Internet - India: 4Q Review: A look at consensus moves + key events to watch for heading in 1Q27

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Internet - India: 4Q Review: A look at consensus moves + key events to watch for heading in 1Q27

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Internet - India

4Q Review: A look at consensus moves +

key events to watch for heading in 1Q27

Earnings Review

Stable trends across most; Higher loss in select segments 26 May 2026

India Internet sector’s 4Q results numbers were largely stable across our coverage, with Equity

revenues broadly in-line for most companies- Delhivery and Urban Company (UC) showed India

strongest revenue beats. EBITDA delivery was mixed: Meesho, Eternal, and MMYT beat Internet

estimates, while UC, Ixigo, Paytm and PB Fintech missed expectations. Consensus Sachin Salgaonkar >>

revisions for FY27/ 28E were selective – UC and Delhivery saw most constructive revenue Research Analyst

revisions, while Eternal and MMYT saw a cut. On the EPS side, meaningful downward BofAS+91 22India6632 8667

revision was seen for UC, Swiggy and MMYT while Meesho and Delhivery saw modest sachin.salgaonkar@bofa.com

FY28E EPS upgrades. 1QFY27 trends would be key to watch out as the impact of rising Pankaj Mehendiratta >>

Research Analyst

fuel price would be evident. We find most India internet names better placed given their BofAS India

focus on more affluent users. +91 22 6632 8684

pankaj.mehendiratta@bofa.com

Key highlights: 1) Eternal delivered a healthy EBITDA beat, supported by the strong Kaushik Gurumurthy, CFA >>

profitability at Blinkit & Swiggy’s QC margin improved QoQ (refer note here); 2) Travel ResearchBofAS IndiaAnalyst

softness in the N-T weighed on growth at both MMYT and Ixigo; 3) Trends for Naukri +91 22 6632 8357

kaushik.gurumurthy@bofa.com

remained stable, though visibility on a sharper recovery remains limited; 4) Nykaa has