Swiggy Limited has disclosed the results of its postal ballot voting process, which concluded on May 20, 2026. The company sought shareholder approval for two key resolutions via remote e-voting, which commenced on April 21, 2026, at 9:00 a.m. (IST). The voting results were scrutinized by Biswajit Ghosh, Designated Partner of M/s. BMP & Co. LLP, Practicing Company Secretaries. The Scrutinizer's Report is dated May 21, 2026. The remote e-voting services were provided by National Securities Depository Limited (NSDL), and the total number of shareholders on the record date of April 10, 2026, was 543,315.

Voting Outcomes

The first resolution, which sought approval for the alteration of the Articles of Association of the Company, was not passed. It received 72.36% of votes in favour, falling short of the required threshold by 2.65%. A total of 2,24,82,94,581 votes were polled, representing 81.45% of the total outstanding shares. Conversely, the second resolution regarding the appointment of Mr. Renan De Castro Alves Pinto (DIN: 03118947) as a Non-Executive, Non-Independent Nominee Director, liable to retire by rotation, was duly passed. This resolution secured 98.98% of the votes in favour, with 2,22,53,44,930 shares voting for the appointment.

Resolution Voting Details

The following table summarizes the overall voting results for the resolutions put to the postal ballot:

Category-wise Voting: Resolution 1 – Alteration of Articles of Association

The category-wise breakdown for Resolution 1 is as follows:

For Resolution 1, 1,198 members voted in favour and 666 members voted against. Additionally, 13 members abstained, representing 1,47,10,425 shares.

Category-wise Voting: Resolution 2 – Appointment of Director

The category-wise breakdown for Resolution 2 is as follows:

For Resolution 2, 1,678 members voted in favour and 183 members voted against. Additionally, 20 members abstained, representing 2,53,74,874 shares.

Impact on Board Composition

The failure of the resolution to alter the Articles of Association has direct consequences for the company's board structure. The proposed appointments of Additional (Executive, Non-Independent) Directors, which were contingent upon this alteration, will not take effect on June 01, 2026. Consequently, the change in board composition is limited to the appointment of Mr. Renan De Castro Alves Pinto as a Non-Executive, Non-Independent Nominee Director, effective from April 11, 2026. The voting results along with the Scrutinizer's Report are available on the company's website at https://www.swiggy.com/corporate/ .

Swiggy Limited held its Q4 FY26 Earnings Conference Call on May 08, 2026, with Managing Director Sriharsha Majety, CFO Rahul Bothra, Food Marketplace CEO Rohit Kapoor, and Instamart CEO Amitesh Jha in attendance. Management outlined a path to quick commerce (QC) contribution margin breakeven in the current quarter and articulated a medium-term Gross Order Value (GOV) target of INR1 trillion, underpinned by a strategy of profitable growth, disciplined investment, and platform differentiation.

Management Guidance and Key Milestones

Swiggy's management provided specific forward-looking milestones during the call. The company expects to achieve QC contribution margin breakeven in the current quarter, reflecting an improvement of 5.5 percentage points year-over-year. Management noted that the company exited March with a 110 basis points improvement, and with April behind them, expressed confidence in achieving the full-quarter breakeven target. On store additions, management indicated that further additions are not necessary for the next few quarters given current utilization levels, with new stores typically opened when existing ones approach 80%–90% capacity. Healthy Monthly Transacting User (MTU) growth is expected within two quarters following the churn of lower Average Order Value (AOV) users.

The following table summarises the key guidance parameters shared by management:

Management clarified that financial guidance and pro forma information are estimates based on assumptions and are not subject to audit.

Strategic Focus on Differentiation

Management emphasised a strategy of differentiation over price competition. Sriharsha Majety highlighted the "Noice" private label brand as an example, offering clean-label products in categories such as bread and eggs to upgrade consumer propositions — including high-protein eggs and freshly baked bread with fewer preservatives. The company also cited its work in the cookware category with the Triply brand, expanding the category through assortment and pricing interventions. Management stated that Noice is margin positive, though the primary objective is improving stickiness and retention rather than maximising margins. The company reiterated it would not "buy growth" through irrational subsidies, focusing instead on structural improvements and operating leverage. Majety noted that a host of such differentiated examples are expected to appear across the Instamart app in the coming months.

Operational Metrics, Efficiency, and CapEx

Rahul Bothra noted that the company has halved the mix of low AOV orders over the past year. The take rate saw a 50 basis points pickup on a GOV basis, driven by reduced consumer incentives and monetisation of delivery fees. Roughly half of the NOV-to-GOV ratio improvement was attributed to the discontinuation of the No Fee experiment around the third week of January, with the remainder reflecting structural reductions in consumer incentives. Overheads in the quick commerce business remain around INR710–715 crores, largely due to marketing spends, with management expecting operating leverage to improve as the category matures and marketing efficiencies are unlocked. On capex, Bothra noted that the majority of warehousing investments — which have driven capex of around INR195 crores per quarter — are now largely behind the company, and capex is expected to decrease significantly going forward. Free cash flow on an annualised basis was noted by an analyst as approximately negative $400 million, with management acknowledging that working capital changes are cyclical and expected to improve sequentially.

Toing, Food Delivery, and Platform Innovations

Rohit Kapoor confirmed that all Food Delivery experiments — including Bolt, 99 Store, and EatRight — are included in core Food Delivery financials, while Toing operates as a separate app under the platform innovations bucket. Toing is described as being in early, pre-product-market-fit (PMF) stages, targeting users who are infrequent on the existing Food Delivery platform. Management noted early green shoots of optimism but cautioned it is too early to draw definitive conclusions. Regarding the LPG supply disruption in March, Kapoor noted that price increases on the platform were less than 0.5% and that the situation has since eased. On platform innovations, Bothra noted that a large part of the cost in that segment during the quarter was related to the closure of SNACC operations.

Analyst Ratings and Target Prices

Analyst views remain divided on the pace of quick commerce growth versus profitability. Morgan Stanley estimates the contribution margin breakeven milestone in Q2FY27, later than management's guidance. The following table summarises the current ratings and target prices assigned by major brokerages:

The earnings conference call transcript has been submitted to BSE and NSE pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is also hosted on the company's investor relations website.