With Rs 908 Cr loss in Q3 FY26, Swiggy Instamart profitability remains elusive

Swiggy Instamart continues to scale rapidly in terms of orders and users, even as profitability remains elusive for the quick commerce business. During the quarter ended December 2025, Instamart processed 106.4 million orders from 12.8 million users, with an average order value (AOV) of Rs 746. The company operated 1,136 active dark stores during the period.

However, the growth came at a significant cost. Instamart reported a loss of Rs 908 crore in the quarter, making it Swiggy’s largest loss-making vertical. Despite quarterly revenue crossing Rs 1,000 crore (Rs 7,938 crore GOV), losses widened due to higher spending on dark store operations, warehousing rentals, last-mile delivery, inventory handling, and customer incentives.

On a nine-month basis, Instamart generated Rs 2,802 crore in revenue, while losses expanded to Rs 2,327 crore. Even with rising order volumes and improving AOV, fulfillment-heavy quick commerce orders continue to struggle to absorb high fixed and variable costs linked to sub-30-minute delivery commitments.

The contrast with Swiggy’s core food delivery business remains stark. Food delivery reported positive segment results during the quarter, which improved unit economics in a more mature and asset-light model.

A comparison with Zomato-owned Blinkit further highlights the divergence within quick commerce. Blinkit reported EBITDA-level profitability in Q3 FY26, aided by tighter control over store density, higher throughput per dark store, and a more disciplined approach to discounts and incentives. During the Q3, Blinkit registered GOV of Rs 12,256 crore. While Blinkit’s profitability remains at an early stage, it suggests that selective expansion and operational efficiency may be critical to improving quick commerce economics.

For Swiggy, Instamart’s widening losses indicate that scale alone is unlikely to deliver near-term profitability. As competition intensifies and capital requirements remain high, quick commerce continues to be a growth driver, but not yet a sustainable profit engine.

As of December 31, 2025, Swiggy had cash and cash equivalents of Rs 13,512 crore, which included Rs 9,931 crore from net QIP proceeds. The company also received around Rs 2,400 crore from the sale of its stake in Rapido, taking its proforma cash balance to about Rs 15,900 crore.