E-Retail/ E-Commerce industry

20 companies · ₹6.4 L cr · 7 with AI deep dives · Q1FY27 report

QC contribution margins reach breakeven as intensity peaks; AOV compression limits the profit recovery

Turning upmargin troughed at -2.7% and has risen for 5 quarters to 2.0%, on positive revenue growth

Revenue YoY: +82.4%
EBITDA margin: 2.0%; +30bps YoY
Price, 1 year: -1.0%; 43% 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	2.0%	1.6%	+40bps	1.7%	+30bps	2.0%	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: 2.0%
Mar 26: 1.6%
QoQ: +40bps
Jun 25: 1.7%
YoY: +30bps
Peak: 2.0%
vs peak: 0bps

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

Exhibit 3Structure

₹6.4 L cr

Eternal Ltd is 49.4% of this industry by market cap. The top 5 are 95.5% and the top 10 are 99.9%.

large 4mid 2small 3micro 119 above ₹500 cr

Exhibit 5Coverage (20 of 20)

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	-	-	2.9%	4.7%	+182.0%	Unlock
Meesho Ltd	₹1.0 L cr	-	-	-27.0%	-8.8%	-	Unlock
FSN E-Commerce Ventures Ltd	₹98,286 cr	-	129.0x	24.1%	7.6%	+29.1%	Unlock
Swiggy Ltd	₹76,709 cr	-	-28.1x	-19.4%	-9.0%	+37.3%	Unlock
Urban Company Ltd	₹25,747 cr	-	-	-9.9%	-5.1%	-	Unlock
Brainbees Solutions Ltd	₹8,857 cr	-	23.8x	-0.1%	4.6%	+13.1%	Unlock
Macfos Ltd	₹1,145 cr	44.2x	30.2x	38.5%	12.6%	-	Unlock
Cartrade Tech Ltd	₹14,786 cr	62.8x	-	11.6%	39.2%	+16.3%	Unlock
RattanIndia Enterprises Ltd	₹3,834 cr	-	-65.6x	-4.4%	-8.4%	-19.1%	Unlock
Acetech E-Commerce Ltd	₹238 cr	21.1x	-	20.0%	16.9%	-	Unlock
Intrasoft Technologies Ltd	₹128 cr	9.6x	8.4x	5.6%	3.2%	+8.2%	Unlock
Womancart Ltd	₹86 cr	10.3x	5.6x	12.2%	14.5%	-	Unlock
Digidrive Distributors Ltd	₹67 cr	12.0x	-	2.7%	15.3%	+6.8%	Unlock
Kaushalya Logistics Ltd	₹46 cr	4.4x	4.7x	20.7%	1.0%	+61.1%	Unlock
Pace E-commerce Ventures Ltd	₹35 cr	9.6x	6.7x	8.4%	7.6%	+26.9%	Unlock
Ahasolar Technologies Ltd	₹22 cr	107.7x	28.5x	3.0%	0.9%	+60.0%	Unlock
Add-shop E-retail Ltd	₹17 cr	15.4x	8.9x	2.1%	2.1%	+55.2%	Unlock
Fone4 Communications (India) Ltd	₹11 cr	-	-4.5x	-22.9%	-6.0%	+49.8%	Unlock
Net Avenue Technologies Ltd	₹10 cr	-	-5.2x	-45.8%	-7.4%	+5.2%	Unlock
Finelistings Technologies Ltd	₹5 cr	-	-3.0x	-27.5%	-34.9%	-80.0%	Unlock

Eternal Ltd

Mcap: ₹3.1 L cr
P/E: -
EV/EBITDA: -
ROCE: 2.9%
Margin: 4.7%
Rev YoY: +182.0%

Unlock

Meesho Ltd

Mcap: ₹1.0 L cr
P/E: -
EV/EBITDA: -
ROCE: -27.0%
Margin: -8.8%
Rev YoY: -

Unlock

FSN E-Commerce Ventures Ltd

Mcap: ₹98,286 cr
P/E: -
EV/EBITDA: 129.0x
ROCE: 24.1%
Margin: 7.6%
Rev YoY: +29.1%

