Slides
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→ Swiggy Capital Markets Day 6th August 2026
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CorporteOverview
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“Elevate quality of life for urban consumers by offering unparalleled convenience”Our Mission
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Our leadership team CMD 2026 Sriharsha MajetyManaging Director & Group CEO Rohit KapoorCEO–Food Marketplace Phani Kishan AddepalliChief Growth Officer Girish MenonChief Human Resources Officer Rahul BothraChief Financial Officer Nandita SinhaCEO-Instamart Madhusudhan Rao SubbaraoChief Technology Officer
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Q1FY27 Numbers INR 18,926 Cr 28% YoY B2C GOV 27.5 Mn 27% YoY Avg MTU -3.4% GOV 2.1pp YoY Adj EBITDA Journey since IPO: GOV up 56% while delivering Adj EBITDA margin improvement 56% Since IPO1 55% Since IPO1 0.6 pp Since IPO1 CMD 2026 Source: Company financials1 Q127 vs Q3Fy25.
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Our aspiration: Build a 10,000 Cr. Adj. EBITDA business by FY 31 CMD 2026 2.5-3X MTUDriven by engaged user base through relevant offerings INR 10,000 Cr Adj EBITDA~4% of GOV30%+ GOV CAGR Driven by higher MTU and greater frequencies Source: Company estimates.
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Our path forward CMD 2026 Innovate and expand•Increase wallet share•Broaden proposition to engage new users Fortify the core •Drive operationalexcellence across businesses •Accelerate margin delivery01 02
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A strong year for all 3 core businesses 01
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Bigger, happier delivery fleet Adj EBITDA(% GOV)2.4%3.1% Gross Order value (INRCr) 8,086 9,490 Q1FY26Q1FY27 +17% Preferred partner for restaurants Realizing platform economics CMD 2026 Source: Company financials. Food Delivery business grewtopline by 17%and meaningfully expanded its margin profile
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Instamartbecame only the 2nd player to demonstrate CM breakeven AND grewGOV by 40% From essentials to discretionary, better and fastContribution(% GOV)-4.6%-0.2% Gross Order Value (INRCr) 5,655 7,907 Q1FY26Q1FY27 +40% CMD 2026 Source: Company financials.
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Gross Order value (INR Cr) 1,056 1,529 Q1FY26Q1FY27 +45% Rapid MTU growth with efficient marketing spendsGrowing supply, 20k new restaurants addedin a year Adj EBITDA(% GOV)0.5%0.9%CMD 2026 | Source: Company financials. Breakout year for OOH business led by Dineout–high growth and full year of profitability
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Innovatingto expand our proposition02
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“Urban consumers will seek and pay for convenience;customer experience needs to be owned end to end to deliver this promise” In the last decade we have built our businesses around one unifying insight
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Delivering on this promise brought in 150mn+ users; their full potential still remains untapped •3-6x discretionary spends vs avg•Drive 40-50% platformGOV, deeply value convenience•High AOVs, highly profitable •Large share of value seeking consumers •Occasional / infrequent•Smaller AOVs on average 15-20% <5% Estimated wallet share on platform1 CMD 2026 | Core users Core users Infrequent users 1Source: Company estimate.
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Developing innovative offerings for both segments is key for long term success–and we are on that path Opportunity 1 •Raise bar on convenience and experience •Gain larger wallet share Opportunity 2•Bring affordable offerings •Drive frequency and retention CMD 2026 | Core users Core users Infrequent users
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Taking our biggest bet in last 2 years with Toing Low Prices
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Instamartdelivered something very No!ceto your homes last year! Multi –year effort Rated for superior quality and taste by independent parties1 Great products + Accessible pricing Not just a brand, but a platform play CMD 2026 | 1Bernstein report
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We will amplify it with our new proposition "Switch" Powering assortment led differentiation Strategic Brand partnershipsExclusive SKU (and/or) exclusive pricing •Non Food categories •Width and depth in Food categories 1 2 Own BrandsSKUs unique to Instamart•No!ceFMCG Food categories •Nectr–FnVSKUs CMD 2026
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Innovation rarely follows a straight line and requires taking the right calls at the right time CMD 2026 2ndlargest business for Swiggy now Exited due to low scalabilityNo!ce’sinception This is our Super Power!! EvolveScale as is Exit
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ExecutionInnovation+Our Greatness Arc
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Our moment is now! 150M+ acquired user base ready to Swiggy morePresence in three strong business in large TAM markets Our Superpower: Innovation + Execution CMD 2026
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Food Delivery
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Our Story so far “Over the last twoyears, we havestrengthenedoperations and unlocked sizeable economies of scale”
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CMD 2026 Q1FY27 (vs Q1 FY25) INR 9,490 Cr 18% p.a. GOV 19 Mn 17% p.a. Average MTU 3.1% 2.2 pp gain Adj EBITDA Food Delivery: Quick Snapshot 5x lift Adj EBITDA run rate INR 292 Cr Unlocking meaningful economies of scale Source: Company financials.
