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 Q2FY27 Shareholders’ letter. This was a quarter in which our businesses grew faster and our direction became clearer. At our first ever Capital Markets Day held on 6-Aug-26, we shared our long term aspiration to build towards INR 10,000 Cr of Adjusted EBITDA by FY31, at GOV of over INR 2.5 lakh Cr with ~4% margins. From a headline perspective, this quarter, B2C GOV grew 24.6% to INR 20,793 Cr, and Consolidated Adjusted Revenue grew 33.8% to INR 7,909 Cr. Quick commerce delivered the acceleration in growth as we had indicated. NOV grew 13.4% sequentially against 2.5% in Q1 to reach INR 6,594 Cr and orders were up 29.3% YoY to 130 million. We added a healthy base of 1.3 million users during the quarter to reach 14.8 Mn (up 23% YoY) as we focussed on habit building interventions and hyperlocal actioning while delivering improved frequency and superior retention metrics. Contribution margin was -1.0% of GOV within the range guided earlier, as we added 69 net stores, taking the network to 1,240 stores across 133 cities, and invested in differentiated assortment, availability and service quality. The Adjusted EBITDA losses rose by INR 46 Cr YoY to INR 895 Cr. We expect continued sequential growth in Q3 with operating margin improvement hereon. As speed and price become table stakes, we believe differentiated assortment will decide the winners. We presented Switch, which brings together partnerships with ~400 brands, No!ce, our private brand, now in 1 in 8 baskets with ~15 pp higher retention, and Nectr, our curated fruits and vegetables offering. For instance, in categories such as high-protein atta, Switch SKUs drove 51% of category growth in four months. A key update in the quarter was shareholder approval on the cap on foreign shareholding at 49.5% (fully diluted basis) to qualify as an Indian Owned and Controlled entity. The transition will allow Instamart to own inventory, and is expected to complete over the next few quarters, with a net margin benefit of about 80 bps. Food delivery GOV grew 17.7% YoY to INR 10,054 Cr, strongly exiting the quarter with Sep-26 clocking 20%+ YoY growth as we enter the festive quarter. We reported our highest ever Adjusted EBITDA of INR 341 Cr at best ever Adjusted EBITDA margin of 3.4% of GOV (+58 bps YoY). Toing, our standalone affordability app, is now in 50+ cities, and two in three of its new users are either new to Swiggy or long-term dormant. The annual guidance of 18-20% for Food delivery (ex -Toing) remains unchanged. Out-of-Home Consumption grew GOV 34.9% YoY to INR 1,508 Cr, with active restaurants up to 66k (+48% YoY). The business has now been Adjusted EBITDA-positive for seven consecutive quarters, and we continue to open Dineout offering in more cities taking the total count to 80+ now. We are also Page 2 of 25
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experimenting with new offerings like dining vouchers, in-restaurant & in-cinema ordering to fuel future growth. During the quarter, we advanced our sustainability and social-impact priorities by focusing on enabling lower-emission deliveries, strengthening delivery-partner welfare and enhancing our ESG governance and reporting framework. We enabled over 50,000 delivery partners across India to file their Income Tax Returns (ITR) directly via the delivery partner app for our Food Marketplace and Instamart businesses. The initiative enabled INR 6.5 Cr of cumulative income tax refund claims for delivery partners. Additionally, more than one-third of the delivery partners filed returns for the first time, joining the formal financial ecosystem. To accelerate EV adoption, Instamart co-located battery-swapping at last mile stations, saving delivery partners up to 60 minutes daily and lowering rental costs by up to 30%. We also continued to assess emerging regulatory requirements for extended producer responsibility, emphasizing building robust processes and traceability across our operations. Our approach remains focused on embedding environmental and social considerations into how we operate and grow, while creating a more resilient ecosystem for delivery partners, restaurant partners and the communities we serve. I thank our customers, restaurant and brand partners, delivery partners, employees and shareholders for their trust. 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 21.0% YoY to 27.8 Mn (+6.0% QoQ) ○ Consolidated Adjusted Revenue grew 33.8% YoY to INR 7,909 Cr (+11.2% QoQ) ○ B2C Adjusted EBITDA Margin (% of B2C GOV) improved by 99bps YoY to -2.6% (-13bps QoQ) ○ Consolidated Adjusted EBITDA decreased by INR 64 Cr YoY, to a loss of INR 760 Cr ● Food delivery ○ GOV grew 17.7% YoY to INR 10,054 Cr ○ Added 0.6 Mn Monthly Transacting Users during the quarter to reach 19.8 Mn (+15.2% YoY) ○ Adjusted EBITDA improved by INR 101 Cr YoY to INR 341 Cr ( INR 49 Cr QoQ), Adjusted EBITDA Margin stood at 3.4% of GOV (+58bps YoY, +32bps QoQ) ● Quick commerce ○ GOV grew 31.4% YoY (+16.7% QoQ) to INR 9,230 Cr, NOV growth was at 34.8% YoY to INR 6,594 Cr (sequential growth at 13.4%) ○ Total darkstore area increased to more than 5.2 Mn sq ft (+13.3% YoY), net addition of 69 darkstores to reach 1,240 stores across 133 cities ○ nAOV grew 4.3% YoY to INR 506 (from INR 485), led by sustained non-grocery selection mix and larger-basket buying behaviour across user cohorts ○ Contribution margin improved 157bps YoY to reach -1.0% of GOV (-82bps QoQ) ○ Adjusted EBITDA margin improved by 14bps QoQ to -9.7%, losses increased by INR 118 Cr QoQ to INR 895 Cr ● Out of Home Consumption ○ GOV grew 34.9% YoY to INR 1,508 Cr. Active Monthly Restaurants grew 10.8% QoQ to 66k ○ Adjusted Revenue increased by INR 60 Cr YoY to reach INR 155 Cr. Adjusted EBITDA margin stood at 0.5% of GOV Page 4 of 25
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Swiggy Platform Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 B2C Gross Order Value (INR Cr) 16,683 18,122 18,131 18,926 20,793 Growth - QoQ 12.7% 8.6% 0.0% 4.4% 9.9% Growth - YoY 47.6% 49.0% 40.7% 27.9% 24.6% B2C Adjusted EBITDA margin (% of B2C GOV) -3.6% -3.5% -3.0% -2.5% -2.6% Consolidated Adjusted EBITDA (INR Cr) -695 -712 -652 -651 -760 Key operating highlights Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 B2C Total Orders (million) 282 294 301 308 334 Average Monthly Transacting Users [MTU] (million) 22.9 24.3 25.2 26.2 27.8 Average Monthly Transacting Delivery Partners ('000) 691 687 612 648 756 Platform Frequency (#) 4.10 4.04 4.01 3.92 4.01 Page 5 of 25
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Food delivery Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Adjusted EBITDA (INR Cr) 240 272 297 292 341 Average Monthly Transacting Users [MTU] (million) 17.2 18.1 18.3 19.2 19.8 Average Monthly Transacting Restaurant Partners ('000) 263.7 270.2 275.4 265.8 265.9 Page 6 of 25
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Quick commerce Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Total Orders (million) 100.8 106.4 112.6 114.5 130.3 Average Order Value [AOV] (INR per order) 697 746 700 691 708 Net Order Value [NOV] (% of GOV) 70% 69% 72% 74% 71% Adjusted EBITDA (INR Cr) -849 -908 -858 -778 -895 Average Monthly Transacting Users [MTU] (million) 12.0 12.8 13.3 13.5 14.8 Active Dark Stores (Exit) 1,102 1,136 1,143 1,171 1,240 Orders/dark store/day (#) 1,025 1,034 1,093 1,089 1,192 Active Dark store area (Mn Sq ft) 4.59 4.79 4.81 4.92 5.21 GOV per unit area (INR per sq ft) 15,287 16,571 16,391 16,056 17,730 # 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 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Adjusted EBITDA (INR Cr) 6 8 10 14 8 Average Monthly Active Restaurants ('000) 44 48 53 59 66 Page 8 of 25
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Supply Chain & Distribution Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Revenue (INR Cr) 2,560 2,981 3,135 3,195 3,690 YoY % 76.3% 76.1% 56.4% 41.4% 44.1% Adjusted EBITDA (INR Cr) -46 -42 -42 -48 -51 Adjusted EBITDA margin (as a % of Revenue) -1.8% -1.4% -1.3% -1.5% -1.4% Platform Innovations Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Adjusted Revenue (INR Cr) 12 9 13 69 138 YoY % -69.5% -76.6% -70.4% 156.2% 1046.4% Adjusted EBITDA (INR Cr) -46 -40 -58 -131 -162 Adjusted EBITDA margin (as a % of Adjusted Revenue) -384.7% -427.2% -462.8% -190.2% -117.8% Page 9 of 25
