India Grocery Tracker (June‘26): QC price war continues; inflationary trends visible (14/x)

Research evidence excerpt

India Grocery Tracker (June‘26): QC price war continues; inflationary trends visible (14/x)

24 June 2026

India Emerging Consumer

India Grocery Tracker (June'26): QC price war continues;

inflationary trends visible (14/x)

Jignanshu Gor In this 14th edition, we monitor MRP & discounting patterns for a product basket across online

+91 226 842 1494 channels of (a) Modern Trade (b) E-Commerce and (c) Quick Commerce players.

jignanshu.gor@bernsteinsg.com

(1) MRP of our basket continues to inch up; reflecting consistent month-on-month

Dhruv Luthra inflation: The national-brand basket MRP edged up to ₹9,619 in June’26 (vs ₹9,583 in May; +91 226 842 1493

dhruv.luthra@bernsteinsg.com +0.4% MoM, +2% vs 4Q25), reflecting a continuation of mild inflation. The increase was

driven primarily by staples, spices and personal care (Exhibit 4,Exhibit 5).

(2) Discounting in EC and QC remains elevated: While mathematically, the discounts seem

to have softened marginally MoM, with E-commerce at ~20% (vs ~21% in May) and Quick

Commerce at ~18% (vs ~19%), Flipkart, Amazon and Zepto continue to provide aggressive

discounts as they seek user and order growth. Modern Trade discount remained broadly

stable at ~17% (Exhibit 2). Blinkit continues to avoid the price war.

(3) Schemes targeting higher AOVs seem to have been de-emphasized across

players: Incremental savings from cart-building schemes continue to be limited, with Flipkart

XtraSaver (~+2.5%) and Instamart Maxxsaver (~+0.2%) showing minimal contribution to

overall discounts and is unchanged vs May levels (Exhibit 3).

(4) 200+ SKU basket indicates limited variance in pricing across tiers for any platform:

Discounting remains broadly similar across Metro, Tier 1, Tier 2 and Tier 3 cities, suggesting