Swiggy Q1 FY26 (Jun 2025) Results – “Fast Delivery, Slow Profits

Numbers at a Glance Sales: ₹4,961 Cr ↑ 54% YoY (orders growing strong) EBITDA: -₹955 Cr ↓ 76% (burning more cash) Net Profit: -₹1,197 Cr ↓ 100% (losses doubled) EPS: -₹4.8 vs -₹4.7 last quarter (no relief) Our View: Strong demand tailwinds (food + quick commerce). However, profitability is slipping, making scale unsustainable without cost control. With ₹99K Cr market cap, valuation looks rich given continued losses. In Short: Swiggy is delivering food faster, but profits are still stuck in the kitchen.