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Management Perspectives 1. Food delivery YoY growth stood at ~18% in Q2FY27. Does the 18-20% GOV growth guidance for the full year still hold in Food Delivery? Food delivery GOV grew 17.7% YoY to INR 10,054 Cr in Q2FY27 (+5.9% QoQ). The shape of demand in the Food delivery segment continues to evolve. An increasing share of affordability-led demand is being served through the 99-Store (on the core Swiggy App) and Toing, the dedicated app for budget friendly meals (more on this later) as we continue to expand the total addressable market for the segment. In the short term, there were some inter-play of demand levers on one platform vs the other which was hard to predict as we built out both the offerings. Our rapid experimentation over the last 2-3 quarters has given us some clear understanding on the use cases of both these offerings and we have been able to accelerate the food delivery platform growth (ex Toing) to over 20% in the month of Sep-26 with 20 million+ transacting user base. We therefore remain confident of achieving the full year guidance of 18-20% (ex Toing). 2. Food delivery margins (Contribution and Adjusted EBITDA) sequentially improved with higher profitability. What led to margin expansion and is it sustainable? Food delivery Contribution margin sequentially improved to 7.7% of GOV in Q2FY27 (+9 bps QoQ, +34 bps YoY), despite some of the investments towards the affordability thrust. The quarter also reported the highest ever absolute Adjusted EBITDA of INR 341 Cr (+INR 49 Cr QoQ) and Adjusted EBITDA margins of 3.4% of GOV (+32 bps QoQ, +58 bps YoY). Some of the margin expansion levers were a) Advertising-led monetisation that accelerated the take-rate to 26.1% during the quarter (+23 bps YoY, highest ever) and b) Delivery cost efficiency through higher order density and short-distance orders with increasing penetration of Bolt and 99-Store (collectively more than 25% of Food delivery volumes). Operating leverage continues to add to overall margin improvement. We expect the trajectory to continue towards the stated guidance of 5% steady state Adjusted EBITDA margin. 3. What is the scale of Toing and should we expect to see continued investments towards it in the near term ? When can we expect more details on economic sustainability of the offering? Toing (standalone app for affordable meal options) remains within Platform Innovations, a structured home to test new consumer propositions and innovation bets. The growth trajectory, value demand unlock and consumer adoption for Toing, while early, have been encouraging as we continue to iterate and solve for scalability. Page 10 of 25
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a) Product Market Fit: We continue to see healthy user adoption for the offering demonstrating strong product market fit. The success benchmark remains the ability to attract new to Swiggy platform users which is demonstrated by 2 out of 3 users on Toing being first time Swiggy users or long term dormant on Swiggy. This shows that the proposition is adding to the overall category growth which was one of the fundamental tenets of launching a separate offering. Even for users who are transacting on both the platforms, the combined frequency is ~25% higher than their stand-alone platform frequency. b) Category growth expansion: Toing’s success can catapult combined Food delivery (Swiggy+Toing) marketplace growth to 25-30% (from the current guided range of 18-20%) . We are already seeing some of our cities reaching 20-30% of core Food delivery volumes in a very short time. The core Swiggy Food delivery profitability equation continues on its stated trajectory while Toing can potentially scale on the discretionary incremental investments for user acquisition with marginal overheads. c) Business market fit : While any new launch necessitates investments in customer acquisition channels, user retention levers and under absorbed capacity costs, the success of the offering will be determined when unit economics of the repeat users turns positive and continues to scale with better monetisation and costs optimisation. We are happy to report early green shoots of the business market fit with unit economics turning positive for our repeat users in the earliest launched cities. d) Restaurants: The long tail of value restaurants have benefited the most from Toing, observing meaningful uptick in order volumes with improved discovery. While these early results are positive, we will need to continue to sharpen the proposition and work on monetisation and efficient cost structures to make it sustainable. To reiterate, we are applying the same discipline to Toing as to our other new initiatives, continuing to invest only as product and business-market fit becomes clearer. Toing runs on our existing tech and execution stack with no significant incremental fixed cost, unlike a new entrant building from scratch. As mentioned above, the primary investment is on new-user acquisition, which is discretionary and can be scaled up or down in an agile manner. Having said that, we do expect the overall investment outlay to be range bound in the short term. We shall have more clarity on scalability and efficacy of the model in the next 1-2 quarters enabling us to share more details on this. 4. What are the changes proposed in GST on delivery fees and impact on the ecosystem? In the 57th GST Council meeting held recently, GST on delivery services provided through an E-commerce platform by an unregistered person was proposed at 5% instead of the current 18%. This change will bring down the overall GST burden on the customers, thereby making the platform more affordable for our consumers. The date of the change of GST rate will be known Page 11 of 25
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once the official notification is released by the Government which is expected in the next few days. 5. Dineout / Out-of-Home Consumption delivered 35% YoY growth. How should we think about the forward looking outlook for the next few quarters? Out-of-Home Consumption delivered GOV of INR 1,508 Cr in Q2FY27, up 35% YoY across 66k monthly active restaurant partners (+48.1% YoY). We continue to launch new frontiers of growth with each new offering opening up a new reason to dine out and bringing in new categories of restaurants onto Dineout, making it relevant to more occasions. Some of the recent initiatives include: Steal Deals lets diners buy a single dish from a restaurant at an accessible price. Selling a dish instead of a table makes Dineout far more relevant for quick-service restaurants, cafés, bakeries and dessert shops. It also brings in younger, impulse-led diners and extends our reach into smaller cities. Digital Menu takes Swiggy from the front door to the table. Diners scan a code, then order and pay from their phone, with no waiting for the bill. Cine Dining brings the same experience to the cinema, where guests order from their seat and have food delivered. Scenes, with its hyperlocal live events and experiences in and around restaurants, bars and cafés, completes the offering. Together, they form a complete going-out stack. Looking ahead, we expect Contribution and Adjusted EBITDA margin to continue improving sequentially on the stated path of 5% Adjusted EBITDA. 6. Moving to quick commerce, after a few muted quarters, Q2FY27 saw double digit sequential GOV/NOV growth. What factors drove the acceleration and what is the growth outlook from hereon? Q2FY27 saw acceleration in sequential growth with NOV growing 13.4% QoQ (vs 4% and 2.5% in the preceding two quarters) to INR 6,594 Cr with a volume growth of 13.8% QoQ. Three factors drove this: a) Larger and higher quality user base: With the culling of unprofitable users behind us, we added 1.3 Mn MTUs in the quarter (our highest addition in five quarters). Month-1 retention of the transacting user base averaged over 60% for the quarter which was meaningfully higher than the previous quarters. This retention curve along with higher frequency of repeat users led to an overall platform frequency increase of 4.2% QoQ. b) Targeted pricing investments to reactivate dormant base and drive habit building behaviours on the platform amongst the repeat users such as the INR 9 Store and cohorted pricing interventions. We also made certain tactical investments in speed and serviceability during the rainy season that drove higher retentions. Page 12 of 25
