Swiggy Q2 FY27 Results: Consolidated Net Loss ₹922 Crore on Total Income of ₹7,783 Crore
Earnings
Food and quick commerce
Blacklitt Research5 min read
Swiggy reported consolidated total income of ₹7,783 crore and a net loss of ₹922 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹2,981 crore and standalone profit for the period was ₹287 crore. The results were filed on 22 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹7,783 crore, up 38.5% YoY and 10.8% QoQ
Net loss and EPS: ₹922 crore loss, against ₹1,092 crore a year earlier; basic EPS of -₹3.45
Other income: ₹212 crore, against ₹59 crore a year earlier; 2.7% of total income
Standalone
The company on its own, without its subsidiaries
Total income: ₹2,981 crore, up 40.5% YoY and 5.4% QoQ
Net profit and EPS: ₹287 crore, against a loss of ₹881 crore a year earlier; basic EPS of ₹1.07
Other income: ₹335 crore, against ₹99 crore a year earlier; 11.2% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
7,783.00
5,620.00
+38.5%
7,023.00
+10.8%
Revenue from operations
7,571.00
5,561.00
+36.1%
6,812.00
+11.1%
Other income
212.00
59.00
+259.3%
211.00
+0.5%
-922.00
-1,092.00
+15.6%
-791.00
-16.6%
Finance costs
54.00
48.00
+12.5%
53.00
+1.9%
Depreciation
308.00
304.00
+1.3%
298.00
+3.4%
Tax expense
0.00
0.00
n/a
0.00
n/a
Net profit margin
-11.85%
-19.43%
+7.58 pp
-11.26%
-0.58 pp
EPS, basic (₹)
-3.45
n/a
n/a
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 38.5% to ₹7,783 crore from ₹5,620 crore a year earlier, and 10.8% from ₹7,023 crore in the June quarter. Revenue from operations rose 36.1% to ₹7,571 crore. Other income rose from ₹59 crore to ₹212 crore, which is 2.7% of total income.
Total expenses were ₹8,703 crore against ₹6,711 crore a year earlier. Delivery and related charges rose to ₹1,895 crore from ₹1,426 crore, advertising and sales promotion to ₹1,298 crore from ₹1,039 crore, and purchases of stock-in-trade to ₹3,607 crore from ₹2,330 crore. Depreciation was ₹308 crore and finance costs were ₹54 crore.
The consolidated loss before tax was ₹922 crore, against ₹1,092 crore a year earlier and ₹791 crore in the June quarter. The statement prints no tax expense for these periods, so the net loss equals the loss before tax. Basic EPS was -₹3.45.
The consolidated results include an exceptional item of ₹10 crore for the one-time impact of the New Labour Codes, effective 21 Nov 2025, based on actuarial valuation. The statement shows it against the year-ended column. The group's share of an associate's loss was ₹2 crore for the quarter. The auditor notes that this associate's interim information is unreviewed and was furnished by management, that the amount is not material to the group, and that its conclusion is not modified on this point.
By segment, Food Delivery revenue from operations was ₹2,338 crore, and its segment result was ₹349 crore against ₹257 crore a year earlier. Quick-commerce revenue was ₹1,305 crore against ₹980 crore a year earlier. The filing says that on 7 Sep 2026 Swiggy Networks Limited agreed to transfer its B2B authorised distribution business to Lynks Logistics and to sell its entire shareholding in Lynks to Trustroot Internet Private Limited for ₹500 crore, settled by issuing 1,66,534 Series R compulsorily convertible preference shares. Lynks has been deconsolidated from 15 Sep 2026.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,981.00
2,121.00
+40.5%
2,829.00
+5.4%
Revenue from operations
2,646.00
2,022.00
+30.9%
2,462.00
+7.5%
Other income
335.00
99.00
+238.4%
367.00
-8.7%
287.00
-881.00
n/a
350.00
-18.0%
Finance costs
5.00
4.00
+25.0%
5.00
0.0%
Depreciation
113.00
23.00
+391.3%
92.00
+22.8%
Tax expense
0.00
0.00
n/a
0.00
n/a
Net profit margin
9.63%
-41.54%
+51.16 pp
12.37%
-2.74 pp
Tax as share of profit before tax
0.0%
0.0%
+0.00 pp
0.0%
+0.00 pp
EPS, basic (₹)
1.07
n/a
n/a
1.31
-18.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit for the period was ₹287 crore, down 18.0% from ₹350 crore in the June quarter, and against a loss of ₹881 crore a year earlier. The year-earlier loss includes a loss of ₹918 crore from discontinued operations, as the company presents Instamart as discontinued for all comparative periods. Profit from continuing operations before tax was ₹287 crore, against ₹37 crore a year earlier.
Standalone total income rose 40.5% to ₹2,981 crore from ₹2,121 crore. Revenue from operations was ₹2,646 crore, up 30.9%. Other income was ₹335 crore against ₹99 crore a year earlier, which is 11.2% of total income, and it fell 8.7% from ₹367 crore in the June quarter.
Continuing-operations costs were higher than a year earlier: advertising and sales promotion was ₹710 crore against ₹436 crore, and delivery and related charges were ₹1,205 crore against ₹934 crore. Employee benefits expense was ₹428 crore against ₹481 crore. Depreciation rose to ₹113 crore from ₹23 crore, and finance costs were ₹5 crore.
The standalone notes add three items. The Instamart business moved to Swiggy Instamart Private Limited by slump sale, effective 1 Apr 2026. The company acquired ₹49 crore of property, plant and equipment from Swiggy Networks Limited in the June quarter, at book value. Standalone exceptional items total ₹20 crore in the year-ended column, attributed to impairment of an investment in an associate and to the New Labour Codes, which the filing says arise primarily from the change in wage definition.
The notes say the company completed the sale of its entire Rapido investment for ₹2,399 crore in the year ended 31 Mar 2026, with a gain of ₹1,350 crore recognised in other comprehensive income. The statement's other comprehensive income line prints ₹1,350 crore in the 30 Sep 2025 quarter column, so the period of that item cannot be matched to the note from the statement alone.
Board and management changes: Lakshmi Nandan Reddy Obul (Whole-Time Director, Head of Innovation) and Roger Clark Rabalais (Nominee Director) resigned effective 10 Apr 2026, and Renan De Castro Alves Pinto was appointed Non-Executive Nominee Director effective 11 Apr 2026. Amitesh Kumar Jha resigned as CEO - Instamart effective 28 Jul 2026, and Nandita Sinha was appointed to that role effective 3 Aug 2026.
Inference
The per-share figures are a basic loss of ₹3.45 per share for the consolidated quarter and basic EPS of ₹1.07 for the standalone quarter. Share capital of face value ₹1 was ₹262 crore at 30 Sep 2026, against ₹232 crore a year earlier.
After the quarter, the company opted to convert inter-corporate deposits of ₹2,406 crore, including accrued interest, given to Swiggy Networks Limited. The note is truncated in the extracted text, so the form of the conversion is not clear. The Lynks consideration is settled by preference shares of the buyer.
Not stated in the filing: the reasons for the consolidated loss moving from ₹1,092 crore to ₹922 crore and for the rise in delivery and advertising costs, any tax expense or effective tax rate, the reasons for the Instamart and Lynks transfers, and the purpose of the inter-corporate deposit conversion. The notes also give conflicting quarters for the incorporation of Swiggy Commerce Private Limited (September 2025 in the consolidated note, September 2026 in the standalone note).
Create a free account to read the rest of this article and the analysis that follows.
By continuing you agree to our Terms and Privacy Policy, and to receive updates from Blacklitt by email. You can unsubscribe anytime.
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
