Swiggy Posts ₹6,148 Cr Revenue in Q3 FY26; Net Loss Widens 33% on High Expansion Costs
Bengaluru, January 30, 2026 – On-demand convenience major Swiggy reported its financial results for the third quarter of fiscal year 2025-26, showcasing a massive surge in top-line growth even as the company continues to grapple with widening losses driven by its aggressive push into the quick-commerce sector.
Financial Highlights at a Glance
Swiggy’s consolidated revenue from operations reached ₹6,148 crore, marking a robust 54% year-on-year (YoY) increase from ₹3,993 crore in the same period last year. However, the company’s net loss for the quarter stood at ₹1,065 crore, a 33.2% increase compared to the ₹799 crore loss recorded in Q3 FY25.
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
| Revenue from Operations | ₹6,148 Cr | ₹3,993 Cr | +54% |
| Consolidated Net Loss | ₹1,065 Cr | ₹799 Cr | +33% |
| Total Expenses | ₹7,298 Cr | ₹4,898 Cr | +49% |
| EBITDA Loss | ₹782 Cr | ₹725 Cr | +8% |
Segment Performance: Instamart vs. Food Delivery
Quick-Commerce (Instamart): The standout performer in terms of growth, Instamart’s Gross Order Value (GOV) surged 103% YoY to reach ₹7,938 crore. The company added 34 new dark stores during the quarter, bringing the total to 1,136 across 131 cities. Average Order Value (AOV) also saw a significant uptick, rising 40% to ₹746.
Food Delivery: Swiggy’s core business remained steady, with GOV growing 20.5% YoY to ₹8,959 crore—the fastest growth in three years. The segment's adjusted EBITDA margin improved to 3%, signaling a healthier path to profitability for the food marketplace.
Supply Chain & Distribution: This segment emerged as the largest revenue contributor, generating ₹2,981 crore, highlighting Swiggy's transformation into a logistics powerhouse.
Rising Costs & "Irrational" Competition
The widening loss is largely attributed to a 49% spike in total expenses. Major cost drivers included:
Advertising & Promotion: Spent jumped 47.5% to ₹1,108 crore.
Delivery Charges: Increased 36% to ₹1,533 crore.
Infrastructure: Significant capital deployment for dark store expansion and technology.
In a letter to shareholders, CEO Sriharsha Majety flagged "irrational" competition in the quick-commerce space, noting that while competitors are engaging in aggressive discounting, Swiggy is focusing on a "differentiated assortment" and sustainable unit economics.
Looking Ahead
Despite the YoY widening of losses, there was a slight sequential improvement; the net loss narrowed from ₹1,092 crore in Q2 FY26. With a strong cash reserve of ₹15,900 crore (bolstered by a recent QIP and the sale of its stake in Rapido), Swiggy is well-capitalized to navigate the ongoing "quick-commerce wars" against rivals like Zomato’s Blinkit and Zepto.