Swiggy (SWIGGY) Q1 25/26 earnings summary

Executive summary

• Quick commerce GOV grew 100% year-over-year, driven by dark store expansion and higher AOV, which rose 16% quarter-on-quarter and 26% year-over-year, surpassing guidance.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, with auditor's unmodified opinion.

• IPO completed in FY25, raising ₹4,359 crore (net of expenses); shares listed on NSE and BSE.

• Non-grocery share in Instamart increased from 6.6% to 18.5% year-over-year, with significant headroom for further growth.

• Bolt service contributed 10–12% of order volume, with limited AOV dilution and economics close to platform average.

Financial highlights

• Consolidated revenue from operations rose to ₹4,961 crore, up from ₹3,222 crore year-over-year.

• Average order value (AOV) for Instamart increased 16% sequentially and 26% year-over-year.

• Consolidated net loss widened to ₹1,197 crore from ₹611 crore year-over-year.

• Contribution margin improved by 100 basis points quarter-on-quarter; overall monetization efforts added 240 basis points.

• Food delivery AOV grew 18.8% year-over-year.

Outlook and guidance

• Confident of further contribution margin improvement as stores and customers mature; expect margin neutrality between December 2025 and June 2026.

• IPO proceeds expected to support future growth and expansion initiatives.

• CapEx expansion will be more measured, with current warehousing capacity supporting potential doubling of GOV without significant new store additions.

• Food delivery EBITDA margin guidance remains at 5% in the medium term.