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CMD 2026 Strong operations engine driving growth Restaurant Partnerships Superior performance with right cost structure. Delivery OperationsEmpowering partners and expanding scale Consumer GrowthAccelerated MTU growth and industry first innovations
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CMD 2026 Further improvements expected through investments in advanced planning and allocation models We are setting industry standards in delivery operations Faster Deliveries 03HappierDriver Partners02Better reliability Stronger Delivery Ops 01•First to marketwith priority delivery [Express / Bolt] with double digit share of deliveries •Double digit reduction inseverely delayed orders•Best in classSLAs and gear compliance •Higher earnings per driver•Doubled Net Promoter Score
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CMD 2026 Doubled our rider NPS with market first, rider focused products “Dost” a new mascot for all rider touchpoints AutonomousAI voice onboarding Partner ClubTiered, gamified exclusive benefitsThree-waychat(Consumer, Rider, Swiggy) Non pixelated TBU
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CMD 2026 Earning trust and preference with restaurant partners Programs to help restaurants growthHyperboost(GMV tied spends), Growth multiplier (Discount & Ads optimization at same total spend)1.5X number of restaurant partners in 24 months Doubled managed account coverage in last 3 yearsFaster onboarding, 24x7 support Revamped partner app 01 02 03 Leading Biryani Player in South India •~18% GMV growth-similar to platform•Zero ads spend•~30% growth p.a. for last ~3 years •4-5% GMV ads spend Onboarded on Hyperboost Case study: Impact of growth programsInvestments in partner enablement
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CMD 2026 Introduced more ways to Swiggy food from home Quick snack on the go -BoltAffordable for all -99 Store Chef Collections -Gourmet Healthier options -EatRight
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CMD 2026 And from places you would not expect.. Food on Train Jio HotstarPartnership
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CMD 2026 Performance we are encouraged by: India Next2 years of sustained efforts and investments üGOV upby 60%, AOV by 20%üMonthly Transacting Users up by ~50%üAbsolute Contribution upby ~2.7xü95%+ UE positive cities,overall UE up by 120% Relationship building with restaurants1.5x increase in managed account coverageTailored products for non-metrosFlat Value Offers, 99 store,Expiry CashImproved ops experienceFleet build up, differential assignment strategy for longer last miles Category build up New stations on Food on Train, Focus oncollege users 01 02 03 04 Led India Nextto become key growth driver
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Our Ambition “We aim to lead food delivery's next phase of growth —built on bold, category-expanding bets”
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CMD 2026 Organised (Online Food Delivery)Organised (Offline)Unorganised Baseline category growth to be ~20% YoY, cracking affordability can turbocharge itBaseline category growth expectationsFood Services Market Segments & Growth($Bn) The opportunity ~53 (35%)~47 (52%) ~70%Users transact less than once a monthAffordability is the biggest barrier30-40% additional category unlock Affordability unlock can add 5-7pp higher growth Source: Redseer -Report Titled “State of India’s; Food Services Market” –Jul26 11%37% 52% 2026 18% 47% 35% 2031[E] 90 15020%
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CMD 2026 Everytime we innovated and invested behind it, we witnessed growth..FY24Launched "Pocket Hero" FY25Doubled MTU growth rate with Crazy Deals, SwiggySixes, Flash Sale FY26Drover even higher MTU growth with 99 store, Deal Rush, Streaks, Snacc FY27 -FY31Scale up of Toing & other affordability focused offeringsUsing the past learnings, we took our biggest bet till date –Toing! + additional levers
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The Toing Tenets: What makes it different ▤LOWPRICESLimitedmarkups ⚖ZERO EXTRACHARGESNo handling, packaging fee ⇄NEW SUPPLYFurther breaking price points ◉TRANSPARENCYWYSIWYG▲COST EFFECTIVELow LM / Smart Batching ⚡GEN Z FIRSTBuilt for next gen users CMD 2026
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Cheaper Carts Are Engineered, Not Discounted Shorter last miles (~2kms avg.) and higher batching on a slower network Lower cost to deliver Purpose built CX –one uniform experience, refund and comp policy for every cohort Lower cost to serve Runs on Swiggy’s existing infrastructure logistics and support Lower indirect cost Savings passed to consumers No platform or packaging fee Flat delivery fee, no loyalty discounts Simple fees Lower resturantcommissions More 3P adsAds monetisation Structural advantages only an incumbent has —making Toing's affordability play work where others can't. PRICES STAY LOWsustainably —not via discounts COSTS STAY LOWstructurally leaner to serve CMD 2026
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· “Who are we building for?GenZ Cohort | College Students | Early Jobbers
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We are seeing early signs of strong product market fit 50CITIESOperational across 80% Food Marketplace GMV contributing cities 32CITIESA meaningful contribution to Swiggy OPD Orders Per Day (OPD) and Monthly Transacting Users Customer Acquisition Cost (CAC) and Repeat User Unit Economics (RU UE)Se p'25Oc t'25Nov' 25Dec'25Ja n' 26Feb'26Ma r' 26Apr'26Ma y'26Ju n' 26 OPDMT U CACRU UE 10 months post-launch: Increasing volume scale paired with improving economics CMD 2026Source: Company data.
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And clear incremental outcomes NU + DU TO Food Marketplace 2 out of 3 New & Dormant usersNew + Dormant users choosing Toing over traditional Food Marketplace ordering BELLY + TAIL Rx MIXToingSwiggy FoodBelly + Tail OC, Toing vs FMPBelly & tail Rx over-index on Toing —driving incremental growth over and above FMP CMD 2026
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We are just getting started ⇄₹◎▲＋ Drive Incremental GrowthAccelerate Unit EconomicsDouble Down on AffordabilityIncrease City Level PenetrationStrengthen Restaurant Supply From proof of concept to profitable scale CMD 2026
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CMD 2026 Food delivery business FY31 ambition: Drive above market growth and deliver ~INR 5,000 Cr Adj EBITDAFood Delivery GOV (INRCr) 01 02 03 34k 1-1.2 Lac Cr FY26FY31 Toing + Affordability led initiatives Adj EBITDA INR 1,000 Cr~INR 5,000 Cr Core execution to deliver superior experience Affordability unlock through Toing and other initiatives Leverage scale efficiencies and drive monetization~INR 35,000 Cr ~2.5 –3.5x FY26FY31 ▲25-30% per annum Source: Company estimates..
