Swiggy Limited · NSE:SWIGGY
Swiggy — Investor Day (August 2026)
143 slides from Swiggy's investor day presentation, Aug 6, 2026
Slide 1: Regulation 30 intimation letter to stock exchanges
REF: SWIGGY/SE/2026-27/44 August 06, 2026 To To The Deputy Manager The Manager Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block PJ Towers, Dalal Street Bandra-Kurla Complex, Bandra (E), Mumbai 400001 Mumbai 400051 Scrip Code:
Slide 2: Capital Markets Day
Capital Markets Day 6th August 2026
Slide 3: Corporate Overview
Corporte Overview
Slide 4: Our Mission
“Elevate quality of life for urban consumers by offering unparalleled convenience” Our Mission
Slide 5: Our leadership team
Our leadership team Sriharsha Majety Phani Kishan Addepalli Rahul Bothra Madhusudhan Rao Managing Director & Group Chief Growth Officer Chief Financial Officer Subbarao CEO Chief Technology Officer Rohit Kapoor Nandita Sinha Girish Menon CEO–Food Marketplace CEO-Instamart Chief Human Resources Offic
Slide 6: Journey since IPO: GOV up 56% while improving Adj EBITDA margin
Journey since IPO: GOV up 56% while delivering Adj EBITDA margin improvement Q1FY27 Numbers B2C GOV Avg MTU Adj EBITDA INR 18,926 Cr 27.5 Mn -3.4% GOV 28% YoY 27% YoY 2.1pp YoY 56% Since IPO1 55% Since IPO1 0.6 pp Since IPO1 CMD 2026 Source: Company financials 1 Q127 vs Q3Fy25.
Slide 7: Our aspiration: Build a 10,000 Cr. Adj. EBITDA business by FY31
Our aspiration: Build a 10,000 Cr. Adj. EBITDA business by FY 31 2.5-3X MTU 30%+ GOV CAGR INR 10,000 Cr Driven by engaged Driven by higher MTU Adj EBITDA user base through and greater ~4% of GOV relevant offerings frequencies CMD 2026 Source: Company estimates.
Slide 8: Our path forward
Our path forward 02 Innovate and expand • Increase wallet share • Broaden proposition to engage new users 01 Fortify the core • Drive operational excellence across businesses • Accelerate margin delivery CMD 2026
Slide 9: A strong year for all core businesses
01 A strong year for all 3 core businesses
Slide 10: Food Delivery grew topline by 17% and expanded margin profile
Food Delivery business grew topline by 17% and meaningfully expanded its margin profile Gross Order value (INR Cr) +17% 9,490 Realizing platform economics 8,086 Bigger, happier delivery fleet Preferred partner for restaurants Q1FY26 Q1FY27 Adj EBITDA 2.4% 3.1% (% GOV) CMD 2026 Source: Company financ
Slide 11: Instamart reached CM breakeven and grew GOV by 40%
Instamart became only the 2nd player to demonstrate CM breakeven AND grew GOV by 40% Gross Order Value (INR Cr) +40% 7,907 5,655 Q1FY26 Q1FY27 From essentials to discretionary, Contribution -4.6% -0.2% better and fast (% GOV) CMD 2026 Source: Company financials.
Slide 12: Breakout year for OOH business led by Dineout
Breakout year for OOH business led by Dineout – high growth and full year of profitability Gross Order value (INR Cr) +45% 1,529 Rapid MTU growth with efficient marketing spends 1,056 Growing supply, 20k new restaurants added in a year Q1FY26 Q1FY27 Adj EBITDA 0.5% 0.9% (% GOV) CMD 2026 | Source: Co
Slide 13: Innovating to expand our proposition
02 Innovating to expand our proposition
Slide 14: In the last decade we have built our businesses around one unifying insight
In the last decade we have built “Urban consumers will seek and our pay for convenience; customer businesses experience needs to be owned end around one to end to deliver this promise” unifying insight
Slide 15: 150 mn+ users; their full potential remains untapped
Delivering on this promise brought in 150 mn+ users; their full potential still remains untapped Estimated wallet share on platform1 • 3-6x discretionary spends vs avg Core users Core users • Drive 40-50% platform GOV, 15-20% deeply value convenience • High AOVs, highly profitable • Large share of v
Slide 16: Developing innovative offerings for both user segments
Developing innovative offerings for both segments is key for long term success– and we are on that path Opportunity 1 • Raise bar on convenience and experience Core users Core users • Gain larger wallet share Opportunity 2 Infrequent • Bring affordable offerings users • Drive frequency and retention
Slide 17: Taking our biggest bet in years with Toing
Taking our biggest bet in last 2 years with Toing Low Prices
Slide 18: Instamart delivered something very No!ce
Instamart delivered something very No!ce to your homes last year ! Multi –year effort Rated for superior quality and taste by independent parties1 Great products + Accessible pricing Not just a brand, but a platform play CMD 2026 | 1Bernstein report
Slide 19: We will amplify it with our new proposition Switch
We will amplify it with our new proposition "Switch" Strategic Brand partnerships Exclusive SKU (and/or) exclusive pricing • Non Food categories 1 • Width and depth in Food categories Powering assortment led Own Brands differentiation SKUs unique to Instamart • No!ce FMCG Food categories 2 • Nectr –
Slide 20: Innovation requires taking the right calls at the right time
Innovation rarely follows a straight line and requires taking the right calls at the right time Scale as is Evolve Exit 2nd largest business for No!ce’s inception Exited due to low Swiggy now scalability This is our Super Power!! CMD 2026
Slide 21: Execution + Innovation: Our Greatness Arc
Execution + Innovation Our Greatness Arc
Slide 22: Our moment is now!
