Swiggy Q1 Results: Quick commerce and food delivery giant Swiggy on Thursday posted a wider net loss for the first quarter of the financial year 2025-26 (Q1 FY26). Swiggy’s consolidated net loss for the quarter ended June 2025 stood at ₹1,197 crore, significantly higher than ₹611 crore posted in the corresponding period last year.
The sharp spike in losses came despite a 54% year-on-year surge in revenue. The company’s consolidated revenue during the quarter under review came in at ₹4,961 crore versus ₹3,222 crore in the same period a year ago.
On a sequential basis, the loss remained higher than ₹1,081 crore posted during the quarter ended March 2025. Meanwhile, revenue improved 12.5% quarter-on-quarter (QoQ).
The consolidated adjusted EBITDA loss jumped to ₹813 crore from ₹465 crore a year ago, and ₹732 crore in the preceding March quarter.
The company added that its platform Gross Order Value (B2C GOV) rose ~45% YoY to ₹14,797 crore, even as its B2C adjusted EBITDA margin saw a 204 bps decline YoY to -4.7%. The figure improved 12 bps QoQ. Overall, average monthly transacting users (MTU) on the Swiggy platform grew 35.2% YoY and 9% QoQ to 21.6 million.
Segment-wise performance
Food delivery
The food delivery business saw an 18.8% YoY growth in GOV to ₹8,086 crore. The company added 1.2 million MTU to reach 16.3 million. Swiggy said this was the maximum number of MTUs added in a single quarter in two years.
The adjusted EBITDA margin contracted to 2.4% of GOV, led by seasonal investments into delivery partner availability and the impact of annual appraisals.
Quick commerce
Instamart GOV growth rose to 108% YoY and 21% QoQ, led by a jump in AOV. Its average order value (AOV) grew 25.6% YoY to ₹612 ahead of its guidance, led by continued
expansion of non-grocery selection and larger-basket buying behaviour across user cohorts.
The contribution margins improved by ~100 bps QoQ to -4.6%, while the adjusted EBITDA margin improved to -15.8%. During the June quarter, Swiggy added 41 dark stores, driving up active dark store area to 4.3 million sq ft, up 158.7% YoY, 8.2% QoQ.
Out-of-home consumption
The Out-of-Home consumption segment’s GOV grew 61% YoY and 21% QoQ, led by the continued success of GIRF and a thrust on making festive event days big.
The segment had turned profitable last quarter and continued to expand its operating margins, with an adjusted EBITDA margin of 0.5% (+20bps QoQ).
“Swiggy’s Food delivery business continues to deliver robust growth, while innovating to create new customer propositions which can open up the market further. Bolt and 99-store are efforts to ensure that we keep challenging the status quo, and help our restaurant partners garner new users and incremental consumption. Instamart witnessed a massive leap in AOV led by assortment expansion and Maxxsaver adoption. Focus has been on agile and calibrated network expansion, and improving wallet-share by increasing basket size, which is one of the prime determinants of long-term profitability,” said Sriharsha Majety, MD & Group CEO, Swiggy.
We have moved past the Mar-25 peak of losses in Quick-commerce, but amidst significant competition, we will modulate investments to ensure that we drive the business towards scale-led profitability, Majety added.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