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c) Network expansion and differentiated assortment : We added 69 dark stores during the quarter (equivalent to the previous 3 quarters’ cumulative count) as higher growth led to more stores reaching maximum capacity utilisation. Our differentiated assortment strategy led by No!ce and Switch range of products continued to deepen user engagement. Competitive intensity in the sector remains high, and we do not expect it to ease in the near-term with horizontal e-commerce majors also participating actively through the festive quarter. We expect the structural levers of user addition, retention and frequency to deliver another quarter of double-digit sequential NOV growth in Q3FY27. 7. Contribution margin dipped to -1% of GOV and absolute losses also increased sequentially. What were the investment choices made leading to higher operating burn? As we had indicated last quarter, having achieved contribution break-even in May’26, we chose to calibrate near-term investments to accelerate growth while remaining within our guided range of zero to -100 bps on CM. CM moved to -1.0% of GOV in Q2FY27 (-82 bps QoQ, +157 bps YoY). Notably, while our take rate declined by 140 bps QoQ, cost efficiencies and operating leverage normalised the impact to only 80 bps in contribution margin with the following break-up: a) Targeted investments of 100 bps in habit formation and dormant-user reactivation b) Adverse mix led impact of 40 bps due to change in user mix (larger share of new and reactivated cohorts) along with festive season led category mix change, and c) Operating leverage and other cost efficiencies delivered 60 bps of improvement through higher store utilisation with orders per day per store increasing by 9.5% reaching 1,192 while adding 69 new stores whose under utilisation costs are expensed in contribution margin in the first 1-2 quarters leading to contribution margin headwinds in the near term. 8. How should we think about balancing growth investment against the path to Adjusted EBITDA breakeven guidance? The pricing investments highlighted above are discretionary and transient in nature and we expect them to start reversing over the next couple of quarters with better retention and maturity of cohorts. We believe the Adjusted EBITDA losses to have peaked out in Q2FY27. As stated in our previous communication, we expect the contribution margin to remain within the zero to -100 bps range in Q3FY27 with sequential improvements thereon. With the double-digit sequential NOV growth, we expect the Adjusted EBITDA margin as % of GOV improving by ~100 bps QoQ in Q3FY27. Our path to Adjusted EBITDA break-even remains unchanged. We need ~2.3x today's scale (INR 60,000 Cr of annualised NOV, from INR 26,400 Cr today) and INR 30 of contribution per order. Page 13 of 25
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Roughly two-thirds of this will come from higher revenue per order (product mix, own brands and advertising) and one-third from lower cost per order (densification, automation and operating leverage). 9. How is your differentiation strategy, including No!ce and Switch, playing out, and how did it contribute to growth this quarter? As speed becomes table stakes in quick commerce and aggressive pricing proves unsustainable, we believe differentiated assortment will help us build a unique consumer proposition. As we shared at our Capital Markets Day, we view assortment as a curation game rather than a volume game, and our aim is to enable consumers to buy better, not just offer more. The Switch proposition enables this through No!ce, Nectr and partnerships with around 400 brands to offer superior alternatives across core categories. As of Sep-26, Switch SKUs were part of over 20% orders on the platform, with SKUs available in over 60 categories. 1. No!ce: Our clean-food private brand now features in more than 1 in 8 orders across 500+ SKUs, and customers who buy No!ce show 15pp higher retention. No!ce is often priced at or near incumbent SKUs while offering superior quality, which also makes it margin-accretive. 2. Nectr: Our curated fruits and vegetables proposition is built around one of the most habit-forming daily categories. We launched in Bengaluru in Q2FY27, starting with select stores and widened coverage through the quarter. As of Sep-26, 1 in 6 of our Bengaluru customers bought a Nectr product. 10. What is the status of the IOCC transition and the move to inventory ownership in quick commerce? What is the likely impact on margin and working capital deployment as a result? We would like to thank our shareholders for their overwhelming support for the resolution of capping our foreign ownership up to 49.5% (fully diluted basis), helping us transition to an India owned and controlled structure. We have since taken necessary regulatory approvals and the domestic ownership has risen to over 58%, on the back of growing appetite among domestic institutional investors. The IOCC transition will start from mid-Q3 FY27, and we expect it to complete over the next 2-3 quarters. As we have mentioned in our previous communications, this has the potential to add ~80 bps to Instamart’s contribution margin when fully rolled-out while giving us greater flexibility and control over assortment, pricing, availability and day-to-day operations. As we transition to the inventory model, we expect to improve our overall working capital cycle by 8-10 days which should offset the additional investment in holding of the inventory on our balance sheet. We expect the net working capital days to normalise at ~15 days in this business on a steady-state basis. As a result, we do not expect any significant incremental working capital deployment in the business. We also do not expect any disruption to the customer experience or Page 14 of 25
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to our supply relationships during this period and our teams have been preparing the operational groundwork in parallel. 11. Lynks Logistics was recently sold to Udaan. What was the rationale behind the transaction, and how will it affect the reported financials going forward? Given our sharpened focus on consumer-facing businesses of Food delivery, Quick commerce, and Out-of-Home Consumption, we entered into an agreement to sell our entire shareholding in Lynks Logistics Limited, which houses our B2B authorised distribution business, to Trustroot Internet Private Limited, the parent entity of Udaan, for a consideration of ~INR 500 Cr in Sep-26. Together with a separate primary investment of INR 75 Cr, it will give us a ~3.2% stake in Udaan. The Lynks business financials were reported within the “Supply Chain & Distribution” segment. Our Q2FY27 reported financial results include the Lynks financials for the full quarter, and will cease to be part of our reported results from Q3 FY27 onwards. As a result, we expect the segment EBITDA to improve by ~INR 20 Cr from Q3FY27 onwards. Page 15 of 25
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Adjusted Revenue, Adjusted EBITDA, and Consolidated cash balance reconciliations INR Cr Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Revenue from operations 5,561 6,149 6,383 6,812 7,571 Add: user delivery charges 220 151 146 141 157 Add: Fee from user (that is not already included in revenue from operations) 130 132 136 159 181 Adjusted Revenue 5,911 6,431 6,665 7,112 7,909 Adjusted EBITDA INR Cr Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Profit/(loss) for the period / year -1,092 -1,065 -800 -791 -922 Add: Tax expense - - - - - Add: Finance costs 48 55 56 53 54 Add: Depreciation and amortisation expense 304 313 312 298 308 Less: Other income -59 -96 -266 -211 -212 Add: Share based payments 253 233 215 173 194 Add: Exceptional items 0 10 0 0 0 Add: Share in net loss of an associate 1 1 1 1 2 Less: Rental expenses pertaining to ‘Ind AS 116 leases’ -150 -163 -170 -174 -184 Adjusted EBITDA -695 -712 -652 -651 -760 Consolidated cash balance INR Cr Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Adjusted EBITDA -695 -712 -652 -651 -760 Add: Treasury income realised 77 76 79 132 131 Less: Capital Expenditure incurred -188 -216 -188 -195 -199 Less: Loan movement (including interest) 98 -22 -12 -102 -3 Add: Other items -32 -29 167 121 123 Cash (burn) / surplus -740 -903 -606 -695 -708 Add: (Increase) / Decrease in working capital -9 -121 -252 9 