Swiggy Shares Crash 8% as Net Loss Widens in Q3; Here’s How the Instamart Segment Performed

Synopsis: Swiggy’s Q3FY26 results show 54% YoY revenue growth to Rs. 6,148 cr, but net loss widened to Rs. 1,065 cr. Strong segment growth: Instamart GOV +103%, food delivery GOV +20.5%, with platform engagement rising 37% YoY.

This is one of India’s leading online food ordering and delivery platforms, offering a wide range of services including restaurant deliveries, quick-commerce and out-of-home consumption solutions is now in focus after the shares fell by 8% in today’s market session after reporting its Q3 results. 

With a market capitalisation of Rs. 84,631 cr, the shares of Swiggy Ltd are currently trading at Rs. 312 per share, decreasing 8% in today’s market session, making a low of Rs. 302.15, down from its previous close of Rs. 327.40 per share. The stock fell 23% over the past year, is down 20% year-to-date, and has declined 22% over the last six months.

Q3FY26 results 

Swiggy’s sales rose 11% QoQ to Rs. 6,148 crore from Rs. 5,561 crore in Q2FY26. The company’s EBITDA loss narrowed slightly by 2% from Rs. 799 crore to Rs. 783 crore. Net loss improved by 2.5%, from Rs. 1,092 crore to Rs. 1,065 crore, while EPS increased from Rs. -4.38 to Rs. -3.86.

On a YoY basis, Swiggy’s sales surged 54% from Rs. 3,992 crore to Rs. 6,148 crore. Despite strong revenue growth, EBITDA loss widened 8% from Rs. 726 crore to Rs. 783 crore, and net loss increased 33% from Rs. 799 crore to Rs. 1,065 crore. EPS declined 8% YoY, from Rs. -3.57 to Rs. -3.86.

Swiggy Accelerates Growth Across Segments

Swiggy’s food delivery business posted strong momentum, with Gross Order Value (GOV) rising 20.5% YoY and Adjusted EBITDA growing 1.5 times YoY to Rs. 272 crore. The Instamart segment saw GOV soar 103% YoY, driven by a 40% increase in average order value, while contribution margins improved slightly to -2.5%, though Adjusted EBITDA loss remained at Rs. 908 crore.

The Out-of-Home Consumption segment continued on a profitable trajectory, achieving 49% YoY GOV growth and Adjusted EBITDA margins of 0.7% of GOV. Platform engagement also strengthened, with Average Monthly Transacting Users (MTU) increasing 37% YoY to 24.3 million, and over 36% of users leveraging more than one service on the platform, highlighting Swiggy’s growing ecosystem effect.

Sriharsha Majety, MD & Group CEO of Swiggy, highlighted that the company continues to drive strong user growth and gross order value in food delivery while improving operating margins, despite concerns about a sector slowdown. 

In quick commerce, Swiggy is expanding wallet penetration and diversifying its assortment to boost engagement and order value. Supported by a successful institutional placement and strong cash reserves, the company remains focused on disciplined investment, innovation, and a long-term strategy aimed at achieving contribution margin breakeven.

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