Q2FY26 Headline Results - Web

Key Takeaways:

Consolidated Adjusted Revenue grew 172% YoY (85% QoQ) to INR 13,968 crore
Quick commerce NOV growth accelerated to 137% YoY (27% QoQ) - its highest ever in the last 10 quarters
- Network expansion continued with 272 net new stores added alongside healthy new customer acquisition (net addition of 3.9 million average MTCs)
Quick commerce losses decreased QoQ to INR 156 crore (vs INR 162 crore in Q1FY26) with Adjusted EBITDA margin improving from -1.8% to -1.3% of NOV
Transition to inventory ownership in quick commerce almost complete with ~80% of NOV in Q2FY26 on own inventory model
Food delivery growth rate bottomed out and is on a recovery path - 14% YoY NOV growth, while profitability improved QoQ to all time high of 5.3% of NOV (from 5.0% in Q1FY26)
Added ‘Stores’ as a new category on District; Launched District in the UAE