Swiggy's Q2 Loss Narrows 16% to ₹922 Crore as Ad Spend Climbs 25% to ₹1,298 Crore

Swiggy's consolidated net loss narrowed 15.6% to ₹922 crore in the September quarter (Q2 FY27) from ₹1,092 crore a year earlier, while its advertising and sales promotion spend rose 24.9% to ₹1,298 crore, according to results declared on 22 October 2026 and reported by BestMediaInfo.

Revenue from operations grew 36.1% to ₹7,571 crore from ₹5,561 crore. The loss was still wider than the ₹791 crore Swiggy reported in the June quarter, as it kept spending to grow its Instamart quick-commerce business.

The ad bill

Advertising and sales promotion spending of ₹1,298 crore was up from ₹1,039 crore a year earlier and from ₹1,160 crore in the June quarter, BestMediaInfo reported. It equals 17.1% of revenue, down from 18.7% a year ago, so revenue grew faster than marketing.

For the first half of FY27, the line totalled ₹2,458 crore, up 18.5% from ₹2,075 crore. That puts Swiggy alongside FMCG companies such as Nestlé India among the country's heaviest ad spenders, and, like Myntra, it is a platform that both buys ads and sells them.

How the businesses did

• Food delivery: gross order value (GOV) rose 17.7% to ₹10,054 crore, and adjusted EBITDA (operating profit before one-off items) improved to ₹341 crore from ₹240 crore, about 3.4% of GOV.
• Instamart: GOV rose 31.4% to ₹9,230 crore, and net order value rose 34.8% to ₹6,594 crore. Swiggy added 69 dark stores, taking the network to 1,240 across 133 cities.
• Out-of-home (dining and events): GOV rose 34.9% to ₹1,508 crore, Upstox reported.

Instamart's adjusted EBITDA loss widened from the June quarter, according to both BestMediaInfo and Indian Startup News. Average monthly transacting users across the platform rose 21% to 27.8 million, Upstox reported, and Swiggy kept its food delivery growth guidance of 18–20%, excluding its newer Toing app.

Costs and shares

Total expenses rose to ₹8,703 crore from ₹6,711 crore. For the half year, Swiggy's net loss narrowed to ₹1,713 crore from ₹2,289 crore on revenue of ₹14,383 crore.

Swiggy's shares fell as much as 7.13% to a 52-week low of ₹207.70 on the NSE on 22 October, before the results were declared after market hours, Upstox reported.