India Internet 1QFY27 preview: Mixed prints with acceleration in QC & fintechs over travel/edtech

Research evidence excerpt

India Internet 1QFY27 preview: Mixed prints with acceleration in QC & fintechs over travel/edtech

J P M O R G A N Asia Pacific Equity Research

09 July 2026

India Internet

1QFY27 preview: Mixed prints with acceleration in QC

& fintechs over travel/edtech

In Internet prints, we expect seasonal strength with margin expansion across food Head of APAC Telecoms and India

delivery (FD)/quick commerce (QC) and value commerce, softer-than-seasonal TMT Research

growth in travel and some acceleration in fintechs. We expect stronger QQ growth Ankur Rudra, CFA AC

momentum across the FD and QC segments for both Eternal and Swiggy and an (65) 6801-3237

improvement in profitability despite competitive activity in QC. Eternal (OW ankur.rudra@jpmorgan.com

rated) is our pick of the earnings season with 85% YY growth in QC, which we J.P. Morgan Securities Singapore Private Limited

believe will boost confidence in its 60% growth outlook, in addition to an Bhavik Mehta, CFA AC

improvement in EBITDA to 0.6% of net order value (NOV). We expect (91-22) 6157-3871

bhavik.mehta@jpmchase.com

contribution margins (CM) to break even at Swiggy, despite softer-than-seasonal J.P. Morgan India Private Limited, J.P. Morgan

QC/FD growth. We believe Meesho should see healthy 34% YoY growth in NMV Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

with margins rising 19bps QQ, led by ad take rates. We believe MMYT should see

Harshit Sharma

less than usual acceleration in Air due to the Middle East conflict and fare price

(91-22) 6157-5879

inflation with adj. revenues up 6%QQ/margins flat. Paytm/Pinelabs should see harshit.sharma@jpmchase.com

seasonality, but contrasting trends in EBITDA (rising sharply at Paytm, dropping J.P. Morgan India Private Limited, J.P. Morgan