Swiggy Ltd.Instamart NOV +13.4%, Toing spend range-bound

Swiggy's Q2 FY27 call, held on 22 October 2026, was a question-and-answer session with no prepared remarks, centred on quick commerce, food delivery and the new low-price food app Toing.

Instamart's net order value grew 13.4% on the quarter, with retention and frequency up and 1.3 million transacting users added, and orders per store reached a record near 1,200 a day. Management guided Instamart contribution margin to a range of zero to minus 100 basis points, double-digit sequential growth and a 100 basis point improvement in Adjusted EBITDA in the current quarter, and said it will move to an inventory model from mid-quarter over two to three quarters.

In food delivery it kept 18% to 20% core growth guidance, a take rate above 26% and a 5% of GOV margin target. Toing drew two new users in three, but needs another quarter or two to prove itself, and spending will stay range-bound. Management refused to open new cities or add stores faster, saying resilience comes first. No earlier promises were on file for comparison.