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OOH consumption
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FY26 Was A Breakout Year for OOH business led by Dineout INR 4,645 CrFull Year GOV50.6%Full year GOV growth58.4% Order growth 52,000+Monthly active restaurant partners ▲ 75 CitiesCurrently live0.6%Adjusted EBITDA margin, first positive year◉ CMD 2026Source: Company financials.
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Dineoutto deliver INR 1,000 Cr Adj EBITDA by FY31 Topline, GOV INRCr 4,645FY26 13-15K FY29FY31 20-25K 4-5Xin five years Adjusted EBITDA, INR Cr 30FY26 450-600 FY29FY31 900-1,000 Note: Company estimates CMD 2026
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$30B + TAM with large headroom to expand our existing offerings PenetrationOrganized food services$32 Bn98.7% untouched1.3%Cafésof which99.0% untouched1.0%Quick serviceof which99.7% untouched0.3% Supply coverage tells the same story: 52,000 partners against more than 500,000 restaurants. YoY Growth ExpectationOrganized food services13%Quick service18%Cafés 19%Our planforFY3139%The plan grows two to three times faster than the market it sits in Note: Penetration at plan derived from the FY31 GOV target against organisedfood services grown at 13% a year, at ₹87 to the dollar. Internal targets, not guidance. Sources: Kearney and Swiggy2025, NRAI 2024, Mordor 2025, Bernstein 2025. CMD 2026
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Our core engine is humming Supply CreationBuilt on the Food baseOne onboarding stackOne launch, four products 18,000Rx added, year on year 75 citiesFrom roughly 20 at acquisition Consumer Growth 44%MTU growth achieved 82%Lower marketing spend since 2022 The Swiggy app is the surfaceDinecash on the shared walletOwned media creates demand Tech Platform 4Products on one stack Prebook, digital menu & CRMAds & analytics on one graphBuilt once, used everywhere CMD 2026
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Continuous innovation to add new offerings & expanding use cases Servd[Mumbai Foodie]Discover Scenes owned food Foofiemedia across 9 cities nightlife listings and tickets Steal DealsOrder Digital Menua named dish at a fixed price scan and order from your seat DinecashPay Restaurant SaaSwallet currency across Swiggy table, CRM and billing stack CMD 2026
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Steal Deals -A ₹19 dish put a queue outside a restaurant in Ahmedabad INR 19entry price 300xgrowth in daily transactions 4.5xof food delivery orders per day CMD 2026
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Digital Menu: from the table to the seat Scan where you sitA code on the table, the armrest or the ticket. Order & pay in appNo queue, no counter, no waiting for a bill. CMD 2026
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Cine Dining coming in theatres near to you CMD 2026
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Quick Commerce
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We launched in 2020 with the mission to elevate convenience for urban consumers BEFOREShopping meant planning ahead↓ NOWAnything in minutes
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CMD 2026 * Illustrative 130+Cities 14M+Monthly Transacting Users 1,200+ Dark Store Network We are present in 130+ cities catering to more than 14Mn users every month
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CMD 2026 2020STARTED HERE Distress + ImpulseHygiene, Stationery Top-up2021-2022 2025 and beyond"Emergency"App "Everyday"App Top-upGrocery, FMCG 2023-2024 Stock-up + PharmaBulk purchases and Pharma DistressTop-up Impulse Everyday BuyingNon-Grocery, Electronics Stock-upImpulseDistressTop-up ~10 min We went from being an "Emergency" app to an "Everyday" App ~45 min
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Quick Commerce in FY’31 CMD 2026
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CMD 2026 Organized retail share in QC-relevant categories ($ Bn)1 QC is expected to grow at 40-45% CAGR over next 4-5 years to reach 65-70B$ in size Even at 40-45% CAGR growth, QC in 2030 would be <6% of the $1.1Tn QC-relevant market —the opportunity is still nascent 552 $Bn750 $Bn180 $Bn 350 $Bn 20262030 732 $Bn 1100 $Bn9.5% CAGR Organized retailUnorganised retail Q-Commerce market growth overview($ Bn)2 202520262030 10-11 $Bn15-17 $Bn 65-70 $Bn40-45% CAGR Source: 1. Bernstein Research -India E-Commerce: Race for the Last Mile. 2. Bain : Why India Shops
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CMD 2026 Grocery will continue to drive growth in QC over the next 5 years 73 54 53 27 46 47 Walmart Costco Target GroceryNon Grocery Grocery Share of GMV for large US retailers2 (%) Source: 1. Redseer: Why India's mass grocery still leans on Kiranas2. Company Annual reports Grocery Share of GMV for Quick Commerce in India (%) Grocery is the largest part of the QC business today; we believe even with scale, this trend is bound to continue 71%of QC GMV is grocery1 60-65%of QC GMV is expected to remain grocery
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Instamart: From FY’26 to FY’31 CMD 2026
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CMD 2026 In last 6 quarters we achieved a 5.4pp improvement in contribution margin JFM’25AMJ’25JFM’26AMJ’26-5.6% -4.6% -1.8% -0.2% +3.8%+1.6% 4,6705,655 7,8817,907 JFM’25AMJ’25JFM’26AMJ’26 ~70% Contribution Margin (% of GOV)GOV JFM’25 -AMJ’26 (INR Cr.)Steepest CM turnaround in industry Source: Company financials.
