Results · Commerce & Consumer Brands

Swiggy reports mixed Q4 results, quick commerce struggles

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Swiggy runs food delivery and quick commerce through Instamart

Q4FY26 food delivery grew 22% but quick commerce GOV fell 0.7% quarter on quarter

Instamart added 0.5 million users while rival Blinkit added 3.6 million in the same period

Swiggy reported its Q4FY26 results with mixed performance across segments.
Food-delivery gross order value (GOV) grew 22% year on year.
Adjusted Ebitda margin for food delivery expanded 30 basis points.
Quick-commerce GOV fell 0.7% quarter on quarter.
Instamart's contribution margin improved 70 bps to negative 1.8% of GOV.
CEO Sriharsha Majety said Instamart will not buy growth and aims for contribution margin breakeven by Q1FY27.
Swiggy's stock price has fallen 40% since September.

Swiggy spent Rs 4,200 crore on advertising in FY26, more than rival Eternal's Rs 3,350 crore.
Losses widened by a third to over Rs 4,000 crore in FY26.
Instamart's average order value dropped to Rs 700 from Rs 746 in the previous quarter.
JM Financial valued Instamart at zero in April and suggested Swiggy be taken over.
Blinkit added 3.6 million monthly transacting users in one quarter, while Swiggy took 15 months to add the same number.

Swiggy operates food delivery and quick commerce (Instamart) in India.
Food delivery and out-of-home segments are Ebitda positive.
Instamart had 13.3 million monthly transacting users in Q4FY26.
The company competes with Zomato (Blinkit) and Eternal in quick commerce.

Swiggy maintained guidance of Q1FY27 contribution margin breakeven for quick commerce.
CEO said Instamart will focus on increasing contribution margin to zero while maintaining growth.