidated adjusted EBITDA loss widened to ₹760 crore from ₹695 crore a year ago.
| Financial Metric | Q2FY27 | Q2FY26 |
| Revenue from operations | ₹7,571 crore | ₹5,561 crore |
| Adjusted revenue | ₹7,909 crore | ~₹5,910 crore |
| Net loss | ₹922 crore | ₹1,092 crore |
| Adjusted EBITDA loss | ₹760 crore | ₹695 crore |
| Total expenses | ₹8,703 crore | ₹6,711 crore |
Instamart’s Losses Widen as It Spends More for Expansion
Swiggy’s quick commerce business Instamart continued to face profitability pressure even as order volumes increased.
Instamart’s gross order value (GOV) grew 31% year-on-year (YoY) to ₹9,230 crore and net order value (NOV) rose 34.8% to ₹6,594 crore.
However, the adjusted EBITDA losses widened to ₹895 crore from ₹849 crore in Q2FY26 and ₹778 crore in Q1FY27.
In the September quarter, the company added 69 dark stores, expanding its network to 1,240 stores across 133 cities.
Its contribution margin improved to -1% of GOV from -2.6% a year ago, but was weaker sequentially.
Increased spending on pricing, customer acquisition and store expansion continued to drag on profitability.
Operating Profit Recorded in Food Delivery Business
Swiggy’s core food delivery business had a better operational performance.
The segment’s GOV grew 17.7% YoY to ₹10,054 crore on account of higher order volumes and customer activity.
Adjusted EBITDA increased to a record ₹341 crore from ₹240 crore a year ago and margin improved to 3.4% of GOV.
The improvement was aided by improved delivery efficiencies and advertising revenue. That was the opposite of Instamart, which kept investing and operating losses high.
The mixed results underscore the challenge of balancing growth and profitability across Swiggy’s businesses.
Swiggy Share Price Crashed After Q2 Results?
Swiggy shares sank as much as 13.8% on Friday, October 23, 2026, hitting a 52-week low of ₹182.20 on the BSE following the earnings release.
The decline came despite the company reporting a narrower YoY net loss, as investors reacted to widening sequential losses and continued spending in quick commerce.
The stock had shed 5.01% on October 22 to settle at ₹211.30 prior to the results.
Heightened competition, increasing operating costs and slower progress to profitability intensified worries about Instamart’s growth.
Swiggy’s Q2FY27 numbers show steady revenue growth and improving food delivery profitability but quick-commerce losses continue to be a big challenge. Going forward, the company’s ability to control the cost of expansion and improve margins at Instamart will remain a key monitor of its financial performance in the coming quarters.
