Swiggy: Revenue grows 36%, but quick-commerce loss

Swiggy Limited (

) reported its Q2 FY27 results on 22 October, showing strong revenue growth but continued pressure from expansion costs. Key numbers Consolidated revenue increased 36.1% year-on-year to ₹7,571 crore. Net loss narrowed to ₹922 crore, compared with ₹1,092 crore a year ago. Food delivery revenue grew 21.6% to ₹2,338 crore. Quick-commerce revenue increased 33.3% to ₹1,306 crore. Instamart’s adjusted EBITDA loss widened to ₹895 crore. Why this matters Swiggy is expanding rapidly, but growth is not yet translating into consolidated profitability. Food delivery showed stronger adjusted profitability, while quick commerce remains a major investment and execution challenge. What to monitor next Instamart’s loss trajectory and path to profitability. Food delivery margins and order growth. Cash burn and spending discipline. Management guidance for the December quarter. My analytical view Revenue momentum is encouraging, but the investment case depends on whether Swiggy can improve unit economics while defending market share. A narrower annual loss alone is not enough to confirm a sustainable turnaround. Risk: Intense competition and continued quick-commerce spending could delay profitability. SEBI RA Disclaimer: Umang Rajesh Bhutada is a SEBI-registered Research Analyst (INH000023001). This content is for educational and informational purposes only and is not investment advice. Securities investments are subject to market risks. Please consult a qualified financial professional before making investment decisions.