India’s food delivery battle is intensifying, with the latest quarterly results highlighting the growing gap between Swiggy and Zomato. Swiggy reported a consolidated net loss of Rs 1,092 crore for Q2 FY26, up from Rs 626 crore a year ago, though slightly lower than Rs 1,197 crore in Q1. Its revenue rose 54% YoY to Rs 5,561 crore, driven by higher order volumes and the expansion of its Instamart quick commerce segment. However, rising costs—particularly advertising, delivery charges, and Instamart stock purchases—pushed total expenses up 56% YoY to Rs 6,711 crore, offsetting revenue gains.
In contrast, Zomato’s parent company, Eternal, posted a net profit of Rs 65 crore in Q2, down 63% YoY but up 160% sequentially. Revenue soared 183% YoY to Rs 13,590 crore, nearly 2.5 times Swiggy’s revenue. Its Blinkit quick commerce business grew strongly, reducing EBITDA losses to Rs 156 crore, while the food delivery segment saw improved margins. Overall, Zomato outperformed Swiggy with higher revenues, stronger profitability, and better cost efficiency, while Swiggy’s losses remain significant despite revenue growth.
