Swiggy Q1 preview: All eyes on quick commerce and profitability
Swiggy is expected to post over Rs 1,000 crore in net loss in Q1 FY26, even as revenue rises over 50% YoY, driven by Instamart and food delivery.
Bengaluru-based Swiggy is set to announce its financial results for the first quarter (Q1) of FY26 at the close of markets today.
Sriharsha Majety-led Swiggy is expected to report a modest sequential increase in losses for the April–June quarter (Q1 FY26), even as its quick commerce and food delivery businesses continue to post strong year-on-year growth, according to brokerage estimates.
JM Financial Institutional Securities (JMFISL) expects the company, on a consolidated level, to report an EBITDA loss of Rs 990 crore and a net loss of Rs 1,130 crore, slightly higher than the Rs 960 crore and Rs 1,080 crore losses in Q4 FY25.
Axis Capital, in its own report, forecasts Swiggy to report Rs 4,868 crore in consolidated revenue, up 10.4% quarter-on-quarter and 51% year-on-year. It expects net loss to come in at Rs 1,018 crore for the quarter.
Axis pegs Instamart’s gross merchandise value (GMV) at Rs 5,599 crore for Q1 FY26, reflecting 105% YoY growth. The brokerage also estimates Swiggy’s quick commerce average order value (AOV) at Rs 550.
JMFISL pegged Instamart’s YoY GOV growth at 106%, and highlighted that it would be aided by the full-quarter benefit of dark stores added in the previous quarter. However, the pace of loss reduction will depend on competitive intensity and pricing discipline.
Swiggy’s results will be closely watched following Blinkit’s strong showing last week, where the Eternal-owned platform posted 135% YoY GOV growth and surpassed Zomato’s food delivery unit in order value.
On a consolidated level, Eternal reported Rs 7,167 crore in operating revenue for Q1 FY26 compared with Rs 4,206 crore in the same period last year. It reported a net profit of Rs 25 crore—a 90% drop compared with Rs 253 crore in Q1 FY25,
Edited by Jyoti Narayan