Swiggy Q2 revenue rises 36%, but losses remain high

Swiggy Limited (NSE: SWIGGY) reported a consolidated net loss of ₹922 crore in Q2 FY27, narrowing from ₹1,092 crore a year earlier. Revenue from operations increased 36% YoY to ₹7,571 crore, supported by growth in food delivery and quick commerce. Key Highlights • Food delivery gross order value (GOV) grew 17.7% YoY to ₹10,054 crore. • Food delivery adjusted EBITDA reached a record ₹341 crore, with a margin of 3.4% of GOV. • Instamart's net order value increased 31.4% YoY to ₹6,954 crore. • Instamart reported an adjusted EBITDA loss of ₹895 crore amid continued expansion and competitive spending. • The company added 69 dark stores, taking Instamart's network to 1,240 stores. • Sequentially, consolidated losses widened from approximately ₹792 crore in Q1 FY27. My View Swiggy's results highlight a growing difference between its two major businesses. Food delivery is demonstrating improving profitability, supported by operating efficiencies and higher order volumes. However, Instamart continues to consume significant resources. Despite strong order growth, its quarterly adjusted EBITDA loss of ₹895 crore remains a concern. I believe the key issue is no longer whether Swiggy can grow revenue, but whether quick commerce expansion can translate into sustainable profitability. What I'm Watching Next I will monitor Instamart's adjusted EBITDA losses, contribution margins and dark-store productivity in Q3 FY27. A reduction in losses alongside continued order growth would indicate improving unit economics. Stance: Positive on food delivery profitability, but cautious on consolidated earnings until Instamart demonstrates a clearer path towards breakeven. Disclosure: I do not have any holding or position in the stock mentioned above.