Swiggy Limited (NSE: SWIGGY, BSE: 544285), India’s premier consumer technology platform pioneering food delivery and quick commerce, announced its un-audited consolidated and standalone financial results for the first quarter of Financial Year 2026–27 (Q1 FY27) ended June 30, 2026. The Board of Directors met on July 30, 2026, approving a strong operational performance that highlights narrowing consolidated losses, top-line revenue momentum, and expanding unit economics across its primary operating verticals.
During Q1 FY27, Swiggy delivered a Consolidated Revenue from Operations of ₹6,812 crore, registering an 37.31% Year-on-Year (YoY) expansion compared to ₹4,961 crore recorded in Q1 FY26. On a sequential (QoQ) basis, top-line revenue grew by 6.72% from ₹6,383 crore reported in Q4 FY26. Total Consolidated Income for the quarter reached ₹7,023 crore, supported by an Other Income of ₹211 crore.
Importantly, Swiggy’s Consolidated Net Loss for the quarter narrowed to ₹791 crore, representing a 33.92% reduction in net loss compared to the ₹1,197 crore net loss posted in Q1 FY26. Sequential loss reduction also progressed, improving from a net loss of ₹800 crore in Q4 FY26. The improvement in bottom-line performance was driven by scaling profitability in the core Food Delivery business, alongside structural loss reductions in Quick Commerce (Instamart) as dark store density and average order values expanded.
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| SWIGGY Q1 FY27 CONSOLIDATED SNAPSHOT |
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| Revenue from Operations : ₹6,812 Cr [YoY Growth: +37.31%] |
| Total Income : ₹7,023 Cr [YoY Growth: +39.12%] |
| Net Loss for the Period : ₹(791) Cr [Loss Narrowed by 33.92% YoY] |
| Food Delivery Segment Result : ₹299 Cr [Segment Profit grew +48.02% YoY] |
| Quick Commerce Segment Result : ₹(651) Cr [Loss Reduced from ₹(797) Cr in Q1 FY26]|
| Basic & Diluted EPS : ₹(2.96) [Face Value ₹1 per share] |
| Paid-up Share Capital : ₹262 Cr [Other Equity: ₹18,053 Cr as of FY26] |
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Quick Highlights & Investor Dashboard
Top-Line Momentum: Consolidated revenue from operations rose to ₹6,812 crore, propelled by high order density in Supply Chain & Distribution (₹3,195 crore), Food Delivery (₹2,208 crore), and Quick Commerce / Instamart (₹1,232 crore).
Food Delivery Profitability: Core Food Delivery segment profit reached ₹299 crore in Q1 FY27, growing 48.02% YoY over ₹202 crore in Q1 FY26.
Quick Commerce Losses Shrink: Instamart operating losses narrowed to ₹651 crore, down from a loss of ₹797 crore in Q1 FY26 and ₹736 crore in Q4 FY26.
Corporate Restructuring Effective: Effective April 1, 2026, the company completed the slump sale transfer of the Instamart business to its wholly-owned step-down subsidiary, Swiggy Instamart Private Limited.
Balance Sheet Reserves: Positioned with high cash reserves following the ₹10,000 crore Qualified Institutions Placement (QIP) completed in FY26 and the ₹2,399 crore Rapido stake sale proceeds recognized in OCI.
Executive Leadership Transitions: Resignation of Mr. Amitesh Kumar Jha as CEO-Instamart effective July 28, 2026, and appointment of Mr. Renan De Castro Alves Pinto as Non-Executive Nominee Director.
Company Overview: The Hyperlocal Convenience Ecosystem
Swiggy Limited operates as a premier consumer technology platform designed to provide urban Indian households with unified hyperlocal convenience. Founded in 2014 as a dedicated food delivery network in Bengaluru, Swiggy has evolved into a multi-category technology engine spanning meal ordering, instant grocery and general merchandise delivery, dining out solutions, supply chain B2B fulfillment, and platform innovation incubators.
The enterprise operates through five primary business segments:
Food Delivery: On-demand restaurant food ordering and delivery connecting millions of users with over 200,000 restaurant partners and a vast fleet of independent delivery executives.
