Swiggy’s results for the second quarter (Q2) of the financial year 2026-27 (FY27) show that the tug of war between. In Motilal Oswal's Discounted Cash Flow analysis, Swiggy's Instamart currently carries negative value, reflecting weaker-than-expected growth, and an extended path towards the company's profitability. Swiggy’s losses widened on a year-on-year basis in the quarter ended September 30 as higher spending on marketing, logistics, and inventory outpaced revenue growth.