What dragged swiggy shares by over 3% today? Explained

Shares of Swiggy (NSE: SWIGGY) slipped 3.65% to ₹270.25 on Monday as markets digested the company’s Q4 FY26 results released after hours on May 8, alongside a concall that offered measured rather than aggressive guidance.

The headline numbers were a mixed bag. Revenue jumped 45% year-on-year to ₹6,383 crore in Q4, while net loss narrowed to ₹800 crore from ₹1,081 crore in the same quarter last year. But zooming out, Swiggy’s full-year FY26 loss widened to ₹4,154 crore from ₹3,117 crore in FY25 — a 33% jump — which appears to be weighing on investor sentiment today.

The quick commerce drag is significant. Instamart recorded a segment loss of ₹3,063 crore in FY26, nearly double the ₹1,896 crore loss posted in FY25, as the business remained in heavy investment mode.

Management’s concall guidance was sober. On quick commerce, the company set a medium-term GOV target of ₹1 trillion in 3.5 to 5 years — implying a 35–50% CAGR — while food delivery was guided at a more modest 18–20% growth with a steady-state EBITDA margin of just 5%. The company said contribution margin breakeven in quick commerce is expected this quarter, but also noted store additions won’t be needed for a few quarters due to utilisation levels — signalling a deliberate slowdown in expansion.

The stock is already down 27% year-to-date and trades 40% below its 52-week high of ₹473 , reflecting persistent investor scepticism about Swiggy’s long loss runway even as operational metrics improve.