Is Swiggy's loss shrinking or growing?
Swiggy lost ₹922 crore from July to September 2026, or about ₹10 crore a day. That loss is smaller than a year ago but bigger than three months ago, so both kinds of headline are true.
- Swiggy's net loss for July–September 2026 was ₹922 crore, about ₹10 crore a day 1,2.
- Income from its business rose 36% in a year, to ₹7,571 crore 1.
- The loss is smaller than a year ago (₹1,092 crore) but bigger than in April–June (₹791 crore) 1,3.
- For every ₹100 Swiggy earns, it now loses about ₹12. A year ago it lost about ₹20 (our maths).
Two headlines, one result
Swiggy's results came out on 22 October, and the headlines split. Business Standard and YourStory reported that the loss narrowed. IANS reported that it widened 2,3,4. Both are right, because they compare the same ₹922 crore with two different quarters.
| Quarter | Net loss |
|---|---|
| Jul–Sep 2025 | ₹1,092 cr |
| Apr–Jun 2026 | ₹791 cr |
| Jul–Sep 2026 | ₹922 cr |
Compare it with the same quarter last year and the loss is down by ₹170 crore, or about 16%. Compare it with the quarter just before and the loss is up by ₹131 crore. The year-on-year view smooths out seasons such as the festive months. The quarter-on-quarter view shows the most recent change.
The business is growing faster than the loss
- 1Jul–Sep 2025
1,092 ÷ 5,561≈ 20% - 2Apr–Jun 2026
791 ÷ 6,812≈ 12% - 3Jul–Sep 2026
922 ÷ 7,571≈ 12%
Over the year, the loss has fallen from about ₹20 to about ₹12 for every ₹100 of income. Over the last three months, it has held at about ₹12.
Learn something: Year-on-year
YoY compares a number with the same period a year earlier. QoQ compares it with the three months just before.
Swiggy's ₹922 crore loss is down 16% YoY (from ₹1,092 crore) but up 17% QoQ (from ₹791 crore).
Why it matters: Many businesses have busy and slow seasons. YoY cancels out the season; QoQ shows the latest turn.
Common mistake: Reading "loss narrows" or "loss widens" without checking which comparison the headline used.
Try it: A shop sold ₹50 lakh in Oct–Dec last year, ₹40 lakh in Jul–Sep this year and ₹55 lakh in Oct–Dec this year. Is Oct–Dec up YoY? Up QoQ?
Both. YoY: ₹55 lakh vs ₹50 lakh, up 10%. QoQ: ₹55 lakh vs ₹40 lakh, up 37.5%.
What the numbers tell us
- CompareThe same loss, two stories
Against last year the loss fell by ₹170 crore. Against last quarter it rose by ₹131 crore. Neither headline is wrong. They use different comparison points.
- ScaleIncome grew much faster than the loss
Revenue rose 36% in a year. The loss fell about 16%. So the loss now takes a much smaller bite of each ₹100 earned.
- The catchThe progress has paused
The loss was about ₹12 for every ₹100 earned in April–June, and it's about ₹12 again now. The big improvement happened earlier in the year.
- What to watchWhat to watch
October to December covers Diwali and the wedding season. That quarter will show whether festive orders push the loss down again.
Why it matters
- For shareholders: Swiggy is listed on the stock market, so every quarter's result moves its share price. Which comparison you read changes the story you hear.
- For customers: a company that still loses money on each ₹100 it earns has a reason to look for more income, such as fees and charges.
- For anyone reading business news: "loss narrows" and "loss widens" can describe the same number. Check what it is compared with.
Send them this: Swiggy lost about ₹10 crore a day from July to September. That's smaller than last year but bigger than last quarter.
Words in this story
- net loss
- What is left after all costs are taken away from all income, when costs are bigger.
- revenue from operations
- Money a company earns from its main business, before costs are taken away.
- quarter
- Three months. July–September is called Q2 because India's financial year starts in April.
- year-on-year
- Compared with the same period one year earlier.
Sources
- Upstox, Swiggy Q2 results: Loss narrows YoY to ₹922 crore, 22 Oct 2026
- Business Standard, Swiggy Q2 net loss narrows 15.6% to ₹922 crore, revenue rises 36%, 22 Oct 2026
- IANS, Swiggy's Q2 net loss widens sequentially to Rs 922 crore, 22 Oct 2026
- YourStory, Swiggy's net loss drops nearly 16% to Rs 922 Cr in Q2, 22 Oct 2026
- Inc42, Swiggy Q1 FY27 results, Jul 2026
How we did this. Every number links to its source. Where sources disagree, we leave the number out and say so. When we work out a number ourselves, we say "our maths".