3 Add: Net Proceeds from capital raises 0 9,931 0 0 0 Add: (Investments) / Divestment 0 2,399 0 0 Change in cash -749 8,907 1,541 -686 -705 Add: Opening cash balance 5,354 4,605 13,512 15,053 14,367 Consolidated closing cash balance 4,605 13,512 15,053 14,367 13,662 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 integrated platform / 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 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 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 T erm 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 T erm 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 Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income Revenue from operations 7,571 6,812 5,561 14,383 10,522 23,053 Other income 212 211 59 423 146 508 Total income 7,783 7,023 5,620 14,806 10,668 23,561 II Expenses Cost of materials consumed - - 13 - 26 45 Purchases of stock-in-trade 3,607 2,978 2,330 6,585 4,388 10,044 Changes in inventories of stock-in-trade (164) (3) (1) (167) (8) (22) Employee benefits expense 676 662 690 1,338 1,376 2,716 Finance costs 54 53 48 107 89 200 Depreciation and amortisation expense 308 298 304 606 592 1,217 Other expenses - Advertising and sales promotion 1,298 1,160 1,039 2,458 2,075 4,207 Delivery and related charges 1,895 1,750 1,426 3,645 2,739 5,849 Others 1,029 915 862 1,944 1,678 3,445 Total expenses 8,703 7,813 6,711 16,516 12,955 27,701 III Loss before share of loss of an associate, exceptional items and tax (I-II) (920) (790) (1,091) (1,710) (2,287) (4,140) IV Share of loss of an associate (2) (1) (1) (3) (2) (4) V Loss before exceptional items and tax (III+IV) (922) (791) (1,092) (1,713) (2,289) (4,144) VI Exceptional items - - - - - (10) VII Loss before tax (V+VI) (922) (791) (1,092) (1,713) (2,289) (4,154) VIII Tax expense (i) Current tax - - - - - - (ii) Deferred tax - - - - - - Total tax expense (i+ii) - - - - - IX Loss for the period/ year (VII - VIII) (922) (791) (1,092) (1,713) (2,289) (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 - 1,350 1,350 - Re-measurement gain/ (loss) on defined benefit plans 2 (1) (1) 1 (3) (4) Other comprehensive income/ (loss) for the period/ year 2 (1) 1,349 1 1,347 1,346 XI Total comprehensive income/ (loss) for the period/ year, net of tax (IX+X) (920) (792) 257 (1,712) (942) (2,808) XII Loss for the period/ year attributable to: Owners of the Company (922) (791) (1,092) (1,713) (2,289) (4,154) XIII Other comprehensive income/ (loss) for the period/ year attributable to: Owners of the Company 2 (1) 1,349 1 1,347 1,346 XIV Total comprehensive income/ (loss) for the period/ year attributable to: Owners of the Company (920) (792) 257 (1,712) (942) (2,808) XV Paid-up share capital (face value of ₹ 1 per share) 262 262 232 262 232 261 XVI Other equity 18,053 XVII Earnings/ (loss) per equity share (face value of ₹ 1 each) (₹)* (i) Basic (3.45) (2.96) (4.59) (6.41) (9.63) (16.87) (ii) Diluted (3.45) (2.96) (4.59) (6.41) (9.63) (16.87) * EPS is not annualised for the quarter and half-year ended September 30, 2026 and September 30,2025 and quarter ended June 30, 2026. Sl. No. Particulars Annexure A - Statement of consolidated profit and loss Quarter ended Half-year ended Page 22 of 25
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(₹ Crore) As at Sep 30, 2026 As at Jun 30, 2026 As at Mar 31, 2026 As at Sep 30, 2025 Unaudited Unaudited Audited Unaudited I ASSETS Non-current assets Property, plant and equipment 1,319 1,339 1,304 1,188 Right-of-use assets 2,364 2,364 2,344 2,274 Goodwill 315 696 696 696 Other intangible assets 176 206 214 229 Investment in an associate 51 53 54 56 Financial assets Investments 3,080 2,858 2,711 100 Other financial assets 214 2,232 1,315 318 Income tax assets 74 117 161 151 Other assets 212 130 111 142 Total non-current assets 7,805 9,995 8,910 5,154 Current assets Inventories 228 79 76 67 Financial assets Investments 2,943 4,029 3,269 3,903 Trade receivables 5,124 4,483 4,048 2,895 Cash and cash equivalents 2,736 1,956 2,747 1,170 Bank balances other than cash and cash equivalents 436 621 1,296 560 Other financial assets 5,476 3,328 4,394 1,511 Other assets 690 564 497 532 Total current assets 17,633 15,060 16,327 10,638 Total assets 25,438 25,055 25,237 15,792 EQUITY AND LIABILITIES II Equity Equity share capital 262 262 261 232 Other equity 16,708 17,434 18,053 9,565 Total equity 16,970 17,696 18,314 9,797 III Liabilities Non-current liabilities Financial liabilities Lease liabilities 1,952 1,954 1,941 1,890 Other financial liabilities 27 26 25 4 Contract liabilities 11 12 12 27 Provisions 66 70 68 54 Total non-current liabilities 2,056 2,062 2,046 1,975 Current liabilities Financial liabilities Borrowings - - 100 127 Lease liabilities 562 540 510 474 Trade payables 3,558 2,880 2,278 1,885 Other financial liabilities 1,807 1,449 1,538 1,023 Contract liabilities 36 32 28 32 Other liabilities 328 277 304 377 Provisions 121 119 119 102 Total current liabilities 6,412 5,297 4,877 4,020 Total liabilities 8,468 7,359 6,923 5,995 Total equity and liabilities (II+III) 25,438 25,055 25,237 15,792 Sl.No Particulars Annexure B - Statement of consolidated balance sheet Page 23 of 25
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(₹ Crore) Year ended Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Cash flow from operating activities Loss before tax (922) (791) (1,092) (1,713) (2,289) (4,154) Adjustments to reconcile the loss before tax to net cash flows: Depreciation and amortisation expense 308 298 304 606 592 1,217 Income on investments carried at fair value through profit or loss (21) (36) (4) (57) (12) (59) Interest income on security deposits carried at amortised cost (4) (4) (4) (8) (8) (17) Interest expense on liabilities measured at amortised cost 1 2 1 3 2 4 Gain on termination of leases (2) (1) (2) (3) (3) (43) Reversal of Impairment loss recognised in money market instruments (5) - - (5) - - Share based payment expense 194 173 253 367 518 966 Profit on disposal of property, plant and equipment (net) 0 0 - 0 0 (4) Impairment allowances for doubtful debts and receivables 11 - 23 11 35 68 Impairment allowances for doubtful advances - - - - - 1 Interest on borrowings 3 2 1 5 2 9 Interest on lease liabilities 50 49 46 99 85 187 Interest income (176) (169) (49) (345) (123) (337) Share of loss of an associate 2 1 1 3 2 4 Provision/liability no longer required written back - - - - 0 (34) Interest income on income tax refund (4) 0 (0) -4 0 (14) Operating loss before working capital adjustments (565) (476) (522) (1,041) (1,199) (2,206) Movements in working capital : (Increase)/decrease in inventories (164) (3) (1) (167) (12) (21) (Increase)/ decrease in trade receivables (697) (435) (45) (1,132) (467) (1,648) (Increase)/ decrease in other financial assets (73) 20 75 (53) 122 22 (Increase)/ decrease in other assets (167) (82) (114) (249) (201) (142) Increase/ (decrease) in trade payables 680 602 (90) 1,282 67 465 Increase/ (decrease) in other financial liabilities 371 (69) 29 302 80 604 Increase/ (decrease) in other liabilities 51 (27) 126 24 95 22 Increase/ (decrease) in contract liabilities 3 4 7 7 9 (10) Increase/ (decrease) in provisions (1) (1) 4 (2) 10 38 Cash used in operating activities (562) (467) (531) (1,029) (1,496) (2,876) Income tax refund /(paid)(net of TDS) 47 44 (11) 91 (26) (22) Net cash used in operating activities (515) (423) (542) (938) (1,522) (2,898) II Cash flow from investing activities Purchase of investments (6,300) (6,075) (5,290) (12,375) (9,822) (26,482) Proceeds from sale/maturity of investments 7,729 5,272 5,100 13,001 9,791 22,171 Proceeds from sale of investment in Rapido - - - - - 2,399 Purchase of property, plant and equipment and other intangible assets (200) (196) (189) (396) (508) (919) Proceeds from disposal of property, plant and equipment and other intangible assets 1 1 1 2 1 8 Redemption of/ (investment in) bank deposits, net 189 795 1,173 984 2,045 (2,415) Interest received 65 108 71 173 125 255 Net cash generated from / (used in) investing activities 1,484 (95) 866 1,389 1,632 (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 0 1 2 1 3 5 Payment of principal portion of lease liabilities (134) (123) (102) (257) (186) (415) Payment of interest portion of lease liabilities (50) (49) (46) (99) (85) (187) Proceeds from current borrowings 186 - 127 186 155 490 Repayment of current borrowings (186) (100) (28) (286) (56) (418) Interest paid (3) (2) (1) (5) (2) (9) Net cash (used in) / generated from financing activities (187) (273) (48) (460) (171) 9,397 IV Net increase/ (decrease) in cash and cash equivalents (I+II+III) 782 (791) 276 (9) (61) 1,516 Cash and Cash equivalents transferred as part of Business divestment (2) - - (2) - - Cash and cash equivalents at the beginning of the period 1,956 2,747 894 2,747 1,231 1,231 V Cash and cash equivalents at the end of the period 2,736 1,956 1,170 2,736 1,170 2,747 ParticularsSl.No Annexure C - Statement of consolidated cash flows Half-year endedQuarter ended 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 identi fied 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 a ffected 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, signi ficant 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 o ff from platform funded discounts given for corresponding orders. Adjusted EBITDA = Pro fit/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
