Key Financial Performance (Q2FY27)

Consolidated Performance:

  • B2C NOV (Net Order Value): ₹35,644 crore, up 54% YoY
  • Adjusted Revenue: ₹24,621 crore, up 76% YoY (58% like-for-like growth)
  • Adjusted EBITDA: ₹666 crore, up 197% YoY and 20% QoQ
  • Closing Cash Balance: ₹16,475 crore, decreased by ₹1,813 crore QoQ

Segment-wise Performance:

Food Delivery (Zomato):

  • NOV: ₹11,445 crore, up 21.5% YoY
  • Adjusted Revenue: ₹3,879 crore, up 35% YoY
  • Adjusted EBITDA: ₹627 crore (5.5% of NOV), up 25% YoY
  • Average monthly transacting customers: 28.0 million, up 16% YoY

Quick Commerce (Blinkit):

  • NOV: ₹20,940 crore, up 79.3% YoY and 22.2% QoQ
  • Adjusted Revenue: ₹19,152 crore, up 93.6% YoY
  • Adjusted EBITDA: ₹184 crore (0.9% of NOV), improved from ₹156 crore loss last year
  • Stores: 2,751 (added 308 net new stores in quarter)
  • Orders: 398.9 million
  • Average monthly transacting customers: 37.0 million

Going-out (District):

  • NOV: ₹3,259 crore, up 58.0% YoY
  • Adjusted Revenue: ₹304 crore, up 60.8% YoY
  • Adjusted EBITDA: -₹64 crore (-2.0% of NOV), improved from -3.1% last year

B2B Supplies (Hyperpure):

  • Adjusted Revenue: ₹1,154 crore, up 12.8% YoY (23% LFL)
  • Adjusted EBITDA: ₹10 crore (0.9% of Revenue), improved from ₹5 crore loss last year
  • Serves approximately 85,000 restaurants

Others (Bistro, Nugget):

  • Adjusted Revenue: ₹132 crore vs ₹95 crore previous quarter
  • Adjusted EBITDA: -₹91 crore vs -₹94 crore previous quarter

Strategic Initiatives and Updates

dark.ai Launch Announcement

  • End-to-end encrypted AI assistant using fine-tuned frontier open-weight models
  • Designed for private conversations without data retention
  • Target launch: Globally within 2026
  • Focus on power users (founders, researchers, scientists, enterprises, governments)

AI Agents Impact Assessment

  • Company believes food delivery and quick commerce are low-risk against AI agent disruption
  • District (going-out business) classified as medium-to-high risk
  • Agents may make some categories "winner takes all" and weaken content moats
  • Company developing in-app agentic interfaces to retain demand

Store Expansion Guidance

  • Quick commerce store count: 2,751 as of Q2FY27
  • Expected to cross 3,500 stores by March 2027
  • Target of approximately 5,000 stores by March 2028
  • NOV growth guidance maintained at 60% CAGR over next 3 years

Cash Flow Analysis

  • Cash balance decreased by ₹1,813 crore to ₹16,475 crore in Q2FY27
  • Primary drivers: Seasonal increase in net working capital (₹1,463 crore)
  • Inventory build-up ahead of festive season in quick commerce
  • Temporary reduction in restaurant settlement payables in food delivery
  • Mark-to-market movements in debt securities (accounting, not realized losses)
  • Tax payout for the quarter

Business Outlook

  • Food delivery: Long-term expectation of 20%+ annual growth maintained
  • Quick commerce: Significant headroom for customer growth from 37 million MTCs
  • Hyperpure: Expanding beyond ingredients to 3PL services and kitchen setup
  • District: On track for FY30 guidance of ₹28,000 crore NOV and ₹1,400 crore EBITDA

Regulatory and Compliance Matters

GST Matters

  • Company has received Show Cause Notices and Demand Orders from GST authorities
  • Total demands: ₹420 crore for October 2019-March 2022, ₹14 crore for Andhra Pradesh, ₹119 crore SCNs
  • Company contesting orders, believes it has strong case on merits
  • W.e.f. September 22, 2025, paying GST on delivery charges as per new law

Labour Codes

  • Government notified Labour Codes effective November 21, 2025
  • Company assessing impact as rules are notified
  • Currently contesting Karnataka state legislation validity

Auditor Review

  • Deloitte Haskins & Sells issued review report on interim financial results
  • Financial results include 17 subsidiaries and 1 trust
  • Auditor drew attention to GST matters but concluded no material misstatement

Forward-looking Statements

Document contains forward-looking statements regarding growth expectations, market opportunities, and business strategies. These are subject to risks and uncertainties including competition, regulatory changes, and market conditions.