Swiggy Limited Earnings Summary — Q4 FY2026
Swiggy Narrows Operating Losses in Q4 FY2026 Amid Robust Revenue Growth and Margin Convergence
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 10 consecutive quarters.
- Revenue of ₹6,812 Cr is 37.3% higher year-on-year.
- Revenue has compounded at 43.0% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹-791 Cr is 33.9% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Operating margin stands at -9.6% in Q1 FY2027.
- Operating margin expanded by 969 bps year-on-year.
- Over the last two years operating margin has expanded by 732 bps.
- PBT margin is -11.6%.
- Expense growth of 26.1% remained below revenue growth of 37.3%.
- Operating profit of ₹-651 Cr is 31.8% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 79/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 6,812 | 6,383 | 6,148 | 5,561 | 4,961 | 4,410 | 3,992 | 3,601 | 3,222 | 3,046 |
| Expenses | Improving | 7,463 | 7,081 | 6,931 | 6,360 | 5,916 | 5,374 | 4,718 | 4,155 | 3,766 | 3,536 |
| Operating Profit | Softening | -651 | -698 | -783 | -799 | -955 | -964 | -726 | -554 | -544 | -490 |
| Operating Margin | Accelerating | -9.6% | -10.9% | -12.7% | -14.4% | -19.3% | -21.9% | -18.2% | -15.4% | -16.9% | -16.1% |
| Other Income | Volatile | 211 | 266 | 86 | 59 | 87 | 121 | 107 | 82 | 75 | 73 |
| Interest | Improving | 53 | 56 | 55 | 48 | 41 | 32 | 26 | 23 | 20 | 20 |
| Depreciation | Improving | 298 | 312 | 313 | 304 | 288 | 206 | 154 | 131 | 122 | 117 |
| Profit Before Tax | Softening | -791 | -800 | -1,065 | -1,092 | -1,197 | -1,081 | -799 | -626 | -611 | -555 |
| Tax | Insufficient data | — | — | — | — | — | — | — | — | — | — |
| Net Profit | Softening | -791 | -800 | -1,065 | -1,092 | -1,197 | -1,081 | -799 | -626 | -611 | -555 |
| Net Margin | Accelerating | -11.6% | -12.5% | -17.3% | -19.6% | -24.1% | -24.5% | -20.0% | -17.4% | -19.0% | -18.2% |
Key Takeaways
- Revenue grew significantly to ₹6,383 Cr in Q4 FY2026, marking a 44.7% YoY increase.
- Operating Profit Margin (OPM) improved to -11%, the best quarterly performance in recent history.
- Consolidated net loss for the quarter stood at ₹800 Cr, narrowing from ₹1,065 Cr sequentially.
- The balance sheet is significantly bolstered following the IPO, with reserves reaching ₹18,053 Cr.
- Advertising and platform fees are emerging as critical contributors to margin improvement.
- Quick Commerce (Instamart) continues to require heavy investment but is driving frequency.
- Other income saw a sharp spike to ₹266 Cr in the latest quarter, likely from IPO fund management.
- Working capital management remains a challenge with rising debtor days in B2B segments.
Management Guidance
Management remains focused on a 'unified app' strategy to lower acquisition costs. While no specific date for PAT-level breakeven is provided, they emphasize the march toward contribution-margin positivity across segments.
Sentiment Shift
Improving
While still loss-making, the steady contraction of OPM from -22% to -11% YoY suggests an improving path toward sustainability.
Outlook
Swiggy is positioned as an emerging compounder in India's logistics-heavy hyperlocal market, betting on a long-term duopoly with Zomato. Growth is expected to remain robust, but institutional focus will shift toward the speed of loss reduction in Instamart.
From the Annual Report (Key Quotes)
“The company exhibits a classic new-age tech profile of rapid revenue scaling coupled with persistent operational losses.”
“Management quality is high in terms of operational scaling but remains unproven in terms of capital discipline.”
“Investors are essentially betting on a long-term duopoly structure in India and eventual unit economics maturation.”
Official Quarterly Documents
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This summary is AI-generated from Swiggy Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.