Swiggy Q2 FY27 Results (NSE: SWIGGY)
Signal: Loss narrowed
The read
The trajectory is improving but not yet a breakeven story: revenue grew to ₹7,571 crore, +36.1% YoY, and the operating loss narrowed to approximately ₹770 crore from approximately ₹785 crore YoY, extending the margin-recovery arc for a sixth consecutive quarter; however, Quick-commerce still lost ₹764 crore and other income of ₹212 crore remains material against the ₹922 crore consolidated loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,571 Cr | +36.1% | +11.1% |
| Net profit | ₹-922 Cr | +15.6% | |
| EPS | ₹-3.45 | +24.8% | |
| EBIT margin | -10.2% |
P&L walk
Consolidated revenue increased to ₹7,571 crore, +36.1% YoY and +11.1% QoQ, while the loss before associate loss, exceptional items and tax narrowed to ₹920 crore from ₹1,091 crore; depreciation was broadly stable at ₹308 crore, but other income of ₹212 crore remained material to the loss bridge.
Segments
Food Delivery is the main positive contributor at ₹349 crore segment profit, while Quick-commerce remains the largest drag with a ₹764 crore loss despite ₹1,306 crore revenue; Supply chain and distribution also reported a ₹71 crore loss on ₹3,690 crore revenue.
Key positives
- Consolidated revenue reached ₹7,571 crore, +36.1% YoY and +11.1% QoQ, maintaining double-digit sequential growth.
- Food Delivery generated ₹349 crore of segment profit on ₹2,338 crore revenue, versus ₹257 crore segment profit YoY, making it the primary operating contributor.
- Consolidated loss narrowed to ₹922 crore from ₹1,092 crore YoY, while basic EPS improved from -₹4.59 to -₹3.45.
- Employee benefits expense rose to ₹676 crore, +1.3% YoY, and depreciation rose only 1.3% YoY as revenue grew 36.1%, supporting the ongoing margin-recovery trend.
Key concerns
- Quick-commerce remained the largest drag at a ₹764 crore segment loss on ₹1,306 crore revenue, with the loss worsening from ₹651 crore in the preceding quarter.
- Supply chain and distribution generated ₹3,690 crore revenue but still reported a ₹71 crore segment loss, limiting consolidated monetisation.
- Other income of ₹212 crore was 23.0% of the ₹922 crore consolidated loss, so the bottom line remains exposed to non-operating income.
- Standalone profit declined to ₹287 crore from ₹371 crore YoY despite ₹335 crore of other income, highlighting the gap between parent-company earnings and group economics.
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