Easing macro: A look at the recent consumption trends in India Internet sector

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Easing macro: A look at the recent consumption trends in India Internet sector

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Internet - India

Easing macro: A look at the recent

consumption trends in India Internet sector

Industry Overview

More optimistic now on the OTA sector as headwinds ease 19 June 2026

The recent announcement of a US-Iran peace deal has led to a meaningful cooling in Equity

global commodity and energy prices. Our India economists believe that this supports India

easing pressures on the current account and acts as a tailwind for growth momentum in Internet

the near-term. However, they remain cautious as the pass-through of elevated wholesale Sachin Salgaonkar >>

prices, along with emerging El Niño risks, continues to pose some upside risks to the Research Analyst

retail inflation outlook in India. In context of these evolving trends, we are now more BofAS+91 22India6632 8667

optimistic on the online travel sector (that showed subdued growth) as we see tailwinds sachin.salgaonkar@bofa.com

especially as domestic air capacity is added. We continue to remain optimistic about the Pankaj Mehendiratta >>

Research Analyst

QC sector and 3PL sector which continue to show strong growth. We reiterate Buy BofAS India

ratings on MMYT, Eternal, Swiggy, Delhivery & Paytm given favorable risk-reward. +91 22 6632 8684

pankaj.mehendiratta@bofa.com

Recent checks: No signs of slowdown; Growth steady KaushikResearch Gurumurthy,Analyst CFA >>

Our recent industry & retail checks indicate that: 1) For MMYT, eastbound travel, hotel BofAS India +91 22 6632 8357

demand and ground transportation were strong. However westbound travel and kaushik.gurumurthy@bofa.com

domestic air travel was softer in recent months; 2) QC is showing signs of normal

seasonality in 1Q27. We est.