Questions across 5 calls

Gaurav Malhotra

Axis Capital

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on May 08, 2026 · 2026-05-08

Just a couple of questions. In the shareholders’ letter, and I think so this question was raised earlier as well, you have mentioned that as you sort of will achieve contribution margin breakeven, you will possibly look to accelerate growth. So does that mean that essentially the contribution margin breakeven becomes like the floor and anything extra you sort of gain from there will be then reinvested back into the business, at least in the medium term. Is that understanding correct?

Understood. Just one follow-up. So while we understand that it's pretty competitive and you don't want to chase or buy growth. But given that there are multiple players, some of them are larger, who are quite aggressive, there are some newer guys who are becoming more aggressive. In that regard, if you were to sort of seek some market share and hypothetically, if this competitive intensity sort of remains, say, for another 3, 6, 9 months, isn't there a risk that some of your users who are sort of maybe experimenting there to other platforms will basically then permanently shift and hence, to regain them will become more expensive later on?

Swiggy Limited CC-May26.pdf · 2026-05-08

Just a couple of questions. In the shareholders’ letter, and I think so this question was raised earlier as well, you have mentioned that as you sort of will achieve contribution margin breakeven, you will possibly look to accelerate growth. So does that mean that essentially the contribution margin breakeven becomes like the floor and anything extra you sort of gain from there will be then reinvested back into the business, at least in the medium term. Is that understanding correct?

Understood. Just one follow-up. So while we understand that it's pretty competitive and you don't want to chase or buy growth. But given that there are multiple players, some of them are larger, who are quite aggressive, there are some newer guys who are becoming more aggressive. In that regard, if you were to sort of seek some market share and hypothetically, if this competitive intensity sort of remains, say, for another 3, 6, 9 months, isn't there a risk that some of your users who are sort of maybe experimenting there to other platforms will basically then permanently shift and hence, to regain them will become more expensive later on?

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-02-05

I just wanted to check, coming back to the contribution margin for quick commerce. Now the aggression in the market, I think so probably started mid-quarter in 3Q. It was obviously not there for the entire quarter. So, the full impact of that will be probably seen in the fourth quarter, the Jan to March. And we are also sort of ramping up the store additions during the same quarter. So, just wanted to get some understanding as to then how should we think about the -- being in the similar range, the contribution margin, when the competitive intensity will be for the full quarter and there will be also accelerated store count? So how do we sort of reconcile this along with the margins being in the same ballpark?

I just had one question. Right now, from an industry perspective, right, everyone is really going out and aggressively expanding and also providing reasonable discounting for gaining subscriber share. But what is the risk that at least in some of the markets, we are sort of overestimating the demand because that demand is basically coming from providing higher discounting of products. Any thoughts on that?

Swiggy Limited CC-Dec24.pdf · 2025-02-05

I just wanted to check, coming back to the contribution margin for quick commerce. Now the aggression in the market, I think so probably started mid-quarter in 3Q. It was obviously not there for the entire quarter. So, the full impact of that will be probably seen in the fourth quarter, the Jan to March. And we are also sort of ramping up the store additions during the same quarter. So, just wanted to get some understanding as to then how should we think about the -- being in the similar range, the contribution margin, when the competitive intensity will be for the full quarter and there will be also accelerated store count? So how do we sort of reconcile this along with the margins being in the same ballpark?

I just had one question. Right now, from an industry perspective, right, everyone is really going out and aggressively expanding and also providing reasonable discounting for gaining subscriber share. But what is the risk that at least in some of the markets, we are sort of overestimating the demand because that demand is basically coming from providing higher discounting of products. Any thoughts on that?

ETERNAL LIMITED

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21

Hi, thanks for the opportunity. Congrats on a good set of numbers. Just a couple of questions. In the shareholders’ letter you mentioned that 90% of your business has shifted to inventory, so the remaining 10%, which you said you will not shift, what is the assortment there? Is it electronics, slower moving goods, higher ASP items? What is the assortment of that 10%?

Got it. Just on food delivery, you did take down the delivery charges, and we are seeing obviously growth coming and picking up. But from here, do we expect growth to further accelerate, or it will remain in this kind of ballpark?