Swiggy shares fall 8% as Q3 loss widens to ₹1,065 crore; Here is what analysts said

At around 11:24 am, the stock was trading 5.33% lower at ₹310.20 per equity share.

The scrip fell 2% in the past week and more than 22% over the month. On a year-to-date basis, it lost nearly 22%.

While the share touched a 52-week high of ₹474 on September 19, 2025, it reached a year’s low of ₹297 per unit on May 13, 2025.

Swiggy Q3 results

The on-demand convenience platform Swiggy reported a widening of its consolidated net loss to ₹1,065 crore during the quarter under review, compared to a loss of ₹799 crore in the third quarter of FY25.

In the previous quarter, it had logged a net loss of ₹1,092 crore, the company said in a regulatory filing on Thursday.

Its revenue from operations surged 53.96% year-on-year (YoY) to ₹6,148 crore in Q3 of FY26, as against ₹3,993 crore in the year-ago period.

The firm’s revenue from the food delivery segment grew 24.67% YoY to ₹2,041 crore. Its revenue from the out-of-home consumption vertical stood at ₹103 crore for the third quarter of FY26, marking a 56% YoY increase. Furthermore, its revenue from the quick-commerce segment rose 76% YoY to ₹1,016 crore, and revenue from the supply chain and distribution business also surged 76% YoY to ₹2,981 crore. However, its revenue from the platform innovations vertical fell 59% YoY to ₹9 crore.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation) loss stood at ₹782 crore for the reporting quarter, in comparison to a loss of ₹725 crore in the December quarter of FY25.

What the CEO said

Commenting on the results, Sriharsha Majety, MD & Group CEO, Swiggy, said: “Swiggy continues to accelerate user growth and gross order value in food delivery, defying broader scepticism around a sector slowdown while significantly improving our operating margins. In quick commerce, where we believe we are only a quarter of the way through the opportunity, we are deepening wallet penetration and expanding differentiated assortment across categories to strengthen engagement and order value.”

He added that the company’s confidence in the roadmap has been reinforced by the successful qualified institutional placement and the long-term capital it brings, which strengthens its balance sheet and supports sustained investment in growth and innovation.

“With robust cash reserves backing our strategic priorities, our long-term approach emphasizes disciplined fiscal prudence and a distinctive product offering to drive sustained momentum toward contribution margin breakeven,” Majety stated.

What analysts said

In a note, analysts at Morgan Stanley stated that Swiggy saw steady execution in food delivery on growth and margins, and had to make a tough choice on trading off growth while maintaining guidance on contribution-margin (CM) break-even. However, the analysts also noted that there was limited visibility as to when the competitive environment would ease, and kept its re-rating under check.

Analysts at CLSA said that the company missed the third-quarter revenue and EBITDA expectations. While Swiggy’s food delivery segment saw better GOV or revenue growth and in-line EBITDA, its quick commerce segment was a disappointment across metrics, with lower growth and weaker profitability. While the firm maintained its contribution breakeven guidance, the path is steeper than before.

Swiggy has a total market capitalisation of ₹85,542.12 crore, as of January 30, 2026, according to data on the NSE.