Swiggy’s Instamart Hits Contribution Margin Breakeven In Q1 FY27

Swiggy’s quick commerce arm Instamart achieved contribution margin breakeven in the first quarter of FY27, with contribution margin turning positive at 0.2% of its gross order value (GOV) of ₹7,907 Cr. 

The company contribution margin (as % of GOV) as the difference between adjusted revenue and the sum of fees and discounts.

According to Swiggy’s shareholders’ letter, Instamart reached the milestone in May 2026, driven by higher per-order monetisation. Its adjusted revenue per order (RPO) increased to ₹108 during the quarter from ₹97 in Q4 FY26. 

The business also narrowed its adjusted EBITDA loss to ₹778 Cr in Q1 FY27 from ₹896 Cr in the year-ago quarter, reflecting improving operating leverage despite continued investments in expansion. Sequentially, adjusted EBITDA loss improved from ₹858 Cr.

Instamart also expanded its network to 1,171 darkstores across 131 cities, with 28 new additions in the June quarter. 

(The story will be updated soon)

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