Swiggy’s Revenue Jumps to ₹6,148 Cr in Q3 FY26, Losses Rise as Expansion Costs Grow

India’s leading food delivery and quick commerce platform Swiggy has reported a sharp rise in revenue for the third quarter of FY26, even as its losses continued to widen due to aggressive investments and rising operational costs. The latest financial performance highlights the company’s strong scale-up across food delivery, logistics and quick commerce, while also underlining the profitability challenges facing platform-driven consumer businesses in India.

Revenue Surges on Back of Logistics and Quick Commerce

Swiggy’s operating revenue jumped 54% year-on-year to ₹6,148 crore in Q3 FY26, compared to ₹3,993 crore in the same quarter last year. The growth was driven by robust demand across multiple verticals, especially logistics and instant delivery services.

Scootsy Logistics emerged as the biggest contributor, accounting for nearly half of the company’s operating revenue during the quarter. Revenue from this segment rose by over 70% on a yearly basis, reflecting rising volumes from food delivery as well as rapid expansion in quick commerce operations.

The core food delivery business also continued to grow steadily, contributing about one-third of Swiggy’s overall collections. Revenue from this segment increased around 25% year-on-year, supported by higher order volumes, improved average order values, and deeper penetration in existing cities.

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Swiggy’s quick commerce arm, led by Instamart, delivered another standout performance. Revenue from this segment rose by nearly 76% to cross ₹1,000 crore, underlining the strong consumer preference for ultra-fast delivery of groceries and daily essentials. The company has been expanding its dark store network aggressively to meet growing demand in metro and tier-1 cities.

Including other verticals such as dining solutions, Genie, and Swiggy Mini, the company’s total income for the quarter stood at around ₹6,244 crore.

Expenses Rise Faster Than Income

While revenue growth remained strong, Swiggy’s expenses also increased at a rapid pace. Total expenditure during the quarter rose nearly 49% year-on-year to ₹7,298 crore, outpacing revenue growth and putting pressure on margins.

A major cost driver was the procurement of FMCG products for quick commerce, which nearly doubled compared to last year and accounted for a large share of overall expenses. Delivery costs also rose significantly due to higher order volumes and expansion of delivery infrastructure.

Employee benefit expenses increased as Swiggy continued to invest in talent across technology, operations, and supply chain functions. Advertising and promotional spends also remained high, reflecting intense competition in food delivery and instant commerce categories.

Net Loss Widens Despite Scale

Due to rising costs, Swiggy posted a consolidated net loss of ₹1,065 crore in Q3 FY26, marking an increase of around 32–33% from the loss recorded in the same period last year. For the nine-month period ending December 2025, the company’s cumulative loss stood at over ₹3,300 crore.

The results show that while Swiggy has achieved significant scale and consumer adoption, sustained profitability remains a work in progress, especially amid high competition and ongoing investments in expansion.

Strong Cash Reserves Provide Cushion

Despite widening losses, Swiggy remains well-capitalised. As of the end of December 2025, the company reported cash and cash equivalents of over ₹13,500 crore. This was supported by funds raised through institutional placements and proceeds from strategic stake sales.

The strong cash position gives Swiggy adequate runway to continue investing in growth, technology, and infrastructure, while also absorbing short-term losses.

Outlook Remains Growth-Focused

Swiggy’s Q3 FY26 performance reflects the broader trend in India’s consumer internet space, where companies are prioritising growth, scale, and category leadership over near-term profits. With rising demand for convenience-led services and quick commerce gaining traction, Swiggy is expected to remain focused on expansion while gradually working towards improving unit economics.

Going ahead, managing costs, optimising delivery efficiency, and balancing growth with profitability will be key factors influencing the company’s financial trajectory in the coming quarters.