J.P. Morgan India FTM 9 Jun 26 Digitizing India Series; India EMS; India Oil and Gas; InterGlobe Aviation Ltd; JPM Asia Telco Investing our Recommendations and More

Research evidence excerpt

J.P. Morgan India FTM 9 Jun 26 Digitizing India Series; India EMS; India Oil and Gas; InterGlobe Aviation Ltd; JPM Asia Telco Investing our Recommendations and More

Asia Pacific Equity Research

India First to Market 09 June 2026

Top Stories

Digitizing India Series (Ankur Rudra, CFA)

Mirror, Mirror on the Wall … #10: Screening for Pricing and Availability – Subsidies moderate;

Instamart catching up on SKU availability

Eternal and Swiggy have declined by 8% and 35% YTD (NIFTY down 10%) due to concerns of rising competitive intensity,

persistent discounting and potential slowing growth in their QC business. Key takeaways from this edition of channel

checks: Headline subsidies remain volatile with some moderation in Blinkit and Instamart. Grocery and Staples have seen

lower discounts compared to other categories w.r.t our previous checks. Blinkit continues to be disciplined in pricing with

Instamart maintaining even lower discounts than Blinkit for a while now. In contrast, Zepto still continues to be aggressive on

pricing, second only to Amazon Fresh. On Availability: In Delhi-NCR Instamart has caught up with Blinkit to emerge as joint

leader. While in Bengaluru, Instamart has regained its lead by surpassing Blinkit by a small margin in late-April. Blinkit remains

the clear leader by a margin in Mumbai, with Zepto and Instamart fighting for the second spot. Zepto’s SKU availability, while

competitive in Mumbai and Bengaluru, has stayed sluggish in Delhi NCR since Nov’25, keeping it third overall. Blinkit's lower

subsidies and lead on availability with inline store adds should help scale its margins. We are OW both Eternal and Swiggy,

which are both balancing growth with profitability.

India EMS (Bhavik Mehta, CFA)