Swiggy Q2 Results, October 22, 2026: Food Delivery Profit Hits Record, Loss ₹922 Crore

The Swiggy Q2 results filed on October 22, 2026 split neatly in two. Food delivery had its most profitable quarter yet, while Instamart kept spending to grow and the group stayed in the red. We went through the company’s press release and the consolidated results, both filed with NSE, to pull out what matters.

Swiggy Q2 results: loss narrows, revenue climbs

Consolidated revenue from operations for the September quarter was ₹7,571 crore, against ₹5,561 crore a year earlier and ₹6,812 crore in the June quarter. That is about 36% higher year on year and roughly 11% higher sequentially, by our calculation.

The net loss came in at ₹922 crore. A year ago it was ₹1,092 crore, so the loss is about ₹170 crore smaller. Against the June quarter’s ₹791 crore, though, it widened by around ₹131 crore. For the first half of FY27 the loss stands at ₹1,713 crore, compared with ₹2,289 crore in the same half last year.

Food delivery is now the cash engine

Food delivery gross order value (GOV, the total value of orders placed on the platform) grew 17.7% year on year and 5.9% quarter on quarter to ₹10,054 crore. Swiggy says September alone grew more than 20% year on year. Monthly transacting users rose 15.2% to 19.8 million.

Adjusted EBITDA for the segment was ₹341 crore, up ₹101 crore from a year ago. The margin was 3.4% of GOV, an improvement of 58 basis points year on year, and the company calls these its highest-ever profits and margins in the business.

Part of the story is Toing, Swiggy’s separate app for budget meals, now live in more than 50 cities. According to the company, two out of every three new Toing users had never ordered food online before. Management goes further and says Toing’s success could push combined food delivery marketplace growth to 25-30%. That is the company’s own projection, not a reported number, and we would treat it that way.

Instamart: faster growth, thin margins

Quick commerce is where the money is going. Instamart’s net order value grew 31.4% year on year and 13.4% quarter on quarter, and GOV reached ₹9,230 crore, up 16.7% sequentially. Swiggy added 69 dark stores in the quarter, as many as it had added in the previous three quarters put together. The network now has 1,240 stores across 5.2 million sq ft, a 13.3% rise in area year on year.

Contribution margin was -1.0% of GOV. That is 157 basis points better than a year ago but 82 basis points worse than the June quarter, which fits with the pace of new stores. Adjusted EBITDA margin was -9.7%, a touch better than -9.8% in Q1 FY27, and the adjusted EBITDA loss for quick commerce was ₹895 crore.

CEO Sriharsha Majety also said Instamart has obtained the approvals needed to qualify as an Indian owned and controlled company, with the transition under way.

Dining out keeps earning

Swiggy’s out-of-home consumption business grew GOV 34.9% year on year to ₹1,508 crore. It was profitable for the seventh straight quarter, with adjusted EBITDA margin at 0.5% of GOV.

What it means

The read here is simple enough. Food delivery is throwing off real profit and growing faster again, and that cushion is paying for an aggressive Instamart build-out. The sequential widening of the loss tells us Swiggy is choosing growth over margins in quick commerce for now. The next few quarters will show whether the new stores mature fast enough to pull contribution back toward break-even. Read this alongside our note on Eternal’s Q2 results, since the two compete head to head, and our guide on how to analyse quarterly results explains how to read adjusted EBITDA against reported profit. Company disclosures are on Swiggy’s investor site.

Sources: Swiggy press release on Q2 FY27 results, filed with NSE on October 22, 2026; Swiggy consolidated financial results for the quarter ended September 30, 2026, filed with NSE.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.