Swiggy Q4 FY26: Loss narrows, revenue up 45% YoY

Results snapshot: loss narrows as growth accelerates

Swiggy reported a narrower consolidated net loss of ₹800 crore for the quarter ended March 31, 2026 (Q4 FY26). The loss compares with ₹1,081 crore in Q4 FY25 and ₹1,065 crore in the preceding December quarter. The quarter’s performance was supported by a sharp rise in revenue and faster growth in core food delivery. Swiggy said food delivery recorded its strongest growth in 15 quarters, while quick commerce (Instamart) continued to expand and show improving unit economics. The out-of-home consumption business, which includes Dineout, delivered its first full year of profitability in FY26. The company announced the results after market hours on May 8. Swiggy shares closed 1.18% to 1.2% higher at ₹282.80 per share on the day.

Consolidated performance: revenue rises to ₹6,383 crore

Revenue from operations climbed 45% year-on-year to ₹6,383 crore in Q4 FY26. The corresponding figure in Q4 FY25 was ₹4,410 crore, based on the numbers cited alongside the results. Swiggy also disclosed that consolidated EBITDA loss improved to ₹697 crore in Q4 FY26, compared with ₹962 crore a year earlier. The narrower loss and better EBITDA trajectory were presented in the context of faster growth and improving margins in food delivery, and sequential improvements in Instamart metrics. While the company remains loss-making at the consolidated level, the quarter showed a clearer split between a profitable core food delivery contribution and investment-led losses in quick commerce.

Food delivery: strongest growth in 15 quarters

Swiggy’s food delivery business posted a 23% year-on-year increase in gross order value (GOV) to ₹9,005 crore in Q4 FY26. The company described this as its strongest growth rate in 15 quarters, and said the acceleration was driven more by order and user growth than by average order values. Adjusted EBITDA for the food delivery segment rose 40% to ₹297 crore. Adjusted EBITDA margin improved to 3.3% of GOV, up 41 basis points year-on-year and 26 basis points quarter-on-quarter. Management highlighted the pace of recovery in this segment, with MD and Group CEO Sriharsha Majety saying food delivery “has grown at its strongest pace in nearly four years” and crossed ₹1,000 crore in annual adjusted EBITDA. The food delivery trajectory was positioned as a key element of Swiggy’s quarter narrative.

User growth: MTUs climb across the platform

Swiggy reported food delivery monthly transacting users (MTUs) of 18.3 million, up 21% year-on-year. At the overall platform level, monthly transacting users rose 27% year-on-year to 25.2 million. These user metrics matter because they provide a demand-side read-through on whether growth is coming from higher activity among existing users or broader expansion of the paying base. Swiggy’s disclosure points to a widening user base alongside improvements in segment profitability for food delivery.

Instamart growth: GOV rises 68.8% and network expands

Instamart, Swiggy’s quick commerce arm, reported 68.8% year-on-year growth in GOV to ₹7,881 crore in Q4 FY26. The company added seven dark stores during the quarter, taking the network to 1,143 stores across 129 cities. Swiggy said this footprint covers 4.8 million square feet. Average order value (AOV) rose 32.8% year-on-year to ₹700, which the company attributed to a higher non-grocery mix and larger basket sizes. The quarter’s disclosures indicate that Instamart’s growth is being supported by both expansion and changes in order composition.

Instamart unit economics: margins improve, losses still large

Swiggy reported sequential improvement in Instamart contribution margin, which improved 65 basis points to negative 1.8%. The monthly contribution margin improved further to negative 1.1% in March 2026, indicating a stronger exit run-rate for the quarter. Adjusted EBITDA margin for quick commerce improved to about negative 11% (reported as negative 11% and also as negative 10.9% in the same results coverage) from negative 11.4% in Q3. Despite these improvements, the quick commerce business posted an adjusted EBITDA loss of ₹858 crore for Q4 FY26. Management commentary pointed to a focus on the next phase of quick commerce, with Majety saying it will be defined by “anticipating consumer needs, not merely fulfilling them.”

Out-of-home consumption: first full year of profitability

Swiggy said its out-of-home consumption business delivered its first full year of profitability in FY26. In Q4 FY26, the segment reported 43% year-on-year GOV growth, and adjusted EBITDA margin of 0.8% of GOV. Another results summary specified Q4 GOV for this segment at ₹1,245 crore. The segment’s profitability adds a third leg to Swiggy’s business mix, alongside food delivery and quick commerce, and was highlighted by management as a profitable and growing part of the business.

Market reaction: stock closes higher; results announced post-market

Swiggy shares closed at ₹282.80 per share on May 8, up about 1.18% to 1.2% on the day, according to the reported figures. The company’s results were announced after market hours, meaning price discovery on detailed segment commentary would likely shift to the next trading session. The move suggests a positive initial reaction to the narrower loss, strong revenue growth, and improving segment margins in food delivery and Instamart.

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What to track from here

Swiggy’s Q4 FY26 print shows a clearer contrast between a strengthening food delivery business and a fast-scaling quick commerce unit that is still loss-making but improving on margins. Investors are likely to watch whether food delivery maintains the higher growth rate while preserving improved profitability. In Instamart, the focus will remain on whether sequential gains in contribution margin and adjusted EBITDA margin continue as the network expands. Swiggy’s commentary also points to ongoing product and customer experience investments, particularly in quick commerce. Any updates on capital allocation discipline and execution across 129 cities will be important as the company enters FY27.