In a significant financial update on Thursday, January 29, 2026, Swiggy Ltd reported a consolidated net loss of ₹1,065 crore for the third quarter ended December 31, 2025 (Q3 FY26).
While the loss remains substantial, it represents a slight narrowing from the ₹1,092 crore loss in the preceding quarter (Q2 FY26). The results highlight a company caught between explosive top-line growth and the heavy capital demands of the quick-commerce “dark store” race.
1. Financial Performance: Growth vs. Burn
Swiggy’s revenue and Gross Order Value (GOV) saw massive year-on-year (YoY) jumps, primarily driven by the festive season and the expansion of its Instamart network.
| Key Metric | Q3 FY26 (Current) | QoQ Change | YoY Change |
| Total Revenue | ₹6,148 Crore | ↑ 11% | ↑ ~47% |
| B2C Gross Order Value | ₹18,122 Crore | — | ↑ 49% |
| Net Loss | ₹1,065 Crore | Narrowed 2.5% | ↑ (Wider YoY) |
| Adjusted EBITDA | (₹712 Crore) | Improved | — |
2. Segment Highlights: The Two Faces of Swiggy
The Q3 results reinforce a clear divide in Swiggy’s business model: a maturing food delivery arm funding a high-growth, high-burn quick-commerce arm.
Food Delivery: The Profit Engine
- GOV Growth: Rose 20.5% YoY to reach ₹8,959 crore.
- Profitability: The segment’s Adjusted EBITDA rose to ₹272 crore, with margins expanding to 3.0% of GOV.
- User Base: Monthly Transacting Users (MTU) grew to 18.1 million, bolstered by the 10-minute “Bolt” delivery service.
Instamart: The Expansion Trap
- Explosive Scale: GOV skyrocketed 103.2% YoY to ₹7,938 crore.
- Dark Store Blitz: Swiggy expanded its footprint to 1,136 stores across 131 cities.
- Profitability Status: Instamart continues to drag the consolidated bottom line due to “high competitive intensity” from Blinkit and Zepto, though contribution margins are reportedly nearing a breakeven point.
3. Strategic Outlook: The “Q1 FY27” Target
During the earnings call, Swiggy management provided a definitive timeline for their next major financial milestone:
- Contribution Breakeven: The company aims for the overall platform to achieve contribution margin breakeven by Q1 FY27 (April–June 2026).
- Cash Position: Swiggy maintains a formidable war chest of ₹15,900 crore in cash and cash equivalents, providing ample runway for the 2026 expansion.
- Premium Focus: Adoption of the “One BLCK” premium subscription tier saw a 15% sequential rise, helping increase average order values (AOV).
4. Market Reaction
Shares of Swiggy Ltd rose nearly 1.4% on the NSE following the results, as investors reacted positively to the narrowing sequential loss and the robust 49% GOV growth. Analysts suggest that the market is beginning to value Swiggy’s ability to sustain top-line momentum even as it keeps its burn rate in check.
Conclusion: A High-Speed Balancing Act
Swiggy’s Q3 FY26 results prove that the company is successfully scaling, but the path to a positive “Net Profit” remains a long-term goal. By leveraging the cash flow from its food delivery business to build a dominant dark store network, Swiggy is betting that by 2027, the volume of quick commerce will finally provide the operating leverage needed to turn the entire platform green.
