Swiggy Q4 Results: Net Loss Nearly Doubles to ₹1,081 Cr Even as Revenue Surges 45% YoY
Swiggy Q4 Results : In a surprising mix of soaring revenues and deepening losses, Swiggy, one of India’s leading food delivery and quick-commerce platforms, announced its Q4 FY25 results on Friday, May 9. While the company witnessed a substantial jump in revenue, its net loss nearly doubled compared to the same quarter last year, raising questions about profitability amid aggressive expansion.
🔍 Financial Performance Snapshot
Swiggy reported a consolidated net loss of ₹1,081.18 crore for the quarter ending March 2025, up 95% from ₹554.77 crore in Q4FY24. Despite this sharp rise in losses, the company’s revenue from operations rose 44.8% year-on-year (YoY) to ₹4,410 crore, compared to ₹3,045.55 crore in the corresponding quarter of FY24.
The loss reflects Swiggy’s aggressive push into quick-commerce, infrastructure expansion, and customer acquisition strategies—all key drivers behind the company’s ballooning costs.
🍽️ Food Delivery Business Remains Strong
Swiggy’s core food delivery segment continued to show robust growth. The Gross Order Value (GOV) for this vertical stood at ₹7,347 crore, growing by 17.6% YoY.
One of the standout contributors to this growth was Swiggy Bolt, an innovative initiative enabling speedier deliveries. It now powers 12% of all food delivery orders. Additionally, Swiggy’s premium subscription offering, One BLCK, has been gaining popularity, further increasing customer engagement.
The adjusted EBITDA for Q4 rose 15.4% QoQ and over 5x YoY to ₹212 crore. As a percentage of GOV, margins improved significantly to 2.9%, up from just 0.5% a year ago.
🛒 Quick-Commerce Segment Shows Explosive Growth
Swiggy’s Instamart, the quick-commerce vertical delivering groceries and essentials, clocked a 101% YoY and 19.5% QoQ increase in GOV, reaching ₹4,670 crore in Q4.
Notable highlights from Instamart’s performance:
- Average Order Value increased by 13.3% YoY to ₹527
- Added 316 new dark stores, a 45% QoQ increase
- Expanded active dark store space to 4 million sq. ft., a 62% QoQ increase
- Monthly Transacting Users (MTUs) surged 40% QoQ to 9.8 million
However, such rapid expansion came at a cost. The contribution margin declined from -4.6% in Q3FY25 to -5.6% in Q4FY25, and adjusted EBITDA loss widened to ₹840 crore.
📢 Management’s Outlook
Sriharsha Majety, Swiggy’s MD & Group CEO, remains optimistic:
“Quick-commerce is in a phase of rapid expansion and heightened competitive intensity. We’ve ramped up investments into market expansion, reach, and service differentiation. Our ‘Out of Home Consumption’ business turned profitable this quarter—just two years after its integration. We’re committed to delivering unparalleled convenience and maintaining growth momentum.”
📊 Key Financial Ratios
| Metric | Value |
|---|---|
| Market Capitalization | ₹71,840 Cr |
| Current Stock Price | ₹313 |
| 52-Week High / Low | ₹617 / ₹303 |
| Stock P/E Ratio | – (Loss-making) |
| Book Value | ₹44.7 |
| Dividend Yield | 0.00% |
| ROCE (Return on Capital) | -29.2% |
| ROE (Return on Equity) | -255% |
| Face Value | ₹1.00 |
❓ Frequently Asked Questions (FAQs)
Q1: Why did Swiggy’s net loss increase so sharply in Q4FY25?
A: The net loss almost doubled due to heavy investments in quick-commerce expansion, customer acquisition, and opening new dark stores under Instamart. Despite increased revenues, these costs significantly impacted profitability.
Q2: How is Swiggy’s food delivery business performing?
A: The food delivery business is doing well, with a 17.6% YoY increase in GOV. Innovations like Swiggy Bolt and premium services like One BLCK are driving consumer engagement and operational efficiency.
Q3: What is Swiggy Instamart and how did it perform?
A: Instamart is Swiggy’s grocery and essentials delivery service. It recorded a 101% YoY growth in GOV, with a higher average order value and significant infrastructure expansion. However, it still reported a negative contribution margin and EBITDA loss.
Q4: Is Swiggy profitable yet?
A: No, Swiggy is still loss-making. While the food delivery segment is showing positive margins, the quick-commerce vertical continues to drag overall profitability due to high expansion and operational costs.
Q5: What is the management’s view on future growth?
A: The management is focused on long-term growth through market expansion and consumer-centric innovation. They remain optimistic despite current losses, particularly highlighting success in the Out of Home Consumption business.
Conclusion
Swiggy’s Q4 FY25 results highlight a tale of two halves—solid revenue growth and operational efficiency in food delivery, contrasted with swelling losses from aggressive quick-commerce expansion. As the company continues its race for market dominance, investors and analysts will be closely watching how soon Swiggy can turn the corner to profitability.
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