Swiggy Q3 Results: Net Loss Widens 33% YoY Even as Revenue Jumps 54%; Instamart Fuels Quick Commerce Growth

The food delivery and quick commerce aggregator Swiggy Ltd. reported a wider net loss for the December quarter on Thursday, January 29, even as its revenue posted strong year-on-year growth.

Swiggy Q3 Results 2026: Net Loss Widens in December Quarter

Swiggy reported a wider net loss for the December quarter on Thursday, January 29, even as revenue posted strong growth year-on-year. The company's net loss stood at Rs 1,065 crore, compared with a loss of Rs 800 crore in the same quarter last year. On a sequential basis, the loss narrowed slightly from Rs 1,092 crore reported in the September quarter.

Revenue Jumps 54% Year-on-Year

Revenue for the quarter rose 54% to Rs 6,148 crore, up from Rs 3,993 crore a year ago, driven by strong performance across food delivery, quick commerce and supply chain operations.

Swiggy Q3 EBITDA Losses Remain High

Swiggy's EBITDA loss widened to Rs 782 crore during the quarter, compared with an EBITDA loss of Rs 725 crore in the year-ago period, reflecting continued investments in expansion and competitive pricing.

Food Delivery Business Shows Improved Margins

The company's food delivery segment reported revenue of Rs 2,041 crore, up from Rs 1,637 crore in the same quarter last year. Gross Order Value for the segment grew 20.5% year-on-year, while adjusted EBITDA rose 1.5 times to Rs 272 crore, indicating improved operational efficiency in the core business.

Swiggy Instamart Growth Offsets Profitability Pressures

Swiggy's quick commerce business saw revenue rise 76% year-on-year to Rs 1,016 crore from Rs 577 crore last year, though revenue was nearly flat on a sequential basis. The EBIT loss for quick commerce widened to Rs 791 crore, compared with Rs 528 crore in the year-ago period.

Instamart's GOV more than doubled, rising 103% year-on-year, supported by a 40% increase in average order value. Contribution margins improved by 9 basis points sequentially, though adjusted EBITDA loss stood at Rs 908 crore.

Instamart Expansion Continues

During the quarter, Instamart added 37 dark stores, taking the total network to 1,136 dark stores across 131 cities, covering 4.8 million square feet. Revenue from Swiggy's supply chain and distribution business increased to Rs 2,981 crore, from Rs 1,693 crore a year ago, adding significantly to overall revenue growth.

Swiggy Share Price Today

Shares of Swiggy gave up all intraday gains in the final minutes of Thursday's session ahead of the earnings announcement and ended nearly flat at Rs 323.85. The stock remains down about 17% from its IPO price of Rs 390, as investors continue to weigh strong revenue growth against sustained losses.