Swiggy narrows Q4 loss as revenue outpaces costs; stock falls -5.99%
Operating margin improved 1.80 percentage points sequentially but remained 25.73 points below the sector median.
Filed 09 May 2026, 12:09 IST · after market close · Swiggy Ltd (SWIGGY)
Key takeaways
- Consolidated Q4FY26 revenue grew +44.74% YoY while expenses rose +31.80%, narrowing the net loss by 26.01% to Rs 800 cr.
- Operating margin improved 10.89 percentage points YoY to -10.92%, marking its fourth consecutive quarterly improvement from the Q4FY25 trough.
- The stock fell -5.99% on the reaction day and -9.41% over five sessions, versus a 3.18% median absolute move after the last six results.
Price around the results
Revenue growth outpaced expense growth
Consolidated revenue rose +44.74% YoY, while expenses increased +31.80%, improving the operating loss by +27.53% to Rs 697 cr. Sequentially, revenue grew +3.82% against expense growth of +2.16%, which improved the operating loss by +10.87%. The faster revenue growth explains the 10.89 percentage-point YoY improvement in operating margin.
Margin repair continues, but peer gap remains wide
Operating margin improved 1.80 percentage points sequentially to -10.92%, as costs grew more slowly than revenue. Other income of Rs 265 cr offset part of the pre-tax loss, while its share of PBT was -33.12% because PBT remained negative; the 0.00% tax rate meant net loss equalled PBT rather than receiving a tax-rate benefit. Swiggy's operating margin was 25.73 percentage points below the 14.81% median of 93 Consumer Discretionary peers, ranking fourth from the bottom.
Four straight quarters of operating-margin improvement
The margin has improved every quarter from the -21.81% recorded in Q4FY25, reaching -10.92% in Q4FY26. The improvement has not yet translated into profitability, with the company reporting a Rs 800 cr pre-tax and net loss. Interest expense was up +74.18% YoY and depreciation rose +51.66%, adding pressure below operating profit.
Market reaction was unusually weak for Swiggy
The stock fell -5.99% on the reaction day and was down -9.41% after five sessions, with reaction-day volume at 2.74 times normal. That was weaker than the stock's recent pattern: four of six prior results reactions were down, but the median absolute move was 3.18%.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹6,383 cr | ₹6,148 cr | +3.82% | +44.74% |
| Other income | ₹265 cr | ₹85 cr | +211.76% | +123.69% |
| Expenses | ₹7,080 cr | ₹6,930 cr | +2.16% | +31.80% |
| Operating profit | ₹-697 cr | ₹-782 cr | +10.87% | +27.53% |
| Operating margin (%) | -10.92% | -12.72% | — | — |
| Interest | ₹56 cr | ₹55 cr | +1.82% | +74.18% |
| Depreciation | ₹312 cr | ₹313 cr | -0.32% | +51.66% |
| Profit before tax | ₹-800 cr | ₹-1,065 cr | +24.88% | +26.01% |
| Tax | ₹0 cr | ₹0 cr | — | — |
| Net profit | ₹-800 cr | ₹-1,065 cr | +24.88% | +26.01% |
| EPS (₹) | ₹-3.34 | ₹-4.36 | +23.39% | +27.39% |
Operating margin of -10.92% compares with a Consumer Discretionary sector median of 14.81% across 93 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -5.99% | -4.50% |
| Next session | -8.79% | — |
| 5 sessions | -9.41% | -7.24% |
| 15 sessions | -9.39% | — |
| 30 sessions | -10.93% | — |
Volume on the results session was 2.74× its 20-day average.
What to watch
- Whether operating margin improves from -10.92% for a fifth consecutive quarter.
- Whether expense growth remains below revenue growth after the YoY spread of +44.74% versus +31.80%.
- Whether other income remains a material offset after contributing Rs 265 cr and a -33.12% share of PBT.