Swiggy Q3 Results: Cons loss widens YoY to Rs 1,065 crore, but revenue jumps 54%

Food delivery and quick commerce company Swiggy on Thursday reported a consolidated net loss of Rs 1,065 crore, higher than the Rs 799 crore loss recorded in the year-ago period. The loss is attributable to the owners of the company.

The company’s revenue from operations stood at Rs 6,148 crore in Q3FY26, up 54% year-on-year (YoY) compared with Rs 3,993 crore in the corresponding period of the previous financial year.

The net loss, though, narrowed on a sequential basis from Rs 1,092 crore in Q2FY26, while topline reported an 11% quarter-on-quarter growth as compared to Rs 5,561 crore reported in the July-September quarter.


Q3 highlights

Swiggy Platform
-- Platform Average Monthly Transacting Users (MTU) grew 36.8% YoY to 24.3 million. It was a 6% QoQ growth.
-- Consolidated Adjusted revenue grew 51% YoY to Rs 6,431 crore, up 9% QoQ
-- B2C adjusted EBITDA margin as a percentage of B2C GOV reduced by 16 bps YoY to -3.5%. It improved 15bps QoQ.
-- Consolidated adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) declined by Rs 16 crore QoQ, to a loss of Rs 712 crore.

Food Delivery
-- Gross order value (GOV) grew 20.5% YoY to Rs 8,959 crore, a growth rate highest in 3 years.
-- Accelerated MTU growth during the quarter to 22% YoY (+0.9 Mn QoQ), to reach 18.1 million.
-- Adjusted EBITDA improved by 13.1% QoQ to Rs 272 crore while adjusted EBITDA margin rose to 3% of GOV (+56bps YoY, 22ps QoQ), the highest in the last two years.

Quick Commerce
-- GOV grew 103.2% YoY (+13.0% QoQ) to Rs 7,938 crore, 4th consecutive quarter with over 100% GOV growth (YoY) with 0.8 million MTUs added during the quarter.
-- The company added 34 darkstores to reach 1,136 stores across 131 cities, and grew the average size of its darkstores further, driving up active darkstore area to 4.8 million square feet (+95.5% YoY, +4.3% QoQ).
-- AOV grew 40% YoY to Rs 746, led by continued expansion of non-grocery selection and larger-basket buying behaviour across user cohorts.
-- Contribution margin improved by 9 bps QoQ and 208 bps YoY to -2.5%
-- Adjusted EBITDA margin improved by 65 bps QoQ to -11.4%, losses increased by Rs 59 Cr QoQ to Rs 908 crore.

Cash Balance
The company reported Rs 13,512 crore of cash and cash equivalents as of December 31, 2025, which includes Rs 9,931 crore of net QIP proceeds.

Its stake sale in Rapido has accrued Rs 2,400 cr to its treasury balance. This takes Swiggy's proforma cash-base to Rs 15,900 crore as of December 31, 2025, alongside the restaurant-facing businesses generating Rs 280 crore of quarterly adjusted EBITDA.

Management Commentary
Co-founder, MD & Group CEO Sriharsha Majety, said that the standout highlight in Q3 was food delivery GOV growth breaking through the 20% barrier, clocking 20.5% YoY which is the highest across the last 3 years.

"Importantly, at 5% QoQ this is also the fastest growth delivered by our Food delivery business for a festive quarter over the last three years, as capacity-constrained days like Christmas and New Years saw unabated demand and smooth operations driving orders to new peaks," he said in a letter to the shareholders. "As a result, our MTU base has grown much faster at 22% YoY, to reach 18.1 mn," he added.
He added that the quick-commerce continues to rapidly evolve as a preferred retail channel for more and more use-cases of urban consumers.

"In Q3, Instamart continued to grow at over a 100% YoY, generating a GOV of INR 7938 Crs. Growth (GOV +103% YoY, NOV +76% YoY) was partially impacted by ~300bps of GST-related price-cuts and base-effect from an earlier start to the festive season this year," he added.

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