 "Swiggy Q2 preview: Instamart may drive rev growth; losses remain elevated")
Swiggy Q2 results preview: Food delivery aggregator Swiggy is scheduled to release its second quarter (Q2FY26) results on Thursday, October 30, 2025.
Swiggy Q2 results 2025: Profit estimates
Brokerages tracked by Business Standard estimate Swiggy to report a net loss on average at ₹627.92 crore as compared to a loss of ₹625.5 crore year-on-year (Y-o-Y).
Swiggy Q2 results 2025: Revenue expectations
The company's revenue for the quarter under review is expected to jump 51 per cent in Q2FY26, on average, to ₹5,448.83 crore as compared to ₹3,601.5 crore a year ago, driven by growth in quick commerce platform Instamart. On a quarter-on-quarter (Q-o-Q) basis, the revenue is poised to rise 10 per cent from ₹4,961 crore in Q1FY26.
Analysts and investors will keep an eye out for Instamart’s gross order value (GOV) and average order value (AOV) growth, dark store additions, and margins. ALSO READ | ITC Q2 preview: Analysts see steady cigarette growth; FMCG margins soft
Here's how Swiggy is expected to fare in Q2FY26
Kotak Institutional Equities: The brokerage expects consolidated Q2FY26 revenue growth to come in at 49 per cent Y-o-Y to ₹5,348.2 crore, driven by 20 per cent Y-o-Y growth in food delivery revenues and 102 per cent Y-o-Y growth in Instamart revenues.
The sharp 102 Y-o-Y and 23 per cent Q-o-Q gross merchandise value (GMV) growth in Instamart will be driven by store additions and an increase in average order value (AOV).
Analysts forecast a 20 basis points (bps) Q-o-Q expansion in contribution margin (CM) of the food delivery business to 7.5 per cent in Q2 on account of higher platform fee; this will result in 2.7 per cent Earnings before interest, tax, depreciation and amortisation (Ebitda) margin as a percentage of GMV for this segment, up 30 bps Q-o-Q.
An Ebita loss of ₹850 crore for the Instamart business is expected, sharply higher Y-o-Y, as analysts model losses from new stores as well as higher competitive intensity. Instamart loss is anticipated to remain flat sequentially despite a higher contribution margin (150 bps Q-o-Q expansion) on account of higher GMV and associated higher fixed costs.
Motilal Oswal Financial Services: The brokerage anticipates GOV of food delivery and quick commerce business to grow 20 per cent and 106 per cent Y-o-Y, respectively, with take rates of 22.5 per cent and 14.3 per cent in Q2FY26.
Instamart is likely to grow 23 per cent Q-o-Q with an adjusted Ebitda of -13.8 per cent for Q2, while out-of-home consumption is anticipated to be near breakeven with 27 per cent Y-o-Y revenue growth.
Food delivery's adjusted Ebitda as a percentage of GOV is expected to improve by 30 bps Q-o-Q to 2.7 per cent. Instamart is projected to report a -3.3 per cent contribution margin and 13.8 per cent adjusted Ebitda margin in Q2. ALSO READ | L&T Q2 results preview: Analysts eye 21% jump in profit; check key factors
JM Financial Institutional Equities: In food delivery, analysts forecast sequential GOV growth of 19 per cent Y-o-Y. Take-rates (as percentage of GOV) are expected to improve 20 bps sequentially to 22.4 per cent. Contribution margin (as percentage of GOV) is likely to improve to 7.5 per cent from 7.3 per cent in Q1, while adjusted Ebitda margin (as percentage of GOV) is expected to improve to 2.8 per cent from 2.4 per cent in Q1.
In Instamart, the brokerage expects sequential GOV growth of 23 per cent and 106 per cent Y-o-Y to ₹6,957.8 crore. Take-rates may improve by 54 bps Y-o-Y at 14.8 per cent in Q2FY26 and contribution margin (as percentage of GOV) to improve 182 bps sequentially to -2.8 per cent,
At a consolidated level, reported Ebitda and PAT are expected at loss of ₹840 crore and ₹1,090 crore respectively, against a loss of ₹950 crore and ₹1,200 crore in Q1.
Elara Capital: The brokerage expects growth in food delivery to be steady, with Swiggy's GMV likely to surge 18.6 per cent Y-o-Y, aided by 20 bps higher take rates.
In quick commerce, Instamart’s GMV may rise 14.2 per cent Q-o-Q, with modest take rate gains. Instamart’s Ebitda loss may remain flat at ₹900 crore.