India · Delayed Price · Currency is INR Swiggy Earnings Call Transcripts
Fiscal Year 2026
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Food delivery exceeded growth and margin expectations, while quick commerce faced slower growth amid intense competition but maintained its path to margin breakeven. CapEx focused on warehousing and supply chain, and management expects losses to decline as investments peak.
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Quick commerce posted over 100% GOV growth for the third straight quarter, with contribution margin improving by 200 bps to -2.6%. Non-grocery share rose to 26%, and food delivery EBITDA more than doubled year-over-year. Guidance for quick commerce profitability by June 2026 remains unchanged.
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Quick commerce GOV doubled year-over-year, led by higher AOV and dark store expansion, while contribution margin improved despite network and delivery cost headwinds. Non-grocery mix and platform innovations are driving growth, with margin neutrality targeted by June 2026.
Fiscal Year 2025
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Strong user and store growth drove solid results in food delivery and quick commerce, with Bolt and new initiatives boosting order volumes and AOV. Profitability improved, CapEx is set to moderate, and break-even for Instamart is expected within five quarters.
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Quick commerce and food delivery segments saw robust growth, with strong store expansion and innovation. Food delivery margins improved, while quick commerce faced margin pressure due to high competition and customer acquisition costs. Contribution margin breakeven is targeted by Q4.
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B2C GOV grew 11% sequentially and 30% year-over-year, with food delivery and quick commerce both showing strong momentum. Bolt rapid delivery scaled to 400+ cities, while contribution margins and adjusted EBITDA improved across segments. Competitive intensity remains high, but guidance targets continued growth and margin expansion.