Record revenue masked by margin collapse; profitability claims unsubstantiated

PAT down 47% QoQ despite 16.9% QoQ revenue growth; margin claims lack support

OPM 2.9%, NPM 0.5%, QoQ PAT declined; no near-term expansion visible

NPM 0.5%, OPM 2.9% current quarter; gap suggests 5-6 year horizon minimum

60% of cohort retained overall; 3x for full cohort including churn

Company still matching prices in competitive markets; assertion unproven

From ₹1 Cr to ₹2.5 Cr to expand supply chain capacity; warehousing lumpy. No immediate margin benefit.

Management claims higher visibility on margins; actual OPM 2.9%, far below. Gap unresolved.

Same $1B adjusted EBITDA FY29, same 60%+ NOV CAGR. Prior call already set these. No new quantified targets.

Prior: assortment expansion expected to lift AOV. Now: AOV to stay range-bound. Revenue growth frequency-only.

Capex increases and larger stores driving efficiency. Higher capex per store lining up for margin expansion. Now have higher visibility on margins.

Q1 was peak; competition now predictable (subsidy-based). Discount-led growth unsustainable—no pullback path once customers expect subsidies. Prior experience shows discount strategy failed; infrastructure wins.

Strategy is not zero discount; we reinvest profits into value. Gradual process. Expect competitive intensity to ease, reducing need to match.

AOV flat YoY for Q1, same as last year. Mix of categories and seasonal factors. We don't drive NAOV; outcome of assortment. Focus is NOV and margins.

Wallet share grows but NAOV stays flat. Low-margin assortment added (general merchandise). Higher frequency = smaller cart size. Conflicting pulls offset NAOV growth.

Yes, includes ESOP and depreciation. That's the long-term framework.

Capex tied to supply chain and warehousing, not just store. Capex expands market, opens smaller-city stores at lower NOV per day but profitable at 6% margin. ROCE framework matters, not individual metrics.

EBIT margin negative, no ROCE today (industry in making). Framework is how much to invest. Talk about future targets, not current.

Not really anything different.

Price competitive in certain markets. Example: lowered gold free delivery threshold from ₹199 to ₹99. That defends against low-value order formats.

At this point we can say that.

Both trade and expense payables included. Increase driven by business scale, not aggressive vendor terms. Expense payables fluctuate.

From prior calls; not upgraded this quarter. Based on cohort retention and frequency growth, not AOV expansion.

Stated target. Current OPM 2.9%; gap of 3+ percentage points. Timeframe unclear—likely FY28–FY29.

Long-term aspiration. Current NPM 0.5%. Contradicted by near-term QoQ PAT decline of 47%.

Management asserts competitive peak has passed; unverified. Next quarter will test credibility.

Includes warehousing and supply chain. Lumpy investment horizon. Expect continued heavy capex for geographic expansion.

Shift to premium real estate. Ramp time longer but higher throughput potential.

PAT ₹92 Cr (0.5% NPM) far below 4% EBIT guidance. QoQ decline 47% despite revenue growth signals margin compression, not expansion.

Management claims Q1 competitive peak has passed and become 'predictable.' Unverified assertion. Rivals may sustain aggressive subsidy spending.

Capex per store up 150% (₹1Cr→₹2.5Cr) but NOV per store only +60%. Larger stores take longer to ramp; ROI timeline unclear.

NAOV flat for two quarters. Growth now frequency-only; no pricing power. If user acquisition slows, growth stalls.

Inventory losses 1.8% of NOV (perishables-driven). Management admits losses are 'asymptotic,' unlikely to improve materially.