Swiggy Q2 Preview 2026: Revenue Set to Rise 49% YoY on Instamart Boom, Net Loss Likely to Continue

Food and grocery delivery platform Swiggy Ltd will announce its September quarter (Q2FY26) results on Thursday, October 30, 2025. The company is expected to post strong revenue growth, supported by expanding demand in its quick-commerce arm, Instamart, even as net losses are likely to continue amid heavy investments and expansion plans.

Swiggy Q2 Preview 2026: Strong Revenue Growth Driven by Quick-Commerce Expected

Leading brokerage firm Motilal Oswal Financial Services projects a strong quarter for Swiggy, with the gross order value (GOV) of its food delivery and quick-commerce segments expected to grow 20% and 106% YoY, respectively. The brokerage pegs take rates at 22.5% for food delivery and 14.3% for the quick-commerce vertical.

Swiggy's food delivery business continues to show signs of margin improvement. Motilal Oswal expects the adjusted EBITDA as a percentage of GOV to improve 30 basis points (bps) QoQ to 2.7%, signaling better cost control and efficiency. Meanwhile, out-of-home consumption - which includes restaurant dining and takeaway is estimated to be near breakeven, with 27% YoY growth in revenue.

Brokerages Expect Robust Growth Across Businesses; Instamart Drives Topline Growth

However, despite top-line strength, profitability remains under pressure. Instamart's adjusted EBITDA margin is expected at -13.8% for Q2FY26, with a contribution margin of -3.3%. While still in the red, this represents an improvement from previous quarters, driven by operational efficiencies and higher order volumes.

According to estimates from Kotak Institutional Equities, Swiggy's consolidated revenue is projected to rise 49% year-on-year (YoY) to Rs 5,348.2 crore, up from Rs 3,601 crore reported in the same quarter last year. Sequentially, revenue may also see an improvement from Rs 4,961 crore in the previous quarter.

Kotak highlighted that growth would be driven by a 20% YoY increase in food delivery revenues and a 102% YoY surge in Instamart revenues. The sharp growth in Instamart's gross merchandise value (GMV) - up 23% quarter-on-quarter (QoQ) - is attributed to store additions, increased average order value (AOV), and growing demand for instant grocery deliveries.

Despite revenue momentum, Swiggy is expected to report a net loss for the quarter as it continues to spend aggressively on marketing, logistics, and infrastructure expansion to strengthen its position in both food delivery and quick-commerce markets.

Swiggy IPO Watch: Focus on Profitability Path

Swiggy's quarterly performance will be closely monitored by analysts and investors as the company gears up for its much-anticipated initial public offering (IPO) in 2026. Market experts believe that sustained growth in Instamart, along with improving food delivery margins, will play a pivotal role in shaping Swiggy's long-term profitability outlook.

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