Shareholder letter
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MISSION “Elevate the quality of life of urban consumers by offering unparalleled convenience” From the CEO’s desk Dear Shareholders, It is my pleasure to present to you our Q1 FY27 Shareholders’ letter. Roughly a year ago, we had committed to achieving Contribution margin break-even in Quick Commerce by Q1FY27. Today, I am very happy to share that we have met this milestone. In a period where quick commerce competition has only intensified, we prioritized improving unit economics over fleeting headline growth. Our efforts over the last few quarters to reset our user base, economics and experience have together made the business much stronger and increased the staying power. This milestone marks a pivotal transition, as growth increasingly serves as a driver for profitability rather than a compromise against it. Quick commerce hit break-even Contribution target in May '26 with an overall Contribution for the quarter at -0.2% of GOV, a 440 bps year-on-year improvement while Adjusted EBITDA losses narrowed to INR 778 Cr (sequential improvement of INR 80 Cr). Our GOV grew 39.8% YoY to INR 7,907 Cr, and increasing per-order monetization saw Adjusted Revenue per order (RPO) rise to INR 108 (sequential improvement of INR 11). We expanded our network to 1,171 darkstores across 131 cities, and plan to further densify this footprint. As the base expectations in quick commerce become more commoditized, we strongly believe our differentiated assortment strategy will be the engine for our next growth phase. In line with our strategy, we have partnered with 400+ brands to curate higher-quality, value-forward alternatives across core daily-use categories at compelling price points. We have successfully completed the first phase of this initiative by launching such “Switch to Better” selection across 50 key product categories which now contribute to more than 15% of the category sales in a very short time. Noice, our clean-food private brand, continues to grow very strongly with a very warm response from our consumers. Our objective for the coming quarters is to scale this overall differentiated proposition across more categories and occasions, partnering with brands that view Instamart as a premier launchpad. We are confident that doubling down here is the most effective path to winning consumer loyalty and driving faster organic growth. This quarter, our Food delivery GOV grew 17.4% YoY. Normalized for restaurant driven cancellations we saw due to the LPG supplies, this would have been ~18% YoY. Our user growth witnessed healthy momentum with MTUs growing 17.8% YoY to 19.2 Mn, while Adjusted EBITDA margins stood at 3.1% of GOV, reflecting a robust bottom line of INR 292 Cr as we continue to benefit from operating leverage. Page 2 of 25
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For context, Q1 is seasonally a softer quarter given the monsoon impact and our annual salary increments fall in this period. Among all the levers that power food delivery: price, selection, convenience, we continue to believe affordability will be the biggest lever to unlock the next 100 million users, and we have been relentless in pursuing that goal. Toing (our standalone app for affordable meals) is now available in 50 cities and runs on a separate app so that we can test this affordability model. Given our restaurant/delivery infrastructure has already been built out here, we can run this business at a fraction of the cost (versus new insurgents) while retaining our right to win with budget-conscious users. The early indicators of incremental category growth and economies of scale for restaurants have been very positive. Our Out-of-Home Consumption segment maintained its steady profitability trajectory in Q1. The Dineout platform now supports 59k average monthly active restaurant partners, with GOV growing 44.8% YoY to INR 1,529 Cr. With Adjusted EBITDA margins expanding to 0.9%, this business remains a sustainable profitable pillar of our ecosystem. At the heart of our ESG agenda is the belief that growth must be inclusive. We are deepening our commitment to our delivery fleet through initiatives like #SwigStree, which empowers women partners with financial literacy and specialized gear, supporting our goal of 100,000 women partners by 2030. We also launched a digital mutual fund program, enabling partners to invest for their future with ease. Furthermore, we are collaborating with civic bodies on projects like “Varanasi ka Swaad” to support local culinary entrepreneurs. Through these efforts, we ensure that Swiggy’s success translates into meaningful, enduring opportunities for the diverse communities we serve. Regards Sriharsha Majety Co-founder, MD & Group CEO, Swiggy Ltd www.swiggy.com/corporate/ Page 3 of 25