Quick Commerce (Instamart): 10-to-15-minute delivery of groceries, fresh produce, electronics, beauty products, and household essentials operated via a nationwide network of tech-enabled dark stores.
Out-of-Home Consumption: Dining-out solutions via Swiggy DineOut and curated event access through Scenes.
Supply Chain & Distribution: B2B procurement and logistics services provided to wholesalers, retailers, and FMCG brands leveraging integrated warehousing capabilities.
Platform Innovations: Incubation hub for new service concepts, including Swiggy-Minis, Swiggy Sports, Snacc, Toing, and Crew.
Headquartered in Bengaluru, Karnataka, Swiggy serves users across hundreds of Indian cities, utilizing machine learning algorithms for route optimization, demand forecasting, and personalized search.
Financial Snapshot: Q1 FY27 Performance Breakdown
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| SWIGGY FINANCIAL METRICS COMPARISON |
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| Consolidated Revenue : Q1 FY27: ₹6,812 Cr | Q4 FY26: ₹6,383 Cr | Q1 FY26: ₹4,961 Cr |
| Consolidated Net Loss: Q1 FY27: ₹(791) Cr | Q4 FY26: ₹(800) Cr | Q1 FY26: ₹(1,197)Cr|
| Food Delivery Profit : Q1 FY27: ₹299 Cr | Q4 FY26: ₹306 Cr | Q1 FY26: ₹202 Cr |
| Instamart Loss : Q1 FY27: ₹(651) Cr | Q4 FY26: ₹(736) Cr | Q1 FY26: ₹(797) Cr |
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Consolidated Income Statement Analysis
Swiggy’s top-line growth was supported by double-digit order volume expansion and higher user monetization across all business lines. Consolidated revenue from operations reached ₹6,812 crore in Q1 FY27. Other income stood at ₹211 crore, bringing total consolidated income to ₹7,023 crore.
Total operating expenses for the quarter rose 25.13% YoY to ₹7,813 crore, compared to ₹6,244 crore in Q1 FY26. The largest operating expense item was Delivery and related charges, which expanded to ₹1,750 crore (up 33.28% YoY from ₹1,313 crore), reflecting higher order volumes and fleet scaling. Purchases of stock-in-trade for the B2B supply chain and dark store operations increased to ₹2,978 crore. Advertising and sales promotion expenses were managed at ₹1,160 crore, up 11.97% YoY. Employee benefit expenses dropped 3.50% YoY to ₹662 crore, reflecting workforce optimization.
Depreciation and amortization expenses totaled ₹298 crore, while finance costs stood at ₹53 crore. Share of loss from associates (Loyal Hospitality) contributed a minor ₹1 crore loss. Consequently, Swiggy recorded a Loss Before Tax of ₹791 crore. With zero current or deferred tax expenses incurred, Net Loss for the period stood at ₹791 crore. Basic and Diluted EPS for the quarter improved to ₹(2.96) per share, compared to ₹(5.04) in Q1 FY26.
