Swiggy Q4 Results FY26: Loss Narrows, Revenue +45%

Key takeaway from Swiggy’s March-quarter print

Swiggy Ltd reported a sharper improvement in profitability in the quarter ended March 31, 2026, with losses narrowing even as growth accelerated across its biggest verticals. The company’s consolidated net loss came in at ₹800 crore in Q4 FY26, compared with ₹1,081 crore in Q4 FY25 and ₹1,065 crore in the December 2025 quarter. Revenue from operations climbed 45% year-on-year to ₹6,383 crore, reflecting higher order volumes and improved monetisation across businesses.

The quarter also strengthened Swiggy’s narrative with investors: food delivery growth picked up to a 15-quarter high while margins improved, and quick commerce (Instamart) showed sequential improvement in key unit economics metrics despite continuing EBITDA losses. Swiggy’s out-of-home consumption business, led by Dineout, also delivered its first full year of profitability in FY26.

How the numbers moved versus last year and last quarter

Swiggy’s headline loss reduction stood out because both the year-on-year and sequential comparisons improved. The company reported a net loss of ₹800 crore in Q4 FY26, down from ₹1,081 crore a year earlier and from ₹1,065 crore in Q3 FY26. Along with this, Swiggy reported an EBITDA loss of ₹697 crore versus ₹962 crore in the year-ago quarter.

Revenue from operations rose to ₹6,383 crore in Q4 FY26, up from ₹4,410 crore in Q4 FY25. The results were announced after market hours on May 8, 2026. On the same day, Swiggy’s shares closed 1.2% higher at ₹282.8 apiece.

Food delivery: strongest growth in 15 quarters

Swiggy said its core food delivery business posted its strongest growth in 15 quarters. Food delivery gross order value (GOV) rose 23% year-on-year to ₹9,005 crore in Q4 FY26. Monthly transacting users (MTUs) for food delivery increased 21% year-on-year to 18.3 million, signalling broader demand as well as improved repeat behaviour.

Profitability metrics also improved. Adjusted EBITDA for the food delivery business rose 40% to ₹297 crore. The adjusted EBITDA margin improved to 3.3% of GOV, up 41 basis points year-on-year and 26 basis points quarter-on-quarter, according to the company’s disclosure.

Instamart: rapid GOV growth, but EBITDA loss persists

Swiggy’s quick commerce arm, Instamart, delivered 68.8% year-on-year GOV growth to ₹7,881 crore in Q4 FY26. The quarter also saw continued expansion in dark store infrastructure. Swiggy added seven dark stores during the quarter, taking its network to 1,143 stores across 129 cities, spanning 4.8 million square feet.

Order value improved sharply, supported by mix and basket size. Instamart’s average order value (AOV) rose 32.8% year-on-year to ₹700, which the company attributed to a higher non-grocery mix and larger baskets.

On unit economics, Instamart’s contribution margin improved 65 basis points sequentially to negative 1.8%. Swiggy also disclosed that monthly contribution margin improved further to negative 1.1% in March 2026. Adjusted EBITDA margin improved to negative 11% from negative 11.4% in Q3, while the quick commerce business posted an adjusted EBITDA loss of ₹858 crore for the quarter.

Out-of-home (Dineout): first full year of profitability

Swiggy’s out-of-home consumption business added a positive data point in FY26. The company reported 43% year-on-year GOV growth for the segment and said it delivered its first full year of profitability in FY26.

For Q4 FY26 specifically, the segment’s GOV rose 43% year-on-year to ₹1,245 crore. The adjusted EBITDA margin for out-of-home stood at 0.8% of GOV.

User growth across the platform

Beyond category-specific MTUs, Swiggy reported platform-level user growth. Platform MTUs rose 27% year-on-year to 25.2 million in Q4 FY26. The increase indicates expanding reach across food delivery, quick commerce and out-of-home use cases during the quarter.

Management commentary: focus on profitable scale

Commenting on the results, Sriharsha Majety, MD and Group CEO, said food delivery had grown at its strongest pace in nearly four years and crossed ₹1,000 crore in annual adjusted EBITDA. He also pointed to the improvement in margins versus last year and positioned out-of-home as a profitable and growing part of the business.

On quick commerce, Majety said the next phase would be defined by anticipating consumer needs, not merely fulfilling them. The statement comes as Instamart expands its store footprint and pushes AOV higher through mix changes.

Snapshot table: key disclosed metrics

Market impact: what investors are likely to focus on

The market reaction on May 8 was modestly positive, with the stock ending up 1.2% at ₹282.8 before the results were released post-market. The quarter’s key signal for investors is the combination of faster growth and improving profitability in food delivery, highlighted by the 15-quarter-high GOV growth and the margin expansion to 3.3% of GOV.

At the same time, Instamart remains a drag on near-term consolidated profitability with an adjusted EBITDA loss of ₹858 crore in the quarter, even as metrics like contribution margin and adjusted EBITDA margin improved sequentially. For many investors, the pace of unit economics improvement, and whether AOV expansion and dark store scale translate into sustained margin improvement, will remain central.

Why this quarter matters for the sector

Swiggy’s update comes amid frequent debate on whether food delivery growth has structurally slowed. Swiggy’s disclosure that food delivery has grown at its strongest pace in nearly four years, alongside higher margins than a year ago, directly addresses that concern.

The results also underline how the Indian consumer internet model is evolving into multi-vertical platforms where one business can be profitable while another is still in investment mode. In Swiggy’s case, out-of-home delivered a full year of profitability in FY26, while Instamart continued to expand footprint and improve unit economics.

Conclusion

Swiggy’s Q4 FY26 results showed a clear narrowing of losses to ₹800 crore alongside 45% revenue growth to ₹6,383 crore, supported by faster food delivery growth and better margins. Instamart grew rapidly and improved sequential unit economics but reported a quarterly adjusted EBITDA loss of ₹858 crore, while out-of-home delivered its first full year of profitability in FY26. With the results announced on May 8, 2026, investors will track whether Swiggy can sustain food delivery margin gains while continuing to improve quick commerce contribution metrics.