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Key metrics 1) B2C GOV defined as Consolidated Gross Order Value of completed orders for consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations 2) B2C Adjusted Revenue defined as Consolidated Adjusted Revenue of consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations 3) Adjusted EBITDA defined as Consolidated EBITDA excluding (i) other income (ii) exceptional items (iii) share in net loss of an associate (iv) share based payment expense and (v) rental expenses pertaining to 'Ind AS 116 leases Highlights of the quarter ● Swiggy Platform ○ Platform Average Monthly Transacting Users (MTU) grew 27.4% YoY to 27.5 Mn (+9.2% QoQ) ○ Consolidated Adjusted Revenue grew 34.0% YoY to INR 7,112 Cr (+6.7% QoQ) ○ B2C Adjusted EBITDA Margin (% of B2C GOV) improved by 223bps YoY to -2.5% (+55bps QoQ) ○ Consolidated Adjusted EBITDA improved by INR 162 Cr YoY, to a loss of INR 651 Cr ● Food delivery ○ GOV grew 17.4% YoY to INR 9,490 Cr ○ Added 0.9 Mn Monthly Transacting Users during quarter to reach 19.2 Mn (+18% YoY) ○ Adjusted EBITDA improved by INR 100 Cr YoY to INR 292 Cr ( -INR 5 Cr QoQ), Adjusted EBITDA Margin stood at 3.1% of GOV (+70bps YoY, -22bps QoQ) ● Quick commerce ○ GOV grew 39.8% YoY to INR 7,907 Cr, NOV growth was at 38.9% to INR 5,817 Cr (sequential growth at 3%) ○ Total darkstore area increased to more than 4.9 Mn sq ft (+14.6% YoY), net addition of 28 darkstores to reach 1,171 stores across 131 cities ○ nAOV grew 12.1% YoY to INR 508 (from INR 453), led by sustained non-grocery selection mix and larger-basket buying behaviour across user cohorts ○ Contribution margin improved by 165bps QoQ (+440bps YoY) to -0.2%. ○ Adjusted EBITDA margin improved by 105bps QoQ to -9.8%, losses reduced by INR 80 Cr QoQ to INR 778 Cr ● Out of Home Consumption ○ GOV grew 44.8.% YoY and 22.8% QoQ to INR 1,529 Cr. Restaurant additions stood at a multi quarter high to reach 59k (+12.9% QoQ) ○ Adjusted EBITDA margin improved to 0.9% of GOV (highest ever) Page 4 of 25
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Swiggy Platform Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 B2C Gross Order Value (INR Cr) 14,797 16,683 18,122 18,131 18,926 Growth - QoQ 14.8% 12.7% 8.6% 0.0% 4.4% Growth - YoY 45.2% 47.6% 49.0% 40.7% 27.9% B2C Adjusted EBITDA margin (% of B2C GOV) -4.7% -3.6% -3.5% -3.0% -2.5% Consolidated Adjusted EBITDA (INR Cr) -813 -695 -712 -652 -651 Key operating highlights Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 B2C Total Orders (million) 264 282 294 301 308 Average Monthly Transacting Users [MTU] (million) 21.6 22.9 24.3 25.2 27.5 Average Monthly Transacting Delivery Partners ('000) 606 691 687 612 648 Platform Frequency (#) 4.13 4.10 4.04 4.01 3.87 Page 5 of 25
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Food delivery Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Adjusted EBITDA (INR Cr) 192 240 272 297 292 Average Monthly Transacting Users [MTU] (million) 16.3 17.2 18.1 18.3 19.2 Average Monthly Transacting Restaurant Partners ('000) 255.4 263.7 270.2 275.4 265.8 Page 6 of 25
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Quick commerce Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Total Orders (million) 92.4 100.8 106.4 112.6 114.5 Average Order Value [AOV] (INR per order) 612 697 746 700 691 Net Order Value [NOV] (% of GOV) 74% 70% 69% 72% 74% Adjusted EBITDA (INR Cr) -896 -849 -908 -858 -778 Average Monthly Transacting Users [MTU] (million) 11.1 12.0 12.8 13.3 13.5 Active Dark Stores (Exit) 1,062 1,102 1,136 1,143 1,171 Orders/dark store/day (#) 985 1,025 1,034 1,093 1,089 Active Dark store area (Mn Sq ft) 4.30 4.59 4.79 4.81 4.92 GOV per unit area (INR per sq ft) 13,163 15,287 16,571 16,391 16,056 # based on active darkstore-days, as orders should be linked to only the period a darkstore has been active. * Discounts to MRP on non-grocery categories typically are substantially higher than grocery. As the non-grocery mix in our GOV continues to increase, we believe that disclosing Net Order Value (NOV = GOV less all discounts) will give a better representation of the overall consumer spending on our platform. Page 7 of 25
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Out-of-Home Consumption Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Adjusted EBITDA (INR Cr) 5 6 8 10 14 Average Monthly Active Restaurants ('000) 41 44 48 53 59 Page 8 of 25
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Supply Chain & Distribution Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Revenue (INR Cr) 2,259 2,560 2,981 3,135 3,195 YoY % 78.1% 76.3% 76.1% 56.4% 41.4% Adjusted EBITDA (INR Cr) -62 -46 -42 -42 -48 Adjusted EBITDA margin (as a % of Revenue) -2.7% -1.8% -1.4% -1.3% -1.5% Platform Innovations Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Adjusted Revenue (INR Cr) 27 12 9 13 69 YoY % -8.1% -69.5% -76.6% -70.4% 156.2% Adjusted EBITDA (INR Cr) -52 -46 -40 -58 -131 Adjusted EBITDA margin (as a % of Adjusted Revenue) -192.2% -384.7% -427.2% -462.8% -190.2% Page 9 of 25
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Management Perspectives 1. We saw a slight slow-down on Food delivery growth rate this quarter. What were the factors influencing it? Does the 18-20% GOV growth guidance still hold in Food Delivery? Food delivery GOV grew 17.4% YoY to INR 9,490 Cr in Q1FY27 (+5.4% QoQ). One of the factors influencing the overall performance was the marked increase in restaurant driven cancellations during the initial part of Q1 (LPG led disruptions) leading to higher percentage of unfulfilled orders. Normalised for this, the like-to-like GOV growth would have been ~18% (net of cancellations). The other important factor influencing the overall demand has been the continued expansion of the value led offerings. We have seen good traction on the 99 Store on the Swiggy platform and more recently on Toing (separate platform) which are solving for the affordability use case and unlocking new category growth levers. Each of these offerings has a distinct consumer use case and we will continue to experiment on both supply and demand side levers to unlock the best customer experience. In the short term, there could be some inter-play of demand levers on one platform vs the other which is hard to predict as we build out both the offerings. We remain confident of our ability to deliver on the stated guidance of 18-20% (outside of Toing). We continued to see healthy user addition (+17.8% YoY) and basket value increase (+4.8% YoY) in Q1. 