Swiggy narrows net loss 16% YoY to ₹922 crore in Q2 FY27, revenue up 36%

Financial performance in Q2 FY27

Swiggy reported a consolidated net loss of ₹922 crore for the second quarter of FY27, narrowing by 16% compared to the same period last year. However, the loss widened by 17% from ₹791 crore in Q1 FY27, according to Inc42.

Operating revenue rose 36% year-over-year to ₹7,571 crore, with a sequential growth of 11%. Including other income of ₹212 crore, the company’s total income for the quarter stood at ₹7,783 crore.

Total expenses increased 30% year-over-year to ₹8,703 crore, marking an 11% rise from the preceding quarter.

Instamart’s widening losses

Instamart, Swiggy’s quick commerce arm, reported a segment loss of ₹764 crore in Q2 FY27, up from ₹651 crore in Q1 FY27 and ₹739 crore in Q2 FY26. The segment’s revenue grew 33% year-over-year to ₹1,306 crore, reflecting a 6% sequential increase.

According to Inc42, higher losses in Instamart and other newer ventures contributed to Swiggy’s quarter-over-quarter decline in profitability.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Swiggy’s results underscore the persistent challenges in balancing growth and profitability in India’s quick commerce sector. While revenue growth outpaced expense increases, the widening losses in Instamart suggest that scaling this vertical remains capital-intensive, even as consumer adoption accelerates. For competitors like Zepto, Blinkit, and newer players such as Rapido’s Ownly—which we reported expanding its zero-commission food delivery model—these numbers are a reminder of the tightrope between market share and unit economics. The 16% YoY narrowing of Swiggy’s net loss is progress, but the sequential widening indicates volatility that operators in adjacent markets will need to navigate.

Key takeaways

• Swiggy’s sequential widening of losses, driven by Instamart and newer ventures, signals rising costs in quick commerce—a critical watch area for competitors like Zepto and Blinkit.
• The 36% revenue growth outpaced the 30% rise in expenses, suggesting scaling efficiency, though profitability remains elusive.
• Founders in quick commerce should note Instamart’s widening losses despite revenue growth, highlighting the segment’s capital-intensive nature.

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