Swiggy (SWIGGY) Q3 25/26 earnings summary

Executive summary

• Food delivery grew 21% year-over-year, exceeding guidance, with strong MTU and margin expansion.

• Consolidated revenue from operations for the quarter ended December 31, 2025, was ₹6,148 crore, up from ₹3,993 crore in the same quarter last year.

• Net loss for the quarter was ₹1,065 crore, compared to ₹799 crore in the prior year quarter.

• Quick commerce faced slower revenue growth due to intense competition, but structural improvements and cost discipline remain priorities.

• Management reiterated commitment to sustainable, high-quality growth over discount-driven expansion.

Financial highlights

• Food delivery GOV up 20.5% YoY; MTUs up 22% YoY.

• Revenue from operations for the nine months ended December 31, 2025, was ₹16,670 crore, up from ₹10,817 crore year-over-year.

• Contribution margin in food delivery improved by 30 basis points sequentially.

• Quick commerce contribution margin improved by 100 basis points, though most gains were reinvested in campaigns.

• Working capital increased by INR 130 crore over the last two quarters, in line with top-line growth.

Outlook and guidance

• Food delivery growth guidance maintained at 18%-20%, with confidence in achieving the upper end.

• Quick commerce contribution margin breakeven (CM Zero) targeted in the upcoming quarter, despite competitive headwinds.

• Management expects marketing and investment intensity to peak, with losses set to decline going forward.

• Take rate expected to stabilize and inch up as mix stabilizes.

• Management continues to monitor the impact of new Labour Codes and will evaluate further effects on employee benefits.