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Swiggy continued to bleed heavily in the second quarter of FY26. The foodtech major’s net loss for the period zoomed 74.4% to INR 1,092 Cr from INR 626 Cr in Q2 FY25. On a sequential basis, the company managed to trim its loss by 9% from INR 1,197 Cr.
Meanwhile, its top line continued to see strong growth. Swiggy’s operating revenue soared 54% to INR 5,561 Cr in Q2 FY26 from INR 3,601 Cr in the year-ago quarter. This also marked a 12% uptick from INR 4,961 Cr revenue reported in Q1 FY26.
Including other income of INR 59 Cr, total income for the quarter under review stood at INR 5,620 Cr. Total expenses zoomed 56% YoY to INR 6,711 Cr.
The company’s adjusted EBITDA loss zoomed 104% YoY to INR 695 Cr but reduced 15% from INR 813 Cr in the preceding June quarter.
The B2C business’ gross order value zoomed 48% YoY to INR 16,683 Cr in Q2 FY26. Swiggy Platform had 2.3 Cr average monthly transacting users in the quarter, up 34% YoY and 6% QoQ.
Swiggy’s cash burn stood at INR 740 Cr during the quarter under review, more than double of INR 329 Cr in the year-ago quarter. However, this was a decrease of 30% from INR 1,053 Cr cash burn in Q1 FY26.
The company’s consolidated closing cash balance at the end of September reduced to INR 4,605 Cr from INR 5,354 Cr in the previous quarter.
To bolster its cash reserves, the company announced its plans to raise up to INR 10,000 Cr by way of public or private offerings through QIP or other modes. Swiggy’s board will meet on November 7 to consider and approve the fundraise.
Now, let’s take a deeper look at the performance of Swiggy’s verticals in Q2. Swiggy divides its business into five segments – food delivery, quick commerce, supply chain and distribution, out of home consumption, and platform innovations. Here’s how the segments performed during the quarter.
Food Delivery: The vertical reported a 22% YoY revenue growth to INR 1,923 Cr. Food delivery continued to be the most profitable segment for Swiggy, bringing in a profit of INR 251 Cr in the quarter. The segment’s profit more than doubled on a YoY basis.
Quick Commerce: Swiggy Instamart’s loss zoomed 133% YoY to INR 739 Cr. Its revenue grew 2X to INR 980 Cr from INR 490 Cr in Q2 FY25.
Out Of Home Consumption: The segment, which operates DineOut and SteppinOut offerings, reported a profit of INR 6 Cr in the quarter under review as against a loss of INR 9 Cr in the year-ago quarter. Its operating revenue surged 49% YoY to INR 88 Cr.
Platform Innovations: The segment, which houses Swiggy’s supplementary businesses like Swiggy Sports, SNACC, among others, saw its revenue plunge 52% YoY to INR 12 Cr. Its loss zoomed 4X YoY to INR 45 Cr.
Supply Chain & Distribution: Under this segment, Swiggy leverages its warehousing capabilities to offer supply chain services to FMCG brands. This vertical continued to be the main driver of Swiggy’s top line, bringing in a revenue of INR 2,560 Cr during the quarter. This marked a 22% YoY uptick. The segment’s loss reduced 71% YoY to INR 18 Cr.
(The story will be updated soon)
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