ICICI Securities on Thursday said its channel checks suggest that e-commerce growth in India accelerated to 15–20 per cent YoY in Q2FY26, driven by income tax cuts, GST reductions, and strong festive demand. The brokerage expects Delhivery to benefit the most from this trend, thanks to its robust supply chain capable of handling demand surges without significant service quality impact. ICICI Securities estimated express parcel shipments to grow around 30 per cent YoY in Q2FY26, with 100 basis points QoQ improvement in adjusted Ebitda margins. Advertisement

In quick-commerce, ICICI Securities expects Eternal's Blinkit to sustain its strong growth trajectory, with 26–27 per cent QoQ growth, while Swiggy's Instamart may accelerate sequentially (24 per cent QoQ) alongside improving profitabi

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