Our moment is now! Presence in three strong 150M+ acquired user base Our Superpower: business in large TAM ready to Swiggy more Innovation + Execution markets CMD 2026
Slide 23: Food Delivery
uJ Food Delivery
Slide 24: Our Story so far
“Over the last two years, we have Our Story so far strengthened operations and unlocked sizeable economies of scale”
Slide 25: Food Delivery: Quick Snapshot
Food Delivery: Quick Snapshot Q1FY27 (vs Q1 FY25) GOV Average MTU Adj EBITDA Adj EBITDA run rate INR 9,490 Cr 19 Mn 3.1% INR 292 Cr 18% p.a. 17% p.a. 2.2 pp gain 5x lift Unlocking meaningful economies of scale CMD 2026 Source: Company financials.
Slide 26: Strong operations engine driving growth
Strong operations engine driving growth Delivery Operations Restaurant Consumer Growth Partnerships Superior performance with Empowering partners and Accelerated MTU growth right cost structure expanding scale and industry first . innovations CMD 2026
Slide 27: We are setting industry standards in delivery operations
We are setting industry standards in delivery operations • First to market with priority delivery [Express / Bolt] with double digit share of 01 deliveries Further Faster improvements Deliveries expected through • Higher earnings • Double digit reduction investments in per driver Stronger in severel
Slide 28: Doubled our rider NPS with rider focused products
Doubled our rider NPS with market first, rider focused products Non pixelated TBU Partner Club Three-way chat “Dost” a new Autonomous AI Tiered, gamified (Consumer, Rider, mascot for all rider voice onboarding exclusive benefits Swiggy) touchpoints CMD 2026
Slide 29: Earning trust and preference with restaurant partners
Earning trust and preference with restaurant partners Investments in partner enablement Case study: Impact of growth programs Programs to help restaurants 01 growth Leading Biryani Player Hyperboost (GMV tied spends), Growth in South India multiplier (Discount & Ads optimization at same total spend)
Slide 30: Introduced more ways to Swiggy food from home
Introduced more ways to Swiggy food from home Quick snack on the go - Affordable for all - Healthier options - Chef Collections - Bolt 99 Store EatRight Gourmet CMD 2026
Slide 31: And from places you would not expect..
And from places you would not expect.. Food on Train Jio Hotstar Partnership CMD 2026
Slide 32: India Next: years of sustained efforts and investments
Performance we are encouraged by: India Next 2 years of sustained efforts and investments Led India Next to become key growth driver 01 Relationship building with restaurants 1.5x increase in managed account coverage ü GOV up by 60%, AOV by 20% 02 Tailored products for non-metros ü Monthly Transacti
Slide 33: Our Ambition
Our “We aim to lead food delivery's Ambition next phase of growth — built on bold, category-expanding bets”
Slide 34: Baseline category growth ~20% YoY; affordability can turbocharge it
Baseline category growth to be ~20% YoY, cracking affordability can turbocharge it Baseline category growth expectations Food Services Market Segments & Growth ($Bn) The opportunity 20% 150 18% ~70% Users transact less than once a month 90 11% 47% Affordability Affordability is the biggest unlock ca
Slide 35: Every time we innovated and invested, we witnessed growth
Everytime we innovated and invested behind it, we witnessed growth.. FY26 Drover even higher MTU FY24 growth with 99 store, Deal Launched Rush, Streaks, Snacc "Pocket Hero" + additional levers FY25 Doubled MTU growth FY27 - FY31 rate with Crazy Deals, Scale up of Toing & Swiggy Sixes, Flash other af
Slide 36: The Toing Tenets: What makes it different
The Toing Tenets: What makes it different LOW PRICES ZERO EXTRA NEW SUPPLY ▤ Limited markups ⚖ CHARGES ⇄ Further breaking price No handling, packaging points fee TRANSPARENCY COST EFFECTIVE GEN Z FIRST ◉ WYSIWYG ▲ Low LM / Smart Batching ⚡ Built for next gen users CMD 2026
Slide 37: Cheaper Carts Are Engineered, Not Discounted
Cheaper Carts Are Engineered, Not Discounted Structural advantages only an incumbent has — making Toing's affordability play work where others can't. Lower resturant commissions Lower cost to deliver Savings passed to Shorter last miles (~2kms consumers avg.) and higher batching on a slower network
Slide 38: Who are we building for?
