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 margin	Dark 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

Quarter	Stores at quarter end	Added 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

Breakeven at store level: contribution margin turned positive in May 2026, and more than 45% of dark stores were contribution-positive in Q1 FY27. It slipped back to −1.0% of GOV in Q2 FY27.
Store openings pick up again: Instamart added only 28 stores in Q1 FY27 while it focused on productivity, then 69 in Q2 FY27. Orders per store per day rose from 985 to 1,089 in the year to June 2026.
Inventory model: shareholders approved a 49.5% cap on foreign ownership in August 2026, so Instamart can move to an inventory-led model over 2–4 quarters.
Separate company: Instamart became Swiggy Instamart Pvt Ltd from 1 April 2026.

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.