However, net loss gradually narrowed from Rs 1,092 crore in Q2FY26, while revenue reported 11% growth QoQ, compared to Rs 5,561 crore reported in the July-September quarter.Highlights of the third quarter
Swiggy platform
— The platform’s average monthly transaction users (MTU) grew 36.8% year-over-year to 24.3 million. It was a 6% quarter-on-quarter growth.
— Consolidated adjusted revenue grew 51% YoY to Rs 6,431 crore, up 9% QoQ
— B2C adjusted EBITDA margin as a percentage of B2C GOV decreased 16 basis points year-over-year to -3.5%. It improved 15bps QoQ.
— Consolidated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell by Rs 16 crore quarter-on-quarter to a loss of Rs 712 crore.
Food delivery
— Gross order value (GOV) grew 20.5% year-on-year to Rs 8,959 crore, the highest growth rate in three years.
— Accelerated MTU growth during the quarter to 22% YoY (+0.9M QoQ), to 18.1M.
— Adjusted EBITDA improved 13.1% QoQ to Rs 272 crore, while Adjusted EBITDA margin rose to 3% of GOV (+56 bps YoY, 22 pence QoQ), the highest in the last two years.
Fast trading
— GOV grew 103.2% YoY (+13.0% QoQ) to Rs 7,938 crore, 4th consecutive quarter of over 100% growth (YoY) with 0.8 million MTUs added during the quarter.
— The company added 34 dark stores to reach 1,136 stores in 131 cities and continued to grow the average size of its dark stores, increasing its active dark store area to 4.8 million square feet (+95.5% YoY, +4.3% QoQ).
— AOV grew 40% year-on-year to Rs 746, led by continued expansion of non-grocery range and larger basket buying behavior among user cohorts.
— Contribution margin improved by 9 basis points quarterly and 208 basis points annually to -2.5%
— Adjusted EBITDA margin improved by 65 bps QoQ to -11.4%, losses increased by Rs 59 Cr QoQ to Rs 908 Crore.
Cash balance
The company reported Rs 13,512 crore in cash and cash equivalents as of December 31, 2025, including Rs 9,931 crore in net QIP revenue.
The sale of his stake in Rapido added Rs 2,400 cr to his treasury balance. This takes Swiggy’s proforma cash base to Rs 15,900 crore as of December 31, 2025, in addition to its restaurant-focused businesses generating Rs 280 crore in adjusted quarterly EBITDA.
Management commentary
Co-founder, MD & Group CEO Sriharsha Majety said the notable highlight in the third quarter was GOV growth in food delivery breaking the 20% mark and reaching 20.5% YoY, the highest in the last three years.
“Importantly, at 5% quarter on quarter, this is also the fastest growth our food delivery business has achieved in a festive quarter in the last three years, as on capacity-constrained days such as Christmas and New Year, demand remained strong and orders flowed smoothly, pushing orders to new peaks,” he said in a letter to shareholders. “As a result, our MTU base has grown much faster at 22% year over year to 18.1 million,” he added.
He added that high-speed commerce continues to rapidly evolve as a preferred sales channel for more and more urban consumer applications.
“In Q3, Instamart continued to grow at over 100% YoY and generated a GOV of INR 7938 Crs. The growth (GOV +103% YoY, NOV +76% YoY) was partially impacted by ~300 bps of GST-related price reductions and the base effect of an earlier start to the festive season this year,” he added.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
#Swiggy #results #Downside #loss #increases #YoY #crore #revenue #grows