Swiggy delivered a stronger-than-expected March quarter performance for Q4 FY26, with revenue rising 45% year-on-year to ₹6,383 crore as demand for food delivery and quick commerce continued to grow rapidly. The company narrowed its net loss to ₹800 crore from ₹1,081 crore a year ago, while Instamart posted around 69% growth in gross order value to ₹7,881 crore. Swiggy also said its food delivery business saw the fastest growth in almost four years.
The firm’s core food delivery segment emerged as the biggest positive surprise in the quarter. Gross order value (GOV) in food delivery increased 22.6% year-on-year to ₹9,005 crore, significantly ahead of the company’s own guided range of 18-20% growth. The business added more users at a faster pace, with food delivery monthly transacting users rising 21% to 18.3 million. Swiggy said the acceleration was driven by new affordability-focused offerings like ’99 Store’, faster delivery initiatives like Bolt, premium memberships under One BLCK, and targeted services including workplace meal solutions and train food delivery.
The company also delivered strong profitability improvement in food delivery. Adjusted EBITDA from the segment increased about 40% year-on-year to ₹297 crore, while EBITDA margin improved to 3.3% of GOV – the highest in Swiggy’s history. On an annual basis, food delivery adjusted EBITDA crossed ₹1,000 crore for the first time, indicating that the core business is steadily becoming structurally profitable even while the company continues to invest heavily in growth initiatives.
Meanwhile, quick commerce arm Instamart remained the company’s fastest-growing business, continuing to benefit from rising consumer demand for 10-minute deliveries across groceries, electronics, beauty products and daily essentials. Instamart’s GOV surged 68.8% year-on-year to ₹7,881 crore, while revenue from the segment climbed around 50% to ₹1,057 crore. Swiggy expanded its dark store network aggressively during the year, taking the total count to 1,143 stores spread across 129 cities with more than 4.8 million square feet of dark store area. Average order value increased 32.8% to around ₹700.
“”In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance. The strong balance sheet gives us room to be
disciplined and deliberate as we enter FY27,” Sriharsha Majety (MD & Group CEO, Swiggy), noted.
However, the quarter also highlighted early signs of moderation in India’s quick commerce boom. Instamart’s GOV declined 0.7% sequentially from the December quarter, marking its first quarter-on-quarter drop after years of rapid expansion. But even with aggressive investments in quick commerce, Swiggy managed to improve contribution margins in Instamart. Contribution margin improved to negative 1.8%, while adjusted EBITDA losses in the segment narrowed on a margin basis to negative 10.9%. The company said better order density, improving delivery efficiency and higher basket sizes are gradually moving the business closer toward breakeven.
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Ashutosh is a Senior Writer at The Tech Portal, largely reporting on new tech, and intersection of technology and business. Ashutosh’s career spans across nearly a decade of technology writing across multiple platforms and languages.
