- Segment-Wise Performance
- Key Takeaways
- Conclusion
Swiggy reported a strong start to FY26, with total revenue rising 53.97% year-on-year to ₹4,961 crore in Q1. This compares to ₹3,222 crore in the same quarter last year. The growth was led by Quick-Commerce (Instamart) and the company’s supply chain vertical (Swiggy Lynk), while food delivery remained stable. Monthly transacting users on the Swiggy platform increased from 16 million to 21.6 million, reflecting improved user engagement and reach.
Segment-Wise Performance
1. Food Delivery
Swiggy’s food delivery business remains a steady contributor, with growth in both revenue and order volumes.
| Metric | Q1 FY26 | Q1 FY25 | % Change |
|---|---|---|---|
| Gross Order Value (GOV) | ₹8,086 crore | ₹6,808 crore | +18.77% |
| Revenue | ₹1,799 crore | ₹1,515 crore | +18.75% |
| Average MTU (million) | 16.3 | 14 | +16.43% |
- Revenue growth is in line with GOV growth.
- MTU( Monthly transacting users) growth of over 16% signals healthy user activity.
- The pace of growth is slower than in other segments, indicating a maturing market. This could be due to saturation in large cities or rising competition.
2. Quick-Commerce (Instamart)
Instamart is currently Swiggy’s fastest-growing vertical, with a sharp jump in revenue and order value.
| Metric | Q1 FY26 | Q1 FY25 | % Change |
|---|---|---|---|
| GOV | ₹5,655 crore | ₹2,724 crore | +107.6% |
| Revenue | ₹806 crore | ₹374 crore | +115.51% |
| Average Order Value (AOV) | ₹612 | ₹487 | +25.67% |
- Revenue more than doubled, supported by a 25% increase in average order size.
- The company added 41 new dark stores during the quarter, taking the total to 1,062.
- However, orders per store declined from 1,144 to 985 (YoY), suggesting that rapid expansion may be affecting per-store efficiency.
3. Out-of-Home (Dineout and Scenes)
This segment focuses on dining out and event-related consumption.
| Metric | Q1 FY26 | Q1 FY25 | % Change |
|---|---|---|---|
| GOV | ₹1,056 crore | ₹657 crore | +60.73% |
| Revenue | ₹77 crore | ₹46 crore | +67.39% |
- Revenue is growing faster than GOV, which may reflect better margins or new monetization streams.
- The segment remains small but is scaling quickly.
4. Supply Chain and Distribution (Swiggy Lynk)
Swiggy Lynk has emerged as a key contributor to overall revenue.
| Metric | Q1 FY26 | Q1 FY25 | % Change |
|---|---|---|---|
| Revenue | ₹2,259 crore | ₹1,268 crore | +78.15% |
- The segment now accounts for a significant portion of Swiggy’s total revenue.
- The strong growth likely supports other verticals like Quick-Commerce and Out-of-Home, pointing to a more integrated backend network.
5. Platform Innovations (Snacc, PYNG)
These are Swiggy’s newer bets, aimed at expanding the platform’s scope.
| Metric | Q1 FY26 | Q1 FY25 | % Change |
|---|---|---|---|
| Revenue | ₹20 crore | ₹19 crore | +5.26% |
| Adjusted Revenue | ₹27 crore | ₹29 crore | -6.90% |
- Revenue growth is flat, and adjusted revenue has declined.
- These initiatives are either still in early stages or struggling to scale.
Key Takeaways
- Quick-Commerce is driving overall growth, backed by higher average order values and a larger footprint.
- Supply Chain is scaling alongside consumer segments, creating backend strength that supports B2C operations.
- Food delivery remains steady, but slower growth suggests the segment is now mature.
- Newer initiatives need more clarity, as platform innovations have not yet contributed meaningfully to growth.
Conclusion
Swiggy’s Q1 FY26 performance highlights strong execution in newer growth areas like Quick-Commerce and B2B supply chain. The food delivery business remains stable, while the company continues experimenting with new use cases. Overall, Swiggy is positioning itself as a diversified consumer and enterprise food platform, with growth driven by both volume and backend scale.
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