How will food delivery platform Swiggy fare in Q3FY26? Brokerages decode
Swiggy Q3 results preview: Brokerages tracked by Business Standard estimate Swiggy's net loss to average ₹983.23 crore, compared with a net loss of ₹693.6 crore a year ago
 "How will food delivery platform Swiggy fare in Q3FY26? Brokerages decode")
Swiggy Q3 results preview: Food delivery platform Swiggy is all set to release its December quarter (Q3FY26) results on Thursday, January 29, 2026.
Brokerages tracked by Business Standard estimate Swiggy’s net loss to average ₹983.23 crore, compared with a net loss of ₹693.6 crore a year ago. On a quarter-on-quarter (Q-o-Q) basis, the loss is expected to widen slightly from ₹953.6 crore in Q2FY26.
The company's revenue for the quarter under review is expected to rise 48 per cent in Q3FY26, on average, to ₹5,909.5 crore as compared to ₹3,993 crore a year ago. Sequentially, the revenue is poised to rise 6 per cent from ₹5,561 crore in Q2FY26.
Here's how Swiggy is expected to fare in Q3FY26:
Kotak Institutional Equities: Analysts expect Swiggy's revenue growth to come in at 42 per cent year-on-year to ₹5,687 crore, driven by 22 per cent Y-o-Y growth in food delivery revenue, 19 per cent Y-o-Y growth in gross merchandise value (GMV), and 103 per cent Y-o-Y growth in Instamart revenues (108 per cent Y-o-Y growth in GMV).
The sharp 108 per cent Y-o-Y and 16 per cent Q-o-Q GMV growth in Instamart will be driven by an increase in average order value (AOV), store area growth, and better store utilisation. The GMV growth is impacted by 3-4 per cent due to the goods and services tax (GST) rate revisions implemented in September 2025.
The brokerage models a 20-basis-point (bps) Q-o-Q expansion in contribution margins (CM) of the food delivery business to 7.5 per cent in Q3; this will result in a 3 per cent Earnings before interest, tax, depreciation and amortisation (Ebitda) margin as a percentage of GMV for this segment, up 20 bps Q-o-Q.
Analysts forecast Ebitda loss of ₹870 crore for the Instamart business, sharply higher Y-o-Y and also higher Q-o-Q, as they model losses from new stores as well as higher competitive intensity. Instamart is expected to experience a loss due to an increase sequentially despite higher CM (40 bps Q-o-Q expansion), on high absolute contribution loss and higher fixed costs.
JM Financial Institutional Securities: Analysts expect food delivery net order value (NOV) and GOV growth trends to remain stable for Swiggy. In terms of adjusted Ebitda margin, food delivery is likely to expand 10–20 bps sequentially on an NOV/GOV basis.
In quick commerce, analysts expect exponential Y-o-Y growth trends to continue in Instamart. While Instamart is forecasted to report a sequential improvement in its adjusted Ebitda margins, absolute adjusted Ebitda losses (on a Q-o-Q basis) is expected to expand.
Nuvama Institutional Equities: The brokerage expects food delivery GOV to grow 3.8 per cent Q-o-Q and 19.2 per cent Y-o-Y, while the adjusted Ebitda margin as a percentage of GOV is anticipated at 3 per cent.
Instamart GOV is forecasted to grow 13.6 per cent Q-o-Q and 104.1 per cent Y-o-Y, while the absolute adjusted Ebitda loss is pegged at ₹920 crore. Consolidated Ebitda margin is forecasted to decrease 10 bps Q-o-Q. Overall, Ebitda loss is expected at ₹868.7 crore, as compared to a loss of ₹725.7 crore a year ago and ₹798 Ebitda crore loss in Q2FY26.
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