Swiggy Limited has informed the Exchange about Transcript
SWIGGY · price
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Swiggy reported Q1 FY26 results with Instamart (quick commerce) GOV growth accelerating to 108% YoY, driven by a 26% YoY rise in average order value (AOV) that beat prior guidance. Instamart contribution margin improved 100 bps QoQ, with non-grocery share rising to 18.5% (from 6.6% a year ago). Management maintained its guidance for Instamart contribution margin breakeven between the December 2025 and June 2026 quarters, and the CFO indicated an even higher contribution margin improvement is expected in the current (Q2) quarter. Food delivery posted 18.8% GOV growth, its second-highest in 8-9 quarters, with a seasonal dip in margins attributed to Q1 rider availability; the medium-term 5% EBITDA margin guidance for food delivery was reiterated. Competition in quick commerce remains elevated, with new players entering, but management said the top players will continue to drive the category investment cycle.
Positive signals for shareholders: management has reaffirmed the path to Instamart profitability with visible quarter-on-quarter margin improvement, and food delivery growth remains robust. The stock may react favorably given the beat on AOV guidance and confident tone on near-term margin trajectory, though quick commerce competition and elevated marketing spend remain key risks to watch.