“ Who are we building for? GenZ Cohort | College Students | Early Jobbers ·
Slide 39: Building for GenZ
Building for GenZ INDIA’S POPULATION SPLIT ACROSS GENERATIONS EATING OUT AND ORDERING IN IN, 2 so 758 48%) — seam ii | f | Silent Gen = Millennials Gen Z — | $3 0 oa 3 5 B & Boomers 1965-1980 1981-1996 2013+ ieee 1997-2012 Source: BCG survey with the parents of Gen Z (N = 1,000), BCG survey on consu
Slide 40: Early signs of strong product market fit
We are seeing early signs of strong product market fit 10 months post-launch: Increasing volume scale paired with improving economics Orders Per Day (OPD) and Monthly Transacting Users 50 CITIES OPD MTU Operational across 80% Food Marketplace GMV contributing cities Sep'25 Oct'25 Nov'25 Dec'25 Ja n'
Slide 41: And clear incremental outcomes
And clear incremental outcomes NU + DU TO Food Marketplace BELLY + TAIL Rx MIX 2 out of 3 Toing Swiggy Food New & Dormant users Belly + Tail OC, Toing vs FMP New + Dormant users choosing Toing over Belly & tail Rx over-index on Toing — driving traditional Food Marketplace ordering incremental growth
Slide 42: We are just getting started
We are just getting started From proof of concept to profitable scale ⇄ ₹ ◎ ▲ ＋ Drive Accelerate Double Down Increase City Strengthen Incremental Unit on Level Restaurant Growth Economics Affordability Penetration Supply CMD 2026
Slide 43: Food delivery FY31 ambition: ~INR 5,000 Cr Adj EBITDA
Food delivery business FY31 ambition: Drive above market growth and deliver ~INR 5,000 Cr Adj EBITDA Food Delivery GOV (INR Cr) ~2.5 Lac 1-1.2 – 3.5x Cr Core execution to deliver 01 superior experience ▲ 25-30% per annum Toing + Affordability unlock through Affordability 02 Toing and other initiativ
Slide 44: OOH consumption
OOH consumption
Slide 45: FY26 Was A Breakout Year for OOH business led by Dineout
FY26 Was A Breakout Year for OOH business led by Dineout INR 4,645 Cr 50.6% 58.4% Full Year GOV Full year GOV growth Order growth ▲ 52,000+ 0.6% 75 Cities Monthly active restaurant ◉ Adjusted EBITDA margin, partners Currently live first positive year CMD 2026 Source: Company financials.
Slide 46: Dineout to deliver INR 1,000 Cr Adj EBITDA by FY31
Dineout to deliver INR 1,000 Cr Adj EBITDA by FY31 Topline, GOV INR Cr Adjusted EBITDA, INR Cr 20-25K 900-1,000 13-15K 450-600 4,645 30 FY26 FY29 FY31 FY26 FY29 FY31 4-5X in five years CMD 2026 Note: Company estimates
Slide 47: $30B+ TAM with large headroom to expand
$30B + TAM with large headroom to expand our existing offerings Penetration YoY Growth Expectation Organized food services $32 Bn Organized food services 13% 98.7% untouched 1.3% Cafés of which Quick service 18% 99.0% untouched 1.0% Cafés 19% Quick service of which 99.7% untouched 0.3% Our plan for
Slide 48: Our core engine is humming
Our core engine is humming Supply Creation Consumer Growth Tech Platform Built on the Food base The Swiggy app is the surface Prebook, digital menu & CRM One onboarding stack Dinecash on the shared wallet Ads & analytics on one graph One launch, four products Owned media creates demand Built once, u
Slide 49: Continuous innovation to add new offerings and use cases
Continuous innovation to add new offerings & expanding use cases Discover Order Pay Servd [Mumbai Foodie] Steal Deals Dinecash owned food Foofie a named dish at a wallet currency media across 9 cities fixed price across Swiggy Scenes Digital Menu Restaurant SaaS nightlife listings and scan and order
Slide 50: Steal Deals: a ₹19 dish put a queue outside a restaurant
Steal Deals - A ₹19 dish put a queue outside a restaurant in Ahmedabad INR 19 entry price 300x growth in daily transactions 4.5x of food delivery orders per day CMD 2026
Slide 51: Digital Menu: from the table to the seat
Digital Menu: from the table to the seat Scan where you sit A code on the table, the armrest or the ticket. Order & pay in app No queue, no counter, no waiting for a bill. CMD 2026
Slide 52: Cine Dining coming in theatres near you
Cine Dining coming in theatres near to you CMD 2026
Slide 53: Quick Commerce
Quick Commerce
Slide 54: We launched in 2020 with the mission to elevate convenience
We launched in 2020 BEFORE Shopping meant with the mission to ↓ planning ahead elevate convenience NOW for urban consumers Anything in minutes
Slide 55: Present in 130+ cities with 14Mn+ monthly users
