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Swiggy Q2 FY27 results: net loss narrows to ₹922 crore, revenue up 36.1%
Swiggy Limited reported consolidated revenue of ₹7,571 crore in Q2 FY27, up 36.1% from ₹5,561 crore in Q2 FY26, while EBITDA loss narrowed to ₹770 crore from ₹798 crore. The company reported a net loss of ₹922 crore and basic EPS of -₹3.45, compared with a net loss of ₹1,092 crore and EPS of -₹4.59 a year earlier; against Q1 FY27, revenue rose while the net loss increased.
Key points
- Q2 FY27 consolidated revenue was ₹7,571 crore, up 36.1% from ₹5,561 crore in Q2 FY26 and 11.1% from ₹6,812 crore in Q1 FY27.
- EBITDA loss was ₹770 crore in Q2 FY27 versus ₹798 crore in Q2 FY26, while the EBITDA margin improved by 4.1 percentage points to -10.2%.
- Swiggy reported a net loss of ₹922 crore and basic EPS of -₹3.45 in Q2 FY27, compared with a net loss of ₹1,092 crore and EPS of -₹4.59 in Q2 FY26.
- On a standalone basis, Q2 FY27 revenue was ₹2,646 crore and profit before tax was -₹881 crore.
- The stock closed 16.7% lower on the reaction day and was down 12.1% by the next day's close from its pre-results close.
How did Swiggy perform in Q2 FY27?
Swiggy Limited reported consolidated revenue of ₹7,571 crore for Q2 FY27, up 36.1% from ₹5,561 crore in Q2 FY26 and 11.1% from ₹6,812 crore in Q1 FY27. EBITDA loss narrowed to ₹770 crore from ₹798 crore a year earlier, while the margin improved to -10.2% from -14.3%.
The company reported a net loss of ₹922 crore and basic EPS of -₹3.45 in Q2 FY27, compared with a net loss of ₹1,092 crore and EPS of -₹4.59 in Q2 FY26. Against Q1 FY27, the net loss widened from ₹791 crore and EPS declined from -₹2.96.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,571 | 6,812 | 5,561 | +36.1% | +11.1% |
| Other income | 212 | 211 | 59 | +259.3% | +0.5% |
| Total expenses | 8,703 | 7,813 | 6,711 | +29.7% | +11.4% |
| EBITDA | −770 | −650 | −798 | ||
| EBITDA margin | -10.2% | -9.5% | -14.3% | +4.1 pp | −0.7 pp |
| Profit before tax | −920 | −790 | −1,091 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −922 | −791 | −1,092 | ||
| EPS (₹) | −3.45 | −2.96 | −4.59 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Swiggy's costs and profit?
Total expenses rose to ₹8,703 crore in Q2 FY27 from ₹6,711 crore in Q2 FY26, an increase of ₹1,992 crore or 29.7%. Other expenses increased by ₹895 crore to ₹4,222 crore, while employee benefits expense fell by ₹14 crore to ₹676 crore.
Other income rose by ₹153 crore to ₹212 crore from ₹59 crore in Q2 FY26. Finance costs increased by ₹6 crore to ₹54 crore, depreciation by ₹4 crore to ₹308 crore, and cost of materials fell by ₹13 crore to no reported amount. There was no exceptional item, and tax was unchanged at no tax expense.
Against Q1 FY27, total expenses increased by ₹890 crore to ₹8,703 crore, driven by a ₹397 crore increase in other expenses and increases in employee benefits expense, finance costs and depreciation. The filing did not state further reasons for the expense changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 13 | −13 | |
| Employee cost | 676 | 690 | −14 | −2.0% |
| Finance costs | 54 | 48 | +6 | +12.5% |
| Depreciation | 308 | 304 | +4 | +1.3% |
| Other expenses | 4,222 | 3,327 | +895 | +26.9% |
| Total expenses | 8,703 | 6,711 | +1,992 | +29.7% |
| Other income | 212 | 59 | +153 | +259.3% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Swiggy reported consolidated revenue of ₹14,383 crore, up 36.7% from ₹10,522 crore in H1 FY26. Total income rose 38.8% to ₹14,806 crore from ₹10,668 crore.
