Swiggy Q1 results preview: Check Street's expectations, date, other details

Swiggy Q1 results preview: Brokerages tracked by Business Standard estimate Swiggy's net loss widen year-on-year (Y-o-Y) on average, to ₹1,019.25 crore

Swiggy Q1 results preview: The food delivery aggregator Swiggy is slated to release its first quarter (Q1FY26) results on Thursday, July 31, 2025. 

Swiggy Q1 results 2025: Profit estimates

Brokerages tracked by Business Standard estimate Swiggy’s net loss widened year-on-year (Y-o-Y) on average, to ₹1,019.25 crore as compared to a net loss of ₹539.6 crore. The company reported a net loss of ₹2,697.35 crore in Q4. 

Swiggy Q1 results 2025: Revenue expectations

The company's revenue for the quarter under review is expected to increase 54 per cent in the first quarter (Q1FY26), on average, to ₹4,959.25 crore as compared to ₹3,222 crore a year ago. The growth will be driven by growth in food delivery and Instamart revenues.

 

On a quarter-on-quarter (Q-o-Q) basis too, the revenue is poised to increase 12.4 per cent from ₹4,410 crore in Q4FY25.

 

Analysts and investors will keep an eye on Instamart’s gross order value (GOV) and average order value (AOV) growth, dark store additions, and margins.

Here’s how brokerages view Swiggy’s performance in Q1FY26:

Kotak Institutional Equities: The brokerage expects Swiggy’s Q1FY26 revenue to come in at 49 per cent Y-o-Y to ₹4,811.5 crore, as compared to ₹3,222 crore. The growth will be driven by 19 per cent Y-o-Y growth in food delivery revenues (19 per cent Y-o-Y in gross merchandise value (GMV)) and 129 per cent Y-o-Y growth in Instamart revenues (113 per cent Y-o-Y growth in GMV). The sharp 113 per cent Y-o-Y and 24 per cent Q-o-Q GMV growth in Instamart will be driven by rapid store additions. The period-ending store count is pegged at 1,171. 

 

A 30-basis-point (bps) Q-o-Q contraction in the contribution margins of the food delivery business to 7.5 per cent in Q1 is expected, on account of higher delivery costs; this will result in a 2.7 per cent Ebitda margin as a percentage of GMV for this segment, down 20 bps Q-o-Q.

 

Ebitda loss is anticipated at ₹850 crore for the Instamart business, sharply higher Y-o-Y, as losses from new stores, as well as higher competitive intensity, are forecasted. Instamart loss is likely to remain flat sequentially, despite a higher contribution margin (220 bps Q-o-Q expansion) on account of higher GMV and associated higher fixed costs.

 

Motilal Oswal Financial Services: Analysts expect gross order value (GOV) for the food delivery/quick commerce business to achieve 17 per cent/114 per cent Y-o-Y growth, with take rates of 22.3 per cent and 15.2 per cent in 1QFY26. Food delivery’s adjusted Ebitda as a percentage of GOV is expected to drop 40 bps Q-o-Q to 2.5 per cent

 

Instamart is anticipated to grow 28 per cent Q-o-Q with an adjusted Ebitda loss of 16 per cent for Q1, while out-of-home consumption is anticipated to near breakeven with 54 per cent Y-o-Y revenue growth. Instamart is projected to report a -5.1 per cent contribution margin and 16 per cent adjusted Ebitda margin in Q4.

 

ICICI Securities: Swiggy’s food delivery business GOV is estimated to grow 9.8 per cent Q-o-Q/18.5 per cent Y-o-Y, according to the brokerage. Its adjusted Ebitda is pegged at ₹220 crore and adjusted Ebitda margin (percentage of GOV) at 2.7 per cent. 

 

Instamart’s GOV is likely to grow by 22.6 per cent Q-o-Q and 110.1 per cent Y-o-Y, with adjusted Ebitda loss at ₹910 crore and adjusted Ebitda margin (percentage of GOV) of -15.8 per cent. Additionally, Q1FY26 supply chain and distribution revenue is estimated to grow by 60 per cent Y-o-Y. 

 

JM Financial Institutional Securities: In food delivery, JM Financial expects normal seasonality to play-out, leading to sequential GOV growth of 9 per cent Y-o-Y. Take-rates are likely to expand to 22.4 per cent in Q1, as against  22.2 per cent in Q4FY25. 

 

Sequential GOV expansion with marginal take-rate expansion, in turn, may lead to food delivery revenue growth of 10.4 per cent Q-o-Q to ₹1,797.6 crore. Contribution margin (as percentage of GOV) is likely to decline to 7.6 per cent from 7.8 per cent in Q4 due to an increase in delivery costs, while adjusted Ebitda margin (as percentage of GOV) will also be under pressure due to fixed cost increase and therefore can decline 40 bps Q-o-Q to 2.5 per cent. 

 

In Instamart, sequential GOV growth of 20 per cent is expected, led by a robust increase of 8 per cent in AOVs, whereas order volumes can grow 11 per cent. Take rates are likely to expand 20 bps sequentially to 14.9 per cent, mainly due to an increase in ad income. Contribution margin is likely to expand to 5.4 per cent (as percentage of GOV), against -5.6 per cent in Q4, due to take-rate expansion.