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Swiggy (SWIGGY) investor relations material
Swiggy Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Food delivery grew 21% year-over-year, exceeding guidance, with strong MTU and margin expansion.
Consolidated revenue from operations for the quarter ended December 31, 2025, was ₹6,148 crore, up from ₹3,993 crore in the same quarter last year.
Net loss for the quarter was ₹1,065 crore, compared to ₹799 crore in the prior year quarter.
Quick commerce faced slower growth due to intense competition, but structural improvements and cost discipline remain priorities.
Management reiterated commitment to quality growth, focusing on customer retention and sustainable margin improvement.
Financial highlights
Food delivery contribution and adjusted EBITDA margins expanded, with 30 basis points improvement from efficiency gains.
Revenue from operations for the nine months ended December 31, 2025, was ₹16,670 crore, up from ₹10,817 crore year-over-year.
Quick commerce achieved 100 basis points margin improvement, though most gains were reinvested in user acquisition campaigns.
Working capital increased by INR 130 crore over the last quarters, in line with 18% top-line growth.
CapEx focused on warehousing and dark store expansion, doubling warehousing capacity year-over-year.
Outlook and guidance
Food delivery growth guidance maintained at 18%-20%, with confidence in achieving the upper end.
Quick commerce contribution margin break-even (CM Zero) targeted for the upcoming quarter, with 250 basis points improvement over three quarters.
Management expects marketing and investment intensity to peak, with losses projected to decline as cost discipline increases.
Management continues to monitor the impact of new Labour Codes and will evaluate further effects on employee benefits.
The transfer of the Instamart business to a new subsidiary is expected, with no impact on consolidated results.
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