Analysts/Institutional Investor Meet/Con. Call Updates

REF: SWIGGY/SE/2026-27/63 October 29, 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: 544285 Symbol: SWIGGY Dear Sir/ Madam, Sub: Transcript of the Earnings Conference Call for Analysts and Investors held on Thursday, October 22, 2026 Ref: Disclosure pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the Earnings Conference Call for Analysts and Investors held on Thursday, October 22, 2026. The said transcript is enclosed herewith and has also been hosted on the website of the company. The link for accessing the transcript is provided below: https://www.swiggy.com/corporate/investor-relations/financial-results/ This disclosure is being submitted in compliance with the aforementioned regulations and is for your information and records. Thanking you, Yours faithfully, For 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 Swiggy Limited Q2 FY27 Earnings Conference Call October 22, 2026 MANAGEMENT: SRIHARSHA MAJETY – MANAGING DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER – SWIGGY LIMITED RAHUL BOTHRA – CHIEF FINANCIAL OFFICER – SWIGGY LIMITED ROHIT KAPOOR – CHIEF EXECUTIVE OFFICER, FOOD MARKETPLACE – SWIGGY LIMITED NANDITA SINHA – CHIEF EXECUTIVE OFFICER, INSTAMART – SWIGGY LIMITED SUMANT SHARMA – GENERAL MANAGER, INVESTOR RELATIONS – SWIGGY LIMITED Page 1 of 15 Moderator: Ladies and gentlemen, good day, and welcome to Swiggy Limited Q2 FY27 Earnings Conference Call. All participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sumant Sharma from the Investor Relations team. Thank you, and over to you, sir. Sumant Sharma: Thank you, Operator. Hello, everyone, and welcome to the Q2 FY27 earnings conference call for Swiggy. Our financial results and shareholders’ letter have been published on the exchanges and the information pack has been placed in the Investor Relations section of our website, www.swiggy.com. We would like to inform you that the management may make certain comments on the call that one could deem forward-looking statements. Specifically, the financial guidance and pro forma information that we will provide on this call are management estimates based on certain assumptions and have not been subjected to any audit review or examination procedures. Swiggy does not guarantee these statements and is not obliged to update them at any time. Joining us on the call today are Sriharsha Majety – MD and Group CEO; Rahul Bothra – CFO , Rohit Kapoor – CEO of Food Marketplace and Nandita Sinha – CEO of Instamart With this brief preamble, let us start the Q&A. Operator, you can please go ahead. Moderator: Thank you very much. We will now begin with the question-and-answer session. Your first question comes from the line of Gaurav Malhotra with Axis Capital. Gaurav Malhotra: Just a couple of questions on food and quick commerce. So firstly, on food, if you can give us some sense on what you're seeing in terms of emerging competition from Rapido, we see Flipkart Minutes also doing something in food. So how are you sort of seeing the landscape? Sriharsha Majety: Hi Gaurav, Harsha here. I'll take that first question. Actually, as of now, only Rapido is live to the general public and Flipkart has opened to the public at scale even in Bangalore yet. We are, of course, closely watching the market. We happen to be participating in this in the value market through our pilots with Toing. And we've talked about it extensively in our shareholders’ letter as well. I think over the last 4- 5 quarters, we are closely monitoring the business health, the product market fit. And we're quite excited by what we are seeing as of now. Competition has begun, but we're able to respond pretty strongly both from the Swiggy asset platform as well as the Toing asset. Our sense, however, as of now, and that's the reason why we're investing in Toing also right now is that we do believe that the market can expand if the right proposition offering value to consumers while being sustainable can be cracked. For us, it's a specific interest also because Toing in some sense for us insurance of a large profit pool at its worst and in addition to a large profit pool at its best. Page 2 of 15 And that is the reason why we continue to play for it. We continue to monitor all the health metrics and are continuously revising our plans and iterating on the business based on everything we know. Gaurav Malhotra: Got it. In the shareholders’ letter, even in food, you have sort of mentioned about investments towards the affordability trust. So, Toing, is where the affordability focus is. So, is there some sort of an overlap happening between the food and Toing from an affordability focus perspective? Sriharsha Majety: There is some overlap, but we've also talked about the extent of the overlap and how it's been changing with time. Every passing month as we get scale, we're seeing the overlap actually improve as in reduce, which is what gives us confidence that it is the opening of a new market. There is going to be some, but we monitor it closely, and it is a very healthy right now as we see. And as it scales, it's starting to get better. The overlap percentage is reducing, which for us increases our confidence that this is the opening of a new market. Gaurav Malhotra: Got it. And just one question on quick commerce. Some of the underlying metrics in quick commerce were decent, right in terms of the MTU additions, your throughput per store, those sort of moved up. But the delta change in losses seems a little bit on the higher side. So, if you could just help us understand that. I understand in the shareholders’ letter, you've given us some sense on where the extra margin compression has come from. But if you can give us some sense on, how should we think about these losses going forward? Also, now that you started to sort of refocus on growth, would that also mean that you will be getting back into focusing on the Tier-2 markets? Nandita Sinha: Nandita here. This quarter, we've got back on the growth trajectory. We've had a good quarter with a 13.4% QoQ NOV growth. What makes us excited about this growth is the fact that the quality of growth has been very good. We've seen our retention metrics go up and our frequency metrics have go up by 4% QoQ. We've added 1.3 million MTUs, as you said. We've built this on the back of habit building, which has been on the back of cohortized user bases on which we have done habit building, and we have invested behind our differentiated assortment proposition. This makes us confident on the quality of growth that we've been adding. As a result of this, we believe that as we continue to build the quality of growth, both on the user side, which is on building our frequency, habits building our differentiated assortment, which has actually given us great results in terms of the retention that we see on the platform and also increase the productivity that we have on the throug [Showing first 8,000 characters — download PDF for full document]