ICICI Securities estimates Swiggy should marginally gain share in food delivery business. Its channel checks indicate e-comm volume growth is accelerating from the lows of FY24/25. Delhivery is likely to be a key beneficiary of this trend. Eternal and Delhivery are key picks for Q1 FY26. The brokerage remains bullish on Swiggy.
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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.
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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.
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