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Informist, Friday, May 8, 2026

 

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--Swiggy Jan-Mar consol net loss INR 8.0 bln vs loss INR 10.81 bln year ago 
--Analysts saw Swiggy Jan-Mar consol net loss at INR 8.46 bln 
--Swiggy Jan-Mar consol revenue INR 63.83 bln vs INR 44.10 bln year ago 
--Analysts saw Swiggy Jan-Mar consol revenue at INR 63.46 bln 
--Swiggy FY26 consol net loss INR 41.54 bln vs loss INR 31.17 bln year ago 
--Swiggy FY26 consol revenue INR 230.53 bln vs INR 152.27 bln year ago 
--Swiggy Q4 consol food delivery sales INR 20.75 bln vs INR 16.29 bln yr ago 
--Swiggy Q4 consol quick commerce revenue INR 10.6 bln vs INR 6.9 bln yr ago 
--Swiggy Q4 supply chain, distribution sales INR 31.35 bln vs INR 20.04 bln 
--Swiggy Jan-Mar consol advt expenses INR 10.24 bln vs INR 9.78 bln year ago 
--Swiggy Q4 consol delivery expenses INR 15.77 bln vs INR 11.61 bln yr ago 
--Swiggy: On track for contribution margin breakeven in line with guidance
--Swiggy Jan-Mar food delivery gross order value INR 90.05 bln, up 22.6% YoY 
--Swiggy Q4 Instamart gross order value INR 78.81 bln, up 68.8% YoY 
--Swiggy Q4 consol adjusted EBITDA loss INR 6.5 bln vs INR 7.3 bln loss yr ago 
--Swiggy Q4 quick-commerce contribution margin (-)1.8% vs (-)5.6% year ago 
--Swiggy Jan-Mar food delivery contribution margin 7.8%, unchanged on year 
--Swiggy Q4 quick-commerce avg order value INR 700/order vs INR 527 year ago 
--Swiggy active dark stores 1,143 on Mar 31 vs 1,136 qtr ago 
--Swiggy: Expect capex to meaningfully come down in FY27 
--Swiggy: Instamart can double its business now without adding more stores 
--Swiggy:Expect Instamart dark store capacity utilisation to move up from 40%

 

By Ashutosh Pati 

 

MUMBAI – Food delivery and quick commerce platform Swiggy Ltd.'s consolidated net loss narrowed on a yearly basis for the March quarter as it maintained strong double-digit growth in its top line. The company's revenue for the quarter was in line with the Street's expectations while its net loss was slightly lower than estimates. The quick commerce company continues to make a loss because of an increase in its total expenditure. However, the March quarter saw the slowest growth in Swiggy's total expenses in five quarters.

 

Swiggy reported a consolidated net loss of INR 8 billion for the March quarter, slightly lower than analysts' expectations of a loss of INR 8.46 billion. Its revenue for the quarter grew around 45% on year to INR 63.83 billion, in line with expectations of INR 63.46 billion. The company's total expenses rose around 33% on year to INR 74.48 billion, driven by a rise in expenses related to purchases of stock-in-trade and delivery and related charges.

 

Swiggy's expenses on delivery and related charges rose nearly 36% on year to INR 15.77 billion and its expenses on purchases of stock-in-trade rose around 57% to INR 28.99 billion. The company's spends on advertising and sales promotions were up nearly 5% at INR 10.24 billion while its employee benefits expenses declined over 4% to INR 6.67 billion.

 

The company's consolidated adjusted earnings before interest, tax, depreciation, and amortisation loss for the quarter was INR 6.5 billion, down from the EBITDA loss of INR 7.3 billion a year ago. The company's business-to-consumer gross order value in the March quarter grew nearly 41% on year to INR 181.31 billion. The company is on track to achieve breakeven in the contribution margin in the June quarter.

 

FOOD DELIVERY

Swiggy's revenue from the food delivery segment rose over 27% on year to INR 20.75 billion for the quarter. The gross order value of the food delivery business grew around 23% on year to INR 90.05 billion, higher than its guidance of 18-20%, and at a 15-quarter high, the company said. The food delivery category's monthly transacting users grew 21% on year to 18.3 million. It added 200,000 monthly transacting users during the quarter. The segment's contribution margin was 7.8% of the gross order value, unchanged from the year-ago period.

 

"Food delivery has grown at its strongest pace in nearly four years, crossing INR 1,000 Cr (INR 10 bln) in annual adjusted EBITDA and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago. Out-of-home continues to be a profitable and growing part of the business," Sriharsha Majety, managing director and group chief executive officer, said in a release.

 

The segment's 99-store has lowered the entry barrier for value-conscious consumers. The expansion of the subscriber base in Swiggy One has reduced the average delivery fees, but this was offset by the platform fee structure. Swiggy's total "cost of service" for users, which includes delivery fees, platform fees, and membership costs, has declined in recent quarters, the company said. Swiggy does not see any near-term risks to its underlying growth trajectory in the food delivery segment despite new competition.

 

QUICK COMMERCE

Swiggy's revenue from the quick commerce segment rose more than 53% to INR 10.57 billion in the March quarter. The gross order value of its quick commerce business grew around 69% on year to INR 78.81 billion. The average order value in this category grew around 33% on year to INR 700 per order, driven by sustained non-grocery selection mix and larger-basket buying behaviour across user cohorts. Its quick-commerce contribution margin for the quarter was (-)1.8% of gross order value, compared to (-)5.6% a year ago.

 

Swiggy added 500,000 monthly transacting users in the segment during the quarter, taking the total average monthly transacting users to 13.3 million. The company added seven dark stores to its network in Jan-Mar to take the overall tally to 1,143 across 129 cities. The company's adjusted EBITDA margin for the segment improved by 55 basis points sequentially to (-)10.9% during the quarter.

 

Swiggy remains confident in the medium-term opportunities in this sector and sees the net order value business growing to over INR 1 trillion, with 4-5?ITDA growth over the medium term. It expects overall capital expenditure to decline in FY27 "with significant headroom having been created over the last 2 years in our dark store and warehousing infrastructure network build-out". It sees Instamart's dark store capacity utilisation rising to 40% and is sure of doubling the business without adding stores.

 

Revenue from the company's supply chain and distribution business grew to INR 31.35 billion in the March quarter from INR 20.04 billion. For FY26, the company reported a net loss of INR 41.54 billion. Its revenue rose over 51% during the year to INR 230.53 billion.

 

Swiggy announced its earnings after market hours Friday. Ahead of the earnings, shares of the company closed slightly higher from Thursday at INR 280.50 on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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