2. Food delivery Contribution and Adjusted EBITDA margins declined. What caused the margin dip? How are we tracking towards the 5% medium term Adjusted EBITDA guidance? The sequential margin dip of 20 bps (in CM and Adjusted EBITDA) in Q1FY27 was largely seasonal. For context, the like to like sequential drop in the previous year (Q1FY26) was 40 bps in CM and 50 bps in Adjusted EBITDA. The primary driver of this is the higher investment in delivery partner availability which normalises through the year and annual wage hike during the quarter. We continued to see improved take-rates and higher operating leverage which drove 70 bps improvement in Adjusted EBITDA on a YoY basis. We reiterate our steady-state guidance of 5% Adjusted EBITDA on GOV over the medium term. 3. Recent headlines suggest potential entry of new competition in Food delivery. How resilient is your competitive positioning given these developments? We believe our competitive position in Food delivery is durable with no near term risks to the underlying growth trajectory. We have been agile to evaluate possible opportunities across pricing, formats and even separate apps to open up the TAM further while maintaining the economics of the core platform. The depth of our restaurant partner base and our tech and operational stack is fully built and scaled and we are well equipped to meet each need-state at a fraction of the cost a new player would incur, while retaining our right to win with the relevant cohorts. Page 10 of 25
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Any new entrant must find a value vector that established platforms do not already serve at scale. Our confidence rests at the back of our “Speed, Selection and Affordability” framework and we have proactively pre-empted the newer models that can be targeted across these: a) Speed and convenience : Bolt, our faster Food delivery proposition, remains live across 700+ cities, complemented by the premium One BLCK for the convenience-first user. b) Targeted selection: Eat Right, our health-focused curation (High Protein, No Added Sugar, Low Cal), contributes ~15% of total food delivery volumes with higher-than-platform AOVs. Desk Eats (workplace meals), Late Night Eats and Food on Train continue to open up new consumption occasions. c) Affordability : The 99-Store flat-price proposition, built for everyday affordability for value seeking consumers and more recently, our separate-app offering Toing. 4. What is the latest update on Toing and what is our strategy towards a viable economic model? How should one think about the overall investment within Platform Innovations? Toing is currently housed within Platform Innovations, which exists as a deliberate sandbox to test new consumer propositions and innovation bets. Toing is a standalone app for affordable meal options. We expanded it to ~50 cities during the quarter. The early adoption towards Toing has been very positive and affordability remains the big draw to unlock the next 100 million users in the segment for whom price remains the #1 barrier to adoption and habit formation. The green shoots in terms of growth of new to platform users and economies of scale for restaurants via Toing have been very encouraging with 2 out of 3 new users on Toing being new to platform or having been dormant on the Swiggy platform (establishing a very high product market fit for these set of users). On the supply side, a significant minority of restaurants on Toing have already reached more than half of the volumes generated on the Swiggy platform thereby unlocking significant economies of scale for them. We will continue to exercise the same discipline that we have used in scaling other new initiatives with clear demonstration of product and business market fit markers before choosing to continue investing. More recently, we decided to shut down Snacc, the micro-kitchen model serving functional meals due to our expectation of the low potential size of the category considering the incremental complexity required to run the business. We have been able to launch Toing without any significant incremental fixed costs (unlike new competition who will have to build the entire stack ground up) by leveraging our existing tech and execution capabilities. The initial investment in Toing is largely on new user acquisition which is discretionary in nature and can be quickly scaled or cut-back depending on the progress. We will continue to provide more details as we learn and iterate in this large opportunity. Page 11 of 25
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5. Dineout / Out-of-Home Consumption grew 45% YoY whilst improving profitability. How meaningfully large a business can it become within the Swiggy portfolio and what can be the pace of growth and margin improvement going ahead? Out-of-Home Consumption continued its steady, profitable journey with GOV growth of 44.8% YoY (22.8% QoQ, highest in the last two years) to INR 1,529 Cr across 59k active monthly restaurant partners (restaurant partner additions also at a multi quarter high). Adjusted EBITDA margin further improved to 0.9% of GOV. Over the last two years, the business has transformed into a full stack dining platform (discovery, reservations, payments, loyalty via DineCash and Scenes for event discovery and bookings) with improving profitability. The quarter saw a minor dip in the Contribution margin mainly due to scale back of discretionary advertisement spending by the restaurant partners in the early parts of the quarter (LPG led disruption) which