We are present in 130+ cities catering to more than 14Mn users every month 130+ Cities 14M+ Monthly Transacting Users 1,200+ Dark Store Network * Illustrative CMD 2026
Slide 56: From an Emergency app to an Everyday App
We went from being an "Emergency" app to an "Everyday" App ~10 min Everyday Buying Non-Grocery, Electronics Stock-up + Pharma Bulk purchases and Pharma Stock-up Impulse Impulse ~45 min Distress + Impulse Hygiene, Stationery Distress Distress Top-up Grocery, FMCG Top-up Top-up Top-up 2020 2021-2022 2
Slide 57: Quick Commerce in FY'31
Quick Commerce in FY’31 CMD 2026
Slide 58: QC expected to grow 40-45% CAGR to reach $65-70B
QC is expected to grow at 40-45% CAGR over next 4-5 years to reach 65-70B$ in size Organized retail share in QC-relevant categories ($ Bn)1 Q-Commerce market growth overview ($ Bn)2 9.5% CAGR Organized retail Unorganised retail 40-45% CAGR 1100 $Bn 65-70 $Bn 350 $Bn 732 $Bn 180 $Bn 750 $Bn 552 $Bn 1
Slide 59: Grocery will continue to drive growth in QC
Grocery will continue to drive growth in QC over the next 5 years Grocery Share of GMV for Quick Commerce in India (%) Grocery Share of GMV for large US retailers2 (%) Grocery Non Grocery 73 27 71% 60-65% Walmart of QC GMV is of QC GMV is Costco 54 46 grocery1 expected to remain grocery Target 53 47
Slide 60: Instamart: From FY'26 to FY'31
Instamart: From FY’26 to FY’31 CMD 2026
Slide 61: 5.4pp improvement in contribution margin in 6 quarters
In last 6 quarters we achieved a 5.4pp improvement in contribution margin Steepest CM turnaround in industry GOV JFM’25 - AMJ’26 (INR Cr.) Contribution Margin (% of GOV) ~70% +3.8% +1.6% 7,881 7,907 -0.2% 5,655 4,670 -1.8% -4.6% -5.6% JFM’25 AMJ’25 JFM’26 AMJ’26 JFM’25 AMJ’25 JFM’26 AMJ’26 CMD 2026
Slide 62: Building a more engaged user base and lasting proposition
We focused on building a more engaged user base, earning the trust of the user, and crafting a proposition that lasts WHO WE BRING IN HOW WE SERVE THEM WHAT WE STAND FOR Engaged user base Customer experience Build our proposition Intent-led acquisition; Faster delivery, higher in- Sharper value, own
Slide 63: Delivery speed improved across the network
Delivery speed improved across the network from Mar’26 to Jul‘26 Delivery Speed1 Trend (in mins) GOAL BY DEC ’26 March 11-12 minutes 13.0 July 1–1.5 min to go 12.9 12.8 12.5 12.5 Network expansion & optimization 1 Densification of network in high demand zones AI integrated prediction models 2 Smarte
Slide 64: Availability of Head SKUs improved to 90%
Availability of Head SKUs has steadily improved to 90%, closing in on the 93-95% goal Head SKUs1 Availability (in %) GOAL BY DEC ’26 93-95% Availability 93-95 3-5pp to go 90 Automated replenishment system 1 86 Auto-reorder before stockouts hit Warehouse automation 2 Faster put-away, fewer misplaceme
Slide 65: Retention has improved significantly
Through our interventions, retention has improved significantly; Proposition and Brilliant Basics will drive this to best-in-class levels M1 Retention (%) Jun'25 to Jul'26 RETENTION AMBITION 65%+ 6pp 4pp to go from 61% in Jul’26 61 58 1 Differentiated assortment proposition 55 2 Brilliant basics Jun
Slide 66: Share of quality users grew; repeat up to 2.9
Our share of quality users grew by 3pp, taking repeat up to 2.9; Improving the mix will drive order frequency up a further 1.2x-1.4x Share of Habituated Users1 Repeat Rate Trend (Jul '25 - Jul '26) (4+ orders/month) REPEAT RATE AMBITION 1.2-1.4x 23.0 On the back of 30-35% Habituated Users 2.95 2.87
Slide 67: What we offer customers and what we uniquely stand for
While we continue to strengthen basics, we believe the real differentiator ahead is our proposition - What we offer customers and what we uniquely stand for CMD 2026
Slide 68: Our Right To Win
Our Right To Win CMD 2026
Slide 69: Quick Commerce is now a 7 player market
Quick Commerce is now a 7 …with the initial levers from player market… QC1.0 becoming table stakes Assortment 7 player Price and Value market Faster, more efficient ops CMD 2026
Slide 70: A fundamental shift in India's economy
A fundamental shift in India’s economy: As incomes rise and choice expands, consumers are ready to trade up. What’s missing is access.
Slide 71: People don't seek cheaper. They seek better.
People don’t seek cheaper. They seek better - fresher, thoughtfully made, well- designed products that improve everyday life.
