Q4 FY26 Results 2026: Swiggy narrows loss, SBI slips

Earnings-heavy day puts largecaps and new-age firms in focus

May 8 delivered one of the busiest sessions of the Q4 FY26 earnings season, with results from largecap names and consumer internet platforms landing on the same day. Investors tracked State Bank of India (SBI), Titan, Hyundai Motor India, and Kalyan Jewellers for headline profit and dividend cues. Swiggy and Urban Company drew attention for their operating metrics, loss trajectories and the path to sustainable margins. The session also featured updates from banks including Bank of Baroda, and other companies scheduled on the BSE calendar.

Swiggy Q4: loss narrows, but annual loss widens

Swiggy reported a consolidated net loss of ₹800 crore for Q4 FY26, narrowing from ₹1,081 crore a year earlier and ₹1,065 crore in the December quarter. Revenue for the quarter rose about 45% year-on-year to ₹6,383 crore versus ₹4,410 crore. Total expenses increased to ₹7,448 crore from ₹5,610 crore in the year-ago quarter. For the full year ended March 2026, Swiggy’s net loss widened to ₹4,154 crore from ₹3,117 crore, even as total income rose 51% to ₹23,561 crore from ₹15,623 crore.

Food delivery metrics: GOV growth hits a 15-quarter high

Food delivery remained Swiggy’s strongest-performing segment in the March quarter. Gross order value (GOV) in food delivery rose 22.6% year-on-year to ₹9,005 crore, described as a 15-quarter high in growth. Adjusted EBITDA for the segment grew 40% to ₹297 crore. The adjusted EBITDA margin improved to 3.3% of GOV from 2.9% a year earlier. Swiggy also reported monthly transacting users (MTUs) rising 21% year-on-year to 1.83 crore.

Instamart and quick commerce: strong GOV, cautious expansion tone

Swiggy’s quick commerce arm reported GOV growth of 68.8% year-on-year to ₹7,881 crore, though it was marginally lower than ₹7,938 crore in the December quarter. Net order value (NOV) grew 4% sequentially to ₹5,675 crore. Average order value (AOV) rose 32.8% year-on-year to ₹700, supported by a higher share of non-grocery orders and larger basket sizes.

On profitability, contribution margin improved by 65 basis points sequentially to -1.8%, with the monthly contribution margin at -1.1% in March 2026. Adjusted EBITDA margin improved to -10.9% from -11.4% in Q3 FY26, while the segment reported a loss of ₹858 crore during the quarter. Swiggy added seven dark stores in Q4, taking its network to 1,143 stores across 129 cities. Management also indicated it would avoid aggressive discounting-led expansion, even if it meant slower near-term growth.

Urban Company Q4: losses widen sharply

Urban Company reported a consolidated net loss of ₹161 crore for the March quarter, compared with ₹2.8 crore in the year-ago period. Revenue rose 43% year-on-year to ₹426 crore. The result kept attention on demand trends in home services and how the company manages costs while growing.

SBI Q4: profit up, but stock reaction turns negative

SBI reported standalone net profit of ₹19,684 crore in Q4 FY26, up 5.6% year-on-year from ₹18,643 crore. Net interest income (NII) rose 4.1% year-on-year to ₹44,381 crore. Despite the growth, the print missed analysts’ average estimate of ₹20,312 crore (LSEG data cited), and SBI shares fell sharply, declining about 6% and also reported as down over 7% intraday.

SBI announced a dividend of ₹17.5 per share in one update. Separately, the live coverage also referenced a bank board declaring a dividend of ₹17.35 per equity share, with a record date of May 16 and payment date of June 4, as per the text provided.

Titan, Hyundai Motor India, Kalyan Jewellers: profit and dividends

Titan reported consolidated profit of ₹1,179 crore in Q4, up 35% year-on-year, and announced a dividend of ₹15 per share. Hyundai Motor India reported Q4 profit of ₹1,221 crore, down 23% year-on-year, and declared a dividend of ₹21 per share.

Kalyan Jewellers reported consolidated PAT of ₹409 crore, up 118% year-on-year, along with a 66% jump in revenue. EBITDA rose 84.2% year-on-year to ₹735.7 crore from ₹399.4 crore, while EBITDA margin improved to 7.2% from 6.5%. The company’s international revenue grew over 43% year-on-year to ₹1,157 crore from ₹807 crore, and international business PAT more than doubled to ₹29 crore from ₹14 crore. The board recommended a final dividend of ₹2.50 per equity share, subject to shareholder approval at the upcoming AGM.

Other notable Q4 updates: Bank of Baroda, Ujjivan SFB, Bank of India, TCPL

Bank of Baroda reported Q4 net profit of ₹5,615.68 crore, up 11% year-on-year from ₹5,047.73 crore. NII rose 4.9% to ₹32,641.84 crore from ₹31,116.74 crore. Gross NPA was reported at 1.89% versus 2.26% in the March quarter of the previous financial year. Its board recommended a dividend of ₹8.5 per share.

Ujjivan Small Finance Bank reported Q4 net profit of ₹282 crore, up from ₹83 crore a year earlier, with total income rising to ₹2,185 crore from ₹1,843 crore. Bank of India posted a standalone net profit of ₹3,016 crore for Q4 FY26, up 14.8% year-on-year, and recommended a dividend of ₹4.65 per share. Tata Consumer Products’ board also recommended a dividend of ₹10 per share, subject to shareholder approval.

Key numbers at a glance

Market impact and what investors tracked

The market reaction was most visible in SBI, where the stock declined around 6% and was also reported down over 7% intraday after the earnings miss versus estimates. Swiggy shares also traded lower on the day, quoted around ₹277.30-₹277.35, down roughly 0.77%-0.79% as per the coverage. For investors, Swiggy’s quarter highlighted a narrower loss and strong revenue growth, but also underscored rising expenses and a larger full-year loss.

Why these results matter for the broader earnings season

The mix of outcomes reflected the wider Q4 FY26 pattern across sectors: banks posted profit growth but remained sensitive to expectation gaps, while consumer and auto names delivered dividends alongside mixed profit trends. For new-age internet companies, the focus remained on unit economics, contribution margins and disciplined growth, especially in quick commerce where competitive intensity has been high. With dozens of companies scheduled to report during the peak of the season, the May 8 set of results offered a snapshot of how different sectors are balancing growth, costs and shareholder returns.

Conclusion

Q4 FY26 results on May 8 put Swiggy’s narrowing quarterly loss and strong revenue growth alongside a wider full-year loss, while SBI’s profit growth failed to meet expectations and weighed on the stock. Titan, Hyundai Motor India and Kalyan Jewellers added dividend announcements and sharp profit moves to the day’s headlines. With earnings season continuing, investors are likely to keep tracking management commentary, operating metrics and dividend decisions as more companies report.