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CMD 2026 We focused on building a more engaged user base, earning the trust of the user, and crafting a proposition that lasts WHO WE BRING INEngaged user baseIntent-led acquisition; rewards favour retention WHAT WE STAND FORBuild our propositionSharper value, own categories where we can win HOW WE SERVE THEMCustomer experienceFaster delivery, higher in-stock on items that matter
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CMD 2026 Delivery speed improved across the network from Mar’26 to Jul‘26 12.812.913.012.5 11.3 12.5 Pan IndiaBangaloreHyderabad-0.3 min-1.6 min-0.5 min MarchJuly GOAL BY DEC ’2611-12 minutes 1–1.5 min to go 1Network expansion & optimizationDensification of network in high demand zones 2AI integrated prediction modelsSmarter route optimization and pick time improvement 3Intelligent Load BalancingLoad balancing during stress using multi-store fulfilment Delivery Speed1Trend (in mins) 1. P50 value for actual delivery speed
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CMD 2026 Availability gains of 4pp from 86%to 90%, driven by hyperlocal planning and multi-replenishment and reduction in replenishment time 8690 Apr’26Jul’26Dec’26 93-95 1Automated replenishment systemAuto-reorder before stockouts hit 2Warehouse automationFaster put-away, fewer misplacements with reduced NVAs2 3Vendor self-serve portalsAccelerating TATs for purchase orders and appointments 1. Head SKUs contribute to more than 70% of the business. 2. NVA –Non Value Add activities Availability of Head SKUs has steadily improved to 90%, closing in on the 93-95% goalGOAL BY DEC ’2693-95% Availability3-5pp to go Head SKUs1Availability (in %)
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CMD 2026 Through our interventions, retention has improved significantly; Proposition and Brilliant Basics will drive this to best-in-class levels 555861 Jun’25Dec’25Jul’26 6pp 1Differentiated assortment proposition2Brilliant basics RETENTION AMBITION65%+4pp to go from 61% in Jul’26 M1 Retention (%) Jun'25 to Jul'26 Source: Company data.
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CMD 2026 Our share of quality users grew by 3pp, taking repeat up to 2.9; Improving the mix will drive order frequency up a further 1.2x-1.4x 20.0 23.0 Jul’25Jul’26 Share of Habituated Users1(4+ orders/month)Repeat Rate Trend (Jul '25 -Jul '26) 2.772.832.782.872.95 Jul’25Sep’25Dec’25Mar’26Jul’26 1Differentiated assortment proposition 3Brilliant basics 2Habit formation through daily-use occasions 1. Habituated Users order=> 4 orders / month; Non-habituated Users order < 4 orders / month REPEAT RATE AMBITION1.2-1.4xOn the back of 30-35%Habituated Users
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CMD 2026 While we continue to strengthen basics, we believe the real differentiator ahead is our proposition -What we offer customers and what we uniquely stand for
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Our Right To Win CMD 2026
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CMD 2026 Assortment Price and ValueFaster, more efficient ops 7 player market Quick Commerce is now a 7 player market……with the initial levers from QC1.0 becoming table stakes
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A fundamental shift in India’s economy:As incomes rise and choice expands, consumers are ready to trade up. What’s missing is access.
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People don’t seek cheaper.They seek better -fresher, thoughtfully made, well-designed products that improve everyday life.
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But currently accessing ‘better’ is a compromise.It means paying more, trying harder, or spending time searching, to upgrade to better quality consumption
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And that’s where Instamartcomes in
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Switch to Better.Switch to Instamart. We believe building avenues for customers to buy better is the next frontier CMD 2026
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CMD 2026 This plays out two ways: partnering with brands to build better products and building our own brands (No!ce, Nectr) BUILDOur own brands PARTNERExclusive brand tie-ups
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Partner Exclusive brand tie-ups to make better products accessible across key consumer categories CMD 2026
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CMD 2026 We have partnered with ~400 Brands to make better products accessible across categories FreshKey Bets:●High-protein Paneer●Fresh (Bakery, MatkaCurd, Lassi, Buttermilk) FMCGKey Bets:●Actives-led Skincare●Healthier Snacks●Single serve frozen food General MerchandiseKey Bets:●Non Toxic Soft Toys●Branded Storage & Drinkware●Branded Home Decor Electronics Key Bets:●Type C Rechargeable Batteries●BLDC fans●GaNchargers
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CMD 2026 Bet 1: In atta, high-protein atta led to 51% of the total category growth in 3 months Consumer storyProtein matters, but powders and supplements don't fit everyday Indian meals.01 The problemProtein atta is expensive and niche, not an everyday staple02 The solution15g-protein atta variants, co-created with brands, priced near regular atta.03 CATEGORY IMPACT+28%Atta category Growth · Apr–Jul unit sales 51%Incremental (Switch)49%Organic Growth BRAND PERFORMANCE FOR SWITCH SKUs Right Shift 2.3xUplift in unit sales from switch SKUs Aashirvaad8xUplift in unit sales from switch SKUs Source: Company and brand data
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CMD 2026 Bet 2: In edible oil, cold-pressed oils led to 43% of the total category growth in 3 months Consumer storyHouseholds know cold-pressed is healthier, but use it only for special occasions.01 The problemCold-pressed oils stayed premium and occasional, too expensive to be the default cooking oil.02 The solutionCold-pressed variants, co-created with brands, priced close to regular refined oil.03 CATEGORY IMPACT+17%Edible Oils category Growth · Apr–Jul unit sales 43%Incremental (Switch)57%Organic Growth Saffola9.4xUplift in unit sales from switch SKUs Indicwisdom11.5xUplift in unit sales from switch SKUs BRAND PERFORMANCE FOR SWITCH SKUs Source: Company and brand data
