Swiggy Q1 loss narrows 34% as revenue rises 37%; Instamart reaches 1,171 dark stores
Swiggy reported a consolidated net loss of ₹791 crore in Q1 FY27, versus ₹1,197 crore a year earlier, as revenue from operations rose 37% to ₹6,812 crore. Instamart’s revenue grew 53%, its contribution margin improved to 0.2%, and the business added 28 dark stores across 131 cities.
What happened
Swiggy narrowed its Q1 FY27 loss as revenue rose 37%, led by food delivery and Instamart. Instamart reached contribution breakeven in May, expanded to 1,171
Key facts
- Consolidated net loss: Rs 791 crore, down nearly 34% YoY from Rs 1,197 crore
- Revenue from operations: Rs 6,812 crore, up more than 37% YoY
- Total income: Rs 7,023 crore, up over 39% YoY
- Total expenses: Rs 7,813 crore, up more than 25% YoY
- Food delivery revenue: Rs 2,208 crore, up 23% YoY
- Food delivery GOV: Rs 9,490 crore, up over 17% YoY
- Food delivery MTUs: 1.92 crore, up around 18% YoY
- Instamart loss: Rs 778 crore
- Instamart revenue: Rs 1,232 crore, up nearly 53% YoY
- Instamart GOV: Rs 7,907 crore, up nearly 40% YoY
- Instamart contribution margin improved 440 bps to 0.2%
- Instamart added 28 dark stores, reaching 1,171 stores across 131 cities
- Instamart retail space: 4.9 million sq ft, up nearly 15% YoY
- Toing expanded to 50 cities
- OOH GOV rose 44.8% YoY
Why this matters
Instamart’s 53% revenue growth and 1,171-store footprint reinforce quick commerce as Swiggy’s key strategic asset, raising the value of partnerships or acquisitions that deepen supply, logistics and city-level density.
What to watch
- Sequential change in Instamart contribution margin and adjusted EBITDA loss.
- Dark-store additions versus same-store order growth and order density.
- Average order value, customer frequency, take rate and advertising revenue mix.
- Competitive discounting and expansion announcements from Blinkit and Zepto.
- Cash burn, liquidity runway and any need for additional capital raising.
- Prioritise dark-store additions in high-density micro-markets where Swiggy food-delivery demand can lower customer-acquisition costs.
- Increase private-label, advertising and higher-margin assortment penetration to lift Instamart contribution margin beyond break-even.
- Use Swiggy One, cross-category bundles and personalised offers to increase order frequency without broad-based discounting.
- Rationalise underperforming stores and tighten delivery-radius economics as the network expands across smaller cities.