Detailed Financial Tables
Table 1: Consolidated Financial Highlights
| Financial Metric | Q1 FY27 (₹ Cr) PDF | Q4 FY26 (₹ Cr) PDF | Q1 FY26 (₹ Cr) PDF | YoY Change (%) PDF | QoQ Change (%) PDF |
| Revenue from Operations | 6,812 | 6,383 | 4,961 | +37.31% | +6.72% |
| Other Income | 211 | 266 | 87 | +142.53% | -20.68% |
| Total Income | 7,023 | 6,649 | 5,048 | +39.12% | +5.63% |
| Purchases of Stock-in-Trade | 2,978 | 2,899 | 2,058 | +44.70% | +2.72% |
| Employee Benefits Expense | 662 | 667 | 686 | -3.50% | -0.75% |
| Delivery & Related Charges | 1,750 | 1,577 | 1,313 | +33.28% | +10.97% |
| Advertising & Sales Promotion | 1,160 | 1,024 | 1,036 | +11.97% | +13.28% |
| Other Operating Expenses | 915 | 897 | 816 | +12.13% | +2.01% |
| Finance Costs | 53 | 56 | 41 | +29.27% | -5.36% |
| Depreciation & Amortization | 298 | 312 | 288 | +3.47% | -4.49% |
| Total Expenses | 7,813 | 7,448 | 6,244 | +25.13% | +4.90% |
| Loss Before Tax | (791) | (800) | (1,197) | -33.92% | -1.12% |
| Net Loss After Tax (PAT) | (791) | (800) | (1,197) | -33.92% | -1.12% |
| Basic & Diluted EPS (₹) | (2.96) | (3.34) | (5.04) | +41.27% | +11.38% |
Table 2: Segment-Wise Revenue & Results Breakdown (Consolidated)
| Business Segment | Q1 FY27 Revenue (₹ Cr) PDF | Q4 FY26 Revenue (₹ Cr) PDF | Q1 FY26 Revenue (₹ Cr) PDF | YoY Rev Growth (%) PDF | Segment Result Q1 FY27 (₹ Cr) PDF | Segment Result Q1 FY26 (₹ Cr) PDF |
| Food Delivery | 2,208 | 2,075 | 1,800 | +22.67% | 299 | 202 |
| Out of Home (DineOut) | 126 | 107 | 77 | +63.64% | 14 | 5 |
| Quick Commerce (Instamart) | 1,232 | 1,057 | 806 | +52.85% | (651) | (797) |
| Supply Chain & Distribution | 3,195 | 3,135 | 2,259 | +41.43% | (8) | (47) |
| Platform Innovations | 51 | 11 | 20 | +155.00% | (131) | (52) |
| Total Segment Revenue | 6,812 | 6,385 | 4,962 | +37.28% | (477) | (689) |
| Less: Inter-segment revenue | — | (2) | (1) | — | — | — |
| Net Revenue from Operations | 6,812 | 6,383 | 4,961 | +37.31% | — | — |
Table 3: Standalone Financial Performance
| Standalone Metric | Q1 FY27 (₹ Cr) PDF | Q4 FY26 (₹ Cr) PDF | Q1 FY26 (₹ Cr) PDF | YoY Growth (%) PDF |
| Revenue from Operations | 2,462 | 2,194 | 1,889 | +30.33% |
| Other Income | 367 | 301 | 121 | +203.31% |
| Total Income | 2,829 | 2,495 | 2,010 | +40.75% |
| Total Expenses | 2,479 | 2,216 | 2,005 | +23.64% |
| Profit from Continuing Operations | 350 | 266 | 5 | +6,900.00% |
| Loss from Discontinued Operations (Instamart) | — | (918) | (996) | — |
| Net Profit / (Loss) After Tax | 350 | (652) | (991) | Turned Profitable |
| Basic EPS (Continuing Operations) (₹) | 1.31 | 1.00 | 0.02 | +6,450.00% |
Table 4: Key Ratios & Valuation Profile
| Metric | Current Estimate / Value | Notes & Benchmark Comparison |
| Current Market Price (CMP) | ₹410 – ₹435 | Traded on NSE (SWIGGY) / BSE (544285) |
| Market Capitalization | ~₹95,000 – ₹1,02,000 Cr | Large-Cap Consumer Internet Leader |
| Price-to-Sales (P/S) Ratio | ~3.8x – 4.2x (TTM) | Discount to Zomato (~8.5x P/S) |
| Enterprise Value / Sales | ~3.2x – 3.5x | Adjusted for cash holdings post QIP |
| Price-to-Book (P/B) Ratio | ~5.0x – 5.4x | Supported by ₹18,053 Cr Equity Base |
| 52-Week High | ₹508.00 | Post-listing peak |
| 52-Week Low | ₹330.00 | Floor support level |
| Paid-up Share Capital | ₹262 Cr | Face value ₹1 per share |
Table 5: SWOT Analysis Matrix
| Strengths (S) | Weaknesses (W) |
* Strong dual-engine platform spanning Food Delivery & Quick Commerce. * Food Delivery segment profitability scaling rapidly (₹299 Cr profit in Q1 FY27). * Deep cash reserves following ₹10,000 Cr QIP & Rapido stake monetization. * Large integrated B2B supply chain infrastructure (₹3,195 Cr revenue). | * Consolidated entity remains loss-making due to Quick Commerce expansion. * Senior leadership turnover in Quick Commerce (CEO exit). * Lower gross margins in B2B supply chain and distribution operations. |
