Swiggy Limited, one of India’s leading on-demand convenience platforms, delivered a strong financial performance for the quarter and financial year ended March 31, 2026. The company reported 45% year-on-year revenue growth to ₹6,383 crore, supported by robust expansion across food delivery, quick commerce, and out-of-home consumption segments.

Despite continued investments in growth areas, Swiggy significantly improved its financial efficiency, with losses narrowing by ₹281 crore year-on-year. The results reflect a combination of higher order volumes, improved user engagement, better monetisation, and steady progress in unit economics across business verticals.

The company’s performance highlights its transition from rapid expansion to a more balanced phase of growth and profitability improvement, especially in its core food delivery operations.

Strong Momentum in Food Delivery Business

Swiggy’s Food Delivery segment remained the backbone of its performance in FY26. The business recorded Gross Order Value (GOV) growth of 22.6% year-on-year, reaching ₹9,005 crore in the quarter.

This growth was supported by increasing platform engagement, with Monthly Transacting Users (MTUs) rising 21% year-on-year to 18.3 million. The improvement indicates stronger consumer adoption and higher order frequency across urban markets.

A key highlight was the improvement in profitability metrics. The segment delivered an Adjusted EBITDA margin of 3.3% of GOV, marking a multi-quarter high. This reflects better cost control, improved delivery efficiency, and higher contribution from premium orders.

Management highlighted that improvements across the “selection, speed, and affordability” framework helped sustain demand while improving margins. The food delivery business also crossed a major milestone by generating over ₹1,000 crore in annual adjusted EBITDA, signalling strong operating leverage.

Instamart: High Growth with Continued Investment Phase

Swiggy’s quick commerce arm, Instamart, continued to be one of the fastest-growing segments in FY26. The business reported 68.8% year-on-year GOV growth to ₹7,881 crore, driven by rapid expansion in user base, improved order frequency, and larger basket sizes.

Instamart expanded its infrastructure selectively, operating 1,143 dark stores across 129 cities, covering nearly 4.8 million square feet of operational space. This expansion supported faster deliveries and wider geographic reach.

Average order value increased by 32.8% year-on-year to ₹700, reflecting a shift toward higher-value purchases and stronger customer engagement across non-grocery categories as well.

However, the segment continued to operate at a loss due to heavy investment in expansion. The Adjusted EBITDA margin improved slightly to -10.9%, while contribution margins improved by 65 basis points to -1.8%.

Despite ongoing losses of ₹858 crore in the quarter, management indicated steady progress toward breakeven in contribution margins, supported by improved operational efficiency and better unit economics.

Instamart’s performance reflects the typical early-stage economics of quick commerce, where scale-building precedes profitability.

Out-of-Home Consumption Turns Profitable

One of the most notable achievements in FY26 was the strong performance of Swiggy’s Out-of-Home Consumption (OOH) business.

The segment recorded 43% year-on-year GOV growth and achieved its first full year of profitability, with an Adjusted EBITDA margin of 0.8% of GOV.

This marks an important milestone for Swiggy, as OOH becomes a stable contributor to overall profitability. The segment includes dining-related services and offline consumer engagement platforms, which have steadily grown in adoption.

The profitability of this segment demonstrates Swiggy’s ability to diversify beyond delivery-led businesses into broader lifestyle and consumption ecosystems.

Platform Expansion and User Growth

Swiggy continued to expand its overall platform engagement across services. The company reported 27.2% year-on-year growth in platform Monthly Transacting Users, reaching 25.2 million users.

This growth reflects strong cross-platform synergies between food delivery, Instamart, and out-of-home services. Users are increasingly engaging with multiple Swiggy offerings, improving overall lifetime value per user.

The expansion of services also helped strengthen retention and frequency of usage across key urban markets in India.

Financial Performance and Profitability Trends

Swiggy’s overall financial performance in FY26 reflects a balanced combination of growth and improving efficiency. While revenue growth remained strong at 45%, the company also made progress in reducing losses through better cost management.

Key financial highlights include:

• Revenue growth of ₹6,383 crore (45% YoY increase)
• Reduction in overall losses by ₹281 crore year-on-year
• Improvement in EBITDA margins across food delivery and OOH segments
• Continued investment-led losses in Instamart, offset by strong revenue expansion

The company’s focus on improving contribution margins, especially in Instamart, suggests a gradual path toward profitability in the medium term.

Management Commentary and Strategic Direction

Swiggy’s management emphasized that FY26 represented a strong year of execution, particularly in food delivery and early progress in quick commerce economics.

According to leadership, food delivery has entered a phase of sustained growth with improving margins, while Instamart is evolving toward better unit economics with each quarter.

The company also highlighted its strong balance sheet position, which allows it to continue investing in growth while maintaining financial discipline.

Strategically, Swiggy remains focused on three key priorities:

• Expanding user engagement across multiple services
• Improving profitability in core food delivery
• Driving efficiency and scale in quick commerce

Competitive Landscape and Industry Context

The Indian food delivery and quick commerce market remains highly competitive, with strong players investing aggressively in growth, logistics, and customer acquisition.

Swiggy’s FY26 performance shows that despite competitive pressures, the company has managed to maintain strong growth while improving core profitability metrics.

The food delivery market continues to expand steadily, driven by urbanisation, digital adoption, and increasing demand for convenience-based consumption.

Quick commerce, while still in investment-heavy phase, is emerging as a major growth driver in urban retail, with Swiggy positioned as one of the leading players.

Outlook for FY27 and Beyond

Looking ahead, Swiggy is expected to focus on achieving sustained profitability improvements, particularly in Instamart, while maintaining growth momentum in food delivery.

Key expectations include:

• Continued double-digit growth in food delivery GOV
• Gradual improvement in Instamart contribution margins
• Expansion of high-margin services in OOH segment
• Stronger operating leverage as scale increases

The company’s long-term success will depend on its ability to balance aggressive expansion with disciplined cost management.

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