SWSwiggy544285Quarterly results

Q2 FY27 letter: B2C GOV INR 20,793 Cr, food delivery Adjusted EBITDA at record INR 341 Cr

Q2 FY27 shareholders' letter.

By ScoutQuest · Thu 22 Oct 2026, 4:03 PM IST · 2 min read

B2C GOV

INR 20,793 Cr, up 24.6% YoY

Consolidated Adj. Revenue

INR 7,909 Cr, up 33.8%

Food delivery Adj. EBITDA

INR 341 Cr (3.4% of GOV), highest ever

Quarter at a glance

• B2C GOV: INR 20,793 Cr, up 24.6% YoY (QoQ up 9.9%)
• Consolidated Adjusted Revenue: INR 7,909 Cr, up 33.8% YoY
• Consolidated Adjusted EBITDA: a loss of INR 760 Cr, against a loss of INR 695 Cr a year earlier — a decrease of INR 64 Cr YoY
• B2C Adjusted EBITDA margin improved 99 bps YoY to -2.6% of B2C GOV
• Platform average monthly transacting users: 27.8 Mn, up 21.0% YoY; B2C total orders 334 million

Food delivery

• GOV INR 10,054 Cr, up 17.7% YoY
• Adjusted EBITDA INR 341 Cr, described as the highest ever, at 3.4% of GOV (up 58 bps YoY)
• Monthly transacting users 19.8 Mn, up 15.2% YoY; average monthly transacting restaurant partners 265.9 thousand
• Management says September 2026 clocked 20%+ YoY growth as it enters the festive quarter, and the annual guidance of 18-20% for food delivery (ex-Toing) is unchanged

Quick commerce

• GOV INR 9,230 Cr, up 31.4% YoY; Net Order Value INR 6,594 Cr, up 34.8% YoY
• Adjusted EBITDA loss INR 895 Cr, wider by INR 46 Cr YoY and INR 118 Cr QoQ; margin -9.7% of GOV
• Total orders 130.3 million; average order value INR 708; contribution margin -1.0% of GOV
• 69 net new dark stores took the network to 1,240 stores across 133 cities; dark store area 5.21 Mn sq ft
• Management expects continued sequential growth in Q3 with operating margin improvement from here

Out-of-Home Consumption

• GOV INR 1,508 Cr, up 34.9% YoY
• Adjusted Revenue INR 155 Cr, up INR 60 Cr YoY; Adjusted EBITDA margin 0.5% of GOV
• About 66 thousand average monthly active restaurants; the business has been Adjusted EBITDA-positive for seven consecutive quarters

Supply chain and other segments

• Supply Chain & Distribution revenue INR 3,690 Cr, up 44.1% YoY, with Adjusted EBITDA of -INR 51 Cr
• Platform Innovations Adjusted Revenue INR 138 Cr, with Adjusted EBITDA of -INR 162 Cr

Other points from the letter

• Shareholders approved a cap on foreign shareholding at 49.5% on a fully diluted basis so the company can qualify as an Indian Owned and Controlled entity; the transition is expected to complete over the next few quarters with a net margin benefit of about 80 bps and will allow Instamart to own inventory
• Toing, the standalone affordability app, is now in 50+ cities
• Over 50,000 delivery partners were enabled to file income tax returns through the app, with INR 6.5 Cr of cumulative refund claims; battery-swapping at last-mile stations saves delivery partners up to 60 minutes a day and lowers rental costs by up to 30%
• Long-term aspiration shared at the Capital Markets Day: Adjusted EBITDA of INR 10,000 Cr by FY31, at GOV of over INR 2.5 lakh Cr with ~4% margins

The overall tone of the letter is one of growth across all three consumer businesses, with food delivery profitable on an Adjusted EBITDA basis and quick commerce still investing in stores and selection. Consolidated Adjusted EBITDA remained in a loss.

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