Swiggy reported robust Q4 FY26 performance, driven by steady gains in food delivery and quick commerce. The company’s revenue rose 44.7% year-on-year to ₹6,383 crore in the March quarter, while quarterly losses narrowed to ₹800 crore from ₹1,081 crore a year earlier, indicating improving operating leverage.
For FY26, revenue increased 51% to ₹23,053 crore as Swiggy scaled its core and new businesses. Annual losses widened to ₹4,154 crore due to higher investments in expansion, supply chain, and technology. The company closed March 2026 with cash and cash equivalents of ₹15,053 crore, providing a sizable runway for growth and category development.
Food delivery momentum and user growth
Food delivery remained Swiggy’s anchor business in Q4. Gross order value (GOV) from food delivery rose 22.6% year-on-year to ₹9,005 crore. The segment stayed profitable on an adjusted EBITDA basis for the year, crossing ₹1,000 crore in annual adjusted EBITDA, reflecting healthier order economics and scale efficiencies.
Monthly transacting users grew 21% to 18.3 million, supported by product improvements, assortment depth, and wider delivery coverage. Swiggy expanded its 10-minute offering, Bolt, to more than 700 cities; the service now accounts for an estimated 10–12% of total food orders, indicating rising adoption of ultra-rapid fulfilment in urban and emerging markets.
In a push towards healthier choices, Swiggy rolled out a “No Added Sugar” menu spanning over 1.5 lakh items across 10 cities, strengthening its position in the nutrition-conscious segment and broadening partner restaurant participation.
Instamart scales rapidly with broader assortment
Instamart remained the fastest-growing vertical. Q4 GOV surged 68.8% year-on-year to ₹7,881 crore as Swiggy deepened presence across 129 cities and operated 1,143 dark stores. Alongside groceries, the platform expanded into non-grocery categories such as electronics, toys, and home appliances, aiming to lift average order values and basket frequency.
Instamart reported an adjusted EBITDA loss of ₹858 crore in Q4, though management highlighted steady improvements in unit economics through denser networks, better inventory turns, and route optimisation. Swiggy expects the quick commerce unit to move closer to breakeven over the next few quarters as scale and assortment efficiencies compound.
Corporate actions, funding, and competitive landscape
To sharpen execution and capital allocation, Swiggy carved out Instamart as a separate subsidiary, providing operational flexibility and a clearer path for future fund-raising. The company also exited its investment in Rapido for nearly ₹2,400 crore and raised ₹10,000 crore via a Qualified Institutional Placement, bolstering its balance sheet for expansion and technology investments.
Competition remains intense, with Zomato leading in both food delivery and quick commerce by market share. However, analysts note Swiggy’s long-term growth potential, underpinned by rising user engagement, the scaling of Instamart, and ongoing efficiency gains across fulfilment, category mix, and platform monetisation.
