• Top-line performance: NMV grew by roughly 43% in Q4 and 39% for full-year FY26, with annual transacting users increasing 33% to surpass 26 crore and total orders crossing 2.6 billion.
• EBITDA margin expansion: Quarter-on-quarter EBITDA margin expanded by 1.7% of NMV compared to Q3 FY26, driven by logistics improvements and AI-led operational efficiencies.
• Valmo logistics share: Valmo's volume share moderated from a peak of 65% to about 50% as broader industry capacity became available, with the company prioritizing overall cost per order reduction across internal and external logistics partners.
• User acquisition strategy: Management will aggressively deploy capital where payback periods are favorable, addressing accessibility barriers to e-commerce through influencer-driven content commerce and AI tools like the voice agent "Vani".