Swiggy vs SRF Q4 FY26

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.

Guidance read

Quick Commerce Contribution Margin Break-Even in Q1 FY27: Management confirmed achieving contribution margin break-even for the full quarter in Q1 FY27, with March exit at +110 bps. Quick Commerce Medium-Term GOV Target of ₹1 Lakh Crore: 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 Steady-State Margin of 5%: Food delivery business expected to maintain steady-state EBITDA margin of 5% with medium-term growth of 18-20%. Capex to Moderate Significantly: Capex expected to decline as warehousing investments are largely complete; Q4 capex was ~₹195 Cr.

Risk read

Key risks include Sustained Competitive Intensity in Quick Commerce — Multiple players (6-7) remain aggressive, potentially pressuring marketing spend and delaying EBITDA profitability.; MTU Growth Headwind from Low-AOV Churn — Deliberate churn of low-AOV users may suppress MTU growth for another two quarters, impacting top-line momentum.; LPG Crisis Impact on Food Delivery Volumes — March LPG shortage caused <0.5% price increase; situation easing but could recur.; Uncertainty in Toy Business Model — Toy (low-price food app) is early-stage; cannibalization risk and unclear path to profitability..

Promise ledger

Scorecard data is being built as historical quarters are processed.

SR

SRF

Q4 FY26 · Other

SRF delivered a strong FY26 with revenue of ₹15,787 crore (+7% YoY), EBITDA of ₹3,800 crore (+29% YoY), and PAT of ₹1,835 crore (+47% YoY), driven by record fluoro-chemicals performance and margin expansion. The chemicals business grew 16% to ₹7,779 crore, while performance films and technical textiles showed recovery. Management guided for 15-20% growth in chemicals in FY27, supported by HFC debottlenecking, specialty chemicals recovery, and new capacities (HFO, fluoropolymers, BOPP). Key risks include geopolitical disruptions in the Middle East, forex mark-to-market losses, and pricing pressure in specialty chemicals from Chinese competition.

Guidance read

Chemicals business growth 15-20% in FY27: Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities. HFO plant commissioning by Feb 2028: The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel. BOPP line to commence production in July 2026: The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio. PA line (BOPA) operational by September 2027: A state-of-the-art polyamide line, India's first based on simultaneous stretching, will be operational by September 2027 with an investment of ₹180 crore.

Risk read

Key risks include Geopolitical disruption in Middle East — Sales into the Middle East were impacted in Q4 due to geopolitical tensions, though management rerouted shipments to other markets.; Forex mark-to-market losses — Sharp rupee depreciation led to mark-to-market losses on forward hedges, impacting FY26 results and expected to persist near-term.; Pricing pressure from Chinese competition in specialty chemicals — Aggressive Chinese pricing has compressed margins in specialty chemicals; management expects normalization but timing uncertain.; HCFC quota uncertainty — Government has not clarified whether HCFC production will be included in baseline quota calculations, creating regulatory risk for HFC capacity expansion..

Promise ledger

Scorecard data is being built as historical quarters are processed.