Instamart results by quarter

Updated October 2026. Latest quarter: Q2 FY27 (Jul–Sep 2026)

In July–September 2026 (Q2 FY27) Instamart’s gross order value was ₹9,230 crore, up 31% year on year and 17% on April–June, and revenue was ₹1,306 crore, up 33%. Its adjusted EBITDA loss widened to ₹895 crore (−9.7% of GOV), from ₹778 crore in April–June and ₹849 crore a year earlier. Contribution margin slipped to −1.0% of GOV from −0.2%. Instamart added 69 dark stores to reach 1,240 in 133 cities. Swiggy’s consolidated net loss was ₹922 crore, down from ₹1,092 crore a year earlier.

Swiggy Ltd, listed on NSE and BSE. Swiggy still leads with gross order value (GOV) for Instamart and also gives NOV as a share of GOV. It publishes orders and average order value for the last five quarters. GOV for the earlier quarters is orders multiplied by AOV, so it is approximate. Instamart moved into a separate company, Swiggy Instamart Pvt Ltd, from 1 April 2026.

Instamart results quarter by quarter

Quarter GOV (₹ cr)Revenue (₹ cr)Adjusted EBITDA (₹ cr)Contribution marginDark stores (end)Orders Published
Q1 FY26
Apr–Jun 2025
about 5,655 806 −896 about −4.6% 1,062 92.4 million 30 Jul 2026
Q2 FY26
Jul–Sep 2025
about 7,026 Not shared −849 Not shared 1,102 100.8 million 30 Jul 2026
Q3 FY26
Oct–Dec 2025
about 7,937 Not shared −908 Not shared 1,136 106.4 million 30 Jul 2026
Q4 FY26
Jan–Mar 2026
about 7,882 1,057 −858 about −1.9% 1,143 112.6 million May 2026
Q1 FY27
Apr–Jun 2026
7,907 1,232 −778 −0.2% 1,171 114.5 million 30 Jul 2026
Q2 FY27
Jul–Sep 2026
9,230 1,306 −895 −1.0% 1,240 130.3 million 22 Oct 2026

“About” marks a figure worked out from the company’s own numbers, not one it published. “Not shared” means the company has not published the figure. Revenue and EBITDA are in ₹ crore. Check the company’s own results before making any money decision.

Why Instamart’s revenue is so much smaller than its GOV

Instamart still works mostly as a marketplace. Sellers own the stock in its dark stores, and Instamart books only its commissions, fees and ad income as revenue. So ₹9,230 crore of gross order value in July–September 2026 turned into just ₹1,306 crore of revenue.

Blinkit’s revenue jumped about fourfold in one quarter when it began selling from its own stock. Swiggy shareholders cleared a 49.5% cap on foreign ownership in August 2026 so Instamart can make the same move, which would lift its revenue sharply without any change in orders. Watch GOV, orders and adjusted EBITDA as a share of GOV to judge real progress.

Instamart stores added each quarter

QuarterStores at quarter endAdded in the quarter
Q1 FY26 (Apr–Jun 2025) 1,062 First figure
Q2 FY26 (Jul–Sep 2025) 1,102 +40
Q3 FY26 (Oct–Dec 2025) 1,136 +34
Q4 FY26 (Jan–Mar 2026) 1,143 +7
Q1 FY27 (Apr–Jun 2026) 1,171 +28
Q2 FY27 (Jul–Sep 2026) 1,240 +69

Worked out from the company’s own end-of-quarter store counts. In Oct 2026 the app showed 1,296 open Instamart stores.

What changed in Instamart’s business

Instamart full-year, user and store-area figures

FY26 revenue ₹3,859 crore
FY26 adjusted EBITDA −₹3,511 crore (sum of quarters)
Monthly transacting users 11.1 million (Q1 FY26) to 13.5 million (Q1 FY27)
Dark-store area 4.30 million sq ft (Q1 FY26) to 4.92 million sq ft (Q1 FY27)
Cities 129 (end FY26); 131 (30 Jun 2026); 133 (30 Sep 2026)
Swiggy consolidated net loss ₹922 crore in Q2 FY27, against ₹1,092 crore in Q2 FY26

When Instamart will announce its next results

Swiggy published its July–September 2026 results on 22 October 2026. October–December 2026 figures are due by 14 February 2027, within the 45 days listed companies are allowed after a quarter ends.

The quarterly results of Blinkit, Instamart and Zepto set these numbers beside Blinkit results and Zepto results. Instamart’s stores by city show where it delivers today.

Frequently asked questions about Instamart’s results

Is Instamart profitable?

Not yet. Instamart’s contribution margin broke even in May 2026, but its adjusted EBITDA was still a loss of ₹895 crore in July–September 2026, and contribution margin was −1.0% of GOV.

How many dark stores does Instamart have?

1,240 at the end of Jul–Sep 2026, by the company’s own figure. In Oct 2026 the app showed 1,296 open stores. The two differ because they are taken on different dates and counted in different ways.

Sources

  1. Swiggy Q1 FY27 shareholder letter (30 Jul 2026), with the five-quarter Instamart metrics table
  2. NSE filing: Swiggy letter to shareholders, Q1 FY27 (30 Jul 2026)
  3. Inc42, 30 Jul 2026: Instamart hits contribution-margin breakeven
  4. Business Today, 24 Jul 2026: Blinkit vs Instamart vs Zepto (DAM Capital; Instamart in 129 cities at end-FY26)
  5. MediaNama, 21 Aug 2026: Swiggy’s inventory-led Instamart plan
  6. NSE filing, 7 Oct 2026: Swiggy Q2 FY27 earnings call on 22 Oct 2026
  7. ScanX, 7 Oct 2026: Swiggy board meeting and earnings call on 22 Oct 2026
  8. Inc42, 22 Oct 2026: Swiggy Q2 FY27 (net loss ₹922 crore; Instamart GOV ₹9,230 crore, revenue ₹1,306 crore, adjusted EBITDA −₹895 crore, CM −1%, 1,240 stores, 133 cities, 130.3 million orders)
  9. Kotak Neo, 23 Oct 2026: Swiggy Q2 FY27 (Instamart GOV ₹9,230 crore, adjusted EBITDA −₹895 crore, 69 net new stores to 1,240)