Swiggy Q2 FY27 Consolidated Loss Widens to ₹922 Crore

Key Financial Performance

Consolidated Financial Highlights (Q2 FY27 vs Q2 FY26):

Revenue from operations: ₹7,571 crore (up 36.2% from ₹5,561 crore)
Other income: ₹212 crore (up 259.3% from ₹59 crore)
Total income: ₹7,783 crore (up 38.5% from ₹5,620 crore)
Total expenses: ₹8,703 crore (up 29.7% from ₹6,711 crore)
Loss before tax: ₹922 crore (improved from ₹1,092 crore loss)
Loss for the period: ₹922 crore (improved from ₹1,092 crore loss)
Consolidated closing cash balance: ₹13,662 crore

Half-Year Performance (H1 FY27):

Revenue from operations: ₹14,383 crore (up 36.7% from ₹10,522 crore)
Loss for the period: ₹1,713 crore (improved from ₹2,289 crore loss)

Business Segment Performance

Swiggy Platform (B2C):

Gross Order Value (GOV): ₹20,793 crore (up 24.6% YoY, +9.9% QoQ)
Adjusted Revenue: ₹7,909 crore (up 33.8% YoY, +11.2% QoQ)
Adjusted EBITDA: Loss of ₹760 crore (vs loss of ₹695 crore YoY)
Monthly Transacting Users (MTU): 27.8 million (up 21.0% YoY, +6.0% QoQ)
Platform Frequency: 4.01 (vs 4.10 YoY)

Food Delivery:

GOV: ₹10,054 crore (up 17.7% YoY, +5.9% QoQ)
MTU: 19.8 million (up 15.2% YoY, +3.1% QoQ)
Adjusted EBITDA: ₹341 crore (record high, up ₹101 crore YoY)
Adjusted EBITDA Margin: 3.4% of GOV (+58 bps YoY, +32 bps QoQ)
Contribution Margin: 7.7% of GOV (+34 bps YoY, +9 bps QoQ)
Take Rate: 26.1% (+23 bps YoY, highest ever)

Quick Commerce (Instamart):

GOV: ₹9,230 crore (up 31.4% YoY, +16.7% QoQ)
Net Order Value (NOV): ₹6,594 crore (up 34.8% YoY, +13.4% QoQ)
Total Orders: 130.3 million (up 29.3% YoY)
Average Order Value: ₹708 (up 4.3% YoY from ₹485)
MTU: 14.8 million (up 23% YoY, added 1.3 million users in quarter)
Contribution Margin: -1.0% of GOV (+157 bps YoY, -82 bps QoQ)
Adjusted EBITDA: Loss of ₹895 crore (increased by ₹118 crore QoQ)
Dark Stores: 1,240 across 133 cities (net addition of 69 stores)
Dark Store Area: 5.21 million sq ft (up 13.3% YoY)
Orders per dark store per day: 1,192 (up 9.5% QoQ)

Out-of-Home Consumption:

GOV: ₹1,508 crore (up 34.9% YoY)
Active Restaurants: 66,000 (up 48% YoY, +10.8% QoQ)
Adjusted Revenue: ₹155 crore (up ₹60 crore YoY)
Adjusted EBITDA Margin: 0.5% of GOV
Seventh consecutive quarter of Adjusted EBITDA positivity

Supply Chain & Distribution:

Revenue: ₹3,690 crore (up 44.1% YoY)
Adjusted EBITDA: Loss of ₹51 crore (vs loss of ₹46 crore YoY)
Adjusted EBITDA Margin: -1.4% of Revenue

Platform Innovations:

Adjusted Revenue: ₹138 crore (up 1046.4% YoY)
Adjusted EBITDA: Loss of ₹162 crore (vs loss of ₹46 crore YoY)
Adjusted EBITDA Margin: -117.8% of Adjusted Revenue

Strategic Developments & Corporate Actions

Foreign Ownership Cap Approval:

Shareholders approved capping foreign shareholding at 49.5% (fully diluted basis)
Enables qualification as Indian Owned and Controlled entity (IOCC)
Allows Instamart to own inventory (currently operates as marketplace)
Transition expected to complete over next few quarters
Expected net margin benefit of about 80 bps when fully implemented

Lynks Logistics Sale:

