Synopsis
Swiggy Instamart's gross order value saw its first sequential decline in the March quarter, dropping 0.7% to Rs 7,881 crore, though it still grew 68% year-on-year. This moderation aligns with a broader industry shift towards profitability, as quick commerce players prioritize unit economics over absolute volume growth.Swiggy Instamart reported a GOV of Rs 7,881 crore in the fourth quarter of FY26, 0.7% lower than the December quarter, per the company’s latest earnings. On a year-on-year (YoY) basis, Instamart reported a 68% rise in GOV while the company’s revenue jumped 50% to Rs 1,057 crore. Sequentially, Swiggy’s quick commerce revenue registered a small growth from Rs 1,016 crore.
“We reiterate that a platform’s growth choices should be indexed on (unit) economics versus absolute volume increase, as theoretically one can grow significantly higher volumes in the short term in a large addressable market,” the company said in the shareholder letter.
The contraction in Instamart’s GOV comes just days after Eternal-owned Blinkit, Swiggy’s biggest competitor, also flagged potential moderation in growth, as quick commerce companies shift focus towards profitability.
In the fourth quarter, Swiggy’s overall revenues rose 45% to Rs 6,383 crore from a year earlier, while its losses narrowed 26% to Rs 800 crore during the same period. The company’s food delivery segment, its core business, reported a 27% increase in revenue compared to the previous year. While its food delivery GOV increased 22% to over Rs 9,000 crore, sequentially, growth was subdued in that segment as well.
