Swiggy reports mixed Q2 FY27 results amid Instamart losses

Swiggy’s second-quarter FY27 financial results show a significant divergence between its core food delivery business and its quick commerce unit, Instamart. While the company's consolidated adjusted revenue grew by approximately 34% to ₹7,909 crore, its stock has experienced high volatility, recently hitting record lows after falling more than 50% from its October 2025 peak.

The food delivery segment demonstrated strength, reporting a record adjusted EBITDA of ₹341 crore, a significant increase from ₹240 crore in the previous year. However, the quick commerce arm, Instamart, continues to face financial challenges. Instamart’s adjusted operating (EBITDA) loss widened to ₹895 crore, up from ₹849 crore in the same period last year.

Investors remain cautious as Swiggy attempts to establish Instamart as a second growth engine to compete with rivals like Blinkit and Zepto. While the core business is becoming more profitable, the heavy investment required for dark stores and market expansion in the quick commerce sector is driving increased losses in that division.