Founded in 2014, Swiggy Ltd is a new-age, consumer-first technology company offering users an easy-to-use convenience platform, accessible through a unified app. The Swiggy One membership program, launched to enhance user loyalty, had grown to 5.71 million active members by FY24, up from 1.39 million in FY23. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Revenue: ₹4,961 crore, up 54% year-over-year (YoY) from ₹3,222 crore in Q1 FY25. Sequentially, revenue grew 12.5% from Q4 FY25.
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Net Loss (PAT): ₹1,197 crore, sharply expanded from ₹611 crore last year and ₹1,081 crore last quarter, due to aggressive investments and surging costs.
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EBITDA (Adjusted): Loss of ₹813 crore, more than double from ₹348 crore YoY; EBITDA margin at –4.7% (down 204bps YoY).
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Total Expenses: ₹6,244 crore, up 60% YoY, including delivery costs ₹1,313 crore (+26% YoY), advertising and promo spend ₹1,036 crore (+133% YoY), employee benefits ₹686 crore (+16%), finance costs ₹41 crore (+105%).
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EPS: –₹4.8 (basic and diluted).
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Food Delivery: Revenue ₹1,800 crore (+20% YoY); gross order value (GOV) ₹8,086 crore (+19% YoY); 16.3 million monthly transacting users (+16% YoY).
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Instamart (Quick Commerce): Revenue ₹806 crore, more than doubled YoY, but still loss-making (instamart segment loss ₹797 crore).
Management Commentary & Strategic Highlights
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Swiggy’s management acknowledged strong revenue growth led by both core food delivery and Instamart, but emphasized seasonality and increased costs including monsoon-driven delivery partner investments and annual appraisals hurt margins.
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Quick commerce continued its high-burn growth, as assortment and value platforms expanded user engagement, but sustained profitability remains a longer-term objective.
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Platform innovations, especially in food delivery, are driving higher order values and improved user metrics, with robust MTU growth (1.2 million net addition in Q1).
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Swiggy highlighted its “twin engine” strategy, profitable food delivery segment anchors the business while Instamart fuels future expansion, albeit with significant cash burn.
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Focus for FY26: operational efficiency, measured store/logistics expansion, and narrowing losses over subsequent quarters as monsoon and appraisal impacts normalize.
Q4 FY25 Earnings Results
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Revenue: ₹4,410 crore, up by 45 percent on the YoY basis.
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Net Loss (PAT): ₹1,081 crore, a drop of 94.7 percent during the same quarter, last year.
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EBITDA (Adjusted): Negative margin –4.8%.
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Core food delivery GOV and user metrics were strong; quick commerce (Instamart) contributed heavily to revenue growth but remains loss-making.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.