Internet

Swiggy reported a decent set of Q2FY26 numbers with revenue at INR55.6bn, higher than consensus estimate of INR53.2bn. EBITDA loss reduced to -INR8.0bn, in line with consensus estimate of -INR8.0bn. Reported PAT was

IndiaMART reported decent Q2FY26 numbers with revenue at INR3.9bn, +5.1% QoQ/+12.5% YoY, in line with our estimate of INR3.9bn. EBITDA margin came in at 33.2%, slightly below our estimate of 34%. PAT came in at INR0.8bn,

Eternal posted another healthy quarter in Q2FY26 with revenue coming in at INR135.9bn (+89.6% QoQ/+183.2% YoY) above consensus estimate of INR86.7bn led by transition to inventory model in Blinkit. EBITDA margin was 1.8%

Just Dial (JD) reported a weak set of Q2FY26 numbers with revenue at INR3.03bn (+1.8% QoQ/+6.4% YoY) in line with our estimate of INR3.02bn. EBITDA margin came in at 28.7%, in line with our estimate of 28.5%. PAT came in

We reiterate our internet coverage shall continue to deliver healthy revenue growth in Q2FY26E. Eternal should lead in terms of revenue growth driven by sustained momentum in QC, while Info Edge, Nykaa and Eternal would

Info Edge (IEL) reported a steady performance in Q1FY26 with revenue at INR7.4bn, in line with our estimate of INR7.3bn. EBITDA margin came in at 37.7%, in line with our expectation of 38%. Adjusted PAT was INR2.6bn,

Swiggy reported revenue of INR49.6bn in Q1FY26, ahead of consensus estimate of INR48.8bn. EBITDA loss remained elevated at INR-9.5bn, much higher than consensus estimate of INR-8.0bn. Reported PAT loss widened to

Eternal Limited (Zomato) reported strong Q1FY26 numbers with revenue at INR71.7bn (+22.9% QoQ/+70.4% YoY) beating consensus estimate of INR66.2bn. That said, EBITDA margin at 1.6% (+40bp QoQ) fell short of the consensus

IndiaMART reported a strong set of Q1FY26 numbers with revenue at INR3.7bn, +4.8% QoQ/+12.3% YoY, exactly in line with our estimate. EBITDA margin at 35.9% missed our estimate of 37%. PAT at INR1.5bn is broadly in line

Just Dial (JD) reported Q1FY26 revenue of INR2.98bn (+3% QoQ/+6.2% YoY) in line with our estimate of INR3.01bn. EBITDA margin at 29% fell short of our estimate of 30.2%. PAT at INR1.6bn beat our estimate of INR1.4bn due

Our internet coverage universe shall continue to deliver strong revenue growth. Zomato would continue to lead in terms of revenue growth while IndiaMART and Justdial shall post an improvement in margin. Staffing

We upgrade IndiaMART from ‘REDUCE’ to ‘BUY’—following earlier downgrades in Oct-23 to ‘HOLD’ and Oct-24 to ‘REDUCE’—as we believe the business is entering a new demand upcycle. Management’s initiatives such as changes on

Info Edge (IEL) reported decent numbers for Q4FY25 with revenue coming in at INR6.9bn, in line with our estimate of INR6.9bn. EBITDA margin came in at 37.7%, below our expectation of 43%. Adjusted PAT was INR2.5bn, in

Swiggy’s revenue came in at INR44.1bn, above consensus of INR41.8bn. EBITDA at INR-9.6bn is much lower than consensus estimate of INR-7.3bn. Reported PAT loss: INR10.8bn against estimate of

Eternal Ltd (Zomato) reported in line numbers in Q4FYY25 with revenue at INR58.3bn (+7.9% QoQ/+63.8% YoY) against consensus estimate of INR58.2bn. EBITDA margin came in at 1.2% (-180bp QoQ) below consensus estimate of

Just Dial (JD) reported a decent set of Q4FY25 numbers with revenue at INR2.89bn (+0.7% QoQ/+7.0% YoY), in line with our estimate of INR2.92bn. EBITDA margin came in at 29.8%, above our estimate of 29.1%. PAT stood at