Swiggy Q2 Results: Swiggy reported a widening of losses during the second quarter of the financial year 2025-26 (FY26) on Thursday, October 30.
The food delivery and quick commerce giant announced a consolidated loss of ₹1,092 crore for the quarter ended September 30, 2025, as against a ₹626 loss posted in the same period a year ago. The loss widened even as the company’s net profit surged 54% year-on-year (YoY) to ₹5,561 crore during the quarter under review.
Adjusted EBITDA loss also grew to ₹695 crore from ₹341 crore on a YoY basis, even though the figure improved on a sequential basis by ₹118 crore.
Swiggy Q2 Results — Key Highlights
Here are 5 key highlights from Swiggy’s Q2 report card:
1. Quick commerce remains growth engine
The quick commerce gross order value (GOV) growth accelerated by 107.6% YoY to ₹7,022 crore, with 0.9 million monthly transacting users (MTUs) added. This was the third straight quarter when Instamart has consistently clocked over 100% GOV growth, helped by improved speed, selection and value.
The average order value (AOV) grew ~40% YoY to ₹697 ahead of its guidance, led by continued expansion of non-grocery selection and larger-basket buying behaviour across user cohorts. As the contribution losses reduced by ~30% QoQ, the company says it remains on the path to achieve guided breakeven before the Jun’26 quarter.
2. Food delivery steady and profitable
The food delivery business continued its growth trajectory in line with the guidance, with a steady 18.8% YoY GOV growth to ₹8,542 crore even amidst volatile macro-consumption trends and higher-than-usual rainfall.
The company accelerated MTU growth to 17.2% YoY by adding 0.9 million MTUs to reach 17.2 million.
Swiggy said that food delivery has always been a very hotly contested category, with both existing players and new competition striving to create an opening in what is a thin-margin, high-visibility, and operations-intensive business.
“During the quarter, we saw heightened competitive action in the segment, both in terms of lowered subscription fees and reduced minimum order value. In response, we tweaked our own proposition for Swiggy One on a targeted basis to ensure no short-term loss of users or orders. As a result of this, the extent of subsidised deliveries through Swiggy One went up even further, the impact of which was balanced by the hike in platform fee. These are tactical moves, and we are operationally robust, more than ever, to take these in our stride,” the company said.
3. Out of home segment grows quitely
The out-of-home consumption segment though overshadowed by larger businesses, has been charting a very strong path quietly. The business has grown at 52% YoY to clock a GOV of ₹1118 crore, with very healthy Adjusted EBITDA margins of 0.5%.
With more discretionary incomes opening up in-restaurant-dining further, we remain confident that this business will also progress towards a 5% of GOV profitability, said the CEO.
4. Cash burn moderates QoQ
Swiggy’s total cash reserves declined by ₹749 crore during Q2 FY26. This reduction is smaller than the ₹1,341 crore cash decline in Q1, which means the company’s cash burn has slowed, which is a positive sign.
This was driven by a lower adjusted EBITDA loss of ₹695 crore (down from ₹813 crore in Q1), along with reduced capex outflow and working capital requirements.
5. Fundraising rationale
Swiggy’s board will meet next week to consider raising ₹10,000 crore via a QIP. The company said that while it feels comfortable about the balance sheet strength and is well-funded for growth ambitions, the competitive external environment has influenced this decision.
“The external competitive environment is dynamic, and legacy and new players continue to attract investments to the sector. This has necessitated a conversation with the Board to consider additional fundraising, which will give us access to sufficient growth capital while enhancing our strategic flexibility,” said Swiggy.
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