Swiggy
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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.
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Q3 25/26 earnings summary29 Jan, 2026

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.

Impact of IPO-related expenses on Q3 results?
Rapido sale: Cash received and OCI impact?
Quick-commerce revenue vs. Food Delivery?
How will QC market leadership be achieved without buying growth?
What is the CM breakeven risk if QC growth slows?
How will warehousing CapEx improve supply chain efficiency?
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Frequently asked questions

Swiggy Limited is an India-based consumer technology company offering users an easy-to-use convenience platform, accessible through an application, Swiggy, to browse, select, order and pay for food (food delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through its on-demand delivery partner network. The company is headquartered in Bangalore, India, and its shares are listed on the NSE.

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