Q4FY26: Swiggy adds users faster than it retains them as food delivery hits 15-quarter high
Summary
Swiggy's food delivery Gross Order Value (GOV) grew 22.6% year-on-year to Rs 9,005 crore in Q4FY26, its strongest growth in 15 quarters, while consolidated losses narrowed to Rs 800 crore. Platform monthly transacting users rose to 25.2 million and food delivery MTUs to 18.3 million, but platform frequency fell to 4.01 orders per user per month for the fourth consecutive quarter, indicating user growth outpacing engagement. Instamart GOV jumped 68.8% year-on-year to Rs 7,881 crore even as sequential growth stalled and average order value declined to Rs 700, while contribution margins improved and darkstore utilization rose to 40%. Delivery partner supply tightened to 612,000 from 691,000 amid rising orders, and Swiggy held Rs 15,053 crore in cash including Rs 10,000 crore from a recent QIP, with Rs 4,475 crore earmarked for Instamart infrastructure.