| Opportunities (O) | Threats & Risks (R) |
* Fast dark store additions expanding Instamart throughput. * Monetization of high-margin advertising and merchant services. * Operating leverage as dark stores reach mature store economics. * Scaling Out-of-Home dining (DineOut) and event ticketing. | * Intense competition from Zomato (Blinkit), Zepto, and Flipkart Minutes. * Delivery partner wage inflation and rider retention pressures. * Regulatory shifts in Gig worker policies and local dark store zoning. * Food and fuel inflation impacting order frequency and average order values. |
Table 6: Peer Comparison (Quick Commerce & Hyperlocal Landscape)
| Company / Platform | Core Business Focus | Q1 FY27 Revenue Growth | Quick Commerce Operating Status | Key Strengths |
| Swiggy (Group) | Food Delivery, Quick Commerce, B2B Supply Chain | +37.31% YoY | Instamart Loss Narrowing (₹651 Cr) | Integrated app ecosystem, strong B2B logistics, high cash reserves |
| Zomato (Eternal) | Food Delivery (Zomato), Quick Commerce (Blinkit) | ~60%+ YoY | Blinkit Near Operating EBITDA Breakeven | Market share lead in quick commerce, profitable food delivery |
| Zepto | Pure-Play Quick Commerce | ~80%+ YoY | Rapid Dark Store Expansion | Highly focused unit economics, fast execution |
| BigBasket (BB Now) | Slot Grocery & Quick Commerce | Moderate YoY | Hybrid Dark Store / Hub Model | Backed by Tata Digital, deep grocery inventory sourcing |
Detailed Narrative Analysis
Segment-Wise Financial Performance
1. Food Delivery: The Profitability Cash Cow
Swiggy’s core Food Delivery business demonstrated high operational leverage during Q1 FY27. Segment revenue expanded 22.67% YoY to ₹2,208 crore, compared to ₹1,800 crore in Q1 FY26. Segment profit expanded 48.02% YoY to ₹299 crore, up from ₹202 crore in the prior-year period.
Growth was supported by an increase in Monthly Transacting Users (MTUs), higher order frequency among Swiggy One subscription members, and incremental platform fee revisions. The Food Delivery division continues to fund R&D and platform innovation across the broader Swiggy ecosystem.
FOOD DELIVERY SEGMENT PROFIT TRAJECTORY (₹ IN CRORE)
Q1 FY26: [==================================] 202 Cr (Base Period)
Q4 FY26: [====================================] 306 Cr
Q1 FY27: [===================================] 299 Cr (+48.02% YoY)
2. Quick Commerce (Instamart): Revenue Scales as Losses Shrink
Instamart, Swiggy’s Quick Commerce vertical, delivered a 52.85% YoY revenue surge to ₹1,232 crore in Q1 FY27, up from ₹806 crore in Q1 FY26. Operating losses for the segment narrowed to ₹651 crore, marking an improvement from the ₹797 crore loss recorded in Q1 FY26 and the ₹736 crore loss in Q4 FY26.
INSTAMART SEGMENT OPERATING LOSSES (₹ IN CRORE)
Q1 FY26: [==========================================] (797) Cr (Peak Losses)
Q4 FY26: [======================================] (736) Cr
Q1 FY27: [===================================] (651) Cr (Loss Narrowed)
Unit economics improved due to higher SKU density (adding electronics, home appliances, and beauty products alongside daily groceries), higher Average Order Values (AOVs), and improved dark store throughput. The complete corporate transfer of the Instamart business to Swiggy Instamart Private Limited effective April 1, 2026, provides operational autonomy for independent capital allocation and dark store expansion.
3. Supply Chain & Distribution
The Supply Chain and Distribution division represents Swiggy’s largest revenue contributor, generating ₹3,195 crore in Q1 FY27, up 41.43% YoY from ₹2,259 crore in Q1 FY26. Segment losses narrowed significantly to just ₹8 crore, compared to a loss of ₹47 crore in Q1 FY26. This business provides wholesale procurement and logistics services to dark stores, Kirana merchants, and FMCG brands.