Sold entire shareholding in Lynks Logistics Limited to Trustroot Internet Private Limited (Udaan parent)
Consideration: ~₹500 crore
Separate primary investment of ₹75 crore gives Swiggy ~3.2% stake in Udaan
Lynks financials included in Q2 results, will cease from Q3 FY27
Expected segment EBITDA improvement by ~₹20 crore from Q3 FY27

Business Restructuring:

Instamart business transferred to Swiggy Instamart Private Limited (wholly owned step-down subsidiary) effective April 1, 2026
Presented as discontinued operations in standalone financials

Operational Metrics & Initiatives

Quick Commerce Differentiation Strategy:

Switch: Partnerships with ~400 brands for superior alternatives
No!ce: Private brand in 1 in 8 baskets, 15pp higher retention, 500+ SKUs
Nectr: Curated fruits and vegetables offering launched in Bengaluru
Switch SKUs part of over 20% orders, available in 60+ categories

Toing Affordability App:

Standalone app for budget-friendly meals
Now in 50+ cities
2 out of 3 new users are new to Swiggy or long-term dormant
Combined frequency ~25% higher than standalone platform frequency
Unit economics turning positive in earliest launched cities

Dineout Expansion:

New offerings: Steal Deals, Digital Menu, Cine Dining, Scenes
Expanded to 80+ cities
Complete going-out stack formation

ESG Initiatives:

Enabled 50,000+ delivery partners to file ITRs directly via app
₹6.5 crore cumulative income tax refund claims for partners
1/3 partners filed returns for first time
Instamart co-located battery-swapping saving partners 60 minutes daily
Lower rental costs by up to 30% through EV adoption

Capital Structure & Cash Flow

Share Capital:

Paid-up share capital: ₹262 crore (face value ₹1 per share)
Other equity: ₹16,708 crore
Total equity: ₹16,970 crore

Cash Flow (Q2 FY27):

Cash burn: ₹708 crore
Change in cash: ₹705 crore decrease
Opening cash balance: ₹14,367 crore
Closing cash balance: ₹13,662 crore

Earnings Per Share:

Basic EPS: ₹(3.45) for Q2 FY27
Diluted EPS: ₹(3.45) for Q2 FY27

Guidance & Outlook

Food Delivery:

Maintains annual guidance of 18-20% GOV growth (ex-Toing)
Targets 5% steady state Adjusted EBITDA margin
September 2026 achieved 20%+ YoY growth

Quick Commerce:

Expects double-digit sequential NOV growth in Q3 FY27
Adjusted EBITDA losses peaked in Q2 FY27
Expects ~100 bps QoQ improvement in Adjusted EBITDA margin in Q3
Contribution margin to remain within 0 to -100 bps range in Q3
Path to breakeven requires ~2.3x scale (₹60,000 Cr annualized NOV vs ₹26,400 Cr today)
Requires ₹30 contribution per order

Out-of-Home Consumption:

Expects Contribution and Adjusted EBITDA margin to continue improving sequentially
Targets 5% Adjusted EBITDA margin

Regulatory Update

GST Council Meeting:

57th GST Council meeting proposed 5% GST on delivery services (vs current 18%)
Expected to make platform more affordable for consumers
Official notification pending from Government

Auditor Review

Walker Chandiok & Co LLP:

Conducted limited review of unaudited financial results
Issued unmodified review report
Financial results include share of net loss of ~₹2 crore from associate (Loyal Hospitality Private Limited)
Associate financial information not reviewed by its auditor

Subsidiaries & Associates

List of Entities Included:

1. Swiggy Employee Stock Option Trust

2. Swiggy Networks Limited

3. Swiggy Retail Limited

4. Lynks Logistics Limited (till September 15, 2026)

5. Swiggy Neocap Private Limited

6. Swiggy Instamart Private Limited

7. Swiggy Commerce Private Limited

8. Loyal Hospitality Private Limited (Associate)

Definitions & Non-GAAP Measures

Key Metrics Defined:

B2C GOV: Consolidated Gross Order Value of completed orders for consumer-facing businesses
Adjusted Revenue: Revenue from operations + user delivery charges + fee from users net of platform funded discounts
Adjusted EBITDA: Profit/loss excluding tax, other income, depreciation, finance costs, exceptional items, share of associate loss, share-based payments, and Ind AS 116 lease rental expenses

Note on Forward-Looking Statements:

Document contains forward-looking statements subject to risks and uncertainties
Company undertakes no obligation to update forward-looking statements