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Walker Chandiok &.Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block "A", Bagmane Tridib, Bagmane Tech Park, CV Raman Nagar, Bengaluru - 560093 Karnataka, India T +91 804 243 0701 F +91 804 126 1228 Independent Auditor's Review Report on the Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Swiggy Limited We have reviewed the accompanying statement of the consolidated unaudited financial results ('the Statement') of Swiggy Limited ('the Holding Company') and its subsidiaries (the Holding Company which includes the Swiggy Employee Stock Option Trust ('the Trust') and its subsidiaries together referred to as 'the Group') and its associate (refer Annexure 1 for the list of subsidiaries and associate included in the Statement) for the quarter ended 30 September 2026 and the consolidated year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143( 10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. VVe also pertormed procedures in accordance with the circular issued by the 81=1:ll under Regulation 33 (8) ot the L1st1ng Regulations, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Offices in Ahmadabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, Outer Circle, New Delhi, 110001, India
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Walker Chandiok &_Co LLP Swiggy Limited Independent Auditor's Review Report on the Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) 5. The Statement includes the Group's share of net loss after tax of ~ 2 crores and ~ 3 crores, and total comprehensive loss of ~ 2 crores and ~ 3 crores for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, in respect of one associate, based on its interim financial information, which has not been reviewed by its auditor, and has been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on such unreviewed interim financial information. According to the information and explanations given to us by the management, this interim financial information is not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the management of the Holding Company Chennai 22 October 2026 Chartered Accountants
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Walker Chandiok &_Co LLP Swiggy Limited Annexure 1 referred to in paragraph 1 of the Independent Auditor's Review Report on the Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) List of subsidiaries and associate included in the Statement: Sr. No. Name of the Company Country of Incorporation Relationship 1 Swiggy Employee Stock Option Trust India Trust 2 Swiggy Networks Limited India Subsidiary (formerly known as Swiggy Networks Private Limited, Scootsy Logistics Private Limited) 3 Swiggy Retail Limited India Subsidiary (formerly known as Supr lnfotech Solutions Limited, Supr lnfotech Solutions Private Limited) 4 Lynks Logistics Limited (till 15 September 2026) India Subsidiary 5 Swiggy Neocap Private Limited India Subsidiary (formerly known as Swiggy Sports Private Limited) 6 Swiggy lnstamart Private Limited India Subsidiary 7 Swiggy Commerce Private Limited India Subsidiary 8 Loyal Hospitality Private Limited India Associate Chartered Accountants
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Swiggy li mited 0 Swiggy CIN: L74110KA2013PLC096530 Registered Off ice: Survey No.14, No. 158, 3rd- 6th Floor, Tower 1, Sumadhura Capitol Towers, Pattanduru Agrahara Village, K.R.Puram Hobli, Bangalore East Taluk, Bengaluru - 560066, Karnataka, India Tel: 080-68422422 / Email ID: ir@swiggy.in / Web site: www.swiggy.com Statement of consolidated financial results for the quarter and half-year ended September 30, 2026 (~ Crare) Quarter ended Half-year ended Year ended SI. No , Particulars Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income Revenue from operations 7,571 6,812 5,561 14,383 10,522 23,053 Other income 212 211 59 423 146 508 Total income 7,783 7,023 5,620 14,806 10,668 23,561 II Expenses Cost of materials consumed 13 26 45 Purchases of stock-in-trade 3,607 2,978 2,330 6,585 4,388 10,044 Changes in inventories of stock-in-trade (164) (3) (1) (167) (8) (22) Employee benefits expense 676 662 690 1,338 1,376 2,716 Finance costs 54 53 48 107 89 200 Depreciation and amortisation expense 308 298 304 606 592 1,217 Other expenses Advertising and sales promotion 1,298 1,160 1,039 2,458 2,075 4,207 Delivery and related charges 1,895 1,750 1,426 3,645 2,739 5,849 Others 1,029 915 862 1,944 1,678 3,445 Total expenses 8,703 7,813 6,711 16,516 12,955 27,701 Ill Loss before share of loss of an associate, exceptional items and tax (1-11) (920) {790) (1,091) (1,710) (2,287) (4,140) IV Share of loss of an associate (2) (1) (1) (3) (2) (4) V Loss before exceptional items and tax (lll+IV) (922) {791) (1,092) (1,713) (2,289) (4,144) VI Exceptional items (Refer note 3) (10) VII Loss before tax (V+VI) {922) (791) (1,092) (1,713) (2,289) (4,154) VIII Tax expense (i) Current tax (ii) Deferred tax Total tax expense (i+ii) - IX Loss for the period/ year (VII - VIII) (922) {791) (1,092) (1,713) (2,289) (4,154) X Other comprehensive income/ (loss), net of tax Items that will not be reclassified subsequently to prof it or loss: - Changes in fair value of equity instruments carried at fair value through other 1,350 1,350 1,350 comprehensive income ('FVTOCI') (Refer note 9) - Re-measurement gain/ (loss) on defined benefit plans 2 (1) (1) 1 (3) (4) Other comprehensive income/ (loss) for the period/ year 2 (1) 1,349 1 1,347 1,346 XI Total comprehensive income/ (loss) for the period/ year, net of tax (IX+X) {920) (792) 257 (1,712) (942) (2,808) XII Loss for the period/ year attributable to: Owners of the Company (922) (791) (1,092) (1,713) (2,289) (4,154) XIII Other comprehensive income/ (loss) for the period/ year attributable to: Owners of the Company 2 (1) 1,349 1 1,347 1,346 XIV Total comprehensive income/ (loss) for the period/ year attributable to: Owners of the Company (920) (792) 257 (1,712) (942) (2,808) xv Paid-up share capital (face value of 0: 1 per share) 262 262 232 262 232 261 XVI Other equity 18,053 XVII Earnings/ (loss) per equity share (face value of,,: 1 each)(>:)* (i) Basic (34 5) (2.96) (4.59) (6.41) (9.63) (16.87) (ii) Diluted (3.45) (2.96) (4.59) (6.41) (9.63) (16.87) ~~ 'e,'(\l~ V/( <\)~ f~, * EPS i b "" "" ' ~ ~ ~ ' and ,,,1,e,, ended September SO, ' " ' and September SO,,O,s and '"' ""' ended '""" SO, ,o,e ~ ,;. I ~ G . U, L' " I ;j ~g (...., ~ % ~· ~-/"'Y * ,r,, IS~' Ji'QJAC. ?Y' . - -
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Swiggy Limited Statement of consolidated balance sheet Q s*issy (1 Crore) 5l.No. Particulars As at Sep 3Q 2026 As at Mar3L,2025 Unaudited Audited Non-current assets Property, plant and equipment Right-of-use assets Goodwill Other intangible assets lnvestment in an associate Financial assets lnvestments Other financial assets lncome tax assets Other assets Total non-current assets Current assets lnventories Financial assets lnvestments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Other financial assets Other assets Total current assets assets EQUITY AND LIABITITIES Equity share capital Other equity equity il Non-current liabilities Financial liabilities Lease liabilities Other financial liabilities Contract liabilities Provisions Total non-current liabilities Current liabilities Financial liabilities Bor r uwlnB,s Lease liabilities Trade payables Total outstanding dues of micro enterprises and small enterprises; and Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Contract liabilitles Other liabilities Provisions Total current liabilities liabilities and liabilities 1,319 7,364 315 L76 51 3,080 274 74 2r2 1,304 2,344 595 274 s4 2,7tr 1,315 151 111 7,805 228 2,943 5,r24 2,736 435 5,476 590 8,910 76 3,269 4,048 2,747 L,296 4,394 497 17.633 L5,327 25,84 25,237 262 16.708 26r 18,053 L6,970 7,952 27 L7 66 t8,3t4 t,947 25 t2 58 2,056 562 242 3,315 r,807 36 328 r21 2,046 100 510 !78 2,100 1,538 28 304 119 6,412 4,877 8,468 6,923 25,434 25,237
