Swiggy Ltd Q2 FY27 Results Analysis: Revenue Surges 36%, Loss Widens to Rs. 922 Cr

Swiggy Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 7,571.00 Cr (+36.14% YoY) and PAT growth of -15.57% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Revenue hit a record Rs.7,571 Cr (+36.14% YoY) with Food Delivery posting record segment profit of Rs.349 Cr, but the consolidated EBITDA loss widened to Rs.(772) Cr and net loss to Rs.(922) Cr, contradicting management's July 2026 guidance of cash break-even within two quarters. Quick Commerce losses widened 17.36% QoQ amid competitive spend and the early-stage 1P inventory transition, which added a Rs.164 Cr inventory build. The 1P regulatory approval and debt-free balance sheet are positives, but execution against the break-even commitment is the key near-term risk.

Key Investment Insights

Key Positives

• Revenue grew 36.14% YoY and 11.14% QoQ to a record Rs.7,571 Cr
• EBITDA margin improved 417 bps YoY to -10.20% from -14.37%
• Food Delivery segment result hit a record Rs.349 Cr, up 16.72% QoQ and 39.04% YoY, with margin at 14.93%
• Operating cash burn narrowed to Rs.(938) Cr in H1FY27 from Rs.(1,522) Cr in H1FY26
• Capex declined to Rs.396 Cr in H1FY27 from Rs.508 Cr in H1FY26
• Company is fully debt-free with borrowings reduced from Rs.100 Cr to nil
• Employee benefits cost declined 2.03% YoY to Rs.676 Cr
• Supply Chain & Distribution revenue grew 15.49% QoQ and 44.14% YoY with near break-even segment result of Rs.(7) Cr

Risk Factors

• Net loss widened 16.56% QoQ to Rs.(922) Cr as expense growth outpaced revenue growth
• Quick Commerce segment loss widened 17.36% QoQ to Rs.(764) Cr, with loss margin deteriorating to -58.50% of segment revenue from -52.84%
• Management's Q1FY27 guidance of overall cash break-even within two quarters is contradicted by the widened EBITDA loss of Rs.(772) Cr
• Platform Innovations loss widened to Rs.(162) Cr from Rs.(131) Cr QoQ
• Out-of-home consumption segment result fell 42.86% QoQ from Rs.14 Cr to Rs.8 Cr
• Net worth declined 7.34% to Rs.16,970 Cr on H1FY27 comprehensive losses of Rs.1,712 Cr