India’s second largest food and quick-commerce delivery platform, Swiggy reported widening losses for the third quarter of fiscal 2025-26, despite strong revenue growth and rising customer engagement across its core and quick-commerce businesses. For the period from October to December 2025, the company posted a consolidated net loss of ₹1,065 crore, up from ₹799 crore in the same quarter last year, reflecting a year-on-year increase of over 33%. While losses widened on an annual basis, the company recorded a slight sequential improvement compared with Q2 FY26, indicating gradual progress toward operational efficiency.
On the revenue front, Swiggy delivered strong growth, with total revenue from operations reaching ₹6,148 crore, a 54% increase from ₹3,993 crore in Q3 FY25. This growth was fueled by significant performance across both its core food delivery segment and its rapidly expanding Instamart business. The food delivery segment remained the backbone of Swiggy’s growth, with gross order value (GOV) rising about 20.5% year-on-year to ₹8,959 crore, marking the fastest growth rate in three years. This expansion was supported by higher-order volumes and increased customer engagement. Swiggy also saw monthly transacting users (MTUs) in food delivery grow by around 22% to 18.1 million.
Swiggy’s Instamart segment, which focuses on ultra-fast delivery of groceries and essentials, continued to scale aggressively. Its GOV more than doubled year-on-year to ₹7,938 crore, while the average order value increased about 40% YoY to ₹746. But despite the strong growth, Instamart continues to operate at a loss, with adjusted EBITDA losses of about ₹908 crore, although margins improved slightly. It seems like infrastructure expansion remains central to Swiggy’s strategy. During the quarter, the company added 34 new dark stores, taking the total to 1,136 across 131 cities, covering almost 4.8 million square feet of operational space.
In terms of profitability, the firm showed modest improvements in certain areas, with food delivery’s adjusted EBITDA margin reaching around 3% of GOV, the highest in recent years. Overall adjusted EBITDA losses narrowed compared with previous quarters, but the company remains in a net loss position due to continued investment in infrastructure, customer acquisition, and service innovation. The food delivery giant also maintains a strong cash position, with cash and equivalents of around ₹13,512 crore at the end of December 2025. Including proceeds from recent stake sales, its total cash stood close to ₹15,900 crore.
However, these latest numbers become critical for Swiggy as its biggest rival in India, Zomato’s parent company, Eternal, reported strong growth in the same quarter. In Q3 FY26, Eternal posted consolidated revenue of ₹16,315 crore, up from ₹13,590 crore in the previous quarter. The firm also managed to improve profitability, reporting a net profit of ₹102 crore for the quarter. In parallel, Swiggy is facing multiple controversies across its business. For example, in April 2025, the Income Tax Department asked the company to pay an additional ₹158 crore for the 2021‑22 financial year over tax and income issues.
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