Swiggy's margin-first pivot backfires: losses widen past Rs 4,000 cr as Blinkit pulls ahead
FY26 ad spend hit Rs 4,200 cr against Eternal's Rs 3,350 cr, yet Swiggy's losses grew 30% and AOV slipped to Rs 700 from Rs 746. Instamart MTUs stuck at 13.3M while Blinkit added 3.6M to reach 27M. Stock has shed 40% since September as the gap with Eternal widens.
What happened
Swiggy's FY26 results show widening losses above Rs 4,000 crore and slipping Instamart metrics despite a stated margin-first pivot. Blinkit is rapidly outpacing
Key facts
- Rs 4,200 crore ad spend FY26
- Rs 3,350 crore Eternal ad spend
- losses over Rs 4,000 crore (+30%)
- AOV Rs 700 vs Rs 746
- Instamart MTUs 13.3M
- Blinkit MTUs 27M (+3.6M)
- stock down 40% since September
Why this matters
Swiggy's weakening quick-commerce position and depressed valuation open a window for strategic capital, category JVs, or asset-level deals in Instamart's dark-store footprint before the gap with Blinkit becomes structural.