Slide 72: Accessing 'better' is currently a compromise
But currently accessing ‘better’ is a compromise. It means paying more, trying harder, or spending time searching, to upgrade to better quality consumption
Slide 73: And that's where Instamart comes in
And that’s where Instamart comes in
Slide 74: Building avenues for customers to buy better
Switch to Better. Switch to Instamart. We believe building avenues for customers to buy better is the next frontier CMD 2026
Slide 75: Partnering with brands and building our own brands
This plays out two ways: partnering with brands to build better products and building our own brands (No!ce, Nectr) PARTNER BUILD Exclusive brand tie-ups Our own brands CMD 2026
Slide 76: Partner
Partner Exclusive brand tie-ups to make better products accessible across key consumer categories CMD 2026
Slide 77: Partnered with ~400 brands across categories
We have partnered with ~400 Brands to make better products accessible across categories Fresh FMCG General Electronics Merchandise Key Bets: Key Bets: Key Bets: Key Bets: ● High-protein Paneer ● Actives-led Skincare ● Non Toxic Soft Toys ● Type C ● Fresh (Bakery, Matka ● Healthier Snacks ● Branded S
Slide 78: Bet 1: High-protein atta led 51% of category growth
Bet 1: In atta, high-protein atta led to 51% of the total category growth in 3 months CATEGORY IMPACT Consumer story +28% 01 Protein matters, but powders and supplements don't fit Atta category Growth · Apr–Jul unit sales everyday Indian meals. 51% 49% The problem Incremental (Switch) Organic Growth
Slide 79: Bet 2: Cold-pressed oils led 43% of category growth
Bet 2: In edible oil, cold-pressed oils led to 43% of the total category growth in 3 months CATEGORY IMPACT Consumer story +17% 01 Households know cold-pressed is healthier, but use it only for Edible Oils category Growth · Apr–Jul unit sales special occasions. 43% 57% The problem Incremental (Switc
Slide 80: Bet 3: Diecast cars led 59% of category growth
Bet 3: In toy cars, diecast cars led to 59% of the total category growth in 3 months CATEGORY IMPACT Consumer story +47% 01 Adult collectors treat diecast as a serious hobby, but a single Toy Cars Category Growth · Apr–Jul unit sales brand kills choice and discovery. 59% 41% The problem Incremental
Slide 81: Switch festive SKUs to boost customer delight
Through Switch, we've rolled out multiple festive SKUs to boost customer delight Exclusive launch of world class water guns for Holi Mahaprasad from Kashi CMD 2026
Slide 82: Build
Build Our own curated brands for accessible high quality assortment across FMCG and Fresh categories CMD 2026
Slide 83: Build
Build Our own curated brands for accessible high quality assortment across FMCG and fresh categories CMD 2026
Slide 84: No!ce origin story and solved customer pain points
Two iterations taught us what differentiations means to customers; No!ce is the result The Origin Story No!ce has solved for key customer pain points CUSTOMER INSIGHT NO!CE SOLUTION “This paneer is so rubbery. Ma's No!ce Paneer - muslin-pressed, homemade paneer was never like made fresh, soft like i
Slide 85: Stack behind No!ce: insight, food expertise, manufacturers
Behind No!ce is a stack we've been building for years: consumer insight, food expertise and manufacturer relationships Our Right To Win Capabilities Developed Deep Sourcing & Vetting Integrated Supply Chain Rigorous manufacturer selection and audits Built around our supply chain for peak freshness D
Slide 86: No!ce: 46+ categories, 380+ SKUs, 9M+ customers
With No!ce, we curate high-quality everyday Paneer Breads Batters Munchies essentials across multiple categories Sodas Milk Bevs Fresh Juices Chocolates 46+ Categories Peanut Butter Atta Kulfi Rusk 380+ SKUs Sweets Eggs Festive Range Energy Bars 9M+ Customers so far Frozen Foods Honey Pickles & Podi
Slide 87: Democratizing access to high-quality everyday essentials
With No!ce we are democratizing access to high-quality everyday essentials NO!CE NO!CE MALAI PANEER 5 Seed Multigrain Bread (Zero Maida) Freshly made Hand made Handcrafted in small batches No added preservatives NO!CE PRICE NO!CE PRICE ₹99/200g CATEGORY INCUMBENT ₹ 105/200g ₹49/250g CATEGORY INCUMBE
Slide 88: Immense customer love for No!ce offerings
We have received immense customer love for our No!ce Offerings CMD 2026
Slide 89: No!ce stickiness: higher retention and order frequency
No!ce's real proof point is stickiness - 10pp higher retention, 1.5x order frequency versus platform average 1.5x Higher +10pp 1 in 10 Order Frequency Customer Retention Basket Penetration versus platform average Higher retention versus platform Baskets now contain No!ce average CMD 2026 Source: Com
Slide 90: Build
Build Our own curated brands for accessible high quality assortment across FMCG and fresh categories CMD 2026
Slide 91: Majority of FnV spends remain offline
Majority of FnV spends remain offline and Qcomm serves as distress or top-up channel ONLINE TODAY STILL OFFLINE The distress buy The weekly basket The forgotten onion, the last- Low trust in quality — customers still pick produce by hand minute banana CMD 2026
Slide 92: With nectr, high-quality produce made accessible
With nectr, we are making high-quality produce accessible in a category that customers care deeply about, FnV Fresher, better quality Consistent Everyday priced Right seed, right farm practice Same size, shape, colour At par, not a niche premium play Fresh stays offline on trust. nectr tries to solv
Slide 93: Nectr products: better quality, competitive price
Nectr products have significantly better quality while being competitive on price nectr Onion nectr Tomato • Crisper bite • Firmer texture • No smuts and • Richer color marks • Chemical free • Chemical free NECTR PRICE NECTR PRICE ₹20/500g MARKET PRICE ₹ 18/500g ₹16/500g MARKET PRICE ₹ 14/500g CMD 2
Slide 94: Early proof points on retention and spend
Early proof points show significant impact on retention and spend +10% +12pp +7pp Spend More on FnV Come Back Often Retain More on IM Monthly FnV spends FnV Repurchase Platform retention Nectr buyers (Pre Vs Post) Nectr vs. regular FnV buyers Nectr vs regular FnV buyers CMD 2026 Data from 5 dark sto
Slide 95: No!ce, Nectr and partnerships become Switch
Put together, No!ce, Nectr, and brand partnerships become Switch - our platform-wide bet on “Better” Better across categories through Better FMCG essentials, our own Better FnV, grown by design, our partnerships with leading brands curated brand own curated brand One reason for customers to buy bett
Slide 96: Our FY'31 Ambition
Our FY’31 Ambition CMD 2026
Slide 97: A business with a clear proposition and strong basics
We are building a business with a clear proposition and strong basics Positioning Brilliant Basics Engaged Users Differentiated Assortment Fast and Available Sticky and Frequent CMD 2026
Slide 98: Instamart: ₹1.5+ Lakh Cr GOV, 40+ mn users by 2031
Instamart will be a ₹1.5+ Lakh Cr GOV business serving 40+ mn users by 2031 FY’31 Annual GOV Projection (INR Cr. ) GOV Growth 42% CAGR 4-5X from ₹28K Cr in FY26 MTU Growth 3-3.5X From 13.3mn in Q4 FY26 1.5L+ Purchase Frequency 1.2-1.4X From 2.8 orders/month in AMJ’26 28K GOV/order FY’26 FY’31 1.1-1.
