A copy of Swiggy’s shareholders’ letter can be accessed here.
Swiggy’s food delivery Gross Order Value (GOV), the total value of completed orders, grew 22.6% year-on-year to Rs 9,005 crore in Q4FY26, its highest growth rate in 15 quarters. Platform frequency, or orders per user per month, declined for the fourth consecutive quarter to 4.01 from 4.22 in Q4FY25, indicating that Swiggy is adding users faster than it is deepening engagement with existing ones. Overall losses narrowed to Rs 800 crore compared with Rs 1,065 crore in Q3FY26 and Rs 1,081 crore in Q4FY25.
Food delivery: Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margin hit a lifetime high of 3.3% of GOV, up from 3.0% in Q3FY26 and 2.9% in Q4FY25. GOV growth accelerated to 20.5% in Q3FY26 from 17.6% in Q4FY25. Key operational numbers:
- Platform average monthly transacting users (MTUs): 25.2 million, up 27.2% year-on-year from 19.8 million in Q4FY25.
- Food delivery MTUs: 18.3 million, up from 18.1 million in Q3FY26 and 15.1 million in Q4FY25.
- Platform frequency: 4.01 orders per user per month, down from 4.22 in Q4FY25, marking the fourth consecutive quarterly decline.
- Restaurant partners: 275,400, up from 251,700 in Q4FY25.
- Adjusted EBITDA margin: 3.3% of GOV, a lifetime high.
Four consecutive quarters of declining frequency while MTUs grow mean Swiggy is running faster to stand still on engagement. Bolt, One BLCK, and 99-Store together account for roughly one-fourth of food delivery volumes and attract new users at lower average order values (AOV). The margin improvement suggests the unit economics of these formats work, but the engagement question remains open.
Quick commerce (Instamart): Instamart GOV grew 68.8% year-on-year to Rs 7,881 crore, but sequential growth was near-zero at 0.0%, compared to 8.6% in Q3FY26. The AOV drop from Rs 746 to Rs 700 quarter-on-quarter confirms that much of Q3FY26’s basket size was driven by a no-fee campaign that Swiggy rolled back in January 2026, rather than by organic behaviour. Key operational numbers:
- GOV: Rs 7,881 crore, up 68.8% year-on-year, flat sequentially
- AOV: Rs 700 per order, down from Rs 746 in Q3FY26, up from Rs 527 in Q4FY25
- Contribution margin: -1.8% of GOV, improving from -2.5% in Q3FY26 and -5.6% in Q4FY25. March 2026 exit rate: -1.1%
- Darkstores: 1,143 across 129 cities, net addition of 7 in Q4FY26 versus 316 in Q4FY25
- Darkstore capacity utilisation: 40%, up from 36% in March 2025
- Orders per darkstore per day: 1,093, recovering from a post-expansion low of 985 in Q1FY26
The durable number is the contribution margin trajectory, a 450 basis point improvement over 12 months, driven by structural unit economics improvement rather than volume. The sequential GOV stall and AOV decline highlight the limits of campaign-led growth, a phenomenon Swiggy has itself called irrational since Q3FY26.
Out-of-Home Consumption (Dineout)
- GOV: Rs 1,245 crore, up 43% year-on-year
- Active restaurant partners: 52,000, up from 48,000 in Q3FY26 and 38,700 in Q4FY25
- Adjusted EBITDA margin: 0.8% of GOV, first full year of profitability in FY26.
Restaurant partner growth at 36% year-on-year means a growing share of restaurant revenue flows through Swiggy’s platform rather than direct channels, raising questions about platform dependency that MediaNama has tracked in food delivery.
Delivery partner supply tightens as orders grow: Average monthly transacting delivery partners fell to 612,000 in Q4FY26 from 691,000 in Q2FY26, an 11% drop over two quarters, while orders grew to 301 million. Swiggy attributes this to the seasonal migration of gig workers during state elections and the harvest season. A supply-side drop of this scale, occurring alongside sustained demand growth, has historically preceded either delivery-time deterioration or earnings pressure on gig workers. MediaNama has reached out to Swiggy for comment.
Financials: Consolidated cash stood at Rs 15,053 crore as of March 31, 2026, including Rs 10,000 crore from a Qualified Institutional Placement (QIP), through which shares are sold to institutional investors, completed in Q3FY26, and Rs 2,399 crore from the sale of Swiggy’s entire stake in ride-hailing platform Rapido. Swiggy has earmarked Rs 4,475 crore of QIP proceeds for Instamart infrastructure.
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