Swiggy (SWIGGY) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was ₹7,571 crore and net loss was ₹922 crore; food delivery remained profitable at the segment-result level, while quick commerce recorded a ₹764 crore segment loss.

• Food marketplace growth returned above 20%; FY growth guidance remained 18%-20%, with Toing positioned to expand the addressable market.

• Instamart grew 13.4%, added 1.3 million MTU and focused on retention, differentiated assortment and store productivity.

Financial highlights

• Q2 revenue was ₹7,571 crore versus ₹6,812 crore in Q1 FY27 and ₹5,561 crore in Q2 FY26; H1 revenue was ₹14,383 crore versus ₹10,522 crore YoY.

• Q2 consolidated loss was ₹922 crore versus ₹791 crore in Q1 and ₹1,092 crore YoY; H1 loss was ₹1,713 crore versus ₹2,289 crore YoY.

• Q2 other income was ₹212 crore versus ₹211 crore in Q1 and ₹59 crore YoY; H1 other income was ₹423 crore versus ₹146 crore YoY.

• Standalone Q2 profit from continuing operations was ₹287 crore and H1 profit was ₹637 crore; Q2 EPS was ₹1.07 and H1 EPS was ₹2.38.

Outlook and guidance

• Food marketplace FY growth guidance remained 18%-20%; the target trajectory was 5% of GOV, with operating leverage expected to continue.

• Instamart expected double-digit sequential growth in the current quarter and guided to 100 bps of EBITDA improvement; management did not commit to a higher growth rate.

• Toing investment was expected to remain range-bound while performance was assessed over another one or two quarters.

• The inventory-model transition was expected to begin mid-quarter and complete over the following two to three quarters; current-quarter EBITDA guidance excluded its benefit.