4. Out-of-Home Consumption & Platform Innovations
Out-of-Home Consumption (DineOut and Scenes) grew 63.64% YoY to ₹126 crore, delivering a segment profit of ₹14 crore. Platform Innovations recorded revenue of ₹51 crore, while segment investments/losses stood at ₹131 crore as Swiggy continues to incubate new service lines.
Corporate Governance & Leadership Transitions
During the quarter under review, Swiggy witnessed several corporate governance and senior management adjustments:
Executive Resignations: Mr. Lakshmi Nandan Reddy Obul (Whole-Time Director & Head of Innovation) and Mr. Roger Clark Rabalais (Nominee Director) resigned effective April 10, 2026. Mr. Renan De Castro Alves Pinto was appointed as Non-Executive Nominee Director effective April 11, 2026.
Instamart Leadership Exit: Subsequent to the quarter ended June 30, 2026, Mr. Amitesh Kumar Jha resigned as Chief Executive Officer – Instamart, ceasing to be Senior Management Personnel effective July 28, 2026. Group CEO Sriharsha Majety will directly oversee the Quick Commerce vertical during the transition period.
Shareholder Resolutions: Proposed shareholder resolutions for altering the Articles of Association to appoint Mr. Rahul Bothra and Mr. Phani Kishan Addepalli as Additional Directors did not receive the requisite majority.
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| SWIGGY GOVERNANCE & LEADERSHIP STRUCTURE |
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| Managing Director & Group CEO : Mr. Sriharsha Majety |
| Non-Executive Nominee Director : Mr. Renan De Castro Alves Pinto |
| Interim Quick Commerce Oversight : Group CEO Direct Oversight (post Mr. Amitesh Jha)|
| Company Secretary & Compliance : Ms. Cauveri Sriram |
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Technical & Fundamental Analysis
Technical Chart Analysis (NSE: SWIGGY)
On the technical charts following its listing on the Indian bourses, Swiggy has established a base consolidation pattern above its primary support levels.
TECHNICAL PRICE LEVELS (NSE: SWIGGY)
Resistance 2 : ₹508.00 (52-Week High / All-Time High)
Resistance 1 : ₹460.00 (Overhead Moving Average Barrier)
Current Price: ₹410.00 - ₹435.00 (Trading Consolidation Zone)
Support 1 : ₹380.00 (50-Day Moving Average Support)
Support 2 : ₹330.00 (52-Week Low Floor)
Relative Strength Index (RSI): The 14-day daily RSI oscillates near 48–52, reflecting a balanced momentum structure.
Volume Profile: Trading volume expanded around the Q1 FY27 earnings announcement date, indicating institutional interest as losses narrowed.
Investment Thesis: Bull, Bear & Neutral Cases
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| SWIGGY INVESTMENT THESIS MATRIX |
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| BULL CASE : Instamart reaches EBITDA breakeven ahead of schedule, Food Delivery |
| margins expand to 4%+, advertising revenues surge. (Target: ₹550+) |
| NEUTRAL CASE: Food delivery stays profitable, Instamart losses narrow steadily. |
| (Target: ₹420 - ₹470) |
| BEAR CASE : Intense price wars in Quick Commerce erode gross margins, dark store |
| expansion costs stay elevated, leadership exits disrupt. (₹320) |
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Long-Term Investment Case (Buy Recommendation for Growth Portfolios)
Swiggy offers investors pure-play exposure to India’s booming hyperlocal convenience economy. With the core Food Delivery business generating substantial segment profits (₹299 crore in Q1 FY27) and Quick Commerce losses shrinking consistently, the consolidated company is on a clear trajectory toward overall EBITDA breakeven. Backed by a strong balance sheet following its ₹10,000 crore QIP, long-term growth investors can accumulate the stock during market dips.
Final Verdict
Swiggy Limited’s Q1 FY27 results demonstrate solid progress toward sustainable profitability. With its Food Delivery engine producing strong operating profits, Instamart quick commerce losses systematically narrowing, and a fortified balance sheet, Swiggy remains a strong long-term candidate for growth-oriented retail and institutional investors.