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Swigty Limited Statement of consolidated cash flows Cl t*ttt ended ?o,2026 2025Particulars unaudited Unaudited 506 157], (8) 3 t3) (s) 367 0 11 0 5 99 (34s) 3 12,28el 592 (12) (8) 2 (3) 2 85 518 0 35 (1,041) I,282 302 24 7 (12) (4671 722 (201) 67 80 95 9 10 91 (1,4e51 (12,37s) 13,001 (3s6) 2 984 173 19,8221' 9,79L (s08) L 2,O45 t25 lL,s22l 1,389 1 (257\ (ee) 185 (285) t,632 3 (185) (8s) 155 (s6) lLTLl 2,747 (61) 1,23r I ilt tv V flow from operating activities before tax Adiustments to reconcile the loss before tax to net cash flows: Depreciation and amortisation expense lncome on investments carried atfair value through profit or loss lnterest income on security deposits carried at amortised cost lnterest expense on liabilities measured at amortised cost Gain on termination of leases Reversal of lmpairment loss recognised in money market instruments Share based payment expense Profit on disposal of property, plant and equipment (net) lmpairment allowances for doubtful debts and receivables lmpairment allowances for doubtful advances lnterest on borrowings lnterest on lease liabilities lnterest income Share of loss of an associate Provision/liability no longer required written back lnterest income on income tax refund Operating loss before working capital adjustments Movements in working capital : (lncrease)/decrease in inventories (lncrease)/ decrease in trade receivables (lncrease)/ decrease in other financial assets (lncrease)/ decrease in other assets lncrease/ (decrease) in trade payables lncrease/ (decrease) in other financial liabilities lncrease/ (decrease) in other liabilities lncrease/ (decrease) in contract liabilities lncrease/ (decrease) in provisions Cash used in operating activities lncome tax refund/ (paid) (net of TDS) Net cash used in operating activities flow from investing activities Purchase of investments Proceeds from sale/maturity of investments Purchase of property, plant and equipment and other intangible assets Proceeds from disposal of property, plant and equipment and other intangible assets Redemption of/ (investment in) bank deposits, net lnterest received Net cash generated from investing activities Cash flow from financint activities Proceeds from exercise of employee stock options Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Proceeds from current borrowings Repayment of current borrowings lnterest paid cash used in financing activities Net decrease in cash and cash equivalents {l+ll+llll Cash and Cash equivalents transferred as part of Business divestment Cash and cash equivalents at the beginning of the period Cash and cash at the end of the 170 twF (.f\ l./ E7 *
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Q s*iesySwi8gy Limited Notes to the consolidated financial results Quarter ended Half-year ended Year ended sep 30, 2025 Jun 30, 2025 Sep 30, 2025 SeD 30, 2026 5ep 30, 2025 Mar 31, 2025Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited Statutorv imoact of new Labour Code(') 10 Total 10 Quarter ended Half-year ended Year ended Sep 30, 2025 Jun 30, 2026 Sep 30, 2025 Sep 30, 2025 Sep 30, 2025 Mar 31, 2026Particulars Unaudited Una udited Unaudited Unaudited Unaudited Audited 2,338 131 1,306 3,690 106 2,204 126 1,232 3,195 51 r,923 88 980 2,560 T2 4,546 257 2,538 6,885 t57 3,723 165 7,786 4,819 7,839 375 3,859 10,935 52 7,S7t 6,AL2 (2) 5,563 14383 (3) 10,525 (71 23,060 2,338 131 1,305 3,690 106 2,208 126 t,232 3,195 51 (7) t,92t 88 980 2,560 12 4,546 257 2,53a 6,885 157 (1) 3,720 165 7,7a5 4,819 (71 7,832 375 3,859 10,935 s2 7.57t 6.A12 5.561 14,383 LO.S22 23.053 349 8 -764) (71 { 162) 299 14 (6s1) {8) (131) 257 6 (73s) (18) (4s) 648 22 (1,41s) (1s ) t293) 453 11 { 1,s36) (6s) (s7l I,O4L 29 {3,063) (771 (19s) (2\ (s75) 212 (1e4) (s4) {308) (1 (477], ztr (173) (s3) (2e8) (1) {s4sl 59 {2s3) (48) (304) (3) (1,0s3) 423 (367) (107) (606) (2\ (t,2341 ].46 (s18) (8e) (se2) 12,2651 508 (e56) (2oo) (r,2771 (10) {4) a. Revenue from operations (total segment revenuel Food Delivery Out of home consumption Quick-commerce Supply chain and distribution Platform lnnovations b. Less: revenue from operations {inter-segment) Food Delivery Add: Other income Less: Share based payment expense Less: Finance costs Less: Depreciation and amortisation expense Less: Exceptional items Less: Share of loss of an associate Losgbd@lats.. -::,._. , ../ ; ! \'! .'- ;,,, ", -l-:1;l-r\ c. Revenue from operations {a-b) Food Delivery Out of home consumption Quick-commerce Supply chain and distribution Platform lnnovations Segment results Food Delivery Out of home consumption Quick-commerce SupplV chain and distribution Platform lnnovations (7911 {1.0921 t1.7131 Q.2891 {4.154} 1 The above consolidated results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on October 22, The Statutory Auditors have conducted a limited review ofthese unaudited consolidated financial results and issued an unmodified review reportthereon. 2 These consolidated financial results have been prepared in accordance with lndian Accounting Standards ('lnd AS') prescribed under Section 133 of the Companies Act, along with the relevant rules issued thereunder and other accounting principles generally accepted in lndia and in terms of Regulation 33 of the SEBl (Listing Obligations Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations"). 3 Exceptional items includes: (i) Pertains to the one-time impact arising from the implementation of the New Labour Codes, effective Novemb er 2L, 2025. Based on actuarial valuation, the Company had impact. 4 Segment information Maker ("CODM"), in deciding how to allocate resources and in assessing performance. The Group's chief operating decision maker is the Managing Director and Chief Executive Officer. The operating segments comprises of: website. (ii) Out-of-home consumption : offers restaurant dining solutions (that we provide through DineOut) and access to curated outdoor events through Scenes. (iii) Quick commerce : offer on-demand grocery and a growing array of household items to users through lnstamart. (iv) Supply chain and distribution: offer comprehensive supply chain services to wholesalers, retailers, and fast-moving consumer goods {"FMCG") brands, leveraging ou warehousing capabilities. We streamline the value-chain and ensure reliable, fast, and cost-effective order fulfilment for wholesalers, retailers and FMCG companies. (v) Platform lnnovations : consists of set of incubators for new service offerings to create more frequent and meaningful touchpoints for our users, this segment business verticals such as Swiggy-Minis, Swiggy Sports, Snacc, Toing, Crew, Jus+ etc. Summary of segment inlormotion as below: ,^ry i1 iir *' *
