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Revenue
₹6,383 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Swiggy reported Q4 FY26 results with a focus on quick commerce (QC) achieving contribution margin break-even in March, exiting at +110 bps CM. Food delivery grew 18-20% YoY, with steady-state margins of 5%. QC GOV reached ₹1 lakh crore medium-term ambition, driven by differentiation via private labels (e.g., 'Noise') and improved take rates. Management emphasized balancing growth and profitability, deliberately churning low-AOV users to improve unit economics. MTU additions slowed to 0.5M net, but high-value cohorts retained well. Risks include sustained competitive intensity from multiple players, which could pressure marketing spend and delay EBITDA profitability. Capex is moderating after warehousing investments.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed achieving contribution margin break-even for the full quarter in Q1 FY27, with March exit at +110 bps.
- Target to reach ₹1 lakh crore GOV in 3.5-5 years, implying 35-50% CAGR, driven by store densification and geographic expansion.
- Food delivery business expected to maintain steady-state EBITDA margin of 5% with medium-term growth of 18-20%.
- Capex expected to decline as warehousing investments are largely complete; Q4 capex was ~₹195 Cr.
Risks flagged
- Multiple players (6-7) remain aggressive, potentially pressuring marketing spend and delaying EBITDA profitability.
- Deliberate churn of low-AOV users may suppress MTU growth for another two quarters, impacting top-line momentum.
- March LPG shortage caused <0.5% price increase; situation easing but could recur.
- Toy (low-price food app) is early-stage; cannibalization risk and unclear path to profitability.
Key quotes
- We are not going to take the route of buying growth.
- If fighting for short-term relevance and going after spending in places that will hurt us later, I think that will compromise our long-term relevance.
- The biggest thing for us to be solved is the proposition – that is the only structural way to keep users engaged and sticky.
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