Swiggy’s latest quarterly results show stronger sales growth and improving profitability trends despite continued expansion spending.
Food delivery and quick commerce platform Swiggy reported strong revenue growth for both the fourth quarter and the full financial year ending March 2026, supported by continued momentum across food delivery, supply chain services, and quick commerce operations.
The Bengaluru-based company’s consolidated revenue from operations rose 51% year-on-year to Rs 23,053 crore in FY26, compared with Rs 15,227 crore in the previous financial year. Total income for the year increased to Rs 23,561 crore.
Despite the strong revenue expansion, Swiggy’s annual consolidated losses widened to Rs 4,154 crore from Rs 3,117 crore in FY25 as the company continued investing aggressively in growth, operations, and customer acquisition.
Q4 Revenue Growth Accelerates
In the fourth quarter of FY26, Swiggy reported revenue from operations of Rs 6,383 crore, marking a 44.7% increase from Rs 4,410 crore during the same quarter last year.
At the same time, quarterly net losses narrowed significantly. Swiggy posted a Q4 loss of Rs 800 crore, compared with Rs 1,081 crore in Q4 FY25, reflecting improving profitability trends as revenue growth outpaced expense increases.
The company also recorded Rs 266 crore as other income during the quarter, taking total income to Rs 6,649 crore.
Supply Chain and Quick Commerce Drive Growth
Swiggy’s supply chain and distribution business remained its largest revenue contributor.
The segment generated Rs 10,935 crore during FY26 and Rs 3,135 crore during the fourth quarter alone, up sharply from Rs 2,004 crore a year earlier.
Food delivery revenue also continued growing steadily. The segment generated Rs 7,832 crore during the full financial year, while quarterly food delivery revenue rose 27.4% to Rs 2,075 crore in Q4 FY26.
Quick commerce emerged as one of the company’s fastest-growing segments.
Revenue from quick commerce operations increased 53% year-on-year during the quarter to Rs 1,057 crore, while annual quick commerce revenue reached Rs 3,859 crore.
Additional revenue came from out-of-home consumption services, including Dineout, and newer platform innovation initiatives.
Expenses Continue to Rise
Although profitability trends improved during the quarter, Swiggy’s overall expenses continued climbing due to aggressive expansion and operational spending.
Total expenses for Q4 FY26 rose to Rs 7,448 crore from Rs 5,610 crore during the same period last year.
The increase was largely driven by:
. Procurement costs for FMCG products
. Employee benefits
. Delivery operations
. Advertising and promotional spending
For the full year, advertising and sales promotion expenses alone reached Rs 4,207 crore. Depreciation and amortisation expenses increased to Rs 1,217 crore, while finance costs rose to Rs 200 crore.
Balance Sheet Strengthens After Capital Raise
Swiggy’s financial position improved significantly during FY26 following fresh fundraising activity.
Total consolidated assets increased to Rs 25,237 crore as of March 31, 2026, compared with Rs 15,205 crore a year earlier.
Cash and cash equivalents more than doubled to Rs 2,747 crore.
The company generated a net cash inflow of Rs 9,397 crore from financing activities during the year, largely due to Rs 10,000 crore raised through a Qualified Institutions Placement.
However, Swiggy continued to burn cash operationally. Net cash outflow from operating activities increased to Rs 2,898 crore during FY26, compared with Rs 2,169 crore in FY25.
CEO Highlights Food Delivery and Quick Commerce Momentum
Commenting on the company’s performance, Swiggy MD and Group CEO Sriharsha Majety said food delivery growth had reached its strongest pace in nearly four years.
“Food delivery has grown at its strongest pace in nearly four years, crossing INR 1,000 Cr in annual adjusted EBITDA and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago,” he said.
Majety also highlighted the company’s confidence in quick commerce, describing the next phase as focused on anticipating customer needs rather than simply fulfilling orders quickly.
“Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance,” he added.
Focus Shifts Toward Sustainable Growth
While Swiggy remains loss-making overall, the latest results indicate that the company is gradually improving operational efficiency while maintaining strong growth across core businesses.
The narrowing quarterly losses, stronger margins in food delivery, and expanding quick commerce business suggest Swiggy is moving closer toward balancing aggressive expansion with long-term profitability goals as it enters FY27.
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