has since normalised. In-restaurant dining is a distinct Food TAM and a growing share of new partners are premium dining establishments which open up incremental profit pool opportunities. We have hit an annualized GOV run rate of INR 6,000 Cr with 1% Adjusted EBITDA and we expect to cross 10,000 Cr annualized GOV run-rate over the next 2 years with an annualised Adjusted EBITDA pool of ~500 Cr. 6. Moving to quick commerce, how have you fared against the stated guidance of achieving break-even CM latest by Q1FY27 (first shared 5 quarters ago) in the light of heightened levels of competitive activity? How have top cities and stores performed? Our CM losses had peaked at −5.6% of GOV in Q4FY25. Since then, we continued to make steady progress on our goal of achieving break-even within Q1FY27. Through this period, we chose to stay vested in our chosen strategy of incentivising growth through profitability rather than seeing it as a trade-off. This meant making hard choices on monetisation, build-up of larger baskets (through assortment and availability expansion), growing and maturing non-grocery mix, improving advertising revenue and securing operating leverage. We improved our Contribution by INR 28 per order over the last 5 quarters . Our adjusted revenue, in particular, moved from INR 83 in Q4FY25 to INR 108 in Q1FY27. This helped in the sequential EBITDA loss reduction of 80 Cr in Q1FY27. Talking of store level profitability, more than 45% of our store network turned Contribution margin positive (vs 30% in the previous quarter). During the quarter, 25% of the network operated at 3-5% CM, with 5 out of the top 7 cities turning Contribution margin positive. Page 12 of 25
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7. We saw a slowdown in Instamart’s growth rate this quarter? What is the growth outlook from hereon? As mentioned above, the chosen path of getting to Contribution neutrality was to make the business stronger. We were able to achieve that by weaning away unprofitable users (~4M+ over the last 3 quarters) and orders which were contributing negatively to the financial performance while ensuring that the retained users continued to get better experience on our platform. Having achieved the break-even Contribution target in May’26, we deliberately decided to incubate certain investment levers in better customer experience (specific investments in improving availability, speed and curated value propositions) from thereon which resulted in the overall quarter burn coming at -0.2% CM with a slight uptick in our marketing spends below CM (apart from annual wage hikes). As a result of these deliberate choices and improvement in quality of acquired and retained user cohorts, we are starting to see green shoots in our overall growth. Our 4 weeks trending NOV growth rate (week ending July 26th) is at 10.0% vs 1.0% in the previous four weeks. We are also seeing a marked improvement in the overall transacting user base over this period which augurs well for the ensuing growth going forward. We enter Q2FY27 with our most resilient, high-frequency, and highly retained transacting user base of the past year with 1M retention of the transacting user base increasing to 61% (from 55% in Q1FY26). As we calibrate the near term investment choices, we will be making certain real time decisions to accelerate growth rates while remaining on the path of fiscal discipline. We expect Contribution margins to be range bound in the zero to -100 bps territory for the next couple of quarters while accelerating the sequential quarterly growth rates. This does not assume any change in the existing competitive landscape. We recognise the need for accelerated growth to achieve Adjusted EBITDA profitability in the business. 8. What will be the key drivers for reduction in Adjusted EBITDA losses from hereon? We expect to hit overall Adjusted EBITDA break-even at a scale of ~ INR 60,000 Cr of run rate annualised NOV (25-30 Cr orders per quarter from the current rate of 11.5 Cr per quarter) with 5-6% Contribution margin equating to INR ~30 per order. Over the last 5 quarters, we have added INR 28 per order and we need to add another INR ~30 per order to break-even at the above volume run-rate. From an overall Contribution margin accretion, we are expecting the following levers to help us achieve the same: a. Higher revenue due to higher margin and favourable product mix: INR 10 per order b. Ads revenue: INR 10 per order c. Densification and warehouse/ store automation: INR 5 per order d. Operating leverage on higher store utilisation and semi-variable costs: INR 5 per order Page 13 of 25
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An Inventory led operating model will unlock an additional INR 4-5 per order which can potentially help fast track this journey and achieve break-even at a lower scale. We reiterate our medium-term ambition of scaling to over INR 1 lakh Cr NOV at a 4-5% Adjusted EBITDA margin. 