- Swiggy reported a Q2 net loss of Rs 1,092 crore, up from Rs 626 crore last year
- Zomato's Q2 revenue surged 183% YoY to Rs 13,590 crore with a net profit of Rs 65 crore
- Swiggy's expenses rose 56% YoY to Rs 6,711 crore due to marketing and delivery costs
India's food delivery duel is heating up again and this quarter's results make the difference sharper than ever. While Swiggy continues to post widening losses despite strong revenue growth, rival Zomato (Eternal) is surging ahead with record revenues.
Swiggy Q2 Results
Food delivery and quick commerce platform Swiggy on Thursday reported a consolidated net loss of Rs 1,092 crore for the quarter ended September 2025 (Q2 FY26), compared to a net loss of Rs 626 crore in the same quarter last year.
Losses have narrowed slightly from Rs 1,197 crore in Q1 FY26.
Swiggy's revenue jumped 54 per cent year-on-year (YoY) to Rs 5,561 crore, up from Rs 3,601 crore in Q2 FY25. On a sequential basis, revenue rose 12 per cent, driven by higher order volumes and continued expansion in its quick commerce vertical, Instamart.
The surge in expenses offset these gains. Total expenses climbed 56 per cent YoY to Rs 6,711 crore, up from Rs 4,309 crore a year ago, and 7.5 per cent sequentially. Major cost pressures came from advertising and sales promotions, delivery-related charges, and purchases of stock-in-trade for Instamart.
Zomato (Eternal) Q2 Results
Zomato's parent Eternal reported a net profit of Rs 65 crore in Q2 FY26, down 63 per cent year-on-year from Rs 176 crore but up 160 per cent sequentially from Rs 25 crore in Q1. Revenue from operations surged 183 per cent YoY to Rs 13,590 crore, compared to Rs 4,799 crore last year, and grew 90 per cent quarter-on-quarter from Rs 7,167 crore, nearly 2.5 times Swiggy's revenue.
Its quick commerce arm Blinkit delivered strong growth, with net order value up 137 per cent YoY and 27 per cent QoQ, its best performance in 10 quarters. Blinkit's EBITDA loss narrowed to Rs 156 crore from Rs 162 crore in the previous quarter, while adjusted EBITDA margin improved to -1.3 per cent of net order value (NOV), from -1.8 per cent in the previous quarter.
The food delivery segment also showed recovery, with NOV rising 14 per cent YoY and profitability improving to a record 5.3 per cent of NOV, up from 5 per cent in Q1. Eternal added 272 new Blinkit stores and 39 lakh average monthly transacting customers during the quarter.
Zomato Or Swiggy: Who Earns More?
Zomato outperformed Swiggy in Q2 FY26.
Swiggy's revenue rose 54 per cent year-on-year to Rs 5,561 crore, but losses widened to Rs 1,092 crore.
Zomato's revenue jumped 183 per cent to Rs 13,590 crore, with a profit of Rs 65 crore despite a dip from last year.
Swiggy's expenses surged to Rs 6,711 crore, while Zomato's margins improved and profit grew 160 per cent sequentially.
In quick commerce, Swiggy's Instamart remained loss-making, whereas Zomato's Blinkit cut losses to Rs 156 crore.
