Overview
- Swiggy reported a consolidated net loss of Rs 1,092 crore for Q2 FY26, and the stock closed 1.99% lower at Rs 409.65.
- Gross order value rose 18.8% year on year to Rs 8,542 crore, with adjusted EBITDA margin improving to 2.8% of GOV.
- Instamart delivered about Rs 7,000 crore in GOV, up 24% quarter on quarter and 108% year on year, as its contribution margin improved 200 bps to -2.6% and management reiterated break-even by June 2026.
- Management outlined plans to raise roughly Rs 10,000 crore via QIP or other routes to fund Instamart expansion and build a strategic reserve, and said an inventory-led model is an option once domestic shareholding reaches a majority.
- Nomura maintained a Buy rating and lifted its target price to Rs 560, citing momentum in food delivery and Instamart as competition intensifies from Blinkit and Zepto.