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3mo ago

Swiggy Q3 Loss Widens to Rs 1,065 Crore on Instamart Hit, Stock Falls

Management is moving off deep discounts to prioritize assortment and higher-value users, targeting Instamart contribution-margin breakeven by Q1 FY27.

Swiggy shares crack 8% as QC burns weight on outlook, bottomline; analysts cut targets
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Overview

  • Revenue from operations rose 54% year-on-year to Rs 6,148 crore, with total expenses increasing to Rs 7,298 crore and an EBITDA loss of Rs 782 crore.
  • Instamart posted an adjusted EBITDA loss of Rs 908 crore as contribution margin improved to -2.5%, GOV grew 103% YoY and AOV reached Rs 746.
  • The quick-commerce network expanded to 1,136 dark stores across 131 cities, reflecting continued investment in capacity and assortment.
  • Food delivery maintained steady momentum with GOV up 20.5% YoY, adjusted EBITDA of Rs 272 crore and margin at 3% of GOV, alongside 18.1 million monthly transacting users.
  • Shares fell about 7–8% after the results as brokerages trimmed targets and flagged limited near-term re-rating until quick-commerce unit economics visibly improve.