The food delivery platform expanded its consumer base, scaled Instamart and strengthened its balance sheet, although its consolidated loss widened during the year.
BENGALURU (India CSR): Swiggy Limited reported strong operating growth during FY 2025-26, supported by higher food delivery volumes, rapid expansion of quick commerce and improved performance in its out-of-home consumption business. The company’s consolidated revenue from operations increased 51.4% to Rs. 23,053 crore, compared with Rs. 15,227 crore in FY 2024-25. Total income rose to Rs. 23,561 crore from Rs. 15,623 crore.
However, Swiggy’s consolidated loss widened to Rs. 4,154 crore from Rs. 3,117 crore in the previous year. The higher loss reflected continued investments in quick commerce, infrastructure, technology and customer acquisition amid intense competition.
Platform Growth Accelerates
Swiggy’s business-to-consumer Gross Order Value increased 45.5% year-on-year to Rs. 67,734 crore. The platform processed 1.14 billion B2C orders, representing growth of 23.6%. Average monthly transacting users increased 33.1% to 23.5 million as more consumers used multiple Swiggy services. This cross-platform engagement strengthened the company’s integrated ecosystem across food delivery, quick commerce and dining-out services.
Consolidated adjusted revenue increased 48.9% to Rs. 24,315 crore. Swiggy’s services were available across more than 720 cities, extending the platform’s reach across urban consumer markets. The company said its performance demonstrated the potential of consumer-focused innovation combined with disciplined execution. Its strategy remained centred on serving more consumption occasions while improving operating efficiency.
Food Delivery Strengthens
Food Delivery Gross Order Value grew 20.2% to Rs. 34,593 crore. Orders increased 13.6% to 714 million, while average monthly transacting users rose 19.2% to 17.5 million. Average order value improved from Rs. 458 to Rs. 484, reflecting a combination of premium offerings and affordability-focused propositions.
The segment’s adjusted EBITDA crossed Rs. 1,000 crore, increasing 76.7% during the year. Adjusted EBITDA margin expanded to 2.9% of GOV, while contribution margin improved to 7.5%. Advertising revenue, better delivery fleet utilisation and operating leverage supported the improvement. Swiggy also expanded propositions addressing speed, value, workplace dining, healthier food choices and railway-linked travel occasions.
Initiatives including Bolt, One BLCK, 99 Store, EatRight, DeskEats and Food on Train helped the company address different consumer requirements without depending on a single ordering occasion.
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Instamart Scales Rapidly
Instamart emerged as Swiggy’s fastest-growing major business during FY 2025-26. Quick Commerce GOV surged 94.1% to Rs. 28,496 crore, while Net Order Value rose 69.9% to Rs. 20,210 crore. Orders increased 44.4% to 412 million. Average monthly transacting users grew 73.7% to 12.3 million, demonstrating the increasing adoption of rapid delivery for everyday purchases.
Average order value climbed from Rs. 514 to Rs. 691, supported by wider product selection, increased non-grocery purchases and larger shopping baskets. Instamart’s contribution margin improved to negative 2.8% of GOV from negative 4% in the preceding year. Higher order values, better monetisation, infrastructure utilisation and reduced dependence on unsustainable incentives supported the improvement.
Swiggy added 122 dark stores, taking the network to 1,143 active locations at year-end. Total active dark-store space reached 4.8 million square feet.
Dining Business Profitable
Out-of-Home Consumption recorded its first full year of profitability, marking an important turnaround for the portfolio. The segment’s GOV rose 50.6% to Rs. 4,645 crore, while adjusted revenue increased 67.3% to Rs. 412 crore. Total transactions grew 58.4% to 15.1 million.
Adjusted EBITDA reached Rs. 29 crore, translating into a margin of 0.6% of GOV. Average monthly active restaurants increased 30.2% to approximately 46,600. The performance showed that Swiggy’s adjacent businesses can become meaningful contributors when integrated with its wider customer, restaurant and technology ecosystem.
Capital Position Strengthens
Swiggy completed a Rs. 10,000 crore Qualified Institutional Placement during the year. The issue received demand exceeding four times the offered amount from domestic and international investors. The company also unlocked Rs. 2,400 crore through the sale of its Rapido investment. These transactions strengthened Swiggy’s capital base and provided financial flexibility to compete in investment-intensive categories.
The additional capital is expected to support technology, fulfilment infrastructure, consumer services and long-term platform development. Management nevertheless emphasised calibrated expansion and prudent capital allocation.
Responsible Growth Advances
Swiggy continued implementing its 2030 Sustainability Goals across Climate, Community and Conscience. NSE Sustainability Ratings & Analytics placed the company in its “Leader” category. Its commitments include achieving a completely electric delivery fleet, sourcing renewable energy for direct operations, strengthening circular packaging and improving delivery-partner welfare.
Swiggy also plans to upskill and engage one million value-chain participants and empower 100,000 women across its ecosystem by 2030. FY 2025-26 established Swiggy as a larger and more diversified consumer platform. Its central challenge will be converting rapid revenue and order growth into lower consolidated losses and sustainable profitability.