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CMD 2026 Bet 3: In toy cars, diecast cars led to 59% of the total category growth in 3 monthsConsumer storyAdult collectors treat diecast as a serious hobby, but a single brand kills choice and discovery.01 The problemA one-brand monopolymakes the category hard to access and leaves collectors with no real choice.02 The solutionA wider range of hard-to-find licensed diecast brands and models, giving collectors a real choice.03 CATEGORY IMPACT+47%Toy Cars Category Growth · Apr–Jul unit sales 59%Incremental (Switch)41%Organic Growth BRAND PERFORMANCE FOR SWITCH SKUs Majorette9.8xUplift in unit sales from switch SKUs Source: Company and brand data
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CMD 2026 Through Switch, we've rolled out multiple festive SKUs to boost customer delightMahaprasadfrom Kashi Exclusive launch of world class water guns for Holi
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CMD 2026 Build Our own curated brands for accessible high quality assortment across FMCG and Fresh categories
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CMD 2026 Build Our own curated brands for accessible high quality assortment across FMCG and fresh categories
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CMD 2026 Two iterations taught us what differentiations means to customers; No!ceis the resultThe Origin StoryNo!cehas solved for key customer pain points CUSTOMER INSIGHT“This paneer is so rubbery. Ma's homemade paneer was never like this." NO!CE SOLUTIONNo!cePaneer -muslin-pressed, made fresh, soft like it's homemade. No 2 brand in paneer category CUSTOMER INSIGHT"Every packet lassi tastes the same —thin, like it's been sitting around for weeks."NO!CE SOLUTIONNo!ceLassi —made fresh, short shelf life by design. 25% GSV share of the category
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CMD 2026 Behind No!ceis a stack we've been building for years: consumer insight, food expertise and manufacturer relationshipsOur Right To WinCapabilities Developed Integrated Supply ChainBuilt around our supply chain for peak freshness Direct Customer FeedbackDirect loop for rapid quality improvements Deep Sourcing & VettingRigorous manufacturer selection and audits Dedicated QE TeamQuality engineering checks at every stage Food SpecialistsExpert technologists crafting recipe profiles
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CMD 2026 With No!ce, we curate high-quality everyday essentials across multiple categories46+ Categories380+ SKUs9M+ Customers so far Pickles & PodiHoneyFrozen Foods Dips PaneerBreadsBatters Munchies ChocolatesSodasMilk BevsFresh Juices Kulfi Rusk AttaPeanut Butter SweetsEggsFestive Range Energy Bars
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CMD 2026 With No!cewe are democratizing access to high-quality everyday essentials NO!CE MALAI PANEERFreshly madeHand made NO!CE 5 Seed Multigrain Bread (Zero Maida)Handcrafted in small batchesNo added preservatives NO!CE PRICE₹99/200gCATEGORY INCUMBENT₹ 105/200gNO!CE PRICE₹49/250gCATEGORY INCUMBENT₹ 44/250g
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CMD 2026 We have received immense customer love for our No!ceOfferings
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CMD 2026 No!ce'sreal proof point is stickiness -10pp higher retention, 1.5x order frequency versus platform average 1.5xHigherOrder Frequencyversus platform average 1 in 10Basket PenetrationBaskets now contain No!ce +10ppCustomer RetentionHigher retention versus platform average Source: Company data
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CMD 2026 Build Our own curated brands for accessible high quality assortment across FMCG and fresh categories
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CMD 2026 Majority of FnVspends remain offline and Qcommserves as distress or top-up channel ONLINE TODAYThe distress buyThe forgotten onion, the last-minute banana STILL OFFLINEThe weekly basketLow trust in quality —customers still pick produce by hand
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CMD 2026 With nectr, we are making high-quality produce accessible in a category that customers care deeply about, FnV Fresher, better qualityRight seed, right farm practiceConsistentSame size, shape, colourEveryday pricedAt par, not a niche premium play Fresh stays offline on trust. nectr tries to solve for that
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CMD 2026 Nectrproducts have significantly better quality while being competitive on price NECTR PRICE₹16/500gMARKET PRICE₹ 14/500g nectr Onion NECTR PRICE₹20/500gMARKET PRICE₹ 18/500g •Crisper bite•No smuts and marks•Chemical free nectr Tomato•Firmer texture•Richer color•Chemical free
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CMD 2026 Early proof points show significant impact on retention and spend +12ppCome Back OftenFnVRepurchase Nectrvs. regular FnVbuyers +7ppRetain More on IMPlatform retentionNectrvs regular FnVbuyers Data from 5 dark stores in Bangalore where the nectrpilot was run +10%Spend More on FnVMonthly FnVspends Nectrbuyers (Pre Vs Post)
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CMD 2026 Put together, No!ce, Nectr, and brand partnerships become Switch -our platform-wide bet on “Better” Better FMCG essentials, our own curated brandBetter FnV, grown by design, our own curated brand One reason for customers to buy better on Instamart Better across categories through partnerships with leading brands
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Our FY’31 Ambition CMD 2026
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CMD 2026 We are building a business with a clear proposition and strong basics PositioningDifferentiated AssortmentBrilliant BasicsFast and AvailableEngaged UsersSticky and Frequent
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CMD 2026 Instamartwill be a ₹1.5+ Lakh Cr GOV business serving 40+ mnusers by 2031FY’31 Annual GOV Projection (INR Cr. ) 28KFY’26 1.5L+ FY’31 42% CAGR GOV Growthfrom ₹28K Cr in FY264-5XMTU GrowthFrom 13.3mn in Q4 FY263-3.5XPurchase FrequencyFrom 2.8 orders/month in AMJ’261.2-1.4XGOV/orderFrom 691 Rs. per order in AMJ’261.1-1.2XSource: Company estimates.
