Mumbai: Swiggy on Thursday reported strong momentum in its core food delivery business for the quarter ended December 31, 2025, with gross order value (GOV) rising 20.5% year-on-year to ₹8,959 crore, even as the company continued to rein in losses and improve operating efficiency.
The listed food and quick-commerce major said adjusted EBITDA from food delivery jumped 1.5 times year-on-year to ₹272 crore, with margins improving to 3% of GOV, the highest level seen in the past two years. Monthly transacting users (MTUs) in food delivery grew 22% to 18.1 million, reflecting sustained demand despite concerns of a broader slowdown in the sector.
Swiggy’s quick commerce arm Instamart continued its rapid expansion, with GOV surging 103% year-on-year to ₹7,938 crore, aided by a nearly 40% jump in average order value to ₹746. The company added 34 dark stores during the quarter, taking the total network to 1,136 stores across 131 cities.
While Instamart reported an adjusted EBITDA loss of ₹908 crore for the quarter, contribution margins improved sequentially to -2.5%, supported by larger basket sizes, optimisation of incentives and operating leverage. Overall adjusted EBITDA margins in quick commerce improved to -11.4%, from -12.1% in the previous quarter.
Swiggy’s out-of-home consumption segment, which includes dining and related services, remained profitable, with GOV growing 49% year-on-year and adjusted EBITDA margins improving to 0.7% of GOV.
The platform’s overall average monthly transacting users rose 37% year-on-year to 24.3 million, with over 36% of users availing more than one service, underlining the company’s push toward a multi-service ecosystem.
Commenting on the results, managing director and group CEO Sriharsha Majety said the company continues to see strong user and order growth while improving margins, particularly in food delivery. He added that Swiggy remains focused on disciplined capital deployment in quick commerce, backed by a strengthened balance sheet following its recent qualified institutional placement.