Market Performance: Swiggy’s Q3 Numbers Reflect Growth With Cost Pressure
Swiggy Q3 results tell a clear story—strong top-line growth, but rising costs kept profitability under pressure.
For the October–December quarter, Swiggy reported a net loss of ₹1,065 crore, widening from ₹800 crore in the same quarter last year. The numbers were announced after market hours on Thursday.
Despite the wider loss, revenue growth remained the biggest highlight this quarter.
Main News: Revenue Surges, Losses Still Elevated
Swiggy’s consolidated revenue from operations jumped 54% year-on-year to ₹6,148 crore, driven largely by continued momentum in its quick commerce business.
That growth came even as expenses climbed sharply.
- Operating expenses: ₹7,298 crore
- YoY increase in expenses: 49%
The higher cost base weighed on the bottom line, keeping losses elevated despite stronger revenue.
On a quarter-on-quarter basis, however, there was a small improvement.
- Q3 net loss: ₹1,065 crore
- Q2 net loss: ₹1,092 crore
Losses narrowed sequentially, even as spending remained high.
Revenue Trend: Growth Continues Quarter After Quarter
Swiggy’s revenue performance remained consistent across periods.
- Q3 FY26 revenue: ₹6,148 crore
- Q3 FY25 revenue: ₹3,993 crore
- QoQ growth: 10.55% from ₹5,561 crore in Q2
The steady climb highlights how demand across Swiggy’s platforms continues to rise, especially beyond food delivery.
EBITDA Performance: Losses Expand Year-on-Year
While revenue surged, profitability metrics stayed under pressure.
- Adjusted EBITDA loss (Q3): ₹712 crore
- Adjusted EBITDA loss (YoY): ₹490 crore
Higher operating costs and expansion-related spending continued to impact margins during the quarter.
Quick Commerce Business: The Fastest-Growing Engine
Quick commerce once again led Swiggy’s growth story in Q3.
Gross order value (GOV) in this segment more than doubled year-on-year.
- Quick commerce GOV: ₹7,938 crore
- YoY growth: 103.2%
- QoQ growth: 13%
This marks the fourth straight quarter of over 100% year-on-year growth, showing sustained momentum in the segment.
User Growth and Network Expansion
Swiggy continued to scale its quick commerce infrastructure during the quarter.
- Monthly transacting users added: 0.8 million
- Darkstores added: 34
- Total darkstores: 136
- Cities covered: 31
The company also expanded its operational footprint:
- Total active darkstore area: 4.8 million square feet
Larger stores and wider coverage supported higher order volumes.
Order Size and Margins: Gradual Improvement
Customer spending per order continued to improve.
- Average order value: ₹746
- YoY increase: ~40%
This was driven by non-grocery expansion and larger basket sizes.
Margins showed incremental improvement, though they remained negative:
- Contribution margin: -2.5%
- Improved 208 basis points YoY
- Improved 9 basis points QoQ
- Adjusted EBITDA margin (quick commerce): -11.4%
- Improved 65 basis points QoQ
Despite margin gains, adjusted EBITDA loss rose sequentially by ₹59 crore to ₹908 crore, reflecting ongoing investments.
Food Delivery Segment: Stable and Consistent
Swiggy’s core food delivery business delivered steady results during the quarter.
- Food delivery GOV: ₹8,959 crore
- YoY growth: 20.5%
This was the highest growth rate in the segment over the past three years.
User activity remained strong:
- Monthly transacting users: 18.1 million
- YoY growth: 22%
Food Delivery Profitability Improves
The food delivery segment continued to show improvement in profitability.
- Adjusted EBITDA: ₹272 crore
- Sequential improvement: 13.1%
Margins expanded as well:
- Adjusted EBITDA margin: 3% of GOV
This marked the highest margin level for the segment in the last two years, signaling operational stability.
Company Details: Swiggy’s Business Mix in Focus
Swiggy operates across food delivery and quick commerce, with the latter increasingly shaping overall growth.
Q3 results highlight a clear divide:
- Quick commerce is driving scale and revenue growth
- Food delivery is showing improving profitability
Costs remain elevated due to expansion and operations, keeping overall losses high despite strong top-line performance.
Summary: What Swiggy Q3 Results Reveal?
Swiggy Q3 results underline a familiar pattern—rapid growth paired with profitability pressure.
- Net loss: ₹1,065 crore
- Revenue: ₹6,148 crore, up 54% YoY
- Quick commerce GOV: ₹7,938 crore, up 103.2% YoY
- Food delivery GOV: ₹8,959 crore, up 20.5% YoY
While expenses continue to rise, sequential loss narrowing and improving margins in key segments point to better cost control compared with the previous quarter.
The quarter reflects Swiggy’s ongoing push for scale, with quick commerce leading growth and food delivery providing steady support.
Source: Livemint
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