Swiggy Falls 24.5% in a Week as Instamart Loses ₹895 Crore and Blinkit Earns ₹184 Crore

Swiggy shares fell 24.5 percent in the week to Oct. 24, to ₹176.70, an all-time low that sits 54.7 percent below the ₹390 IPO price, Inc42 reported. The trigger was Instamart's September-quarter result: an adjusted EBITDA loss of ₹895 crore, up from ₹849 crore a year earlier.

Across the road, Blinkit, owned by Eternal, posted a ₹184 crore adjusted EBITDA profit in the same quarter, against a ₹156 crore loss a year before. MediaNama, working from both companies' Q2 FY27 shareholder letters, set the two side by side.

Order for order, the gap is ₹74

Quarter to Sept. 2026	Blinkit	Instamart
Orders	398.9 million	130.3 million
Order growth, year on year	79%	29%
Monthly transacting customers	37.0 million	14.8 million
Stores	2,751	1,240
Adjusted EBITDA per order	about ₹5	about -₹69

The per-order figures are MediaNama's own calculations. Blinkit makes about ₹5 an order and Instamart loses about ₹69, a swing of ₹74. Blinkit averages about 1,700 orders per store per day against Instamart's 1,192. Net average order value is close, ₹525 against ₹506, so Instamart is not losing money on small baskets.

Contribution per order, a measure before overheads, is about ₹28 at Blinkit and about -₹7 at Instamart. Instamart's contribution margin was -1.0 percent of gross order value, down from -0.2 percent in the June quarter. A margin that is negative and worsening is a long way from the break-even the company has been working toward.

MediaNama cautions that the two companies do not count alike. Eternal includes cancelled orders in Blinkit's total, while Swiggy counts only completed ones, and the two define contribution differently. The ₹74 gap may therefore be somewhat narrower on a like-for-like count.

What else fell with it

Inc42 counted 63 of 67 listed new-age tech stocks down for the week, by between 1.03 percent and 24.5 percent, with their combined market value at $149.2 billion after a loss of more than $11 billion. Brokerages cut targets on Swiggy: HSBC to ₹240 and CLSA to ₹262.

Inc42 also pointed to market-wide pressure, including Brent crude near $115 and foreign investor outflows. The Nifty 50 fell 2.63 percent, so Swiggy's slide was about nine times the index's, and the sell-off reached companies with no bad quarter to point to. Zetwerk and Tonbo Imaging, which listed that week, closed 13.02 percent and 2.44 percent below their BSE listing prices.

Inc42's tracker lists Swiggy's FY26 net loss at ₹4,154 crore on sales of ₹23,053 crore, compared with Eternal's profit of ₹366 crore. super.money spent ₹341 crore on marketing to earn ₹292 crore, and one funding week was reported about $50 million apart by two outlets, so Indian consumer-tech numbers need checking against the filing each time.

Swiggy's next quarterly shareholder letter is the place to check whether Instamart's contribution margin moves back toward zero from -1.0 percent.