9. When every player in the industry is going after building a wider assortment, how is your strategy on assortment different from others? The levers that built quick commerce are starting to hit diminishing returns - speed is table stakes, aggressive pricing is unsustainable, and assortment is largely similar. We view assortment selection as a curation game, rather than a volume game and believe the next frontier of sustainable differentiation is not just offering more, but enabling consumers to buy better. Through our ‘Switch to Better’ proposition, we are addressing unmet customer needs across core daily categories via a targeted, two-pronged approach: a. Proprietary Brands: Developing high-quality, curated essentials under our own portfolio, anchored by the launch of Noice. b. Strategic Brand Partnerships: Collaborating with brand partners to co-create and offer superior alternatives at compelling price points across key lifestyle categories—such as high-protein staples in Food, branded storage and drinkware in Home, and non-toxic toys in Kids. This strategy goes beyond product expansion to actively shaping user behavior. Customers who have purchased ‘Switch’ SKUs have exhibited 30% higher retention rate compared to benchmark cohorts. As we roll out additional category bets in the coming quarters, this focus on value-added curation will serve as a durable, margin-accretive competitive moat in an otherwise commoditized market. 10. What is the outlook on store additions in the near future? We have built out a very strong network across the 131 cities that we are currently operating in with store utilization at ~40% with significant head-room to grow of the current network. At the same time, the underlying volume growth in high growth neighborhoods necessitates new store opening and we expect to add ~75 stores in Q2FY27. 11. How different is NOV from NRV, a term which has been recently spoken about? Why are you not reporting this metric? One of the KPIs of our business is Net Order Value (NOV) which measures the actual amount consumers pay on our platform for delivered orders. It is a clean and transparent indicator of true consumer demand and adoption. Page 14 of 25
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In contrast, Net Realizable Value (NRV), as defined, bundles brand-funded discounts, ad revenues (incl tax) and subscription fees onto base consumer spend. By conflating brand spends on the platform with direct consumer transactions, in our understanding, such NRV can potentially inflate reported top-line metrics by ~20%. Furthermore, our NOV is anchored on delivered orders and not on placed orders. While brand monetization is a key driver of profitability in the business, mixing it with actual consumer spend obscures the actual underlying growth in the business. For us, delivered NOV remains the truest and the most reliable measure of actual consumer behaviour on the platform. 12. Swiggy's board recently approved a proposal to cap foreign ownership at 49.5% as part of the journey towards becoming an Indian Owned and Controlled Company (IOCC). What does this mean for Instamart, and where are we in the process? On July 23, 2026, our Board approved a proposal to cap Swiggy's aggregate foreign shareholding at 49.5% on a fully diluted basis, along with related amendments to our Articles of Association, as part of our effort to qualify as an IOCC under India's foreign exchange regulations. This follows an important milestone reached earlier in the quarter - as of July 01, 2026, our domestic ownership crossed 50% for the first time, paving the path towards Swiggy’s IOCC journey. IOCC status will allow Instamart to directly own and sell inventory, in addition to running its marketplace business. This has the potential to add ~80 bps in our Contribution margin while allowing us higher flexibility and control in the day to day operations. The proposal shall be subject to shareholder approval at our 13th AGM slated for August 18, 2026. We expect the transition to complete over a period of 2-4 quarters post approval. We do not expect any disruption to the customer experience or to our supply relationships during this period, and our teams have been preparing the operational groundwork in parallel so that we are ready to move in a seamless fashion once we receive the necessary approvals. Page 15 of 25
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Adjusted Revenue, Adjusted EBITDA, and Consolidated cash balance reconciliations Adjusted Revenue INR Cr Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Revenue from operations 4,961 5,561 6,149 6,383 6,812 Add: user delivery charges 238 220 151 146 141 Add: Fee from user (that is not already included in revenue from operations) 109 130 132 136 159 Adjusted Revenue 5,308 5,911 6,431 6,665 7,112 Adjusted EBITDA INR Cr Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Profit/(loss) for the period / year -1,197 -1,092 -1,065 -800 -791 Add: Tax expense - - - - - Add: Finance costs 41 48 55 56 53 Add: Depreciation and amortisation expense 288 304 313 312 298 Less: Other income -87 -59 -96 -266 -211 Add: Share based payments 265 253 233 215 173 Add: Exceptional items 0 0 10 0 0 Add: Share in net loss of an associate 1 1 1 1 1 Less: Rental expenses pertaining to ‘Ind AS 116 leases’ -124 -150 -163 -170 -174 Adjusted EBITDA -813 -695 -712 -652 -651 Consolidated cash balance INR Cr Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Adjusted EBITDA -813 -695 -712 -652 -651 Add: Treasury income realised 69 77 76 79 132 Less: Capital Expenditure incurred -319 -188 -216 -188 -195 Less: Loan movement (including interest) -1 98 -22 -12 -102 Add: Other items 11 -32 -29 167 121 Cash (burn) / surplus -1,053 -740 -903 -606 -695 Add: (Increase) / Decrease in working capital -288 -9 -121 -252 9 Add: Net Proceeds from capital raises 0 0 9,931 0 0 Add: (Investments) / Divestment 0 2,399 0 Change in cash -1,341 -749 8,907 1,541 -686 Add: Opening cash balance 6,695 5,354 4,605 13,512 15,053 Consolidated closing cash balance 5,354 4,605 13,512 15,053 14,367 Note: There could be some totalling anomalies in the numbers displayed above due to the impact of rounding off Page 16 of 25
