Swiggy shares fell sharply on October 23, 2026, a day after the food delivery and quick-commerce company reported its Q2 FY27 results. The share dropped by as much as 15% during the session, to an intraday low of ₹179.65 on BSE. That is a peak fall during trading, not the closing price.
Revenue rose 36% year-on-year to ₹7,571 crore, and the net loss narrowed to ₹922 crore from ₹1,092 crore. But the loss was higher than the ₹791 crore reported in the previous quarter, and analysts raised concerns about Instamart’s path to profit.
This article explains the key numbers and the reasons behind the fall in the Swiggy share price.
Swiggy Share Price Today: What Happened?
On October 22, the stock fell as much as 7% during the day, to ₹207.70 on NSE, before the results came out. It closed that day at ₹211.30 on BSE.
On October 23, the selling continued. Early in the session, the stock fell about 10%, to around ₹190, which is close to its daily price limit. A lower circuit is the lowest price at which the exchange allows a stock to trade in a session. Later, the stock touched its intraday low of ₹179.65. Prices reported through the day varied by exchange and time.
It was the fourth straight session of decline, with the stock down about 18% over that period.
Swiggy Q2 Results FY27: Key Numbers
| Metric (₹ crore) | Q2 FY27 | Q2 FY26 (year ago) | Q1 FY27 (last quarter) |
| Revenue | 7,571 | 5,561 | 6,812 |
| Net loss | 922 | 1,092 | 791 |
Revenue grew about 36% from last year and 11% from the previous quarter. The net loss narrowed about 16% from last year but rose about 17% from the previous quarter.
In simple terms, Swiggy is selling more, but it lost more money than in the previous three months.
Why Did Swiggy Shares Fall After the Results?
No single reason explains the fall. These are the factors reported so far.
- The loss was wider than expected: Analysts said the loss was bigger than they had estimated. Several cut their earnings forecasts and price targets because profitability now looks further away.
- Instamart’s losses grew: JM Financial said Instamart’s adjusted EBITDA loss rose to ₹895 crore from ₹778 crore in the previous quarter, as growth was driven by customer incentives. Adjusted EBITDA is a measure of operating profit before certain costs.
- Rival Eternal’s plans: Nomura said Eternal’s plan to reinvest for growth could limit how much Swiggy’s margins can improve.
- Brokerages cut targets: Goldman Sachs cut its target to ₹263 from ₹328, and Citi to ₹330 from ₹390. The consensus “Buy” view stayed intact.
Food delivery was a bright spot. Its adjusted EBITDA improved by ₹101 crore from a year ago to ₹341 crore. Even so, the stock fell, which suggests investors are focused on Instamart.
What Do Swiggy’s Instamart Losses Mean?
Quick commerce means delivering groceries in minutes. It needs many small warehouses called dark stores, a large delivery fleet, and heavy spending on offers to win customers. These costs arrive before the profits do.
That is why higher sales don’t mean higher profits. Instamart’s revenue rose about 33% from last year to ₹1,306 crore. Swiggy’s quick-commerce net order value rose 31.4% year-on-year to ₹6,954 crore. However, Instamart’s adjusted EBITDA loss reached ₹895 crore, which shows how hard it is to turn rapid growth into profit.
What Should Investors Watch Next?
- Instamart’s losses: whether they shrink while growth continues.
- Food delivery margins: this business currently supports the rest of the company.
- Spending on new bets: costs for Toing and store expansion.
- Management guidance: any timeline for profitability.
Conclusion
Swiggy’s shares fell sharply after its Q2 FY27 results, despite a 36% rise in revenue and a narrower year-on-year net loss. The rise in losses from the previous quarter and concerns about Instamart’s profitability appear to have weighed on investor sentiment. Investors will be watching whether Swiggy can improve profitability while sustaining growth.
FAQs
What were Swiggy's Q2 FY27 results?
Swiggy reported revenue of ₹7,571 crore in Q2 FY27, up 36% year-on-year. Its net loss narrowed to ₹922 crore from ₹1,092 crore a year earlier but increased from ₹791 crore in the previous quarter.
Why is Swiggy's share price falling?
Swiggy's share price fell after its Q2 FY27 results amid concerns about its rising quarterly loss, Instamart's profitability, and the company's path to sustainable profits. Brokerage target cuts may also have affected investor sentiment.
Will Swiggy shares go up?
Swiggy's future share-price movement is uncertain. Investors will likely watch revenue growth, Instamart's losses, food delivery profitability, and management's plans to improve overall financial performance.
Is it worth buying Swiggy shares after the Q2 results?
That depends on an investor's financial goals, risk tolerance, and assessment of Swiggy's future growth and profitability. The latest results alone are not enough to determine whether the stock is suitable for an individual investor.
Is Swiggy's food delivery business profitable?
Swiggy's food delivery business reported adjusted EBITDA of ₹341 crore in Q2 FY27, an improvement of ₹101 crore from a year earlier. Adjusted EBITDA is a measure of operating performance before certain costs.
ARN Disclosure: Investik Future is an AMFI-registered Mutual Fund Distributor. ARN-341107 — Verify on AMFI ↗. Komal Thakur is the content author and digital marketer; the ARN registration belongs to Investik Future, not to the author personally.
