Swiggy (SWIGGY) Q4 24/25 earnings summary

Executive summary

• Achieved strong user acquisition, with MTU growth outpacing previous six quarters combined.

• Consolidated revenue from operations for FY25 was ₹152,267.55 million, up from ₹112,473.90 million year-over-year.

• Net loss for FY25 widened to ₹31,167.99 million from ₹23,502.43 million in FY24.

• Completed IPO during the year, raising ₹43,589.82 million (net of issue expenses); shares listed on NSE and BSE.

• Food delivery business delivered solid growth, with Bolt now contributing 12% of order volumes.

Financial highlights

• Food delivery business run-rating at close to INR 1,000 crore EBITDA, acting as a cash cow.

• Q4 FY25 revenue from operations: ₹44,100.19 million, up from ₹30,455.48 million in Q4 FY24.

• Quick commerce NOV growth at ~16% and GOV growth at ~20% year-over-year, with store additions tripling versus last quarter.

• Cash and cash equivalents at FY25 year-end: ₹12,305.68 million, up from ₹8,870.51 million in FY24.

• CapEx for the quarter at INR 425 crore, with 314 new stores and expanded warehousing.

Outlook and guidance

• Food delivery expected to grow at 18%-22% year-over-year, trending toward the lower end.

• Quick commerce AOV guidance raised to high-teens growth for the coming year.

• Contribution margin break-even for Instamart expected within three to five quarters, with flexibility for growth investments.

• Management highlighted continued investment in growth segments and platform innovations.

• IPO proceeds expected to support expansion and operational initiatives.