• Event Type: Q1FY27 Earnings Conference Call conducted for analysts and investors.
  • Date and Time: July 22, 2026. The specific time and time zone were not disclosed in the transcript.
  • Purpose: Discussion of Q1FY27 financial results and business performance, with a focus on Blinkit (quick commerce), food delivery, Bistro (cloud kitchens), and District (going-out) businesses.
  • Management Participants:
  • Albinder Singh Dhindsa, Chief Executive Officer
  • Akshant Goyal, Chief Financial Officer
  • Kunal Swarup, Head, Corporate Development
  • Availability of Materials: The transcript was made available on the company's website at https://b.zmtcdn.com/investor-relations/Q1FY27-earnings-call-transcript.pdf and filed with the exchanges on July 29, 2026.
  • UPSI Statement: The transcript did not contain any explicit statement regarding the sharing of unpublished price sensitive information (UPSI).

Financial and Business Highlights Discussed:

Blinkit (Quick Commerce) Business:

  • Reported 21% quarter-on-quarter (QoQ) order volume growth in Q1FY27.
  • Net Average Order Value (NAOV) remained stable year-on-year (YoY) and is not expected to grow meaningfully from current levels, with potential for seasonal increases in Q3.
  • Long-term margin guidance was raised: Adjusted EBITDA margin guidance increased to ~6% (from previous range) and GAAP EBIT margin guidance of 4% (including ESOP expenses and depreciation).
  • Customer cohort analysis shows that over a three-year period, a cohort's spend increases by 3x, driven primarily by frequency growth rather than NAOV growth.
  • Most growth is coming from existing cities rather than geographical expansion.
  • Inventory losses are at ~1.8% of Net Order Value (NOV), largely driven by perishables, and are not expected to improve materially.
  • Working capital has improved to 14 days and is expected to reach a steady state of 12 days (down from previous expectation of 18 days), driven by lower inventory days.
  • Capex per store is estimated at INR 2.5 crore, though this is lumpy due to warehousing investments. The company added approximately 200 stores in the quarter.

Competitive Environment:

  • Management stated that Q1FY27 represented the "peak of competitive intensity" they have seen to date.
  • Competition is characterized as "predictable," primarily manifesting as subsidies on products and delivery fees, particularly in groceries.
  • The company believes discount-led growth is unsustainable in quick commerce due to limited shelf space and the creation of a "systemic trap" from which platforms cannot easily recover.
  • The company's strategy focuses on passing on the benefits of scale and efficiency to customers as value rather than engaging in short-term discounting.

Food Delivery Business:

  • Monthly Transacting Users (MTUs) are growing due to a combination of new user additions and increased frequency from existing users.
  • The business remains separate from the Bistro (cloud kitchen) entity with no overlap in financial disclosures.
  • In response to competition from platforms like Toing and Ownly, the company has taken steps like reducing the free delivery eligibility for Gold members to orders above INR 99 (from INR 199) to remain price competitive.
  • A slight dip in monthly active restaurant count was attributed to the LPG situation in the country in the previous quarter.

Other Businesses:

  • Bistro (Cloud Kitchens): The company is adding approximately 10 kitchens per quarter. The focus is on improving throughput and operational efficiency in older kitchens before accelerating expansion.
  • District (Going-Out): Operating across five categories, with dine-out and movies being the largest. Newer categories like retail stores and events show promise. The customer base and city footprint for District are smaller and more premium compared to food delivery or quick commerce.
  • Nugget: Described as an enterprise AI product business. Details were limited as the company is in a "stealth mode," with expenses largely related to manpower. More information is expected in future quarters.

Additional Notes Section

  • The document is the enclosed transcript of the earnings call, filed pursuant to Regulation 30 of SEBI LODR Regulations, 2015.
  • The transcript contains detailed Q&A with analysts but does not include a presentation deck or initial management commentary.
  • No new financial data (beyond what was discussed in the call) was disclosed in this filing; it is purely the transcript.
  • The call duration was scheduled for 45 minutes and proceeded directly to a Q&A session.