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Path to Profitability CMD 2026
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CMD 2026 Achieved a 5.4pp gain in Contribution margin in 6 quarters JFM’25AMJ’26JAS’26OND’26JFM’26AMJ’26-5.6% -4.6% -2.6%-2.5%-1.8% -0.2% +5.4pp Contribution Margin (JFM’25 –AMJ’26) 1Better unit economics through:Higher Revenue per Order (INR 25) Lower Cost per Order (INR 3)2 STORE NETWORK45%+ Stores CM Positive25% of network operating at 3-5% CM TOP CITIES5 of 7 Cities CM PositiveBangalore operating at 2.5% CM Source: Company financials.
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CMD 2026 EBITDA breakeven is in sight, needs 2.5x scale and 4pp contribution gain Q4FY25Q1FY27(delivered)Path to EBITDABreak-even-5.6% -0.2% 4.0%+5.4pp Revenue per Order (INR) +25 +20Cost per Order (INR) -3 -10Scale 1.7x 2.5x Levers Contribution Margin Source: Company financials and estimates.
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CMD 2026 EBITDA Margin Path to 4-5% EBITDA guidance will be unlocked through scale Q4FY25Q1FY27EBITDABreak-evenEBITDAGuidance-18.0% -9.8% 0.0%4-5% 1Further Monetization 2Operating Leverage Source: Company estimates.
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CMD 2026 Path to 2031 1We have a clear and unique proposition for consumers to choose Instamart 2A strong operational foundation that will continue to get better 3Our consumers are staying longer andshopping more 4Achieved contribution breakeven; to becomeEBITDA positive at 2.5x scale
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AI Strategy
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Commerce is now Agentic-For a decade, convenience meant just open & search. Not anymoreDemandOpen the app & searchPersonalised experienceFulfilmentFast deliveryA self-correcting networkPartnersDashboards that adviseAn operator that acts AdvertisingReporting the pastPredicting the future EngineeringWriting codeBuilding with AI The winner is whoever can actually fulfil –the layer we’ve spent a decade building Its ours. CMD 2026
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The same machine, five engines Five engines.One machine. ENGINE 1DemandHow we win the customer ENGINE 2FulfilmentThe physical machine& our moat ENGINE 3PartnersRestaurants & brands runon our intelligence ENGINE 4MonetisationHow the machinebecomes margin ENGINE 5BuildingHow we build —AI-native, for everyone CMD 2026
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Demand –Personalisation. In session personalisation In-session personalisationA storefront that adapts to the session you're in. Not just the history you carry —the page re-ranks live around what you're looking for right now. User Searches “Sandwich”Browses but doesn’t convertFood page AdaptsRe-ranked around sandwich LIVE TODAY CMD 2026
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Demand –Personalisation. A Search Bar that adaptsbased on your previous intent User types ”Milk"—they've previously clicked & ordered Milk and Milk Chocolates User types ”Masala" —they've previously clicked & ordered Pav Baji Masala and Masala Oats LIVE TODAY CMD 2026
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Hyper-Personalisation –One User, Fully Understood Why it compoundsTwo verticals, one basket. A single-category app sees a slice of your life; a global player sees none of India's kitchen. The HowOne profile across Food and Instamart turns every search, order and reorder into a live model of intent —inferring the routine, then predicting the next order and its timing. From a store ranked on your history to a store that predicts your next basket. WHERE WE ARE HEADED CMD 2026
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Hyper-Personalisation –One User, Fully Understood What we know ?What we infer ?What we predict ? CarrotSouth IndianLactose-Free Paneer Vegetarian Premium Curd Cucumber Strawberries MorningBananaOrganicToor DalNOICE AttaIce Cream Chips Pancakes Nuts Premium Fresh-Produce Ritualist Micro-Replenishment Maximalist Lactose-Conscious S. Indian Cook Batter Box Idli/Dosa Batter ●high ●mediumCHURN RISK: LOW Organic Carrot English Cucumber Lactose Free Curd THE MODEL'S CALL → next session predicted: Tue 1 PM · converts WHERE WE ARE HEADED CMD 2026
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The same machine, five engines Five engines.One machine. ENGINE 1DemandHow we win the customer ENGINE 2FulfilmentThe physical machine& our moat ENGINE 3PartnersRestaurants & brands runon our intelligence ENGINE 4MonetisationHow the machinebecomes margin ENGINE 5BuildingHow we build —AI-native, for everyone CMD 2026
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Fulfilment–IM Operations 1Accurate forecasting 2Optimization of warehouse operations 3Improved pod operations 4Cost savings 5High product availability Outcomes and Efficiencies Vendor Management Demand Forecasting Movement Planning Warehouse Operations 1 2 3 4 Data Science driven Forecasting + Intelligent Vendor Management + AI Driven Movement Planning AI Co-Pilots for WH Ops Teams LIVE TODAY CMD 2026
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Fulfilment · The Self-Correcting Network Why it compoundsEvery correction becomes training data —the loop gets smarter each time it runs, on infrastructure a decade in the making. The HowLive signals gate against thresholds; an AI layer narrates the whyfrom real evidence, then issues the corrective action. From humans reading dashboards to a network that detects, diagnoses and corrects itself WHERE WE ARE HEADED CMD 2026
