Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue INR1,538 Cr +57% y-y; adjusted EBITDA margin 5%; PAT INR67 Cr - Orders grew 70% y-y to 27.1 Cr; Express Parcel revenue INR1,096 Cr +55% y-y; Hyperlocal revenue INR341 Cr +88% y-y - Capacity expanded to 69 lakh sq ft; delivery partners scaled 31% to 3.8 lakh - AI optimization engine deployed to improve cost and speed - New micro-fulfillment centers planned in 50 cities over 6-12 months - D2C business doubled y-y; value-added services 35-40% of revenue - Long-term revenue growth guidance maintained at 27-30% - Top customer revenue share reduced by 3-4 percentage points - Quick commerce industry expected to grow 30%+; Shadowfax to maintain market leadership - Margin improvement driven by operational efficiencies despite cost buildup in rentals and depreciation