Swiggy’s Quarterly Loss Narrows, but Misses Analyst Estimates

India’s food delivery and quick-commerce company Swiggy reported a consolidated net loss of ₹922 crore for the quarter ended September 30, narrowing from ₹1,092 crore a year earlier. However, the loss was higher than analysts’ expectations of ₹792 crore. Revenue from operations rose 36.1% year-on-year to ₹7,571 crore, exceeding market estimates.

Swiggy’s food delivery business achieved a record adjusted core profit of ₹341 crore, compared with ₹240 crore in the same quarter last year. Improved delivery efficiency and higher advertising revenue supported the performance. However, losses at its quick-commerce platform Instamart widened to ₹895 crore from ₹849 crore as the company increased spending on pricing, customer acquisition and warehouse expansion.

Instamart’s net order value grew 34.8% to ₹6,594 crore, while Swiggy added 69 net dark stores during the quarter, taking its network to 1,240 stores across 133 cities. Despite the growth, its quick-commerce contribution margin deteriorated to negative 1% of gross order value. Rival Blinkit, operated by Eternal, added 308 net stores during the same period, highlighting intensifying competition in India’s rapid-delivery market.

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