Swiggy reported a sharp year‑on‑year revenue rise in Q3 FY26 as growth across logistics and quick commerce offset rising costs, even as the company’s consolidated losses widened amid heavy investments in expansion and operations.
Revenue growth driven by logistics and instant delivery
Swiggy’s operating revenue jumped 54% to ₹6,148 crore in Q3 FY26 from ₹3,993 crore a year earlier, powered by strong demand across food delivery, logistics and quick commerce verticals. The company’s diversified model helped it capture rising consumer demand for convenience-led services.
Scootsy Logistics emerged as the largest contributor, accounting for nearly half of operating revenue and recording more than 70% year‑on‑year growth. The segment benefited from higher food delivery volumes and the rapid scaling of quick commerce operations.
The core food delivery business remained a substantial revenue source, contributing roughly one‑third of overall collections. Revenue in this segment grew about 25% year‑on‑year, supported by increased order volumes, higher average order values and deeper penetration in existing cities.
Instamart, Swiggy’s quick commerce arm, posted standout growth with revenue up nearly 76% and crossing the ₹1,000 crore mark. The performance reflects strong consumer preference for ultra‑fast grocery and essentials delivery and follows aggressive expansion of dark stores in metro and tier‑1 markets.
Including other verticals such as dining solutions, Genie and Swiggy Mini, total income for the quarter was approximately ₹6,244 crore.
Expenses rise faster than revenue
Costs grew rapidly alongside top‑line expansion. Total expenditure in Q3 FY26 increased nearly 49% year‑on‑year to ₹7,298 crore, outpacing revenue growth and squeezing margins.
Procurement of FMCG inventory for quick commerce was a major cost driver, nearly doubling versus the prior year and forming a significant portion of overall expenses. Delivery costs also rose with higher order volumes and expanded logistics infrastructure.
Employee benefit expenses grew as Swiggy invested in technology, operations and supply‑chain talent. Advertising and promotional spending remained elevated amid intense competition in food delivery and instant commerce.
Net loss widens despite scale
Rising costs pushed consolidated net loss to ₹1,065 crore in Q3 FY26, an increase of about 32–33% year‑on‑year. For the nine months to December 2025, cumulative losses exceeded ₹3,300 crore. The results underline that while Swiggy has achieved significant scale and consumer adoption, sustainable profitability remains a work in progress.
Strong cash reserves provide runway
Swiggy reported cash and cash equivalents of over ₹13,500 crore as of December 2025, bolstered by institutional placements and proceeds from strategic stake sales. The healthy cash position offers the company runway to continue investing in growth, technology and infrastructure while absorbing near‑term losses.
Outlook: growth with a focus on improving unit economics
Swiggy’s Q3 FY26 performance reflects a broader pattern in India’s consumer internet sector, where firms prioritise scale and category leadership over immediate profitability. With quick commerce adoption rising, Swiggy is likely to remain growth‑oriented while working to improve delivery efficiency, optimise costs and strengthen unit economics in the coming quarters.
