Swiggy Limited — Q4FY26 earnings call summary

• Capex mainly on warehousing for Tier 2 expansion; expected to moderate
• Food Delivery medium-term growth guidance 18%-20% with steady state 5% EBITDA margin
• 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
• Top quick commerce city EBITDA breakeven; store utilization ~40%, densify at 80%-90%
• Quick commerce growth driven by better retention, reduced low AOV users, and monetization
• New initiatives like Toing early stage; Food Delivery includes Bolt, 99 store, EatRight
• Marketing spends calibrated to growth; focus on retention and profitable growth

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