Profit before tax was -₹1,710 crore in H1 FY27 compared with -₹2,287 crore in H1 FY26, while the net loss was -₹1,713 crore compared with -₹2,289 crore. Basic EPS was -₹6.41, compared with -₹9.63 in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 14,383 | 10,522 | +36.7% |
| Profit before tax | −1,710 | −2,287 | |
| Net profit | −1,713 | −2,289 | |
| EPS (₹) | −6.41 | −9.63 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹25,438 crore at 30 September 2026, compared with ₹25,237 crore at 31 March 2026. Total equity was ₹16,970 crore against ₹18,314 crore, borrowings were nil against ₹100 crore, and cash was ₹2,736 crore compared with ₹2,747 crore.
In H1 FY27, operating cash flow was -₹938 crore, compared with -₹1,522 crore in H1 FY26. Investing cash flow was ₹1,389 crore against ₹1,632 crore, financing cash flow was -₹460 crore against -₹171 crore, and capital expenditure was ₹396 crore compared with ₹508 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 25,438 | 25,237 |
| Total equity | 16,970 | 18,314 |
| Borrowings | 0 | 100 |
| Cash and equivalents | 2,736 | 2,747 |
| Inventories | 228 | 76 |
| Trade receivables | 5,124 | 4,048 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −938 | −1,522 |
| Cash from investing | 1,389 | 1,632 |
| Cash from financing | −460 | −171 |
| Capital expenditure | 396 | 508 |
Source: Company's results filing (XBRL).
How has Swiggy done over the last 8 quarters?
Revenue rose in each of the last five quarters, reaching ₹7,571 crore in Q2 FY27 from ₹6,148 crore in Q3 FY26 and ₹6,383 crore in Q4 FY26. The trend figures show revenue rising from ₹4,961 crore in Q1 FY26 to ₹7,571 crore in Q2 FY27.
The EBITDA margin improved from -19.2% in Q1 FY26 to -9.5% in Q1 FY27, before easing to -10.2% in Q2 FY27. The net loss improved from -₹1,197 crore in Q1 FY26 to -₹791 crore in Q1 FY27, then widened to -₹922 crore in Q2 FY27.
Which businesses drove the quarter?
Food Delivery revenue was ₹2,338 crore, up 21.6% from ₹1,923 crore in the year-ago quarter, with EBIT of ₹349 crore versus ₹251 crore. Out of home consumption revenue rose 48.9% to ₹131 crore, and EBIT was ₹8 crore compared with ₹6 crore.
Quick commerce revenue was ₹1,306 crore, up 33.3% from ₹980 crore, while EBIT loss widened to -₹764 crore from -₹739 crore. Supply chain and distribution revenue rose 44.1% to ₹3,690 crore, with EBIT of -₹7 crore compared with -₹18 crore.
Platform Innovations revenue was ₹106 crore, up 783.3% from ₹12 crore, while EBIT loss widened to -₹162 crore from -₹45 crore. The reported segment EBIT margins were 14.9% for Food Delivery, 6.1% for out of home consumption, -58.5% for quick commerce, -0.2% for supply chain and distribution and -152.8% for Platform Innovations.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Food Delivery | 2,338 | +21.6% | 349 | 14.9% |
| Out of home consumption | 131 | +48.9% | 8 | 6.1% |
| Quick commerce | 1,306 | +33.3% | −764 | -58.5% |
| Supply chain and distribution | 3,690 | +44.1% | −7 | -0.2% |
| Platform Innovations | 106 | +783.3% | −162 | -152.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the re-appointment of Anand Kripalu as a non-executive independent director and chairman for a second term from 4 December 2026 to 3 December 2031, subject to shareholder approval. The board also approved Suparna Mitra’s re-appointment as a non-executive independent director for a second term from 1 April 2027 to 31 March 2032, subject to shareholder approval.
