Shareholders'' Letter for Q2 2026-27 dated October 22, 2026

REF: SWIGGY/SE/2026-27/57 Date: October 22, 2026 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: 544285 Symbol: SWIGGY Dear Sir/ Madam, Sub: Shareholders’ Letter dated October 22, 2026. We are pleased to enclose the Shareholders' Letter for Q2 2026-27 dated October 22, 2026. The above information will also be hosted on the website of the Company i.e., https://www.swiggy.com/corporate/investor-relations/financial-results/ We request you to kindly take the same on record. Yours faithfully, For and on behalf of Swiggy Limited Cauveri Sriram Company Secretary & Compliance Officer SWIGGY LIMITED CIN: L74110KA2013PLC096530 | www.swiggy.com | support@swiggy.in | T: 080-68422422 Registered & Corporate Office: Sumadhura Capitol Towers, 3rd- 6th Floor – Tower 1, Sy. No. 14 & 158, Pattanduru Agrahara, K R Puram Hobli, Bengaluru East Taluk, Bengaluru, Karnataka – 560066 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 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 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 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% [Showing first 8,000 characters — download PDF for full document]