Slide 99: Path to Profitability
Path to Profitability CMD 2026
Slide 100: Achieved a 5.4pp gain in contribution margin
Achieved a 5.4pp gain in Contribution margin in 6 quarters Contribution Margin (JFM’25 – AMJ’26) +5.4pp Better unit economics through: -0.2% 1 Higher Revenue per Order (INR 25) 2 Lower Cost per Order (INR 3) -1.8% -2.6% -2.5% STORE NETWORK TOP CITIES -4.6% 45%+ Stores 5 of 7 Cities -5.6% CM Positive
Slide 101: EBITDA breakeven in sight: 2.5x scale and 4pp contribution gain
EBITDA breakeven is in sight, needs 2.5x scale and 4pp contribution gain Contribution Margin 4.0% +5.4pp -0.2% -5.6% Q4FY25 Q1FY27 Path to EBITDA (delivered) Break-even Revenue per Order +25 +20 (INR) Levers Cost per Order -3 -10 (INR) Scale 1.7x 2.5x CMD 2026 Source: Company financials and estimate
Slide 102: Path to 4-5% EBITDA guidance unlocked through scale
Path to 4-5% EBITDA guidance will be unlocked through scale EBITDA Margin 4-5% 0.0% 1 Further Monetization -9.8% 2 Operating Leverage -18.0% Q4FY25 Q1FY27 EBITDA EBITDA Break-even Guidance CMD 2026 Source: Company estimates.
Slide 103: Path to 2031
Path to 2031 1 We have a clear and unique proposition for consumers to choose Instamart 2 A strong operational foundation that will continue to get better 3 Our consumers are staying longer and shopping more 4 Achieved contribution breakeven; to become EBITDA positive at 2.5x scale CMD 2026
Slide 104: AI Strategy
AI Strategy
Slide 105: Commerce is now Agentic
Commerce is now Agentic- For a decade, convenience meant just open & search. Not anymore Demand Personalised experience Open the app & search The winner is whoever Fulfilment can actually fulfil – A self-correcting network Fast delivery the layer we’ve spent a decade building Partners An operator th
Slide 106: The same machine, five engines
The same machine, five engines ENGINE 5 ENGINE 1 Building Demand How we build — How we win the customer AI-native, for everyone Five engines. One machine. ENGINE 2 ENGINE 4 Monetisation Fulfilment The physical machine How the machine & our moat becomes margin ENGINE 3 Partners Restaurants & brands r
Slide 107: Demand: in-session personalisation
LIVE TODAY Demand – Personalisation. In session personalisation User Searches “Sandwich” Food page Adapts Browses but doesn’t convert Re-ranked around sandwich In-session personalisation A storefront that adapts to the session you're in. Not just the history you carry — the page re- ranks live aroun
Slide 108: Demand: search bar adapts to previous intent
LIVE TODAY Demand – Personalisation. A Search Bar that adapts based on your previous intent User types User types ”Milk" — ”Masala" — they've they've previously previously clicked & clicked & ordered Milk ordered Pav and Milk Baji Masala Chocolates and Masala Oats CMD 2026
Slide 109: Hyper-Personalisation: one user, fully understood
WHERE WE ARE HEADED Hyper-Personalisation – One User, Fully Understood From a store ranked on your history to a store that predicts your next basket. The How One profile across Food and Instamart turns every search, order and reorder into a live model of intent — inferring the routine, then predicti
Slide 110: Hyper-Personalisation: what we know, infer, predict
WHERE WE ARE HEADED Hyper-Personalisation – One User, Fully Understood What we know ? What we infer ? What we predict ? THE MODEL'S CALL → next Strawberries session predicted: Tue 1 PM · Curd Premium Fresh- converts Produce Ritualist Vegetarian Nuts Batter Box Idli/Dosa Batter Lactose-Free South Ind
Slide 111: The same machine, five engines
The same machine, five engines ENGINE 5 ENGINE 1 Building Demand How we build — How we win the customer AI-native, for everyone Five engines. One machine. ENGINE 2 ENGINE 4 Monetisation Fulfilment The physical machine How the machine & our moat becomes margin ENGINE 3 Partners Restaurants & brands r
Slide 112: Fulfilment: IM Operations
LIVE TODAY Fulfilment – IM Operations 1 Outcomes and Efficiencies AI Co-Pilots for WH Ops Demand Teams 1 Accurate forecasting Forecasting 2 Optimization of warehouse operations 3 Warehouse Vendor Operations Management 3 Improved pod operations 2 4 Cost savings Movement Data Science driven Planning F
Slide 113: Fulfilment: the self-correcting network
