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The development comes weeks after Swiggy failed to secure shareholder approval for amendments to its Articles of Association (AoA) that were intended to support its transition to an IOCC. The proposed special resolution received 72.36% shareholder approval, falling short of the 75% threshold required for passage.
According to the company, the proposed amendments were aimed at strengthening its governance framework and supporting its long-term objective of qualifying as an Indian Owned and Controlled Company. Despite the resolution not being approved, Swiggy has now met the foreign ownership requirement for IOCC status by reducing aggregate foreign shareholding below the 50% threshold.
Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Over the years, the company has diversified its offerings beyond food to include Swiggy Instamart (quick commerce for groceries and household items) and Swiggy Dineout (restaurant table bookings and dining deals).
The company’s consolidated net loss narrowed to Rs 800 crore in Q4 FY26, compared with loss of Rs 1081 crore in Q4 FY25. Revenue from operations jumped 44.74% to Rs 6,383 crore in Q4 FY26.
For the full year,net loss reported to Rs 4154.00 crore in the year ended March 2026 as against net loss of Rs 3117.00 crore during the previous year ended March 2025. Sales rose 51.40% to Rs 23053.00 crore in the year ended March 2026 as against Rs 15227.00 crore during the previous year ended March 2025.
During the quarter, Swiggy’s platform average monthly transacting users (MTU) grew 27.2% YoY to 25.2 million, while gross order value (GOV) rose 40.7% to Rs 18,131 crore. The company’s adjusted EBITDA loss narrowed to Rs 652 crore in Q4 FY26 from Rs 732 crore in Q4 FY25.
In the food delivery business, GOV increased 22.57% to Rs 9,005 crore in Q4 FY26, compared with Rs 7,347 crore in Q4 FY25. Adjusted revenue from the segment rose 23.41% YoY to Rs 2,304 crore in Q4 FY26.
In quick commerce segment, Instamart’s GOV grew 68.8% YoY to Rs 7,881 crore in Q4 FY26. Average order value increased 32.83% YoY to Rs 700 per order, driven by a sustained non-grocery mix and larger basket sizes, reflecting deeper engagement across user cohorts. The company’s total dark store area increased to more than 4.8 million square feet, up 21.1% YoY. The company added 7 dark stores during the quarter, taking the total count to 1,143 stores across 129 cities.
From a guidance perspective, the company maintained its medium-term adjusted EBITDA margin target of 5% of GOV and said it continues to progressively move towards that goal. In its shareholder letter, Swiggy stated that it sees itself scaling into a net order value business of over Rs 1 lakh crore with 4–5% EBITDA margins over the medium term.
On full year basis, the company’s consolidated net loss widened to Rs 4,154 crore in FY26 compared with loss of Rs 3,117 crore in FY25. Revenue from operations climbed 51.4% to Rs 23,053 crore in FY26 compared with Rs 15,227 crore in FY25.
Sriharsha Majety, MD & Group CEO, Swiggy, said, “Food delivery has grown at its strongest pace in nearly four years, crossing Rs 1,000 crore in annual adjusted EBITDA and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago. Out of home continues to be a profitable and growing part of the business.
In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance. The strong balance sheet gives us room to be disciplined and deliberate as we enter FY27.”
Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 6.9 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2.7 lakh restaurants across 720+ cities.
The counter rose 0.50% to end at Rs 280.80 on the BSE.
Despite the loss, the company recorded strong top-line growth, with revenue from operations rising 53.96% year-on-year (YoY) to Rs 6,148 crore in the quarter ended 31 December 2025.
Total expenses climbed 48.99% YoY to Rs 7,298 crore in Q3 FY26, compared with Rs 4,898 crore in Q3 FY25. Advertising and sales promotion expenses surged 47.53% YoY to Rs 1,108 crore, while delivery and related charges increased 36.02% YoY to Rs 1,533 crore. Employee benefit expenses stood at Rs 673 crore (up 2.43% YoY) and finance costs climbed 111.53% YoY to Rs 55 crore during the quarter.
The company’s pre-tax loss also stood at Rs 1,065 crore in Q3 FY26, against a pre-tax loss of Rs 799 crore in Q3 FY25.
Swiggy said its Food Delivery business saw an acceleration in growth, with gross order value (GOV) rising 20.5% year-on-year to Rs 8,959 crore. Monthly transacting users (MTUs) increased 22% YoY to 18.1 million. Adjusted EBITDA margin improved to 3.0% of GOV, up 56 basis points YoY and 22 bps sequentially, the highest in the last two years, reflecting stronger user engagement through new use cases and improved affordability without compromising growth or profitability.
Instamart’s GOV more than doubled, rising 103% YoY to Rs 7,938 crore. The company added 34 dark stores during the quarter, taking the total network to 1,136 stores across 131 cities, covering 4.8 million sq ft. Average order value rose 39.7% YoY to Rs 746, driven by traction in the Maxxsaver basket-building proposition and expansion of non-grocery categories. Contribution margin improved to -2.5% sequentially, aided by larger basket sizes, optimisation of customer incentives and operating leverage. Overall, the quick commerce business reported a loss of Rs 908 crore for the quarter, while adjusted EBITDA margin improved to -11.4% from -12.1% in Q2.
Sriharsha Majety, MD & Group CEO of Swiggy, said, “the company continues to accelerate user growth and gross order value in food delivery, defying broader concerns of a sector slowdown, while significantly improving operating margins. He said the quick commerce opportunity remains in its early stages, with Swiggy focused on deepening wallet share and expanding differentiated assortments to drive engagement and order values. Majety added that the successful qualified institutional placement has strengthened the balance sheet and provides long-term capital to support sustained investments in growth and innovation, with the company maintaining a disciplined approach to capital allocation as it works towards contribution margin breakeven.”
Shares of Swiggy rose 1.17% to end at Rs 327.40 on the BSE.
The Issue opened on 09 December 2025 and closed on 12 December 2025.
Pursuant to the allotment of equity shares in the Issue, the paid- up equity share capital of the Company stands increased from Rs 2,49,36,46,892 comprising of 2,49,36,46,892 equity shares of Re 1 each to Rs 2,76,03,13,555 comprising of 2,76,03,13,555 equity shares of Re 1 each.
The floor price of Rs 390.51 is at a discount of 1.87% to the scrip’s previous closing price of Rs 397.95 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined in consultation with the book running lead managers appointed for the issue.
Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 6.9 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2.6 lakh restaurants across 720+ cities.
The company reported a consolidated net loss of Rs 1,092 crore in Q2 FY26, widening from a net loss of Rs 626 crore in Q2 FY25. Despite the loss, the company recorded strong top-line growth, with revenue from operations rising 54.42% year-on-year (YoY) to Rs 5,561 crore in the quarter ended 30 September 2025.
Shares of Swiggy rose 0.82% to Rs 401.20 on the BSE.