Swiggy’s Instamart quick-commerce unit posted an adjusted EBITDA loss of ₹895 crore in the September quarter, as it added stores and contribution margin weakened sequentially. The result puts the cost of the company’s growth push alongside a decline in one measure of Instamart’s order economics.
The loss was ₹46 crore higher than the ₹849 crore recorded a year earlier. Instamart’s adjusted EBITDA margin improved slightly to negative 9.7% from negative 9.8% in June. Its contribution margin was negative 1.0% of gross order value (GOV), down 82 basis points sequentially; the displayed June and September percentages are rounded.
Swiggy added 69 net dark stores during the quarter, bringing Instamart’s network to 1,240 stores covering 5.2 million square feet. Those net additions equaled the combined number added over the previous three quarters. Swiggy said its quick-commerce business was doubling down on growth.
Swiggy’s June-quarter results put Instamart’s contribution margin at negative 0.2% of GOV. EconoTimes previously covered that margin improvement.
Food delivery had a different result: Swiggy reported GOV of ₹10,054 crore, up 17.7% year over year, and adjusted EBITDA of ₹341 crore, equal to 3.4% of GOV. Managing Director and Group CEO Sriharsha Majety said curated assortment would help distinguish the business as speed and selection become “table stakes.”
LiveMint reported, citing Swiggy’s Q2 FY27 shareholders’ letter, that the company believes Instamart’s adjusted EBITDA losses peaked in that quarter. The outlet also reported that Swiggy expects about 100 basis points of sequential margin improvement in the December quarter, with contribution margin ranging from zero to negative 100 basis points of GOV in Q3 FY27 before improving.
Swiggy’s Q3 FY26 shareholders’ letter recorded an adjusted EBITDA loss of ₹908 crore, while its Q4 FY26 release reported ₹858 crore. The ₹895 crore figure is below the earlier Q3 loss but above Q4. LiveMint’s account did not specify whether the reported peak claim applies to a particular investment cycle; the December quarter is the next period covered by its margin outlook.