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Definitions of key terms used in relation to business Swiggy Platform Term Description B2C Total Orders Consolidated completed orders of consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out of Home Consumption, excluding Platform Innovations B2C Gross Order Value (GOV) Consolidated Gross Order Value of completed order for consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations B2C Adjusted EBITDA Consolidated Adjusted EBITDA of (i) Food delivery, plus (ii) (Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations B2C Adjusted EBITDA Margin (% of B2C GOV) B2C Adjusted EBITDA divided by B2C GOV B2C Adjusted Revenue Consolidated Adjusted Revenue of consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, excluding (v) Platform Innovations Consolidated Revenue Consolidated Revenue from operations as per financials of all businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Chain and Distribution, plus (v) Platform Innovations Consolidated Adjusted Revenue Consolidated Adjusted Revenue of all businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Chain and Distribution, plus (v) Platform Innovations Consolidated EBITDA Profit/loss as per financials excluding (i) tax expense (ii) depreciation and amortization expense (iii) finance cost Consolidated Adjusted EBITDA Consolidated EBITDA excluding (i) other income (ii) exceptional items (iii) share in net loss of an associate (iv) share based payment expense and (v) rental expenses pertaining to 'Ind AS 116 leases' Average Monthly Transacting Users Number of unique transacting users that have completed at least one order on the Swiggy unified-app / website in a month, averaged for the months in the period/year Average Monthly Transacting Delivery Partners Number of unique delivery partners that have delivered at least one order in a month, averaged for the months in the period/year Platform Frequency Completed orders per user in a month, averaged for the months in the period/year Page 17 of 25
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Food Delivery Term Description Total Orders Total completed Food Delivery orders on the platform Gross Order Value (GOV) Total monetary value of completed Food Delivery orders (gross of any discounts) plus (i) user delivery charges (net of any discounts, including free delivery discounts provided for Swiggy One membership program), plus (ii) packaging charges, plus (iii) fee from users. plus (iv) taxes, excluding tips. Average Order Value (AOV) Food Delivery GOV divided by Food Delivery Total Orders Revenue Revenue from our Food Delivery business includes (i) pre-agreed commissions from restaurant partners; (ii) advertising revenue from restaurant partners; (iii) fees that we charge to users and delivery partners for the use of our technology platform and subscription revenue (net of discounts, credits and refunds other than free delivery); and (iv) fees for other business enablement services from restaurant partners Adjusted Revenue Revenue 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 users collected and netted off from platform funded discounts given for corresponding orders Contribution Margin (as a % of GOV) Food Delivery Adjusted Revenue, less (i) delivery and other charges, less (ii) platform funded discounts, less (iii) other variable costs, as a percentage of GOV Adjusted EBITDA Food Delivery segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases'. Average Monthly Transacting Users Number of unique transacting users that have completed at least one Food Delivery order in a month, averaged for the months in the period/year Average Monthly Transacting Restaurant Partners Number of unique restaurant partners with at least one delivered order in a month, averaged for the months in the period/year Page 18 of 25
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Quick Commerce Term Description Total Orders Total completed Quick Commerce orders on the platform Gross Order Value (GOV) Total monetary value of orders at maximum retail price (“MRP”) of goods sold (except for instances where MRP is not applicable such as fruits and vegetables wherein final selling price is used instead of MRP) and gross of any discounts, plus (i) user delivery charges (net of any discounts, including free delivery discounts provided for Swiggy One membership program), plus (ii) packaging charges, plus (iii) fee from users, plus (iv) taxes, excluding tips. Net Order Value (NOV) Gross Order Value, less Discounts (whether platform or partner funded) Average Order Value (AOV) Quick Commerce GOV divided by Quick Commerce Total Orders Revenue Revenue from our Quick Commerce business includes: (i) Pre-agreed commissions from merchant partners; (ii) advertising revenue from brand partners; (iii) user delivery charges collected (net of any discounts); (iv) fees that we charge to users (net of amounts passed on to merchant partners) and delivery partners for the use of our technology platform and subscription revenue (net of discounts, credits and refunds other than free delivery) (v) fees for other business enablement services from merchant partners Adjusted Revenue Revenue plus (i) user delivery charges collected and netted off from platform funded discounts given for corresponding orders, plus (ii) fee from users collected and netted off from platform funded discounts given for corresponding orders Contribution Margin (as a % of GOV) Quick Commerce Adjusted Revenue, less (i) delivery and other charges, less (ii) platform funded discounts, less (iii) cost of fulfilment services, less (iv) other variable costs, as a percentage of GOV Adjusted EBITDA Quick Commerce segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases' Average Monthly Transacting Users Number of unique transacting users that have completed at least one Quick Commerce order in a month, averaged for the months in the period/year. Active Dark Stores Number of Dark Stores with at least one completed order on the last day of the period/year Active Dark Store Area Total area of Active darkstores on the last day of the period Page 19 of 25
