Hi, thanks for the opportunity. So, actually two follow -up questions. So, you said a lot of that ₹82 crores loss was not in Damas. So, that could be for Titan's Middle East businesses. Is that the right assumption?
Okay. And which is why it's showing up in the standalone numbers, right?
And firstly, Venkat, thanks for your insights, we will miss them, and I look forward for many more. Best wishes for the rest of the team. So my questions, first on jewellery. I mean, just given the unprecedented gold prices, can you throw a little more light on how trends differ regionally within India? And obviously, given your increasing global scale also in other markets, are we seeing sort of clear differentiation in trends? That would be sort of an interesting insight. And second, on the watch business, you've made a sort of concerted effort on the analog watches side. We've seen new launches over the past 6 months as well. From here, should we continue expecting a sort of a significant growth in the analog space? And an y sort of insights from the festive season on growth in that category?
Two questions from me. So firstly, on the -- so we've received also feedback from some of the Quick-commerce players and E -commerce players about how Tata Consumer is doing -- is amongst the best performing companies on their platform. So from your perspective, what has really worked well and has allowed you to outperform even compared to GT where you've had long-standing relationships. So that's one. And second, on tea, despite obviously, you're doing very well on these channels the 4% of volume growth, would you say that's a satisfactory number? Or would you sort of aspire to see that number improve over the next 3 quarters?
That's very clear. And just in terms of profitability on across channels. So would it be fair to say that like -for-like for the same products, profitability will be lower on these new channels, but obviously, you see more premiumization. So overall, the product or at a category level, your margins could be better. Would that be the right way to look at it?
Hi, good evening and thanks for the opportunity. Sir, two questions. Firstly, can you throw some light on sort of new product launch plans for Fiscal ‘27 particularly in the Prestige & Above and luxury space? And second, your 125 basis points EBITDA margin expansion is fairly robust given the commodity environment. So , how do you plan to mitigate the higher commodity cost? And is this margin expansion over full year ‘26 or 4Q ‘26?
That is very clear. Thanks very much. And just one follow -up on the margins. So, will there also be some unlock given that you had a large number of new launches last year and so I am assuming there was a huge marketing spend behind that, so could there b e some unlock in marketing spend as well given that the number of new launches is lower?
Sir, 2 questions. Firstly, on the P&A brands, you indicated, obviously, Magic Moments, After Dark and Royal Ranthambore and Morpheus doing very well. Can you give us a sense of what the price index for each of these would be? So let's say, I'm assuming Ma gic Moments to be Rs. 100, how does that price index play out at a broad level or at a company realization level? I understand it will be different state by state. And secondly, in terms of the revenue contribution of each of these brands or volume of each of these brands, if you can give sense last quarter, if I remember, you mentioned 250,000 cases for Royal Ranthambore doubling. So, can we again get a sense of the scale?
And the second question was just the revenue or volume salience, of these brands. 12 | P a g e Q2 FY2026 Earnings Call Transcript
Thanks for the opportunity. So two questions. First, on the sort of guidance of INR15,000 crores. Now the growth is obviously lower than what you've delivered. And is this largely a function of so deflation in copra prices? Or is there anything else that again is -- which is why the growth is more conservative than what is delivered out there?
That's very clear. Thanks, I just wanted to check if that Parachute price cut because the guidance was similar even earlier, right? So I mean , I'm assuming that you've already factored in there will be a price cut for Parachute.
Hi, good evening. Two questions, firstly, when we look at the contribution per order in the quarter, we've seen a slight dip. Is this largely a function of AOV which obviously falls seasonally or anything more to read in the sort of drop in contribution per order? And then the second question is on the food delivery side. We've seen Swiggy sort of rollout Toing quite aggressively, which is obviously a different model with a different price structure. Any plans for Eternal to do the same or do you think of Bistro as being that option for affordability on the food delivery side? And for Bistro, any sort of updates on how that business is doing?
Understood. So, in other words, as AOV goes up and then some of the seasonality changes, your contribution direction should be upwards at least for now, right?
Yeah. Hi, good evening. So, two questions. Firstly, on Blinkit. So, you indicated that you've sort of ploughed back some of the incremental contribution, if you were to call it that, or incremental profitability back into marketing spend, and would it also be fair to assume that some of it has gone into price as well to make your products on the platform more attractive?
Absolutely. So then when I see the difference, obviously contribution per order has improved, but EBITDA per order hasn't, and that, would just be a function of marketing spend and the gap between those two?
