Swiggy Q2 results showed impressive growth in revenue. In the quarter ended September 30, 2025, the company’s consolidated revenue rose by approximately 54 % year-on-year, reaching around ₹5,561 crore. This compared with about ₹3,601 crore in the same period last year. The quarter also saw a sequential rise of around 12 %. These numbers illustrate that Swiggy is continuing to expand rapidly in its marketplace.
Underlying the revenue expansion is the growing volume of orders and the increasing business from its quick-commerce arm (delivering groceries and essentials) alongside its core food-delivery business. Analysts had expected revenue growth of about 51 % for the quarter, with quick-commerce (Instamart) doubling revenue and food-delivery growing by roughly 20 % year-on-year.
A major driver of Swiggy’s growth is its quick-commerce service, which aims to deliver groceries and daily-essentials in minutes, via dark stores and dense fulfilment infrastructure. This business has grown at more than 100 % year-on-year in recent quarters and is increasingly prominent in the company’s overall performance.
Because the quick-commerce business has higher fulfilment and infrastructure costs, it is more capital-intensive and margin-challenged, but its rapid growth is central to Swiggy’s strategy to become a one-stop platform for food, groceries and daily needs in Indian cities.
Despite the strong topline growth, Swiggy’s profit performance remains negative. The company reported a consolidated net loss of about ₹1,092 crore in the quarter ended September 2025, which was worse than the loss of about ₹626 crore in the same quarter a year earlier. The widening loss reflects heavy investment in expansion, marketing, logistics, and dark-store network build-out.
While Swiggy has indicated that adjusted operating profits (EBITDA) are improving sequentially, complete profitability (net profit) remains off the table. The cost structure is still absorbing rapid growth and infrastructure build-out, meaning that although the business is scaling, cost discipline and margin-conversion remain the big challenges.
With large losses being posted, Swiggy is still dependent on cash-flow support and potential fundraising. The aggressive growth of quick-commerce, expansion into new geographies, and increased dark-store footprint require significant capital. The company has disclosed that it is prepared to raise equity capital (via authorised board resolutions) for future funding needs. This is important because until net profits are positive and cash flow turns sustainably positive, funding remains a strategic focus.
Going forward, Swiggy is emphasising margin improvement as a crucial agenda. The company expects that as scale improves, the cost per order in both food-delivery and quick-commerce will decline, offering the possibility of better contribution margins. However, several risks remain. First, fierce competition in quick-commerce and food-delivery means discounting and logistic costs may stay high. Second, macro-economic conditions and consumer-spending behaviour in India will impact order frequency and basket size. Third, growth-without-profit strategy can draw investor scrutiny if profitability milestones are missed.
Swiggy Q2 results present a story of rapid expansion: over 50 % revenue growth, strong momentum in quick-commerce, and an increasingly capable food-delivery business. Yet the headline remains that profitability has not been achieved, and net losses have widened compared with a year ago. The business is scaling strongly, but conversion of that scale into profits will determine how it is viewed by investors and the market. Momentum is positive, but the next few quarters will be important in proving whether growth leads to sustainable earnings and cash-flow generation.