Swiggy delivered a mixed bag with its second-quarter results on Thursday, October 22. The food delivery giant narrowed its consolidated net loss to Rs 922 crore in Q2 FY27, a 15.6% improvement from Rs 1,092 crore in the same quarter last year, but the red ink was deeper than the Rs 791 crore loss it posted in the first quarter. Revenue, meanwhile, kept climbing at a healthy clip, up 36% year-on-year to Rs 7,571 crore.
What stands out in this quarter is the split personality of the business. The food delivery arm had its best quarter ever on profits, while quick commerce kept racing ahead on orders but continued to burn cash. For investors watching Swiggy’s path to profitability, both halves of the story mattered this time.
The headline numbers
Revenue from operations rose to Rs 7,571 crore in the September quarter, up from Rs 5,561 crore a year ago and Rs 6,812 crore in the preceding quarter. Total expenses climbed nearly 30% year-on-year to Rs 8,703 crore, a reminder that growth still comes at a cost.
On the user side, the platform looks healthy. Average monthly transacting users grew 21% year-on-year to 27.8 million, and the consumer-facing businesses together reported a gross order value (GOV) of Rs 20,793 crore, up 24.6% from last year.
Food delivery: best quarter ever on profits
This was the quarter where Swiggy’s original business finally showed real muscle. Food delivery GOV grew 17.7% year-on-year to Rs 10,054 crore, and adjusted EBITDA rose Rs 101 crore year-on-year to Rs 341 crore, a margin of 3.4% of GOV.
Chief executive Sriharsha Majety called it the business’s highest-ever profits and margins, noting that growth accelerated past 20% in September. The company kept its full-year GOV growth guidance for food delivery unchanged at 18-20%.
Part of that push comes from Toing, Swiggy’s standalone app for affordable meals. It now operates in more than 50 cities, and two out of every three new Toing users are either new to Swiggy or long-time dormant customers, a sign the cheaper offering is pulling in fresh demand rather than cannibalising the main app.
Instamart: orders fly, losses linger
Quick commerce remains the engine and the expense. Instamart’s GOV surged 31.4% year-on-year to Rs 9,230 crore, while net order value, which strips out discounts, jumped 34.8% to Rs 6,594 crore. The network expanded fast: 69 new dark stores took the total to 1,240 stores across 133 cities, with total dark store area crossing 5.2 million square feet.
The catch is the margin. Instamart’s adjusted EBITDA loss widened to Rs 895 crore from Rs 849 crore a year earlier, though its contribution margin improved 157 basis points year-on-year to minus 1% of GOV. Management said it expects another quarter of double-digit sequential growth in net order value in Q3, with improving margins.
Majety struck a confident note on the quick commerce wars, saying speed and selection are now table stakes and the winners will be decided by differentiation. “We see assortment as a curation game rather than a volume game, and our aim is to enable consumers to buy better, not just offer more,” he said.
What to watch next
Two things will decide how this stock is judged from here. First, whether Instamart can keep growing order value in the mid-20s while shrinking its losses, as management has guided. Second, whether Toing can keep adding new users without diluting the main app’s margins.
Swiggy also confirmed it has obtained the necessary approvals to qualify as an Indian owned and controlled company, a regulatory milestone it says is now transitioning. For a company balancing growth and profitability in one of India’s most competitive consumer battles, this quarter showed progress, but the road to steady profits still runs through Instamart’s dark stores.
FAQs
What was Swiggy’s Q2 FY27 net loss?
Swiggy posted a consolidated net loss of Rs 922 crore in Q2 FY27, down from Rs 1,092 crore in the same quarter last year, but up from Rs 791 crore in Q1 FY27.
How much did Swiggy’s revenue grow in Q2?
Revenue from operations rose 36% year-on-year to Rs 7,571 crore, up from Rs 5,561 crore in Q2 FY26.
How did Instamart perform in the quarter?
Instamart’s gross order value grew 31.4% to Rs 9,230 crore and net order value rose 34.8% to Rs 6,594 crore. The network added 69 dark stores, reaching 1,240 stores across 133 cities.
What is Toing?
Toing is Swiggy’s standalone app for affordable meals, now live in over 50 cities. The company says two-thirds of its new users are new to Swiggy or long-dormant customers.
When were Swiggy’s Q2 FY27 results announced?
Swiggy announced its September-quarter results on Thursday, October 22, 2026, through a regulatory filing.
That is the Q2 story: a maturing food delivery business doing its heaviest lifting yet, and a quick commerce bet that keeps growing faster than its losses. The next quarter will show whether both engines can fire at once.
