Swiggy's margin-first pivot backfires: losses widen past Rs 4,000 cr as Blinkit pulls ahead
FY26 ad spend hit Rs 4,200 cr against Eternal's Rs 3,350 cr, yet Swiggy's losses grew 30% and AOV slipped to Rs 700 from Rs 746. Instamart MTUs stuck at 13.3M while Blinkit added 3.6M to reach 27M. Stock has shed 40% since September as the gap with Eternal widens.
Swiggy's FY26 results show widening losses above Rs 4,000 crore and slipping Instamart metrics despite a stated margin-first pivot. Blinkit is rapidly outpacing Instamart on MTUs, with Swiggy's stock down 40% since September.