WHERE WE ARE HEADED Fulfilment · The Self-Correcting Network From humans reading dashboards to a network that detects, diagnoses and corrects itself The How Live signals gate against thresholds; an AI layer narrates the why from real evidence, then issues the corrective action. Why it compounds Ever
Slide 114: The same machine, five engines
The same machine, five engines ENGINE 5 ENGINE 1 Building Demand How we build — How we win the customer AI-native, for everyone Five engines. One machine. ENGINE 2 ENGINE 4 Monetisation Fulfilment The physical machine How the machine & our moat becomes margin ENGINE 3 Partners Restaurants & brands r
Slide 115: Partner Intelligence – Food: Guru AI co-pilot
LIVE TODAY Partner Intelligence – Food. Guru – AI Powered Partner Co-Pilot What can Guru answer ? ● Why did my GMV drop? Trusted by 1.5 Lakhs ● What dish should I add to my active Restaurants menu — and how do I describe it? ● Can you explain my payout? I'm not a CA! 10 Lakhs/month ● What are my com
Slide 116: Partners: intelligence that operates
WHERE WE ARE HEADED Partners – Intelligence that Operates From a copilot that advises to a copilot that runs the outlet The How The same intelligence already answering ~10 lakh conversations now closes the loop — moving from "here's what to do" to doing it, agentically Why it compounds Once the copi
Slide 117: The same machine, five engines
The same machine, five engines ENGINE 5 ENGINE 1 Building Demand How we build — How we win the customer AI-native, for everyone Five engines. One machine. ENGINE 2 ENGINE 4 Monetisation Fulfilment The physical machine How the machine & our moat becomes margin ENGINE 3 Partners Restaurants & brands r
Slide 118: IM Ads: smarter matching algorithms
LIVE TODAY IM Ads – Smarter Matching Algorithms CMD 2026
Slide 119: IM: industry first auto suggest ads
LIVE TODAY IM – Industry First Auto Suggest Ads. 10% Increase in Branded Searches CMD 2026
Slide 120: Monetisation: self managed advertising
WHERE WE ARE HEADED Monetisation – Self Managed Advertising From brands reporting the past to brands setting one goal — the machine allocates to hit it. The How Goal-based bidding on top of the Swiggy Demand Graph — one objective fans out across campaign types and placements, self-optimising against
Slide 121: The same machine, five engines
The same machine, five engines ENGINE 5 ENGINE 1 Building Demand How we build — How we win the customer AI-native, for everyone Five engines. One machine. ENGINE 2 ENGINE 4 Monetisation Fulfilment The physical machine How the machine & our moat becomes margin ENGINE 3 Partners Restaurants & brands r
Slide 122: Building: AI engineering, 78% of new code by AI
LIVE TODAY Building – AI Engineering. 78% of new code is written by AI! What that speed unlocks ? A brand-new product taken from zero to built in just 5 5 wks weeks by an engineering team Idea -> Built working fully AI-native Relaunched and delivered end-to-end by a team of 4 wks just 6 engineers in
Slide 123: SAGE, our in-house analytical tool
Building – AI. SAGE, our in-house Analytical tool for Business Teams A Shared Analytical Brain SAGE leverages the Worldly knowledge of AI + Institutional memory of Swiggy to get the right answers! CMD 2026
Slide 124: AI as how every team gets its work done
WHERE WE ARE HEADED Hyper-Personalisation – One User, Fully Understood AI at Swiggy is no longer an engineering tool — it's how every team gets its work done. The How We built a shared AI tooling layer in-house so any team can put AI to work in their own language. Why it compounds When all functions
Slide 125: Our Technology Journey
WHERE WE ARE HEADED Our Technology Journey Building for the Monetary benefits and agentic era capability unlocks that will compound 2 1 3 Leverage AI in our core OPS CMD 2026
Slide 126: Financial Overview
Financial Overview
Slide 127: Why Swiggy: A structural investment case
Why Swiggy: A structural investment case Unlocking hyperlocal Demonstrated track commerce at scale record of execution Incubating and harvesting Partnering towards convenience led consumer win-win outcomes need states across the ecosystem 129
Slide 128: Compounding growth with improving margins
Compounding growth with improving margins… B2C GOV (INR Cr) Consolidated Adj EBITDA Margin 67,734 -29.9% CAGR: +32% +25.7pp 51% 27,741 -14.1% 12,967 78% 42% -4.2% 100% 18% 4% 7% FY20 FY23 FY26 FY20 FY23 FY26 Food Delivery Quick Commerce Out of Home Consumption CMD 2026 Source: Company financials.
