Delhivery, Swiggy Are ICICI Securities' Top Pick In Internet Space; Q2 Results Preview

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ICICI Securities Report

Our channel checks suggest e-commerce growth has accelerated to 15–20% YoY in Q2 FY26 driven by income tax cuts, GST cuts, and strong festive demand.

We think Delhivery is a key beneficiary of this trend given its robust supply chain, which can cater to such demand spurts without material service quality degradation.

We estimate express parcel shipments to grow ~30% YoY in Q2 FY26E with ~100 bps QoQ adjusted Ebitda margin expansion.

In quick-commerce, we see Blinkit likely sustaining its superior growth trajectory (26–27% QoQ); but, Instamart could accelerate its sequential growth (oue estimate 24% QoQ) with improving profitability.

In food delivery, our channel checks suggest increase in competition intensity which could keep margin improvement muted.

Top picks: Delhivery and Swiggy

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