Analysts/Institutional Investor Meet/Con. Call Updates

REF: SWIGGY/SE/2026-27/43 August 05, 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, July 30, 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, July 30, 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 Q1 FY27 Earnings Conference Call July 30, 2026 MANAGEMENT: SRIHARSHA MAJETY – MANAGING DIRECTOR AND GROUP CHIEF EXECUTIVE OFFICER – SWIGGY LIMITED RAHUL BOTHRA – GROUP CHIEF FINANCIAL OFFICER – SWIGGY LIMITED ROHIT KAPOOR – CHIEF EXECUTIVE OFFICER, FOOD MARKETPLACE – 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 Q1FY '27 Earnings Conference Call. As a reminder, 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 call, please signal an operator by pressing star 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: Thanks, operator. Hello, everyone, and welcome to the First Quarter FY 2027 Earnings Conference for Swiggy Limited. Our financial results and shareholders' letter have been published on the exchanges and the information pack has been placed on the Investor Relations section of our website, www.swiggy.com. We would like to inform you that the management may make certain comments on this 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 – Group CFO and Rohit Kapoor – CEO of Food Marketplace. With this brief preamble, let us start the Q&A. Moderator, you can please go ahead. Moderator: Our first question comes from the line of Sachin Salgaonkar with Bank of America. Please go ahead. Sachin Salgaonkar: I have three questions. The first question is regarding the strategy in quick commerce. Now that we achieved a contribution margin breakeven, which partly, perhaps, came at the expense of a slower growth, management now wants to focus on accelerating growth, but again, that is going to come at the expense of contribution margin getting again into a negative territory. So I just wanted to understand how we should think about the strategy? Is it growth at the expense of margins or vice versa? And when do we see a mix of both? The second question is on quick commerce on implied take rate. Because when we look at Quick Commerce NOV growth, it's roughly 3% QoQ, QC revenue growth is roughly 13%. Clearly, the implied take rate has moved up. So I just wanted to understand, is it on the back of the mix of private label? Is it seasonality? And how sustainable is the increased take rate? And the last question is on food. Of late, a lot of noise has been increased on potential competition in the food delivery space. Would love to hear management's thought on that, particularly on the zero commission model and how does Swiggy look at it? Sriharsha Majety: Thanks for your question, Sachin. I'm going to answer the first question, Harsha here.Yes, we did talk about a plan to be more focused on growth as we think about the way forward. When we talked about our overall commitment to move to the CM zero, there were a bunch of Page 2 of 15 reasons that we wanted to do it. We believe that to build a strong foundation for durable growth, this was quite important, and we have talked about it many times. When we look at the quality of the business going into the future, we have absolutely moved close to INR30 in contribution over the last 5 quarters. Our user retention month-on-month is at the highest that it's ever been. And a lot of the work that we've done on our brilliant basics as well as our efforts on differentiation are bearing fruit. So at this point where there is outside of, let's say, the market leaders, there are many folks operating at - 10% and below contribution margin. That is the kind of segment that we're in. So in a segment where there are very wide bands of operations that everyone has, we believe that we have earned the right and the flexibility to operate at a zero to -100 bps contribution margin level. At the same time, we want to be completely accountable to the quality of growth that we will demonstrate, and we take great confidence in the quality of growth that we expect out of this just because we're looking at the fundamentals, we're looking at the overall user quality, how users are growing in terms of their habit formation of the platform. And even the guidance that we've given is highly range-bound. We closed the last quarter at -0.2%, and we're talking about -100 bps is the range. So obviously, we've assumed no change in competitive intensity. Should things change dramatically, you should expect us to also keep moderating the strategy. But yes, I think the main reason we're choosing this is because we feel very happy about the reset in the quality of the business. We feel very happy about the kind of growth that we're seeing, the quality of growth that we're seeing. And we believe that doing this now increases our chances to actually get closer to EBITDA profitability in the time frame that we've also talked about in the overall shareholder letter. Rahul Bothra: With respect to the take rate improvement as you would have largely seen from our shareholder letter, a lot of our improvement has come on the back of monetization. Now, this is across the streams of the brands' take rate where we are able to negotiate a lot better margins as we scale the business. Advertising has started to meaningfully kick in for us the overall type of advertising that we are selling to brands and incubating the growth for them through these means. And thirdly, on the user fee side. So if you've seen over the last couple of quarters, we did experiment with a few levers around no fee, etc.. And in the previous quarter, we have been able to now monetize better on the user side. So the combination of these three levers, we have been able to increase the take rate significantly and a large part of our improvement over the last [Showing first 8,000 characters — download PDF for full document]