Slide 129: Driven by high quality user cohorts
…driven by high quality user cohorts Platform Spend per User Platform Frequency per User Year Year 1 Year 2 Year 3 Year 4 Year 5 Year Year 1 Year 2 Year 3 Year 4 Year 5 FY2022 1.0x 1.1x 1.3x 1.7x 2.4x FY2022 1.0x 1.1x 1.2x 1.4x 1.6x FY2023 1.0x 2.0x 1.6x 2.3x FY2023 1.0x 1.1x 1.3x 1.5x FY2024 1.0x 1
Slide 130: Food delivery segment turnaround
FOOD DELIVERY A demonstrated trajectory: Food delivery segment turnaround Gross Order Value (INR Cr) Adj EBITDA (INR Cr) 1,001 34,593 CAGR: +18% 21,517 -1,035 12,967 -3,194 FY20 FY23 FY26 FY20 FY23 FY26 CMD 2026 Source: Company financials.
Slide 131: The profit engine: met or exceeded guidance since listing
FOOD DELIVERY The profit engine: Met / exceeded guidance since listing Gross Order Value (INR Cr) Adj EBITDA Margin +39% 4x 9,490 3.1% 6,808 0.8% Q1FY25 Q1FY27 Q1FY25 Q1FY27 CMD 2026 Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs. Q1FY27 (AMJ 202
Slide 132: The profit engine: what powers it
FOOD DELIVERY The profit engine: What powers it High Operating Negative Working Near-zero Capex & Leverage Capital Infinite ROCE (2% of GOV) CMD 2026
Slide 133: The growth driver: tripled scale, nears contribution breakeven
QUICK COMMERCE The growth driver: Tripled scale, nears Contribution breakeven Gross Order Value (INR Cr) Contribution Margin +190% 7,907 -3.2% 2,724 -0.2% Q1FY25 Q1FY27 Q1FY25 Q1FY27 CMD 2026 Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs. Q1FY27
Slide 134: High return potential of ~40% ROCE
QUICK COMMERCE The growth driver: High return potential of ~40% ROCE (pre-tax) Steady-state Guidance Capex per Store 2.2 Cr 2.5 Cr Working Capital 15 Days 12 Days NOV per Year per Store 42 Cr 48 Cr Asset Turn 10.5x 12.0x EBITDA Margin 4.0% 4.5% EBIT Margin 3.3% 3.8% ROCE (pre-tax) 35% 45% CMD 2026 S
Slide 135: The growth driver: what powers it
QUICK COMMERCE The growth driver: What powers it Very Large TAM Very high Asset Turns leading Initial high Capital $1.1Tn QC-relevant to High ROCE Potential Intensity unlocks Capital market ~2x vs similar offline Efficiency businesses CMD 2026
Slide 136: The quiet compounder: turned profitable, 2.3x scale
OUT-OF-HOME CONSUMPTION The quiet compounder: Turned profitable, 2.3x scale since listing Gross Order Value (INR Cr) Adj. EBITDA Margin +133% 1,529 0.9% 657 -2.0% Q1FY25 Q1FY27 Q1FY25 Q1FY27 CMD 2026 Source: Company financials. Note: Comparison basis Q1FY25 (AMJ 2024, the trailing quarter at IPO) vs
Slide 137: The quiet compounder: what powers it
OUT-OF-HOME CONSUMPTION The quiet compounder: What powers it High Pass-through Revenue Negative Working Near-zero Capex & & Growth Potential Capital Infinite ROCE CMD 2026
Slide 138: Path to INR ~10,000 Cr Adj EBITDA by FY2031
Path to INR ~10,000 Cr Adj EBITDA by FY2031… (INR Cr) FY26 GOV FY26 Adj EBITDA FY31 GOV FY31 Adj EBITDA Food Delivery 34,593 1,001 2.5-3.5x ~5,000 Quick 28,496 -3,512 4-5x ~4,000 Commerce Out-of-Home 4,645 29 4-5x ~1,000 Consumption Total 67,734 -2,483* ~2,50,000 ~10,000 -3.7% ~4% CMD 2026 Source: C
Slide 139: Accelerated Earnings per Share growth to INR 30+
…and accelerated Earnings per Share growth to INR 30+ FY26 FY31 INR (17) INR 30-33 EPS EPS CMD 2026 Source: Company financials and estimates.
Slide 140: Domestic institutional backing drives majority domestic shareholding
Domestic institutional backing has resulted in majority domestic shareholding Domestic Ownership Summary 50.49% 43.29% 15.89% 27.16% MF + Insurance 21.10% Top 5 MFs own 16.57% vs 7.10% 0.50% pre-QIP (3 quarters ago) 27.40% 20.60% 23.33% Other Domestic Nov-24 Nov-25 Jul-26 CMD 2026 Note: Company data
Slide 141: The path to IOCC status
The path to IOCC status - unlocking direct inventory ownership 1st July 2026 23rd July 2026 18th August 2026 2-4 Quarters Domestic Board approved Shareholder vote Instamart’s ownership 49.5% foreign at the 13th AGM transition to 1P crossed 50% shareholding cap post-approval CMD 2026
Slide 142: Delivering profitable growth
Delivering profitable growth Growth at scale INR 2.5L Cr+ GOV; 30%+ GOV CAGR through 2031 Expanding profitability INR 10K Cr EBITDA; ~4% Adj. EBITDA Margin by 2031 Strong balance sheet INR 14.4K Cr Cash; Debt Free 144
Slide 143: Disclaimer
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 containin