Swiggy Q2 FY27 Results: Loss Narrows, Revenue +36%

Key takeaway from Swiggy’s September-quarter print

Swiggy Ltd reported a narrower year-on-year loss for Q2 FY27, even as quarterly losses widened sequentially amid continued spending in its quick commerce vertical, Instamart. The company said its consolidated loss after tax stood at ₹922 crore for the quarter ended September 30, 2026, compared with ₹1,092 crore in the same quarter last year. On a quarter-on-quarter basis, the loss increased from around ₹791-792 crore reported for the June quarter across company disclosures.

Revenue growth remained strong. Revenue from operations rose 36% year-on-year to ₹7,571 crore, up from ₹5,561 crore a year earlier. Swiggy also disclosed that its board approved unaudited financial results (standalone and consolidated) for the quarter and half-year ended September 30, 2026.

Profit and loss snapshot: what changed in Q2

The headline number was the narrowing of losses year-on-year. Swiggy’s loss after tax reduced to ₹922 crore in Q2 FY27 from ₹1,092 crore in Q2 FY26, a decline of about 15.6% based on the figures disclosed. But sequentially, the company’s losses rose versus the June quarter as it continued to scale up Instamart.

Operationally, the revenue line showed a clearer improvement. Revenue from operations increased to ₹7,571 crore in Q2 FY27 from ₹6,812 crore in Q1 FY27, as per one of the updates shared in the provided information. Swiggy’s adjusted revenue was reported at ₹7,909 crore, up 34% year-on-year.

Adjusted EBITDA: losses widen despite revenue growth

Swiggy’s consolidated adjusted EBITDA loss widened to ₹760 crore in Q2 FY27 from ₹695 crore in Q2 FY26, as per the results summary provided. Sequentially, the adjusted EBITDA loss was reported at ₹760 crore compared to ₹651 crore in the previous quarter.

In another disclosure included in the provided text, Swiggy also reported an EBITDA loss of ₹770 crore versus ₹650 crore in Q1 FY27. Taken together, the data points indicate that while revenue momentum continued, profitability remained under pressure during the quarter.

Food delivery: GOV growth stays in the mid-teens

Swiggy’s food delivery business delivered moderate growth in gross order value (GOV). Food delivery GOV increased 17.7% year-on-year to ₹10,054 crore. The same update also said the metric was up 5.9% versus the previous month.

On the revenue side, food delivery revenue rose to ₹2,338 crore in Q2 FY27 from ₹2,208 crore in Q1 FY27, based on the segmental revenue figures shared. The combination of higher GOV and higher segment revenue suggests continued demand, even as the overall market remains competitive.

Instamart: higher scale, higher losses

Swiggy’s quick commerce vertical, Instamart, remained the key swing factor in the quarter. Instamart GOV rose 31% year-on-year to ₹9,230 crore, compared with ₹7,022 crore a year earlier. The company also reported that Instamart’s net order value (NOV) increased 33% year-on-year to ₹6,553 crore.

Sequentially, one of the updates said NOV rose 13.4% to ₹6,594 crore, compared with 2.5% growth in the preceding quarter. At the same time, Instamart’s adjusted EBITDA loss widened to ₹895 crore, versus ₹849 crore a year earlier and ₹778 crore in the June quarter. The adjusted EBITDA margin for Instamart improved to -9.7% of GOV from -12.1% a year earlier, indicating some efficiency gains even as absolute losses expanded.

Scale-up strategy: dark store additions and user growth

Swiggy said it added 69 dark stores during the quarter, taking its network to 1,240 stores across 133 cities. This expansion aligns with the narrative in the provided text that rapid growth in Instamart contributed to higher sequential losses.

The company also reported monthly transacting users of 14.8 million, up 23% year-on-year. For consumer-facing businesses combined, Swiggy reported B2C GOV of ₹20,793 crore, up 24.6% year-on-year.

Share price reaction: investors focus on widening losses

The provided text noted that Swiggy’s shares declined after the company announced the ₹922 crore quarterly loss. The market reaction also reflected concerns around profitability, especially as adjusted EBITDA losses widened and Instamart’s losses remained elevated despite strong order-value growth.

At the same time, investors also had fresh evidence of topline momentum. Revenue from operations grew 36% year-on-year to ₹7,571 crore, which the company positioned as a sign of underlying growth potential.

Key numbers table: Q2 FY27 scorecard

Segment revenue movement (QoQ) shared in the update

Market impact and what matters next

The quarter highlighted a familiar trade-off for platform businesses scaling logistics-heavy models. Swiggy’s revenue growth and GOV expansion point to demand and greater platform usage. But the sequential widening of losses and the elevated Instamart adjusted EBITDA loss underline that growth is still being financed through higher operating costs.

For investors tracking the company, the key watchpoints remain the pace of loss reduction in quick commerce, and whether margin improvement at the unit level can translate into smaller absolute losses as scale increases. Swiggy has already signaled incremental efficiency in Instamart through an improved adjusted EBITDA margin, but the overall P&L still reflects the cost of expansion.

Conclusion

Swiggy’s Q2 FY27 results showed a year-on-year improvement in losses alongside strong revenue growth, but the quarter also reinforced that profitability remains pressured due to Instamart-led expansion. With unaudited results for the quarter and half-year ended September 30, 2026 approved by the board, the next set of disclosures will be watched for updates on profitability metrics and expansion intensity.