Swiggy Ltd (SWIGGY) Q2FY27 Concall Transcript - Sep-2026 Qtr
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Moderator: Ladies and gentlemen, good day, and welcome to Swiggy Limited Q2 FY '27 earnings conference call. All participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sumanth Sharma from the Investor Relations team. Thank you, and over to you, sir.
Sumanth Sharma (Swiggy Ltd): Thank you, operator. Hello, everyone, and welcome to the Q2 FY '27 earnings conference call for Swiggy. Our financial results and shareholders letter have been published on the exchanges, and the information pack has been placed in the investor relation section of our website www.swiggy.com. We would like to inform you that the management may make certain comments on the call that one could deem forward-looking statements. Specifically, the financial guidance and pro forma information that we will provide on this call are management estimates based on certain assumptions and have not been subject to any audit, review, or any combination procedures. Swiggy does not guarantee these statements and is not obliged to update them at any time. Joining us on the call today are Sriharsha Majety, MD and Group CEO; Rahul Bothra, our CFO; Rohit Kapoor, CEO of Food Marketplace; and Nandita Sinha, CEO of Instamart. With this brief preamble, let us start with the Q&A. Operator, you can please go ahead.
Moderator: Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register, you may press star and then one. Your first question comes from the line of Gaurav Malhotra with Axis Capital. Please go ahead.
Gaurav Malhotra (Axis Capital): Yeah. Hi, thanks for the opportunity. Just had a couple of questions on food and quick commerce. So, firstly, on food, you know, if you can give us some sense on what you're seeing in terms of, you know, emerging competition from Rapido, we see Flipkart Minutes also doing something in food. So so, how are you sort of seeing the the landscape?
Sriharsha Majety (Swiggy Ltd): Hi, Gaurav. Harsha
Sriharsha Majety (Swiggy Ltd): I think that was question. Actually, as of now, only Rapido is live to the general public, and Flipkart hasn't opened to the public at scale, even in Bangalore, yet. We are, of course, closely watching the market, we happen to be participating in this, you know, the value, market through our, pilots with Toing. And we've talked about it extensively, in our shareholder report as well. I think over the last four, five quarters, we are closely monitoring the business health, the product mod- market fit, and we're quite excited by what we're seeing as of now. Competition has begun, but I think we're able to, respond pretty strongly both from the Swiggy, asset platform as well as, the Toing asset. Is there any specific follow-up you have?
Gaurav Malhotra (Axis Capital): Yeah. So, [inaudible]
Sriharsha Majety (Swiggy Ltd): Sorry, go ahead, please.
Sriharsha Majety (Swiggy Ltd): and send. However, as of now, and that's the reason why we're investing in Toing also right now, is that we do believe that the market can expand if the right right proposition offering value to consumers while being sustainable can be cracked, and for us it's a specific interest also because Toing is at some sense for us, insurance of a large profit pool at its worst and an addition to a large profit pool at its best. And that is the reason why we continue to play for it. And we continue to monitor all the health metrics and are continuously devising our plans and iterating on the business based on everything we know.
Gaurav Malhotra (Axis Capital): Got it. So in the shareholder letter in even in food, you have sort of mentioned about you know investments towards affordability thrust. So so Toing is where the affordability focus is. So is is there some sort of an overlap happening between the food and and Toing from an afford- affordability focus perspective?
Sriharsha Majety (Swiggy Ltd): There is some overlap, but we've also talked about the extent of the overlap and how it's been changing with time. Every passing month as we get scale, we are seeing the overlap actually improve, as in reduce, which is what gives us confidence that it is the opening of a new market. And, yeah, I mean, it is par for the course. There is going to be some, but we monitor it closely and it is in a very healthy level right now as we speak. And as as it scales, it's starting to get better.
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