Eternal, Swiggy, Nykaa, Delhivery, Matrimony, IndiaMart, Blackbuck & More Q1 Results Preview— ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Our channel checks indicate price discounting has steadily decreased across platforms from April to June’. Performance marketing spends have remained comparatively muted. Store expansion has also receded from Q4 FY25.

We estimate Blinkit grew more than 25% QoQ and Instamart grew >22% QoQ in Q1 FY26 while the sector grew <20%QoQ, implying both gained market share.

We estimate adjusted Ebitda loss of Rs 1.5 billion for Blinkit (margin up 70 bps QoQ) and Rs 9.1 billion for Instamart (margin up 220 bps QoQ).

We estimate Swiggy should marginally gain share in food delivery business. Our channel checks indicate e-comm volume growth is accelerating from the lows of FY24/25.

We think Delhivery is likely to be a key beneficiary of this trend. Eternal and Delhivery are key picks for Q1 FY26. We remain bullish on Swiggy.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.