Swiggy (SWIGGY) Q2 25/26 earnings summary

Executive summary

• Quick commerce business delivered over 100% GOV growth for the third consecutive quarter, surpassing initial expectations of 50%-60% growth trajectory.

• Food delivery business continues on a path of profitable growth, maintaining an annual run rate of INR 1,000 crore.

• Consolidated revenue from operations for the half-year ended September 30, 2025, was ₹10,522 crore, up from ₹6,824 crore year-over-year.

• Net loss for the half-year was ₹2,289 crore, compared to ₹1,237 crore in the same period last year.

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

Financial highlights

• Contribution margin in quick commerce improved by 200 basis points sequentially, now at -2.6%.

• EBITDA margin in quick commerce improved by 375 basis points, with operating leverage starting to play out.

• Adjusted revenue per order improved by INR 10 in both Q1 and Q2, reflecting better unit economics.

• Food delivery EBITDA increased by 44 basis points over the previous quarter, more than doubling year-over-year.

• Total income for the half-year was ₹10,668 crore, up from ₹6,996 crore year-over-year.

Outlook and guidance

• Management reiterated guidance for contribution margin profitability in quick commerce by June 2026, with flexibility to invest for further growth if achieved earlier.

• Quick commerce business to be transferred to a new subsidiary, pending shareholder approval.

• Store additions in quick commerce will be more measured, focusing on densification in existing cities rather than rapid expansion.

• No plans for further capital raises at the subsidiary level; QIP at holding company level intended for growth and strategic reserves.

• Sale of Rapido investment subject to regulatory and shareholder approvals; gain already recognized in OCI.