Unlock

Swiggy Ltd

Mcap: ₹76,709 cr
P/E: -
EV/EBITDA: -28.1x
ROCE: -19.4%
Margin: -9.0%
Rev YoY: +37.3%

Unlock

Urban Company Ltd

Mcap: ₹25,747 cr
P/E: -
EV/EBITDA: -
ROCE: -9.9%
Margin: -5.1%
Rev YoY: -

Unlock

Brainbees Solutions Ltd

Mcap: ₹8,857 cr
P/E: -
EV/EBITDA: 23.8x
ROCE: -0.1%
Margin: 4.6%
Rev YoY: +13.1%

Unlock

Macfos Ltd

Mcap: ₹1,145 cr
P/E: 44.2x
EV/EBITDA: 30.2x
ROCE: 38.5%
Margin: 12.6%
Rev YoY: -

Unlock

Cartrade Tech Ltd

Mcap: ₹14,786 cr
P/E: 62.8x
EV/EBITDA: -
ROCE: 11.6%
Margin: 39.2%
Rev YoY: +16.3%

Unlock

RattanIndia Enterprises Ltd

Mcap: ₹3,834 cr
P/E: -
EV/EBITDA: -65.6x
ROCE: -4.4%
Margin: -8.4%
Rev YoY: -19.1%

Unlock

Acetech E-Commerce Ltd

Mcap: ₹238 cr
P/E: 21.1x
EV/EBITDA: -
ROCE: 20.0%
Margin: 16.9%
Rev YoY: -

Unlock

Intrasoft Technologies Ltd

Mcap: ₹128 cr
P/E: 9.6x
EV/EBITDA: 8.4x
ROCE: 5.6%
Margin: 3.2%
Rev YoY: +8.2%

Unlock

Womancart Ltd

Mcap: ₹86 cr
P/E: 10.3x
EV/EBITDA: 5.6x
ROCE: 12.2%
Margin: 14.5%
Rev YoY: -

Unlock

Digidrive Distributors Ltd

Mcap: ₹67 cr
P/E: 12.0x
EV/EBITDA: -
ROCE: 2.7%
Margin: 15.3%
Rev YoY: +6.8%

Unlock

Kaushalya Logistics Ltd

Mcap: ₹46 cr
P/E: 4.4x
EV/EBITDA: 4.7x
ROCE: 20.7%
Margin: 1.0%
Rev YoY: +61.1%

Unlock

Pace E-commerce Ventures Ltd

Mcap: ₹35 cr
P/E: 9.6x
EV/EBITDA: 6.7x
ROCE: 8.4%
Margin: 7.6%
Rev YoY: +26.9%

Unlock

Ahasolar Technologies Ltd

Mcap: ₹22 cr
P/E: 107.7x
EV/EBITDA: 28.5x
ROCE: 3.0%
Margin: 0.9%
Rev YoY: +60.0%

Unlock

Add-shop E-retail Ltd

Mcap: ₹17 cr
P/E: 15.4x
EV/EBITDA: 8.9x
ROCE: 2.1%
Margin: 2.1%
Rev YoY: +55.2%

Unlock

Fone4 Communications (India) Ltd

Mcap: ₹11 cr
P/E: -
EV/EBITDA: -4.5x
ROCE: -22.9%
Margin: -6.0%
Rev YoY: +49.8%

Unlock

Net Avenue Technologies Ltd

Mcap: ₹10 cr
P/E: -
EV/EBITDA: -5.2x
ROCE: -45.8%
Margin: -7.4%
Rev YoY: +5.2%

Unlock

Finelistings Technologies Ltd

Mcap: ₹5 cr
P/E: -
EV/EBITDA: -3.0x
ROCE: -27.5%
Margin: -34.9%
Rev YoY: -80.0%

Unlock

Exhibit 6What managements said

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

headwindQuick-commerce competitive intensity at multi-player peak with deep subsidy burn2 managements

Both QC operators characterised Q1FY27 as the most intense competitive environment seen to date. Eternal cited more players and more aggressive delivery-fee and product subsidies…

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

tailwind5 managements tailwind3 managements headwind2 managements mixed3 managements headwind3 managements

5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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.

Create a free account →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name