Food delivery and quick-commerce platform Swiggy on Thursday reported a consolidated net loss of Rs 922 crore for the quarter ended September 2026 (Q2 FY27), compared with a loss of Rs 791 crore in the preceding quarter (Q1 FY27).

However, the company’s losses narrowed from Rs 1,092 crore recorded in the corresponding period last financial year (Q2 FY26), according to its stock exchange filing.

Revenue from operations increased 36.1 per cent year-on-year to Rs 7,571 crore from Rs 5,620 crore, driven by growth across food delivery, quick commerce and out-of-home consumption segments.

Despite the robust revenue growth, total expenses climbed to Rs 8,703 crore from Rs 6,711 crore a year ago, as per its regulatory filing.

Swiggy’s core food delivery business continued to strengthen profitability during the quarter. Gross order value (GOV) for the segment rose 17.7 per cent year-on-year to Rs 10,054 crore, while adjusted EBITDA improved by Rs 101 crore to Rs 341 crore.

The adjusted EBITDA margin stood at 3.4 per cent of GOV, marking the business’s highest-ever profitability and margin performance.

The company’s out-of-home consumption business also maintained momentum, with GOV growing 34.9 per cent year-on-year to Rs 1,508 crore.

The segment reported its seventh consecutive quarter of profitability, delivering an adjusted EBITDA margin of 0.5 per cent of GOV.

Meanwhile, quick-commerce arm Instamart continued its expansion push. Net order value (NOV) rose 31.4 per cent year-on-year and 13.4 per cent sequentially to Rs 6,954 crore.

During the quarter, Instamart added 69 dark stores, taking its total network to 1,240 stores nationwide. However, the aggressive expansion continued to weigh on profitability. Instamart reported a loss of Rs 895 crore for the quarter.

Its contribution margin improved by 157 basis points year-on-year to minus 1 per cent of GOV, though it declined by 82 basis points on a sequential basis.

The segment’s adjusted EBITDA margin improved marginally to minus 9.7 per cent from minus 9.8 per cent in the previous quarter.

Adani Energy Solutions Ltd (AESL) on Thursday reported a 145 per cent year-on-year rise in consolidated net profit to Rs 1,364 crore for the quarter ended September 30, 2026, delivering record performance.

According to the company’s exchange filing, total income rose 51 per cent to Rs 10,239 crore in Q2 FY27 from Rs 6,767 crore in Q2 FY26.

Meanwhile, operational revenue grew 51 per cent to Rs 7,167 crore driven by healthy contribution from the transmission and energy solutions platform.

In Q2FY27, EBITDA stood at Rs 3,548 crore, an increase of 67 per cent year-on-year, while operating EBITDA rose 68 per cent to Rs 3,070 crore. This is an all-time high quarterly EBITDA for the company.

In addition, consolidated PAT jumped 137 per cent to Rs 2,600 crore for H1 FY27, while total income rose 46 per cent to Rs 20,092 crore.

Commenting on the earnings, Adani Energy Solutions CEO Kandarp Patel said, “AESL closed the first half of the fiscal year with strong financial and operational momentum, laying a robust foundation for future growth. We significantly expanded our growth pipeline by winning the strategic Vizag and Satara transmission assets, elevating our active order book to around Rs 87,000 crore.”

He said operationally, the Mumbai distribution business grew by about 11 per cent in units sold, while the smart metering platform scaled its installation base to approximately 15 million meters.

“A significant 2.5 GW RTC power supply contract with MSEDCL reinforced AESL’s core competencies in multi-source energy aggregation and power supply optimisation for customers,” Patel said.

“Backed by robust quarter-on-quarter performance across all business segments and strict financial prudence, we are well-positioned to convert this massive project pipeline into long-term stakeholder value,” he added.

Segment-wise, the company’s transmission operating revenue rose 17 per cent year-on-year to Rs 1,521 crore in Q2, while distribution (AEML and MUL) revenue grew 2 per cent to Rs 3,181 crore.

Smart metering operating revenue (Ind AS) surged 129 per cent to Rs 267 crore and energy solutions revenue stood at Rs 2,197 crore.

Shares of Adani Energy Solutions ended at Rs 1,293 on the BSE. The Adani Group stock has recorded a 52-week high of Rs 1,789 and a 52-week low of Rs 804.70, according to the exchange data.

Indian equity benchmarks opened lower on Thursday tracking weak Asian markets and concerns over elevated crude oil prices and high US bond yields.

Sensex opened 366.36 points or 0.50 per cent lower at 73,343.33, while Nifty began the trading session at 22,687.75, declining 123.60 points or 0.54 per cent.

Sector-wise, most indices traded in the red with auto, metal and healthcare shares leading losses in early trade.

Nifty Auto, Nifty Metal and Nifty Healthcare declined up to 0.98 per cent. Meanwhile, Nifty Pharma also slipped 0.78 per cent.

Broader weakness was also visible across FMCG, realty, cement and financial stocks.

Analysts said the recent trend of large-cap stocks outperforming mid and small caps appears to be gathering momentum as valuation concerns emerge in the broader market.

“The broader market resilience in recent months has been more a function of liquidity than earnings. This has created a paradox of overvalued mid and small caps coexisting with attractively valued large-caps. This trend is now getting corrected and is likely to sustain,” they said.

The eperts also pointed to external headwinds, including rising crude prices and elevated US Treasury yields which are encouraging traders to build short positions despite continued institutional buying.

“Sectoral churn towards fairly valued large caps is the ideal investment strategy now. It may take time, but this strategy will certainly be rewarded,” they added.

Technical analysts said the recent sharp decline and the breach of the 22,700 level on the Nifty raised the risk of a deeper correction.

“Recovery hopes rest on the ability of 22,590 to hold, but a move back above 22,840 will be needed to confirm renewed upside strength,” according to them.

On Wednesday, foreign institutional investors (FIIs) turned net buyers and purchased equities worth about Rs 1,022 crore. Domestic institutional investors (DIIs) also remained buyers with net purchases of around Rs 1,614 crore.

In Asian markets, major indices remained under pressure. Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi dropped up to 2 per cent in early trading.

Overnight, Wall Street ended higher led by technology shares. The Nasdaq advanced around 1 per cent after strong corporate earnings boosted sentiment around artificial intelligence-related stocks, while the S&P 500 gained 0.58 per cent.

Meanwhile, Brent crude futures rose more than 1 per cent to trade around $110 per barrel, adding to inflation concerns and weighing on investor sentiment.