Two questions. Firstly, in terms of new products, can you give us a sense of what new launches, how the new launches have done, particularly around Nimbooz you mentioned that fruit -based drinks have done well, as well as the milk -based beverages. If you can give us some sense of what the contribution is and how the growth has been? And secondly, in terms of summer, now you have indicated that obviously we have had a strong start and is there any sort of risk to this in terms of unseasonal weather at any s pecific part of the country or do you expect summer this year to be very strong? Thanks.
Sir, two questions. Firstly, in India, can you give us a sense of which categories and brands and how they performed during the quarter? Particularly with some of these, sort of, fruit beverages or fruit -based drinks and the milk beverages. Any sort of pickup we've seen post the GST cuts? And second, on the Alcobev piece again, in Africa, this Carlsberg partnership, is it applicable for every country that you operate in Africa or it's only a few countries to start with?
I understand. Very clear. And just on the first question again. Last quarter, you said that Sting Gold wasn't as successful, maybe because of the weather and all of that. So, any plans to relaunch this or push this more? Or do you think you'll have to come back with a new product?
So a couple of questions. So firstly, on Popeyes, now that you're seeing sort of steady and strong performance. From when will you report this as a separate segment? Will we start getting data on this in terms of ADS and SSG and even the revenues separately?
I understand. And then just a journey of Popeyes that we've seen since you've launched it to where we are now. What has led to sort of the significant improvement in SSG? But do you think that the model now is at a point where the client model is t he one that you will sort of roll out across the country overall?
So two questions from me. So firstly, I just wanted to un derstand this GM decline a little bit better because you indicated that you are pushing the value agenda, but I thought that the free deliveries now are complete -- should be in the base. And secondly, even when I look at the free delivery, we are seeing the packing charge, for example, has gone up almost fully offsetting that free delivery amount compared with what it was two quarters -- let's say, 5 or 6 quarters ago. So I just want to un derstand this gross margin decline. And then the second question is just overall also in terms of profitability for the stand -alone business, if I look at the EBIT or PAT over a sort of 3 -year, 5-year period, it's basically we've seen no growth. In fact, over a 3 -year period, it's a sort of double -digit decline in profit. How does one address this given that we've got very strong SSG, very strong top line numbers now, but the profitability overall remains muted?
No, I understand that the gross margin. So, my question actually was on the PAT. The net income was actually on sort of a 3-year or 5-year basis, right? So if I look at net income or EBIT because the interest costs have gone up, so if I disregard interest cost, even the EBIT has declined at a CAGR of 11% on a 3-year basis, while our top line has grown 11% CAGR. So I'm just trying to understand what has led to this decline and how that will improve because 200 basis points still won't take it to what it was 3 years ago.
So two questions, largely on quick commerce. So firstly, in terms of the guidance on contribution, how sacrosanct is that -- in a sense at what level of growth would you accept for the breakeven to happen? Because we've seen growth decelerate both sort of at least sequentially in this quarter and is actually meaningfully lower than your other competitor that reported numbers. So from that perspective, with the cash balance that you have, how do you decide the balance between sort of growth and achieving that contribution breakeven? And then the second question on the same lines. We've seen sort of prices of late on Maxxsaver not being very different from just a standard app. Does that mean that at least that initiative on Maxxsaver seems to be a little bit on the back burner now as the focus on contribution margin improves?
Yes, just a follow-up on that. I mean, for me, where I'm struggling a little bit is -- I mean, obviously, your growth compared with, let's say, Blinkit is a lot lower. And at the same time, we see the other competitors discount heavily. So in this sort of environment, when you say that your target is obviously becoming the market leader, how do you make that balance right between contribution? I understand that there are structural elements to that improvement in margin, which you explained which I'm cognizant of. But obviously, a large part is also sort of discounting. So what I want to understand is, at what point does that take a back seat in a sense that you will say that, look, it's fine if we even do it in 2 quarters later, but for now competing for that customer is more relevant or that's not ?
So two questions, largely on quick commerce. So firstly, in terms of the guidance on contribution, how sacrosanct is that -- in a sense at what level of growth would you accept for the breakeven to happen? Because we've seen growth decelerate both sort of at least sequentially in this quarter and is actually meaningfully lower than your other competitor that reported numbers. So from that perspective, with the cash balance that you have, how do you decide the balance between sort of growth and achieving that contribution breakeven? And then the second question on the same lines. We've seen sort of prices of late on Maxxsaver not being very different from just a standard app. Does that mean that at least that initiative on Maxxsaver seems to be a little bit on the back burner now as the focus on contribution margin improves?
