Q1FY26 shareholders’ letter and results

Deepinder Goyal

July 21, 2025

1 min read

Headline Results

Quick commerce growth momentum continued - 243 net new stories added; NOV grew 127% YoY (25% QoQ) to INR 9,203 crore, surpassing food delivery quarterly NOV for the first time.
Quick commerce Adjusted EBITDA losses reduced QoQ to INR 162 crore (from INR 178 crore in Q4FY25) with Adjusted EBITDA margin improving from -2.4% to -1.8% of NOV.
Food delivery NOV growth remained subdued at 13%YoY (9% QoQ), driven by continued softness in demand; Adjusted EBITDA margins improved to 5.0% from 3.9% a year ago while declining QoQ to 5.0% of NOV (from 5.2% in Q4FY25).
District growing well, promising to become a large and profitable business.

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