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Out-of-Home Consumption Term Description Total Transactions Total Transactions on Swiggy Dineout and Swiggy Scenes Gross Order Value (GOV) Total monetary value of all transactions (gross of any discounts) on Dineout and Scenes, plus (i) fee from users, plus (ii) taxes Average Order Value (AOV) Out-of-home Consumption Gross Order Value divided by Out-of-home Consumption total transactions Revenue Revenue from our Out-of-home consumption includes (i) pre-agreed commissions that we charge to our restaurant partners; (ii) advertising revenue from restaurant partners and brand partners; (iii) fees that we charge to users for the use of our technology platform and subscription revenue (net of discounts) (iv) revenue from sale of tickets, and (v) fees for other business enablement services provided to restaurant partners and brand partners. Adjusted Revenue Revenue plus fee from users collected and netted off from platform funded discounts given for corresponding orders (as applicable) Contribution Margin (as a % of GOV) Out-of-home Consumption Adjusted Revenue, less (i) platform funded discounts, less (ii) other variable costs, as a percentage of GOV Adjusted EBITDA Out-of-home Consumption segment results as per financials less rental expenses pertaining to ‘Ind AS 116 leases’ Average Monthly Active Restaurants Total number of unique Swiggy Dineout restaurants that are listed with payment option in a month, averaged for the months in the period/year Page 20 of 25
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Supply Chain and Distribution Term Description Revenue (i) Total monetary value of goods sold to wholesalers and retailers, plus (ii) Revenue from supply chain management and enablement services that we provide to our wholesalers and retailers Adjusted Revenue Same as revenue Adjusted EBITDA Supply Chain and Distribution segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases' Platform Innovations Term Description Revenue Revenue from Platform Innovations business typically includes (i) revenue from sale of food and products, (ii) fees that we charge to our users and delivery partners and subscription revenue (net of discounts, credits and refunds other than free delivery), (iii) advertising fees from restaurant partners, merchant partners and brand partners, and (iv) fees for other business enablement services from restaurant partners and merchant partners. Adjusted Revenue Revenue from operations for Platform Innovations, 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 users collected and netted off from platform funded discounts given for corresponding orders (as applicable) Adjusted EBITDA Platform Innovations Segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases' Page 21 of 25
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(₹ Crore) Year ended Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Mar 31, 2026 Unaudited Audited Unaudited Audited I Income Revenue from operations 6,812 6,383 4,961 23,053 Other income 211 266 87 508 Total income 7,023 6,649 5,048 23,561 II Expenses Cost of materials consumed - 11 13 45 Purchases of stock-in-trade 2,978 2,899 2,058 10,044 Changes in inventories of stock-in-trade (3) 5 (7) (22) Employee benefits expense 662 667 686 2,716 Finance costs 53 56 41 200 Depreciation and amortisation expense 298 312 288 1,217 Other expenses Advertising and sales promotion 1,160 1,024 1,036 4,207 Delivery and related charges 1,750 1,577 1,313 5,849 Others 915 897 816 3,445 Total expenses 7,813 7,448 6,244 27,701 III Loss before share of loss of an associate, exceptional items and tax (I-II) (790) (799) (1,196) (4,140) IV Share of loss of an associate (1) (1) (1) (4) V Loss before exceptional items and tax (III+IV) (791) (800) (1,197) (4,144) VI Exceptional items - - - (10) VII Loss before tax (V+VI) (791) (800) (1,197) (4,154) VIII Tax expense (i) Current tax - - - - (ii) Deferred tax - - - - Total tax expense (i+ii) - - - - IX Loss for the period/ year (VII - VIII) (791) (800) (1,197) (4,154) X Other comprehensive income/ (loss), net of tax Items that will not be reclassified subsequently to profit or loss: - Changes in fair value of equity instruments carried at fair value through other comprehensive income ('FVTOCI') - - - 1,350 - Re-measurement gain/ (loss) on defined benefit plans (1) 0 (2) (4) Other comprehensive income/ (loss) for the period/ year (1) 0 (2) 1,346 XI Total comprehensive loss for the period/ year, net of tax (IX+X) (792) (800) (1,199) (2,808) XII Loss for the period/ year attributable to: Owners of the Company (791) (800) (1,197) (4,154) XIII Other comprehensive income/ (loss) for the period/ year attributable to: Owners of the Company (1) 0 (2) 1,346 XIV Total comprehensive loss for the period/ year attributable to: Owners of the Company (792) (800) (1,199) (2,808) XV Paid-up share capital (face value of ₹ 1 per share) 262 261 230 261 XVI Other equity 18,053 XVII Earnings/ (loss) per equity share (face value of ₹ 1 each) (₹)* (i) Basic (2.96) (3.34) (5.04) (16.87) (ii) Diluted (2.96) (3.34) (5.04) (16.87) * EPS is not annualised for the quarter ended June 30, 2026, March 31, 2026 and June 30,2025. Sl. No. Particulars Annexure A - Statement of consolidated profit and loss Quarter ended Page 22 of 25
