Internet & Catalogue Retail industry
10 companies · ₹1.1 L cr · 4 with AI deep dives · Q1FY27 report
Store rollouts sustain top-line, but wage hikes and RM inflation narrow the margin runway into H2
- Revenue YoY
- +11.2%
- EBITDA margin
- 34.3%
- +280bps YoY
- Price, 1 year
- -7.7%
- 50% of names up
- P/E vs own 5y
- -31.9%
- 22.6x now
Exhibit 1The quarter in numbers
constant panel of 4 companies above ₹500 cr- Jun 26
- 1,753 cr
- Mar 26
- 1,697 cr
- QoQ
- +3.3%
- Jun 25
- 1,576 cr
- YoY
- +11.2%
- Peak
- 1,753 cr
- vs peak
- 0.0%
- Jun 26
- 34.3%
- Mar 26
- 33.5%
- QoQ
- +80bps
- Jun 25
- 31.5%
- YoY
- +280bps
- Peak
- 34.6%
- vs peak
- -30bps
Breadth: 80% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 60% expanded margin (was 50%).
Exhibit 2What it costs
19.2x - 31.48x across the panel todayThe median name trades at 22.6x, -31.9% against this industry's own 5-year median of 33.1x, and -64.6% against its own peak of 63.8x.
Exhibit 3Structure
₹1.1 L crInfo Edge (India) Ltd is 80.5% of this industry by market cap. The top 5 are 99.4% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 22.57x, 5y ROCE above its median of 12.77%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (10 of 10)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Exhibit 6What managements said
from Retailing earnings calls · as of 2026-06-30Seven managements cited Q1 FY27 minimum wage increases as a material cost driver. Medplus quantified Karnataka at +60% and Telangana at +25% effective June 1, noting the full…
- ETERNAL (Q1FY27): “There was some increase in the cost of doing business in the quarter because there were a…”
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 →