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Swiggy Q3 FY26: Food Delivery GOV Grows 20.5%, Warehousing Capacity Doubles
Swiggy reported a robust 20.5% YoY growth in Food Delivery Gross Order Value (GOV) for Q3 FY26, slightly exceeding its guidance of 18-20%. The company has more than doubled its warehousing capacity over the last four quarters to optimize middle-mile logistics and support expansion into Tier 2 and 3 towns. Management emphasized a disciplined approach to Quick Commerce (Instamart), focusing on structural margin improvements and brand monetization rather than inefficient discounting. With a cash balance of approximately $2 billion and domestic shareholding at 47%, the company is nearing the majority threshold required for IOCC status.
Key Highlights
Food Delivery GOV grew 20.5% YoY while Monthly Transacting Users (MTUs) increased by 22%
Warehousing capacity more than doubled in the last 4 quarters to improve supply chain and replenishment speeds
Domestic shareholding reached approximately 47%, with plans to convert to an IOCC structure upon reaching majority
Working capital infusion limited to INR 130 crores over the last two quarters despite an 18% rise in net order value
Management maintained Food Delivery growth guidance at 18-20% but signaled confidence in hitting the upper end
💼 Action for Investors
Investors should view the strong growth in the core Food Delivery segment and disciplined capital allocation in Quick Commerce as positive indicators. Monitor the upcoming transition to IOCC status and the impact of reduced discretionary spending on Instamart's competitive positioning.
Swiggy Q3 Results: Food Delivery GOV Up 20.5%, Instamart GOV Surges 103% YoY
Swiggy reported strong growth for Q3 FY26, with Food Delivery GOV reaching INR 8,959 crore and Adjusted EBITDA growing 1.5x to INR 272 crore. The Quick Commerce segment (Instamart) continues its hyper-growth phase, with GOV doubling YoY to INR 7,938 crore, driven by a 40% jump in Average Order Value (AOV) to INR 746. While Instamart remains loss-making with an Adjusted EBITDA loss of INR 908 crore, contribution margins showed a sequential improvement of 9 bps. The platform's overall user base expanded significantly, with monthly transacting users (MTU) rising 37% to 24.3 million.
Key Highlights
Food Delivery GOV grew 20.5% YoY to INR 8,959 Cr with Adjusted EBITDA margin at a 2-year high of 3.0%
Instamart GOV skyrocketed 103% YoY to INR 7,938 Cr, supported by 1,136 darkstores across 131 cities
Average Order Value (AOV) for Instamart increased by 39.7% YoY to reach INR 746
Total platform Average Monthly Transacting Users (MTU) reached 24.3 million, a 37% YoY increase
Out-of-home consumption segment remained profitable with 49% YoY GOV growth and 0.7% EBITDA margin
💼 Action for Investors
Investors should monitor the narrowing losses in the Quick Commerce segment and the steady profitability of the core Food Delivery business. The successful QIP and strong cash reserves provide a solid cushion for Swiggy to compete in the high-growth quick commerce market.
Swiggy Q3FY26: Food Delivery GOV Hits 3-Year High; Quick Commerce Grows 103% YoY
Swiggy reported a robust Q3FY26 with B2C Gross Order Value (GOV) reaching INR 18,122 Cr, up 49% YoY. The Food Delivery segment achieved a 3-year high growth rate of 20.5% YoY with margins expanding to 3%, while Quick Commerce (Instamart) maintained triple-digit growth at 103.2% YoY. The company significantly strengthened its balance sheet through a INR 10,000 Cr QIP and a INR 2,400 Cr unlock from its Rapido stake sale. Despite competitive intensity, the management reiterated its guidance for Quick Commerce contribution breakeven by Q1FY27.
Key Highlights
Food Delivery GOV grew 20.5% YoY to INR 8,959 Cr, with Adjusted EBITDA margins reaching a 2-year high of 3.0%.
Quick Commerce GOV surged 103.2% YoY to INR 7,938 Cr, driven by a 40% YoY increase in Average Order Value (AOV) to INR 746.
Platform Average Monthly Transacting Users (MTU) grew 36.8% YoY to 24.3 million users.
Consolidated Adjusted Revenue grew 50.8% YoY to INR 6,431 Cr, though consolidated Adjusted EBITDA loss stood at INR 712 Cr.
Liquidity significantly enhanced by INR 10,000 Cr QIP and INR 2,400 Cr from Rapido stake sale, providing a strategic moat.
