Swiggy (SWIGGY) Q3 25/26 earnings summary

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.