The company’s board meeting on 22 October 2026 approved the unaudited consolidated and standalone results for the quarter and half-year ended 30 September 2026. The same-day filing did not mention a dividend or a fund raise.
What did Swiggy's management say?
Management maintained standalone FY27 food-delivery growth guidance of 18-20% YoY and said the business would continue on its trajectory toward a 5% of GOV adjusted-EBITDA margin. Management said combined food marketplace GOV growth with Toing could be closer to the lower end of the 25-30% range, implying roughly 25% growth over the next two quarters to the medium term.
For Q3 FY27, management guided to double-digit sequential NOV growth for Instamart, a contribution margin between 0 and -100 bps with sequential improvement, and a 100 bps improvement in adjusted-EBITDA margin. Management said quick-commerce geographic expansion would not be pursued near term and stores would be added selectively.
Management identified intense competition in food and quick commerce, unproven repeat-user unit economics and steady-state profitability for Toing, and pressure on quick-commerce contribution margins as risks. The earnings-call transcript did not record any analyst questions beyond the competition and quick-commerce discussion shown in the filing.
How did Swiggy shares react?
The filing appeared after market hours. From the price when the filing appeared, Swiggy fell 6.4% after five minutes, 6.0% after 15 minutes and 7.1% after 30 minutes. On the reaction day, the stock fell 16.7% from its previous close.
By the next day’s close, the stock was down 12.1% from its pre-results close, and by the fifth session it was down 16.5%. The industry median moved 1.8% lower on the reaction day, 1.3% lower by the next day and 0.9% higher by the fifth session; Swiggy’s excess sector moves were -14.9 percentage points, -10.9 percentage points and -17.4 percentage points.
Earlier reaction-day moves were -3.7% on 24 July 2026, -6.7% on 8 May 2026, -2.8% on 29 January 2026 and -2.0% on 30 October 2025. The reaction data describe historical price movements and do not indicate a future share-price direction.
| After the filing | Stock | E-Retail/ E-Commerce median |
|---|---|---|
| 5 minutes | −6.4% | |
| 15 minutes | −6.0% | |
| 30 minutes | −7.1% | |
| Reaction day | −16.7% | −1.8% |
| Next day | −12.1% | −1.3% |
| 5 days | −16.5% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | −3.7% |
| 8 May 2026 | −6.7% |
| 29 January 2026 | −2.8% |
| 30 October 2025 | −2.0% |
| 31 July 2025 | −2.9% |
| 9 May 2025 | +1.9% |
| 5 February 2025 | −6.4% |
| 3 December 2024 | −2.0% |
Source: MarketPing price-reaction measurement.
How did other E-Retail/ E-Commerce companies do?
Eight E-Retail/ E-Commerce companies filed for the quarter, with a median revenue growth of 25.6%. Four peers grew slower than Swiggy and four peers grew faster than Swiggy. Of the six peers whose profit was compared, five reported higher profit.
| Swiggy revenue growth (YoY) | +36.1% |
|---|---|
| Median of 8 other E-Retail/ E-Commerce companies | +25.6% |
| Companies with slower revenue growth than Swiggy | 4 of 8 |
| Companies with faster revenue growth than Swiggy | 4 of 8 |
| Companies whose net profit rose | 5 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Swiggy's revenue in Q2 FY27?
Revenue from operations was ₹7,571 crore, up 36.1% from ₹5,561 crore in Q2 FY26 (consolidated).
Did Swiggy make a profit in Q2 FY27?
No. It reported a net loss of ₹922 crore, against a net loss of ₹1,092 crore in Q2 FY26.
What was Swiggy's EPS in Q2 FY27?
Basic loss per share was ₹3.45, against a loss of ₹4.59 in Q2 FY26.
How did Swiggy shares react to the Q2 FY27 results?
On the reaction day the stock moved −16.7% from the previous close; the median E-Retail/ E-Commerce stock moved −1.8%.
When did Swiggy announce its Q2 FY27 results?
On 22 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration & Approval Of Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 7 October 2026) · PDF
- Outcome of Board Meeting (NSE, 22 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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