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The same machine, five engines Five engines.One machine. ENGINE 1DemandHow we win the customer ENGINE 2FulfilmentThe physical machine& our moat ENGINE 3PartnersRestaurants & brands runon our intelligence ENGINE 4MonetisationHow the machinebecomes margin ENGINE 5BuildingHow we build —AI-native, for everyone CMD 2026
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Partner Intelligence –Food. Guru –AI Powered Partner Co-Pilot What can Guru answer ? ●Why did my GMV drop?●What dish should I add to my menu —and how do I describe it?●Can you explain my payout? I'm not a CA!●What are my competitors doing? Trusted by1.5 Lakhs active Restaurants 10 Lakhs/month conversations LIVE TODAY CMD 2026
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Partners –Intelligence that Operates Why it compoundsOnce the copilot operates the outlet,it isn't a dashboard they can swap —it's the operator they'd have to replace. The HowThe same intelligence already answering ~10 lakh conversations now closes the loop —moving from "here's what to do" to doing it, agentically From a copilot that advises to a copilot that runs the outlet WHERE WE ARE HEADED CMD 2026
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The same machine, five engines Five engines.One machine. ENGINE 1DemandHow we win the customer ENGINE 2FulfilmentThe physical machine& our moat ENGINE 3PartnersRestaurants & brands runon our intelligence ENGINE 4MonetisationHow the machinebecomes margin ENGINE 5BuildingHow we build —AI-native, for everyone CMD 2026
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IM Ads –Smarter Matching Algorithms LIVE TODAY CMD 2026
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IM –Industry First Auto Suggest Ads. 10% Increase in Branded Searches LIVE TODAY CMD 2026
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Monetisation –Self Managed Advertising Why it compoundsA cross-vertical demand graph —Food + Instamart + Dineoutin one place —that no single-category retail-media network can assemble. The HowGoal-based bidding on top of the Swiggy Demand Graph —one objective fans out across campaign types and placements, self-optimising against live conversion From brands reporting the past to brands setting one goal —the machine allocates to hit it. WHERE WE ARE HEADED CMD 2026
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The same machine, five engines Five engines.One machine. ENGINE 1DemandHow we win the customer ENGINE 2FulfilmentThe physical machine& our moat ENGINE 3PartnersRestaurants & brands runon our intelligence ENGINE 4MonetisationHow the machinebecomes margin ENGINE 5BuildingHow we build —AI-native, for everyone CMD 2026
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Building–AI Engineering. 78% of new code is written by AI!What that speed unlocks ? A brand-new product taken from zero to built in just 5 weeksby an engineering team working fully AI-native Relaunched and delivered end-to-endby a team of just 6 engineers in ~4 weeks–the whole product, not a slice 5 wksIdea -> Built 4 wks6 Engineers. Full Ownership LIVE TODAY CMD 2026
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Building–AI. SAGE, our in-house Analytical tool for Business Teams A Shared Analytical BrainSAGEleverages the Worldly knowledge of AI +Institutional memory of Swiggy to get the right answers! CMD 2026
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Hyper-Personalisation –One User, Fully Understood Why it compoundsWhen all functions all compound on thesame tooling, thewhole company moves at AI speed, and every function's progress adds to the next. The HowWe built a shared AI tooling layer in-house so any team can put AI to work in their own language. AI at Swiggy is no longer an engineering tool —it's how every team gets its work done. WHERE WE ARE HEADED CMD 2026
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Our Technology Journey WHERE WE ARE HEADED CMD 2026 123 Building for the agentic eraMonetary benefits and capability unlocks that will compound Leverage AI in our core OPS
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Financial Overview
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129 Incubating and harvesting convenience led consumer need states Demonstrated track record of executionUnlocking hyperlocal commerce at scale Partnering towards win-win outcomes across the ecosystem Why Swiggy: A structural investment case
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100%FY20 78%18%4%FY23 51% 42%7%FY26 12,96727,741 67,734CAGR:+32% Food DeliveryQuick CommerceOut of Home Consumption FY20FY23FY26 -29.9% -14.1% -4.2% +25.7pp Consolidated AdjEBITDA MarginB2C GOV (INR Cr)Compounding growth with improving margins… CMD 2026Source: Company financials.
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Platform Frequency per UserPlatform Spend per User…driven by high quality user cohorts YearYear 1Year 2Year 3Year 4Year 5 FY20221.0x1.1x1.3x1.7x2.4x FY20231.0x2.0x1.6x2.3x FY20241.0x1.4x1.9x FY20251.0x1.6x FY20261.0x YearYear 1Year 2Year 3Year 4Year 5 FY20221.0x1.1x1.2x1.4x1.6xFY20231.0x1.1x1.3x1.5xFY20241.0x1.2x1.3x FY20251.0x1.2x FY20261.0x Note: User here refers to Retained Users CMD 2026
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Adj EBITDA (INR Cr) A demonstrated trajectory: Food delivery segment turnaround -1,035 1,001 FY20FY23FY26-3,194 FOOD DELIVERY Gross Order Value (INR Cr) 12,967 21,517 34,593 FY20FY23FY26 CAGR: +18% CMD 2026Source: Company financials.