Yes, just a follow-up on that. I mean, for me, where I'm struggling a little bit is -- I mean, obviously, your growth compared with, let's say, Blinkit is a lot lower. And at the same time, we see the other competitors discount heavily. So in this sort of environment, when you say that your target is obviously becoming the market leader, how do you make that balance right between contribution? I understand that there are structural elements to that improvement in margin, which you explained which I'm cognizant of. But obviously, a large part is also sort of discounting. So what I want to understand is, at what point does that take a back seat in a sense that you will say that, look, it's fine if we even do it in 2 quarters later, but for now competing for that customer is more relevant or that's not ?
So two questions. Firstly, on the loyalty program, Swiggy One and Swiggy One BLCK. Can you give us a sense of what proportion of Instamart customers are coming from the loyalty program? And then maybe in the related lines that you've also split your app for Instamart, I mean, between the common app and a separate app. So can we get a sense of what proportion of customers is coming on the separate app? And has it accelerated as that separate app has been sort of extended?
All right. And maybe then if you can't give me specific numbers, and also in terms of the split between sort of food delivery customers and new to Swiggy customers, would that be -- would that now be incrementally much larger in terms of sort of the proportion of new to Swiggy customers coming on? Or would it still be a large chunk of food delivery customers that are all common customers that are using the platform for Instamart?
So two questions. Firstly, on the loyalty program, Swiggy One and Swiggy One BLCK. Can you give us a sense of what proportion of Instamart customers are coming from the loyalty program? And then maybe in the related lines that you've also split your app for Instamart, I mean, between the common app and a separate app. So can we get a sense of what proportion of customers is coming on the separate app? And has it accelerated as that separate app has been sort of extended?
All right. And maybe then if you can't give me specific numbers, and also in terms of the split between sort of food delivery customers and new to Swiggy customers, would that be -- would that now be incrementally much larger in terms of sort of the proportion of new to Swiggy customers coming on? Or would it still be a large chunk of food delivery customers that are all common customers that are using the platform for Instamart?
So, two questions. Firstly, you indicated that Kay Beauty has done well overseas in London, you indicated that. So, can you explain a little bit more about the opportunity for Nykaa owned brands overseas and how you're looking to expand that? And second question on the sort of arrangement with H&M, will this also include sort of sales in physical stores or it's purely a sort of online arrangement? And how , if there will be a difference in pricing between what's available in their stores and what's available online and a difference in assortment?
Understand. And then maybe one more follow -up on this. In terms of the salience, what proportion of the owned brand products is now coming from outside of the platform?
Hi. Good morning. So, two questions. First, you sort of mentioned increased focus and you have also mentioned making investments in the regional competition. In your opening comments, you also indicated that some regional competitors have gained share on the margins. So, can you throw a little more light on what exactly is happening? Is this a function of them launching differentiated products or it's just a sort of pricing gap? And second, to tie that up with the other comment that you made that you expect to gain market share from some of these smaller players, again, would this trend be true also of the regional players that you mentioned which potentially gained market?
I understand. So, basically, what you are saying is now that you are more competitive on price because their advantage on taxation goes away, you are pushing the envelope also on investments in the brands to be able to compete with them even better or make sure the consumers are aware that our products are priced better.
Sir, 2 questions from me. Firstly, on the sort of very strong EBITDA trajectory for the ethnic business. So we've seen strong growth and now sort of EBITDA also improved. So can you give us some sense of how you see this trajectory evolve over the short te rm and then more importantly, over the medium term and where you feel steady -state EBITDA for this business should be? And then secondly, for the Pantaloons store closures, so there was a sort of a 2.7% store reduction, but I see that the area is actually flattish. So one, anything to read across in that? And secondly, would this represent sort of the -- would we still see further store reduction? Or do we think for now, we are very good in terms of store count and we could potentially see an increase down the line?
No, I understand. Very clear. Just maybe one follow -up on Tasva. Obviously, growth here is very strong. But when we sort of look at -- when we say it's available across 70 stores, this includes sort of -- these are just stand-alone Tasva stores or these are also other.
So, 2 questions from me. Firstly, on KFC, we have seen sort of flattish like-for-like growth on a base that was already quite negative. So from here on, to see an improvement in trajectory at KFC, what in your view are sort of the 2 or 3 key things that need to happen to start seeing a meaningful improvement? And within this sort of flattish SSSG, is there any meaningful trend difference that we saw maybe in the first half of the quarter versus the second half or in the more recent period in July? And my second question is on these new brands that we are adding, whether it's Biryani by Kilo or New York Fries. Over what period does the management intend to make these significant from an overall company perspective?
Yes. Thanks so much, Manish. Very clear. Maybe just on Biryani by Kilo, just as a follow-up, the current model is largely delivery-only, is it?