India Internet: Resilience in Motion: Indian Internet Q1FY27 Preview

研报英文原文证据摘录

India Internet: Resilience in Motion: Indian Internet Q1FY27 Preview

% QoQ) and EBITDA loss of Rs5bn for Swiggy (improvement of

Rs1.5bn QoQ). Refer Figure 11Eternal-Q1FY27estimates and Figure 12Swigy-Q1FY27estimates for detailed estimates.

E-commerce: Healthy growth for Meesho and Nykaa

Both Meesho and Nykaa should report strong results despite a difficult macro and

improve margins. We estimate Meesho's NMV increasing 34% YoY and with the

logistics disruption behind, CM should improve 14bps QoQ to 4.2% with EBITDA losses

declining 14% QoQ to Rs1.7bn (Figure 13Mesho-Q1FY27estimates). Nykaa has already reported healthy oper.

numbers (link) with BPC revenue/NSV growth in late-20s and Fashion NSV/Revenue

growth in mid-50s/near-50s. We expect BPC NSV to grow 27% YoY with 10% margin

and Fashion NSV to grow 47% YoY with 170bps QoQ margin expansion (Figure 15Nyka-Q1FY27estimates).

Info Edge: Is the uptick in Naukri billings sustainable?

Info Edge’s Q1FY27 operational update was strong with Naukri billings up 18% YoY

(4% above VA cons; FY26 growth of 10%). Total billings grew 14% YoY (1% above

cons. vs 10% in FY26), higher than Q1-Q4FY26 growth of 7-12%. For Q1FY27, we

estimate revenue to grow 14% YoY and EBITDA to rise 30% YoY to Rs3.6bn, implying a

margin of 43%, with PAT at Rs3bn. We recently upgraded Info Edge to "Buy" with a PT

of Rs1,280, as we expect Naukri billings to stabilise in the low-teens growth range, while

non-Naukri businesses, including B2C and property, should start contributing more

meaningfully to the SOTP. AI and Deeptech investments remain an additional source of

optionality. Refer Figure 15Nyka-Q1FY27estimates for detailed estimates.

MakeMyTrip: Travel remains disrupted

We expect adjusted revenue growth of 5-6% YoY in Q1 (vs 8% in Q4) with constant