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(₹ Crore) As at Jun 30, 2026 As at Mar 31, 2026 As at Jun 30, 2025 Unaudited Audited Unaudited I ASSETS Non-current assets Property, plant and equipment 1,339 1,304 1,185 Right-of-use assets 2,364 2,344 1,893 Goodwill 696 696 696 Other intangible assets 206 214 237 Investment in an associate 53 54 57 Financial assets Investments 2,858 2,711 1,255 Other financial assets 2,232 1,315 681 Income tax assets 117 161 140 Other assets 130 111 122 Total non-current assets 9,995 8,910 6,266 Current assets Inventories 79 76 66 Financial assets Investments 4,029 3,269 1,205 Trade receivables 4,483 4,048 2,873 Cash and cash equivalents 1,956 2,747 894 Bank balances other than cash and cash equivalents 621 1,296 1,222 Other financial assets 3,328 4,394 1,764 Other assets 564 497 416 Total current assets 15,060 16,327 8,440 Total assets 25,055 25,237 14,706 EQUITY AND LIABILITIES II Equity Equity share capital 262 261 230 Other equity 17,434 18,053 9,057 Total equity 17,696 18,314 9,287 III Liabilities Non-current liabilities Financial liabilities Lease liabilities 1,954 1,941 1,547 Other financial liabilities 26 25 4 Contract liabilities 12 12 27 Provisions 70 68 51 Total non-current liabilities 2,062 2,046 1,629 Current liabilities Financial liabilities Borrowings - 100 28 Lease liabilities 540 510 415 Trade payables 2,880 2,278 1,975 Other financial liabilities 1,449 1,538 997 Contract liabilities 32 28 25 Other liabilities 277 304 251 Provisions 119 119 99 Total current liabilities 5,297 4,877 3,790 Total liabilities 7,359 6,923 5,419 Total equity and liabilities (II+III) 25,055 25,237 14,706 Sl.No Particulars Annexure B - Statement of consolidated balance sheet Page 23 of 25
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(₹ Crore) Year ended Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Mar 31, 2026 Unaudited Audited Unaudited Audited I Cash flow from operating activities Loss before tax (791) (800) (1,197) (4,154) Adjustments to reconcile the loss before tax to net cash flows: Depreciation and amortisation expense 298 312 288 1,217 Income on investments carried at fair value through profit or loss (36) (33) (8) (59) Interest income on security deposits carried at amortised cost (4) (5) (4) (17) Interest expense on liabilities measured at amortised cost 2 1 1 4 Gain on termination of leases (1) (38) (1) (43) Share based payment expense 173 215 265 966 Profit on disposalof property, plant and equipment (net) 0 (4) 0 (4) Impairment allowances for doubtful debts and receivables - 25 12 68 Impairment allowances for doubtful advances - 1 - 1 Interest on borrowings 2 4 1 9 Interest on lease liabilities 49 51 39 187 Interest income (169) (167) (74) (337) Share of loss of an associate 1 1 1 4 Provision/liability no longer required written back - (5) 0 (34) Interest income on income tax refund 0 (14) - (14) Operating loss before working capital adjustments (476) (456) (677) (2,206) Movements in working capital : (Increase)/decrease in inventories (3) 10 (11) (21) (Increase)/ decrease in trade receivables (435) (629) (422) (1,648) (Increase)/ decrease in other financial assets 20 14 47 22 (Increase)/ decrease in other assets (82) 69 (87) (142) Increase/ (decrease) in trade payables 602 86 157 465 Increase/ (decrease) in other financial liabilities (69) 195 51 604 Increase/ (decrease) in other liabilities (27) 3 (31) 22 Increase/ (decrease) in contract liabilities 4 40 2 (10) Increase/ (decrease) in provisions (1) 10 6 38 Cash used in operating activities (467) (658) (965) (2,876) Income tax refund /(paid)(net of TDS) 44 15 (15) (22) Net cash used in operating activities (423) (643) (980) (2,898) II Cash flow from investing activities Purchase of investments (6,075) (5,061) (4,532) (26,482) Proceeds from sale/maturity of investments 5,272 6,044 4,691 22,171 Proceeds from sale of investment in Rapido - 2,399 - 2,399 Purchase of property, plant and equipment and other intangible assets (196) (195) (319) (919) Proceeds from disposal of property, plant and equipment and other intangible assets 1 7 0 8 Redemption of/ (investment in) bank deposits, net 795 (1,183) 872 (2,415) Interest received 108 60 54 255 Net cash (used in) /generated from investing activities (95) 2,071 766 (4,983) III Cash flow from financing activities Proceeds from fresh issue of equity shares - - - 10,000 Share issue expenses - - - (69) Proceeds from exercise of Employee Stock Option 1 1 1 5 Payment of principal portion of lease liabilities (123) (115) (84) (415) Payment of interest portion of lease liabilities (49) (51) (39) (187) Proceeds from current borrowings - 227 28 490 Repayment of current borrowings (100) (235) (28) (418) Interest paid (2) (4) (1) (9) Net cash (used in) / generated from financing activities (273) (177) (123) 9,397 IV Net (decrease) / increase in cash and cash equivalents (I+II+III) (791) 1,251 (337) 1,516 Cash and cash equivalents at the beginning of the period 2,747 1,496 1,231 1,231 V Cash and cash equivalents at the end of the period 1,956 2,747 894 2,747 ParticularsSl.No Quarter ended Annexure C - Statement of consolidated cash flows Page 24 of 25
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Disclaimer 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 any direct 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 of new information, future events, or otherwise. Use of Non-GAAP Measures In 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 GAAP measures used by us are defined below : Adjusted 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. Page 25 of 25