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Gross Order Value (INR Cr)Adj EBITDA Margin 6,808 9,490 Q1FY25Q1FY27 +39% Q1FY25Q1FY27 0.8% 3.1%4x Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs. Q1FY27 (AMJ 2026). The profit engine: Met / exceeded guidance since listingFOOD DELIVERY CMD 2026
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The profit engine: What powers it High Operating LeverageNegative Working Capital(2% of GOV)Near-zero Capex &Infinite ROCE FOOD DELIVERY CMD 2026
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7,907 Q1FY25Q1FY27 2,724 +190% Q1FY25Q1FY27 -3.2% -0.2% Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs. Q1FY27 (AMJ 2026). The growth driver: Tripled scale, nears Contribution breakevenGross Order Value (INR Cr)Contribution Margin QUICK COMMERCE CMD 2026
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Steady-state GuidanceCapex per Store2.2 Cr2.5 CrWorking Capital15 Days12 DaysNOV per Year per Store42 Cr48 CrAsset Turn10.5x12.0xEBITDA Margin4.0%4.5%EBIT Margin3.3%3.8%ROCE (pre-tax)35%45% The growth driver: High return potential of ~40% ROCE (pre-tax)QUICK COMMERCE CMD 2026Source: Company estimates.
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The growth driver: What powers it Very Large TAM$1.1Tn QC-relevant marketVery high Asset Turns leading to High ROCE Potential~2x vs similar offline businesses Initial high Capital Intensity unlocks Capital Efficiency QUICK COMMERCE CMD 2026
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Gross Order Value (INR Cr)Adj. EBITDA Margin Q1FY25Q1FY27-2.0% 0.9% Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs. Q1FY27 (AMJ 2026). The quiet compounder: Turned profitable, 2.3x scale since listingOUT-OF-HOME CONSUMPTION Q1FY25Q1FY27 657 1,529+133% CMD 2026
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The quiet compounder: What powers it High Pass-through Revenue & Growth PotentialNegative Working CapitalNear-zero Capex &Infinite ROCE OUT-OF-HOME CONSUMPTION CMD 2026
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(INR Cr)FY26 GOVFY26 Adj EBITDAFY31 GOVFY31 Adj EBITDAFood Delivery34,5931,0012.5-3.5x~5,000Quick Commerce28,496-3,5124-5x~4,000Out-of-Home Consumption4,64529 4-5x~1,000Total67,734-2,483*~2,50,000~10,000-3.7% ~4% Path to INR ~10,000 Cr Adj EBITDA by FY2031… CMD 2026Source: Company financials and estimates. *FY26 B2C Adj EBITDA (excl. PI and SCD).
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…and accelerated Earnings per Share growth to INR 30+ FY26INR (17)EPS FY31INR 30-33EPS CMD 2026Source: Company financials and estimates.
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CMD 2026 Domestic institutional backing has resulted in majority domestic shareholding 0.50%20.60% Nov-24 15.89% 27.40% Nov-25 27.16% 23.33% Jul-26 MF + Insurance Other Domestic 21.10% 43.29%50.49% Note: Company dataas of 02-Aug-2026. Domestic Ownership Summary Top 5 MFs own 16.57% vs 7.10% pre-QIP (3 quarters ago)
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The path to IOCC status -unlocking direct inventory ownership 1stJuly 2026Domestic ownership crossed 50% 23rdJuly 2026Board approved 49.5% foreign shareholding cap 18thAugust 2026Shareholder vote at the 13th AGM2-4 QuartersInstamart’stransition to 1P post-approval CMD 2026
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144 Delivering profitable growth Growth at scaleINR 2.5L Cr+ GOV; 30%+ GOV CAGR through 2031 Expanding profitabilityINR 10K Cr EBITDA; ~4% Adj. EBITDA Margin by 2031 Strong balance sheetINR 14.4K Cr Cash; Debt Free
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Disclaimer CMD 2026 This document, except for historical information, may contain certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Forward-looking statements can be identified generally as those containing words such as ‘expects, anticipates,intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms. These forward-looking statements are based on certain expectations, assumptions, anticipated developments and are affected by factors including but not limited to, risk and uncertainties regarding any changes in the laws, rules and regulations relating to any aspects of the Company’s business operations, general economic, market and business conditions, new or changed priorities of trade, significant changes in political stability in India and globally, government regulations and taxation, litigation, competition among others over which the Company does not have anydirect control. The Company cannot, therefore, guarantee that the forward-looking statements made herein shall be realized. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result ofnew information, future events, or otherwise.Use of Non-GAAP MeasuresIn addition to financial information presented in accordance with Ind AS, we believe certain Non-GAAP measures are useful in evaluating our operating performance. We use these Non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Non-GAAP financial information, when taken collectively with financial measures prepared in accordance with Ind AS, provides an additional tool for investors to use in assessment of our ongoing operating results and trends because it provides consistency and comparability with past financial performance. Non GAAPmeasures used by us are defined below : Adjusted Revenue (also referred to as Gross Revenue) = Consolidated Revenue from operations as per financials plus (i) user delivery charges collected and passed on to delivery partners (net of any discounts, including free delivery discounts provided through Swiggy One membership program), plus (ii) fee from user (that is not already included in revenue from operations) collected and netted off from platform funded discounts given for corresponding orders.Adjusted EBITDA = Profit/loss as per financials excluding (i) tax expense (ii) other income (iii) depreciation and amortization expense (iv) finance cost (v) exceptional items (vi) share in net loss of an associate (vii) share based payment expense and (viii) rental expenses pertaining to 'Ind AS 116 leases' These measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with Ind AS..Note:Financial numbers reproduced in the corporate presentation have been derived from the annual report and the financial resultspublished by the Company, as the case may be.These financial numbers have been presented in INR crore and have been rounded off to the nearest zero decimal.