Internet & Catalogue Retail industry

10 companies · ₹96,969 cr · 6 with AI deep dives · Q1FY27 report

AI search erodes organic traffic sector-wide; ARPU expansion and new products sustain revenue through Q1FY27

Turning upmargin troughed at 32.2% and has risen for 4 quarters to 34.4%, on positive revenue growth

Revenue YoY: +17.7%
EBITDA margin: 34.4%; +220bps YoY
Price, 1 year: -11.8%; 0% of names up
P/E vs own 5y: -39.8%; 19.4x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,881 cr	1,781 cr	+5.6%	1,598 cr	+17.7%	1,881 cr	0.0%
EBITDA margin	34.4%	33.5%	+90bps	32.2%	+220bps	35.0%	-60bps

Revenue

Jun 26: 1,881 cr
Mar 26: 1,781 cr
QoQ: +5.6%
Jun 25: 1,598 cr
YoY: +17.7%
Peak: 1,881 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 34.4%
Mar 26: 33.5%
QoQ: +90bps
Jun 25: 32.2%

Sept 26: 1 of 6 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 50% expanded margin (was 40%).

Exhibit 2What it costs

13.03x - 22.41x across the panel today

The median name trades at 19.4x, -39.8% against this industry's own 5-year median of 32.3x, and -62.3% against its own peak of 51.6x.

Exhibit 3Structure

₹96,969 cr

Info Edge (India) Ltd is 79.2% of this industry by market cap. The top 5 are 98.8% and the top 10 are 100%.

large 1small 3micro 66 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 19.45x, 5y ROCE above its median of 14.59%, 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.

Diwali open house: sign in free and Premium is open to you until 8 Nov.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.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Info Edge (India) Ltd	₹77,810 cr	48.6x	34.3x	5.4%	35.7%	+11.4%	Unlock
Indiamart Intermesh Ltd	₹9,406 cr

Exhibit 6What managements said

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

headwindAI/LLM search displacement is structurally eroding organic traffic for Google-dependent verticals3 managements

At least three managements addressed AI-driven search displacing Google organic traffic. INDIAMART could not quantify how much of its -11% YoY buyer enquiry decline is…

INDIAMART (Q1FY27): “Whether it is to do with our own change or whether it is to do with traffic migrating to…”

tailwind3 managements mixed4 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.

Create a free account →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name