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* L ,I U * 5 DuringthequarterendedSeptember30,2025,theSwiggyEmployeeStockOptionTrust("Trust")hastransferred23,49,653equitysharesof{leachpursuanttotheexercise stock options by employees under various Employee Stock Option Schemes. 5 On September 7,2026, SwiegJ Networks Limited ("SNL"), a wholly owned subsidiary of Swiggy Limited, entered into an aBreement to transfer its B2B authorised distribution business, which is part ofthe supply chain and distribution segment, to its wholly owned subsidiary, Lynks Logistics Limited ("Lynks"), by way of a Business Transfer effective September t5, 2026, and to sell its entire shareholding in Lynks to Trustroot lnternet Private Limited ("TlPt") for a consideration of I 500 crore through Aquisition Agreement, settled by the issue of 1,66,534 Series R compulsorily convertible preference shares of TIPL. Consequently, Lynks ceased to be a subsidiary of SNL and a step-down subsidiary of Swiggy Limited, and has been deconsolidated with effect from September L5,2026. 7 During the year ended March 37,2026, the Com pany incorporated Swiggy lnstamart Private Limited as a wholly owned subsidiary of Swiggy Networks Limited (formerly known as Swiggy Networks Private Limited and Scootsy Logistics Private Limited), a step-down subsidiary of the Company, to facilitate the transfer of the Company's lnstamart by way of a slump sale on a going-concern basis. The transfer became effective on Ap(l f,2025. 8 During the quarter ended Septembe( 30,2025, Swiggy Limited incorporated a wholly owned subsidiary, Swiggy Commerce Private Limited, which has not yet comm business operations. 9 During the year ended March 31, 2026, the Company completed the sale of its entire investment in Roppen Transportation Services Private Limited (Rapido) for a of { 2,399 crore, pursuant to requisite Board and shareholder approvals. A gain of < 1,350 crore was recognised in Other Comprehensive lncome. 10 During the year ended March 31, 2025, the Company allotted 25,55,55,553 equity shares of face value { 1 each to eligible Qualified lnstitutional Buyers (QlB} at an issue price { 375 per equity share (including premium of I 374 per equity share) aggregating to I 10,000 crore pursuant to Qualified lnstitutions Placement (QlP) in accordance with provisions of Securities and Exchange Board of lndia (lssue of Capital and Disclosure Requirements) Regulations (the "5EBl ICDR Regulations"). 11 During the year ended March 31, 2025, the Group received { 31 crore under its Employee Dishonesty lnsurance Policy (Crime policy), against a claim of I 33 crore, in respect an embezzlement incident reported during the financial year ended March 31, 2O24- The amount received has been recognised as Other lncome in the Statement Consolidated Financial Results. 12 Changes in Board and Senior Management During the quarter ended June 30, 2025, Mr. Lakshmi Nandan Reddy Obul (DlN: 05585145), Whole-Time Director - Head of lnnovation, and Mr. Roger Clark Rabalais 07304038), Nominee Director, resigned with effect from April 10, 2026. Mr. Renan De Castro Alves Pinto (DlN: 03118947) was appointed as Non-Executive, N Nominee Director with effect from April 11,2026. During the quarter ended September 30,2026, Mr. Amitesh Kumar lha resigned as the CEO - lnstamart and ceased to be a Senior Management Personnel ("SMP") of Company with effect from iuly 28, 2025. Ms. Nandita Sinha was appointed as the CEO - lnstamart and categorised as SMP with effect from August 3, 2026. 13 Amounts which are less than half a crore are appearing as "0". 14 The consolidated financial results for the quarter and half-year ended September 30, 2026 arc also being made available on the Stock Exchange websites www.bseindia.com and www.nseindia.com and on the Company's website: www.swiggy.com. for ond on beholl of the Boord of Diectors Swiggy Limited $ Bengaluru Sriharsha Maiety Managing Director & Group Chief Executive Officer DIN:05580073Date: October 2026 kr
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Walker Chandiok &.Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block "A", Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru - 560093 Karnataka, India T +91 804 243 0701 F +918 04 126 1228 Independent Auditor's Review Report on the Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Swiggy Limited 1. We have reviewed the accompanying statement of the standalone unaudited financial results ('the Statement') of Swiggy Limited ('the Company') which includes the Swiggy Employee Stock Option Trust ('the Trust') for the quarter ended 30 September 2026 and the year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Chartered Accountants Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Oehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Naida and Puna Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, Outer Circle, New Delhi, 110001, India
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Walker Chandiok &..Co LLP Swiggy Limited Independent Auditor's Review Report on the Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) 4. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walk ~ Chandiok & Co LLP Charter d 4',ccountants F gis'tration No: 001 Chennai 22 October 2026 Chartered Accountants
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Swiggy Limited CIN: L7411DKA2013PLC096530 Registered off ice: Survey No.14, No. 158, 3rd - 6th Floor, Tower 1, Sumadhura Capitol Towers, Pattanduru Agrahara Village, K.R.Puram Hobli, Bangalore East Taluk, Bengaluru - 560066, Karnataka, India D Swiggy Tel: 080-68422422 / Email ID: ir@swiggy.in / Web site: www.swiggy.com Statement of standalone financial results for the quarter and half-year ended September 30, 2026 ('{ Crore) SI.No. Particulars Quarter ended Half-year ended Year ended Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Ill IV V VI VII IX X XI XII Continuing operations Income Revenue from operations Other income Total income Expenses Cost of materials consumed Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Advertising and sales promotion Delivery and related charges Others Total expenses Profit before exceptional items and tax (1-11) Exceptional items (Refer note 3) Profit from continuing operations before tax (lll+IV) Tax expense (i) Current tax (ii) Deferred tax Total tax expense from continuing operations (i+ii) Profit for the period/ year from continuing operations (V - VI) VIII Loss from discontinued operations before tax (Refer note 7) Tax expense of discontinued operations Loss for the period/ year from discontinued operations (VIII - IX) Profit/ (loss) for the period/year (VII + X) Other comprehensive income/ (loss), net of tax Items that will not be reclassif ied subsequently to profit or loss: - Changes in fair value of equity instruments carried at fair value through other comprehensive income ("FVTOCI") (Refer note 10) - Re-measurement gain/(loss) on defined benefit plans 2,646 335 2,462 367 2,022 99 5,108 702 3,912 220 8,258 629 2,981 2,829 2,121 5,810 4,132 8,887 428 5 113 710 1,205 233 410 5 92 593 1,146 233 13 481 4 23 436 934 193 838 10 205 1,303 2,351 466 26 972 8 47 848 1,810 378 45 1,882 21 142 1,757 3,843 761 2,694 2,479 2,084 5,173 4,089 8,451 287 350 37 637 43 436 (20) 287 350 37 637 43 416 287 350 37 637 43 416 (918) (1,915) (3,835) (918) (1,915) XV Other equity XVI Earnings/ (loss) per equity share (face value of" 1 each)(")* For continuing operations (i) Basic (ii) Diluted For discontinued operations (i) Basic (ii) Diluted (3,835) 287 350 (881) 637 (1,872) (3,419) 0 (0) 1,350 (1) 0 1,350 (3) 1,350 (4) Other comprehensive income/ (loss) for the period/ year O (0) 1,349 O 1,347 XIII Total comprehensive income/ (loss) for the period/ year, net of tax (XI + XII) >- - - -2_8_7-+- 3_5_0-+- 46_8-+ 63_7-+ - - ~ (~5_25~)+- (~2~,0_7_3-'-') XIV Paid-up share capital (face value of" 1 per share) 262 262 232 262 232 261 1.07 1.07 1.31 1.31 0.16 0.15 (3.86) (3.82) 2.38 2.38 For continuing and discontinued operations (i) Basic ,,. ,...,--·- :-:-:::., .._ 1.07 1.31 (3.70) 2.38 (ii) Djy.JJ!lQ""'- ,,f ( ..,'{ ~i /j/~ 1.07 1.31 (3.67) 2.38 0.18 0.18 1,346 (8.06) (8.02) (7.88) (7.84) 20,578 1.69 1.68 (15.57) (15.52) (13.88) (13.84)
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Swiggy l-imited Statement of standalone balance sheet Cl "*t- Crore) Sl. No. Particulars As at sep 30, 2025 As at Mar 31, 2025 Unaudited Audited Non-current assets Property, plant and equipment Right-of-use assets Goodwill Other intangible assets Financial assets lnvestments Loans Other financial assets lncome tax assets Other assets Total non-current assets Current assets Financial assets lnvestments Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Other financial assets Other assets Total current assets Assets held for sale Total assets EqutTYAND UAB[.tTtES il Equity Equity share capital Other equity equity Non-current liabilities Financial liabilities Lease liabilities Other fi nancial liabilities Contract liabilities Provisions Total non-current liabilities Current liabilities Financlal liabilities Lease liabilities Trade payables Total outstanding dues of micro enterprises and small enterprises; and Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Contract liabilities Other liabilities Provisions Total current liabilities Liabilities associated with assets held for sale Total liabilities and liabilities 885 r82 315 t73 11,955 2,254 9 45 202 872 L79 315 183 7,261 2,254 1,057 94 58 L6,024 2,002 288 1,098 285 r47 4,060 502 12,2a7 3,034 2L3 L,832 t,268 156 4,t77 305 8,383 10,985 747 24,407 24,Otg 262 2r,582 25L 20,578 2t,u4 I7I 27 t! 42 20,839 170 25 T2 49 25t 20 T6 805 1,091 16 290 73 256 15 LL 534 1,342 15 28t 83 2,3t2 2,242 642 2,563 3,180 24,4O7 24,019 * ,'1
