Results · Commerce & Consumer Brands

Swiggy Q3 net loss widens to Rs 1,065 crore

By Startup Enthusiast · 14 January 2026

What they do

Swiggy operates food delivery and quick commerce platform Instamart across India

Q3FY26 net loss Rs 1,065 crore on revenue Rs 6,148 crore, up 54% YoY

Instamart revenue grew 76% YoY but losses remain high; Swiggy warns against discount-led growth

Swiggy reported a net loss of Rs 1,065 crore for Q3FY26, wider than Rs 800 crore a year ago but narrower than Rs 1,092 crore in the September quarter.
Revenue rose 54% year-on-year to Rs 6,148 crore.
Food delivery revenue was Rs 2,041 crore, up from Rs 1,637 crore a year ago.
Instamart revenue grew 76% YoY to Rs 1,016 crore, but was nearly flat quarter-on-quarter.
Instamart's EBIT loss was Rs 791 crore and adjusted EBITDA loss was Rs 908 crore.
Swiggy flagged irrational competition in quick commerce, warning price-led tactics distort growth.
Swiggy's no-fee and free-delivery experiments at Instamart failed to deliver desired incremental order growth.
Swiggy reassessed no-fee experiments and reintroduced a handling fee of Rs 7.

Swiggy consciously chose not to participate in deep-discount, volume-focused strategies that sacrifice AOVs and margins.
Order growth was impacted by Maxxsaver-led cannibalisation and deliberate reduction of low-AOV orders.
Swiggy reiterated guidance for Contribution breakeven in Q1FY27.
Swiggy said the quick commerce category is only 25% done.
Competitors like Zepto offer zero platform fees and free delivery above Rs 99, while Reliance-backed JioMart is scaling aggressively.

Swiggy operates food delivery marketplace and quick commerce platform Instamart across India.
Food delivery revenue in Q3FY26 was Rs 2,041 crore with GOV growth of 20.5% YoY.
Food delivery adjusted EBITDA was Rs 272 crore, up 1.5x YoY.
Instamart revenue was Rs 1,016 crore, GOV Rs 7,938 crore (up 103% YoY).
Instamart had 106.4 million total orders, up 45% YoY, and added 37 dark stores to reach 1,136 stores across 131 cities.
Swiggy paid out more than Rs 5,000 crore to delivery partners last year.
Almost 2.5 million people worked on Swiggy platform at some point last year.
Swiggy's mission is to solve for convenience across use cases, not be a food-only company.

Swiggy reiterated guidance for Contribution breakeven in Q1FY27.
Swiggy will continue experimentation in food delivery regardless of capital allocation to other verticals.
Rohit Kapoor said next phase of food delivery growth will come from making delivery more affordable and encouraging first-time users.
Kapoor said his main expectation from Union Budget is higher disposable income for consumers.