💼 Action for Investors
Investors should view the acceleration in Food Delivery and the massive cash reserve as strong indicators of long-term sustainability. Monitor the progress toward Quick Commerce breakeven in Q1FY27 as the next major valuation catalyst.
Swiggy Q3 FY26 Revenue Jumps 54% YoY to ₹6,148 Cr; Net Loss Narrows QoQ to ₹1,065 Cr
Swiggy reported a robust 54% year-on-year growth in consolidated revenue from operations, reaching ₹6,148 crore for the quarter ended December 31, 2025. While the company remains loss-making, the net loss narrowed slightly on a sequential basis to ₹1,065 crore from ₹1,092 crore in Q2 FY26. Growth was driven by strong performance in Quick Commerce (Instamart) and Food Delivery segments, though total expenses rose to ₹7,298 crore due to higher delivery and marketing costs. For the nine-month period, revenue stands at ₹16,670 crore with a total loss of ₹3,354 crore.
Key Highlights
Consolidated revenue from operations grew 54% YoY to ₹6,148 crore in Q3 FY26.
Net loss for the quarter stood at ₹1,065 crore, showing a marginal sequential improvement from ₹1,092 crore.
Quick Commerce (Instamart) revenue surged 18.4% sequentially to ₹1,588 crore.
Food Delivery segment revenue increased to ₹2,476 crore from ₹2,324 crore in the previous quarter.
Total expenses for the quarter reached ₹7,298 crore, with delivery and related charges at ₹1,533 crore.
💼 Action for Investors
Investors should focus on the narrowing sequential losses and the rapid growth in the Quick Commerce segment. While top-line growth is impressive, the high burn rate and path to EBITDA breakeven remain the primary metrics to monitor.
Swiggy Allots 26,66,66,663 Equity Shares via QIP at ₹375 per share
Swiggy Limited has allotted 26,66,66,663 equity shares through a Qualified Institutional Placement (QIP) at a price of ₹375.00 per share. This includes a premium of ₹374.00 per Equity Share. The issue price reflects a discount of 3.97% from the floor price of ₹390.51 per Equity Share. The total amount raised through this issue is ₹99,99,99,98,625. Post-allotment, the paid-up equity share capital of the company has increased to ₹2,76,03,13,555.
Key Highlights
Allotted 26,66,66,663 Equity Shares via QIP.
Issue price is ₹375.00 per Equity Share.
Total amount raised is ₹99,99,99,98,625.
Discount of 3.97% on the floor price.
ICICI Prudential was allotted 4,26,66,666 shares (16.0000%)
💼 Action for Investors
Investors should note the increase in equity share capital. Monitor the deployment of funds raised through QIP for future growth initiatives.
Swiggy closes QIP, allocates shares at ₹375.00 per share
Swiggy Limited has completed a Qualified Institutions Placement (QIP) of equity shares. The Investment & Allotment Committee approved the closure of the issue on December 12, 2025. A total of 26,66,66,663 Equity Shares were allocated at an issue price of ₹375.00 per Equity Share, including a premium of ₹374.00 per Equity Share. This price represents a discount of 3.97% to the floor price of ₹390.51 per Equity Share.
Key Highlights
Issue price set at ₹375.00 per Equity Share
26,66,66,663 Equity Shares allocated to eligible QIBs
Discount of 3.97% to the floor price of ₹390.51 per Equity Share
Issue closed on December 12, 2025
💼 Action for Investors
Investors should be aware of the potential dilution effect from the issuance of new shares. Monitor Swiggy's use of funds raised through the QIP and its impact on future growth.
Swiggy EGM approves ₹10,000 Cr fundraising via Qualified Institutions Placement
Swiggy Limited's Extraordinary General Meeting (EGM) held on December 8, 2025, approved a special resolution to raise capital not exceeding ₹10,000 Crores through Qualified Institutions Placement (QIP). The resolution was passed with the requisite majority, with 98.5375% of votes polled in favor and 1.4625% against. A total of 677,668,939 shares were voted, representing 89.8297% of outstanding shares. The e-voting results showed strong support from public non-institutions, with 1,228,435,856 votes in favor.
Key Highlights
Approved fundraising of up to ₹10,000 Crores via Qualified Institutions Placement.
98.5375% of votes polled were in favor of the resolution.
677,668,939 shares voted, representing 89.8297% of outstanding shares.
1,228,435,856 votes in favor from public non-institutions.
💼 Action for Investors
This fundraising could lead to increased investment and expansion for Swiggy. Investors should monitor how the raised capital is utilized and its impact on the company's growth and market share.