REAL-TIME GLOBAL RESEARCH
Re-ranking the pecking order: India Internet after a reality check in 1H26: India Internet
Research evidence excerpt
Re-ranking the pecking order: India Internet after a reality check in 1H26: India Internet
Powered by Lab Global17 JuneResearch2026ab Evidence UBS YES
India Internet Equities
IndiaRe-ranking the pecking order: India Internet
after a reality check in 1H26 Internet Services
Navin Killa
Analyst
navin.killa@ubs.com
Revisiting India Internet pecking order for 2H26 +852-2971 7594
Indian Internet stocks have had a difficult 2026 with stocks down 10-30% YTD on Ajay Raj Choudhary
concerns surrounding weak macro, rising competition and potential disruption from AI. Associate Analyst
Our checks suggest GMV / NOV / billings growth across segments is stabilising after a ajay-raj.choudhary@ubs.com
slowdown in H2FY26, and competition in QC is also showing signs of moderation. We +91-20-3055 5000
retain our preference for Eternal (Buy; PT Rs305) and Meesho (Buy; PT Rs210), and Aditya Chandrasekar
upgrade Info Edge to Buy (PT Rs1,280) following the stock's 25% YTD correction. We Analyst
revisit our estimates and price targets across the universe (Figure 1IndiaInternet:Sumary), with sharp cuts to aditya.chandrasekar@ubs.com
numbers for Swiggy (Buy; PT Rs355 from Rs390 earlier) while others have seen EBITDA +91-22-6155 6056
revisions of less than 10%. Neil John
Associate Analyst
QC and food delivery: Competition moderating, QoQ growth to improve neil.john@ubs.com
Our tracker shows moderation in discounts from Blinkit, Instamart and Zepto in May and +91-22-6155 6000
June vs prior months. While Amazon Now and FMinutes have increased discounts in the
past two months, these are still lower vs peak levels in Q4FY26 and bode well for
margins in Q1FY27. DAU to MAU ratio for Blinkit has improved after declining through
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