E-Retail/ E-Commerce industry

21 companies · ₹5.9 L cr · 11 with AI deep dives · Q1FY27 report

QC reaches CM breakeven but 7-8-player subsidy war and minimum-wage hikes make the margin recovery fragile

Turning upmargin troughed at -6.7% and has risen for 5 quarters to 1.0%, on positive revenue growth

Revenue YoY: +82.4%
EBITDA margin: 1.0%; +110bps YoY
Price, 1 year: -8.1%; 38% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 6 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	33,983 cr	30,386 cr	+11.8%	18,632 cr	+82.4%	33,983 cr	0.0%
EBITDA margin	1.0%	0.2%	+80bps	-0.1%	+110bps	1.0%	0bps

Revenue

Jun 26: 33,983 cr
Mar 26: 30,386 cr
QoQ: +11.8%
Jun 25: 18,632 cr
YoY: +82.4%
Peak: 33,983 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 1.0%
Mar 26: 0.2%
QoQ: +80bps
Jun 25: -0.1%

Sept 26: 3 of 10 reported so far, so it is not in the trend above.

Breadth: 83% of 6 companies grew revenue year on year (was 100% a quarter earlier) and 83% expanded margin (was 100%).

Exhibit 3Structure

₹5.9 L cr

Eternal Ltd is 51.5% of this industry by market cap. The top 5 are 95.2% and the top 10 are 99.9%.

large 3mid 3small 3micro 1210 above ₹500 cr

Exhibit 5Coverage (21 of 21)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Eternal Ltd	₹3.1 L cr	-	120.5x	3.0%	2.2%	+77.6%	Unlock
Meesho Ltd	₹1.0 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindQuick-commerce competitive intensity described as highest ever; many players burning at -10%+ CM2 managements

Both Eternal (Blinkit) and Swiggy (Instamart) characterised Q1FY27 as the most intense competitive environment seen to date. The market now has 7-8 active players; Swiggy noted…

ETERNAL (Q1FY27): “First quarter, so far, was the peak of competitive intensity that we have seen till date…”

headwind3 managements tailwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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