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Swiggy Limited Statement of standalone cash flows Cl.*"", (< Crore) Sl. No. Particulars Half-year ended Sep 30, 2025 Sep 30, 2025 Unaudited Unaudited I ilt tv v Cash flow from operating activities Profit before tax from continuing operations Loss before tax from discontinued operations before tax for the period Adjustments to reconcile the profit/(loss) before tax to net cash flows: Depreciation and amortisation expense lncome on investments carried at fair value through profit or loss lnterest income on security deposits carried at amortised cost Gain on termination of leases Share based payment expense lnterest expense on liabilities measured at amortised cost Profit on disposal/write off of property, plant and equipment (net) lmpairment allowances for doubtful debts and advances Transaction cost on borrowing facilities lnterest on lease liabilities lnterest income lnterest income on income tax refund Operating profit/(loss) before working capital adjustments Movements in working capital : (lncrease)/ decrease in inventories (lncrease)/ decrease in trade receivables (lncrease)/ decrease in other financial assets (lncrease)/ decrease in other assets lncrease/ (decrease) in trade payables lncrease/ (decrease) in other financial liabilities lncrease/ (decrease) in other liabilities lncrease/ (decrease) in contract liabilities lncrease/ (decrease) in provisions Cash used in operating activities lncome tax (paid)/ refund (net of tax deducted at source) Net cash used in operating activities Cash flow from investing activities Purchase of investments Proceeds from sale/maturity of investments Purchase of property, plant and equipment and other intangible assets Proceeds from disposal of property, plant and equipment and other intangible assets Proceeds from repayment of loans Redemption of bank deposits, net lnvestment in subsidiaries lnterest received Net cash generated from/(used inl investing activities Cash tlow lrom tlnanclng actlvlrles Proceeds from exercise of employee stock options Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Transaction cost on borrowing facilities Net cash used in financint activities Net decrease in cash and cash equivalents (l+ll+llll Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 617 43 (1.9151 637 205 l47l (0) (0) 269 1 0 2 L 8 (3es) (0) lt,872l 47 (e) (1) 0 498 2 31 5 (2os) 681 277 (680) (213) (2s1) (304) 9 (13) (s3) (1,s071 (3) (164) 727 (10s) (247], 83 99 10 8 (s87) 49 (1,6991 (12) ls38l (s,307) 6,627 (25s) 1 51 3,2t5 (4,73o1 228 lt,Tttl (5,523) 5,859 (24) 0 1,599 (6os) 162 lLTel 7 (e) (8) (1) 1,468 3 (15) (6) lLTl (lel 1734]l 1262 7,832 1,083 1,098 821
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Swiggy Limited Notes to the standalone financial results $f s*iesy Ouarter ended Half vear ended Year ended Seo ?O- 2O25 Seo 3O. 2O25 SeD 30- 2025 Met 11.2fl26,Particulars Seo 30. 2025 June 30, 2026 unaudited Unaudited Unaudited Una udited Unaudited Audited lmpairment of investments {i) stairtnrv imnaat df new I ahorrr Codcq{ii) 7 Total 20 t? il, * * 1 The above standalone results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on October 22, 2026. The Statutory Auditors have conducted a limited review of these unaudited standalone financial results and issued an unmodified review report thereon. 2 These standalone financial results have been prepared in accordance with lndian AccountinB Standards ('lnd A5') prescribed under Section 133 of the Companies Act, 2013 along with the relevant rules issued thereunder and other accounting principles generally accepted in lndia and in terms of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended {"Listing Regulations"}. 3 Exceptional items includes: (i) Pertains to impairment of investment in associate reflecting the Company's share of accumulated losses since acquisition. (ii) Pertains to the one-time impact arising from the implementation of the New Labour Codes, effective November 21, 2025. Based on actuarial valuation, the Company recognised the incremental employee benefit liability arising primarily due to the change in wage definition as an exceptional item, considering the non-recurring nature the impact. 4 TheCompanypublishesthesefinancial resultsalongwiththeconsolidatedfinancial results. lnaccordancewithlndASl0S,'OperatingSegments',theCompanyhas the segment information in the consolidated financial results. 5 DuringthequarterendedSeptember30,2026,theSwiggyEmployeeStockOptionTrust("Trust")hastransferred2S,49,65Sequitysharesof{leachpursuanttothe of stock options by employees under various Employee Stock Option Schemes. 6 During the quarter ended September 30, 2026, Swiggy Limited incorporated a wholly owned subsidiary, Swiggy Commerce Private Limited, which has not yet business operations. 7 Consequent to the Board approval on September 23,2025, and the subsequent approval by the shareholders on November 0L,2025, the Company has presented its Commerce business ("lnstamart") as "Discontinued Operations" for all comparative periods in its standalone financial results in accordance with lnd AS 105, following transfer of the lnstamart business, on a going-concern basis, by way of a slump sale to Swiggy lnstamart Private Limited, a wholly owned step-down subsidiary of Company. This transfer became effective on April 01,2026. 8 DuringtheyearendedMarch3l,2026,theCompanyhadoptedfortheconversionofinter-corporatedeposits(lCDs)aggregatingto{l,l30Croregiventoits subsidiary, Swiggy Retail Limited (formerly known as Supr lnfotech Solutions Limited, Supr lnfotech Solutions Private Limited), into 0.001% Compulsorily Debentures (CCDs), resulting in full settlement of the lCDs, with no financial impact in the Standalone Statement of Profit and Loss. Subsequent to the quarter ended September 30, 2026, the Company has opted for the conversion of inter-corporate deposits {lCDs) aggregating to { 2,406 Crore ( accrued interest) given to its wholly-owned subsidiary, Swiggy Networks Limited (formerly known as Swiggy Networks Private Limited, Scootsy Logistics Private Limited), Loss. 9 During the quarter ended June 30,2026, the Company acquired certain Property, Plant and Equipment from its wholly-owned subsidiary, "Swiggy Networks Limited" (formerly known as Swiggy Networks Private Limited, Scootsy Logistics Private Limited), for { 49 Crore (March 31, 2026: < 818 Crore) at book value, being fair value, to align asset ownership within the Group. 10 During the year ended March 37, 2026, the Company completed the sale of its entire investment in Roppen Transportation Services Private Limited (Rapido) for a consideration of { 2,399 Crore, pursuant to requisite Board and shareholder approvals. Accordingly, a gain of { 1,350 Crore was recognised in Other Comprehensive lncome. of { 375 per equity share (including premium of < 374 per equity share) aggregating to { 10,000 Crore pursuant to Qualified lnstitutions Placement (QlP) in accordance with the provisions of Securities and Exchange Board of lndia (lssue of Capital and Disclosure Requirements) Regulations (the "SEBI ICDR Regulations"). 12 Changes in Board and Senior Management During the quarter ended June 30, 2026, Mr. Lakshmi Nandan Reddy Obul (DlN: 05586145), Whole-Time Director - Head of lnnovation, and Mr. Roger Clark Rabalais (DlN: 07304038), Nominee Director, resigned with effect from April 10, 2026. Mr. Renan De Castro Alves Pinto (DlN: 03118947) was appointed as Non-Executive, Non- Nominee Director with effect from April 1I,2026. During the quarter ended September 30,2026, Mr. Amitesh Kumar Jha resigned as the CEO - lnstamart and ceased to be a Senior Management Personnel ("5MP") of the Company with effectfrom luly 28,2026. Ms. Nandita Sinha was appointed as the CEO- lnstamart and categorised as SMP with effectfrom August 3,2026. 13 Amountswhich are less than half a crore are appearing as "0". 14 The standalone financial results for the quarter and half-year ended September 30, 2026 are also being made available on the Stock Exchange websites www.bsei and www.nseindia.com and on the Company's website: www.swiggy.com for and on beholf oJ the Boord of Directors ol Swiggy Limited h,\"1'n Location: Bengaluru Date: October 22, 2025 Sriharsha Maiety Managing Director & Group Chief Executive Officer DIN:06680073