Transcript of the Earnings Conference Call for Analysts and Investors held on May 08, 2026

AI summary - Quick commerce medium-term NOV target INR1 trillion in 3.5-5 years with 35%-50% CAGR - Contribution margin breakeven achieved in Q4FY26; exit March margin up 110 bps - Quick commerce growth driven by better retention, reduced low AOV users, and monetization - Food Delivery medium-term growth guidance 18%-20% with steady state 5% EBITDA margin - New initiatives like Toing early stage; Food Delivery includes Bolt, 99 store, EatRight - Marketing spends calibrated to growth; focus on retention and profitable growth - Top quick commerce city EBITDA breakeven; store utilization ~40%, densify at 80%-90% - Capex mainly on warehousing for Tier 2 expansion; expected to moderate - Competitive intensity acknowledged; focus on durable proposition over buying growth