Swiggy share price falls 3% as market estimates loss to widen in Q4 results 2025, 38% YoY revenue growth seen

Swiggy Ltd, the food delivery and quick commerce company, is set to report its Q4 results tomorrow, May 9. Ahead of the Q4 results, Swiggy share price declined more than 3% on Thursday.

The board of directors of Swiggy is scheduled to meet on 9 May 2025 to consider and approve financial results for the fourth quarter of FY25.

Swiggy’s revenues in the quarter ended March 2025 is expected to be aided by growth in its quick commerce (Instamart) and food delivery businesses. However, the company’s net losses are likely to widen on the back of high operating costs.

Here’s what to expect from Swiggy Q4 results 2025:

Swiggy Q4 results 2025 preview

Swiggy is expected to report revenue growth of nearly 38% to ₹4,218 crore in the March 2025 quarter as against ₹3,045.5 crore in the year-ago quarter.

Revenue growth in Q4FY25 is expected to be driven by 20% year-on-year (YoY) growth in food delivery revenues (19% YoY growth in GMV) and 119% YoY growth in Instamart revenues (101% YoY growth in GMV), according to Kotak Institutional Equities.

The sharp 101% YoY and 20% QoQ Gross Merchandise Value (GMV) growth in Instamart will be driven by rapid store addition (we model period-ending store count of 1,000), said the brokerage firm.

However, the food delivery giant is expected to bleed losses in Q4FY25. Swiggy’s adjusted net loss for the January-March quarter of FY25 is estimated to widen to ₹788 crore from ₹370 crore in the year-ago quarter. Swiggy posted an adjusted net loss of ₹489.8 crore in the quarter ended December 2024.

At the operational level, EBITDA loss in Q4FY25 is likely to jump to ₹688 crore from a loss of ₹300.6 crore, YoY, and ₹416.3 crore loss, QoQ, as per Kotak Equities.

“We model 20 bps QoQ expansion in CM of food delivery business to 7.6% in Q4; coupled with GMV increase, this will result in 2.6% EBITDA margin as % of GMV for this segment. We expect an EBITDA loss of ₹870 crore for the Instamart business, sharply higher QoQ, as we model losses from new stores as well as higher competitive intensity,” Kotak Institutional Equities said.

According to brokerage firm Motilal Oswal Financial Services (MOFSL), Swiggy’s Gross Order Value (GOV) for Food Delivery and Quick Commerce business is expected to achieve 17% and 95% YoY growth, with take rates of 22% and 15% in Q4FY25.

“Instamart is anticipated to grow 18% QoQ with an adjusted EBITDA of -16.6% for 4Q, while out-of-home consumption is anticipated to break even with 35% QoQ revenue growth. Food Delivery’s adjusted EBITDA as a percentage of GOV is expected to inch up 20 bps QoQ to 2.7%. Instamart is projected to report a -5.2% contribution margin and -16.6% adjusted EBITDA margin in 4Q,” MOFSL said.

Going ahead, analysts believe Instamart’s GOV and AOV growth, dark store additions, and margins will be key monitorables.

Swiggy Share Price Performance

Swiggy share price has been under heavy selling pressure as the stock has declined 4% in one month and 16% in the past three months. Swiggy shares have fallen 41% on a year-to-date (YTD) basis.

Swiggy shares are still trading significantly below the listing price and issue price. Swiggy shares made a debut in the Indian stock market on November 13 as they were listed at ₹420 on NSE, a premium of 7.7% to the issue price of ₹390. Meanwhile, on BSE, Swiggy shares were listed at ₹412, up 5.64% from IPO price. 

At 3:05 PM, Swiggy share price was trading 3.53% lower at ₹317.25 apiece on the BSE.

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