Type of Event: Q2 FY27 Earnings Conference Call for Analysts and Investors held on Thursday, October 22, 2026.

Management Participants:

  • Sriharsha Majety – Managing Director and Group Chief Executive Officer
  • Rahul Bothra – Chief Financial Officer
  • Rohit Kapoor – Chief Executive Officer, Food Marketplace
  • Nandita Sinha – Chief Executive Officer, Instamart
  • Sumant Sharma – General Manager, Investor Relations

Financial Results: The company's financial results and shareholders' letter have been published on the exchanges and the information pack has been placed in the Investor Relations section of the website.

Forward-Looking Statements: Management indicated that comments on the call could include forward-looking statements, specifically financial guidance and pro forma information that are management estimates based on certain assumptions and have not been subjected to audit review.

Key Business Updates:

Food Marketplace Performance:

  • Core Swiggy business maintained 18-20% YoY growth guidance
  • September 2026 achieved 20%+ growth
  • Take rate exceeded 26% (highest ever)
  • Added INR 50 crores on absolute Adjusted EBITDA
  • 30 bps GOV margin improvement in quarter
  • Target of 5% GOV margin trajectory maintained

Toing (Affordability Platform):

  • Positioned as insurance and potential profit pool expansion
  • 2 out of 3 users are new to platform
  • Users using both Swiggy and Toing show 25% higher orders per user
  • 70-80% of users are sub-30 years old
  • Investments described as "range bound" and discretionary
  • Majority of spending in new user acquisition and activation
  • Early cities showing unit economic positivity for repeat users
  • Estimated annualized loss of ~INR 4 billion on revenue of ~INR 5 billion
  • Decision on scaling expected in next quarter or two

Instamart (Quick Commerce) Performance:

  • 13.4% QoQ NOV growth
  • Added 1.3 million MTUs
  • Frequency metrics increased 4% QoQ
  • Retention metrics improved
  • 1 in 8 orders from Noice private label
  • 20% of orders from differentiated assortment
  • Guidance: 0 to -100 bps contribution margin with sequential improvement
  • Target: 100 bps improvement in Adjusted EBITDA in current quarter
  • Store throughput: ~1,200 orders per day per store (9% increase)
  • New stores opened when existing stores cross ~2,000 orders/day
  • Store network grew 6% while orders grew 13%
  • Focus on T1 and T2 markets only (130+ cities)
  • No near-term geographical expansion plans

Strategic Initiatives:

  • Differentiated assortment strategy driving retention
  • Habit building through fresh and staples categories
  • Co-creation with brands for monetization improvement
  • Inventory model transition to begin mid-current quarter (2-3 quarter transition)
  • Focus on pod productivity and category mix improvement

Competitive Landscape:

  • Monitoring Rapido and Flipkart Minutes in food delivery
  • Competitive intensity remains high in quick commerce
  • Not pursuing Tier 3 expansion unlike some competitors
  • Maintaining focus on execution in existing markets

Additional Notes Section

The transcript was submitted to BSE and NSE in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript has been hosted on the company website at https://www.swiggy.com/corporate/investor-relations/financial-results/.