Q4 FY26 preview: Swiggy, Eternal, Nykaa seen leading growth; Airtel, Jio stable while Vodafone Idea 5G, debt fundraise updates in focus
While consumption-linked digital platforms such as Swiggy Ltd, Eternal Ltd and FSN E-Commerce Ventures Ltd (Nykaa's parent) are likely to deliver strong revenue growth, companies such as Info Edge (India) Ltd (Naukri.com's parent) and IndiaMART InterMESH Ltd may report a relatively modest quarter, the domestic brokerage said.
- Apr 3, 2026,
- Updated Apr 3, 2026 10:44 AM IST
Nuvama Institutional Equities expects a mixed set of Q4 FY26 results across its internet, telecom and staffing coverage universe amid rising macroeconomic uncertainties and intensifying competition. While consumption-linked digital platforms such as Swiggy Ltd, Eternal Ltd and FSN E-Commerce Ventures Ltd (Nykaa's parent) are likely to deliver strong revenue growth, companies such as Info Edge (India) Ltd (Naukri.com's parent) and IndiaMART InterMESH Ltd may report a relatively modest quarter, the domestic brokerage said.
Within the internet space, Eternal's food delivery business is projected to maintain a steady growth trajectory, with net order value (NOV) expected to rise 18.1 per cent year-on-year (YoY). Profitability is also seen improving, with adjusted EBITDA margin likely to expand 10 basis points (bps) sequentially to around 5.5 per cent. Quick commerce arm Blinkit is expected to witness strong momentum, with NOV estimated to grow 98.7 per cent YoY and absolute adjusted EBITDA to be around Rs 11.6 crore.
Swiggy's food delivery gross order value (GOV) is expected to grow 21.6 per cent YoY, while adjusted EBITDA margin as a percentage of GOV is likely to improve by 20 bps QoQ (quarter-on-quarter) to around 3.2 per cent. Instamart NOV is projected to grow 3.3 per cent QoQ and 59.8 per cent YoY, while the absolute adjusted EBITDA loss is estimated at around Rs 820 crore.
Nykaa is also expected to deliver a healthy performance, driven by sustained demand across beauty and personal care (BPC) as well as fashion segments. Gross merchandise value (GMV) for BPC and fashion is likely to grow 27 per cent and 25 per cent YoY, respectively, while revenue is estimated to rise 26 per cent YoY. EBITDA margin may improve 20 bps sequentially to 8.2 per cent.
Among telecom players, Bharti Airtel is expected to report 3 per cent QoQ consolidated revenue growth, supported by moderate average revenue per user (ARPU) expansion and continued subscriber additions. Reliance Jio is also likely to maintain positive subscriber momentum, aided by a stable pricing environment in the absence of tariff hikes. In contrast, Vodafone Idea is expected to continue losing subscribers, which could weigh on its revenue performance despite a modest improvement in ARPU.
Progress on 5G rollout and debt fundraise would be key things to watch out for, Nuvama added.
Nuvama Institutional Equities expects a mixed set of Q4 FY26 results across its internet, telecom and staffing coverage universe amid rising macroeconomic uncertainties and intensifying competition. While consumption-linked digital platforms such as Swiggy Ltd, Eternal Ltd and FSN E-Commerce Ventures Ltd (Nykaa's parent) are likely to deliver strong revenue growth, companies such as Info Edge (India) Ltd (Naukri.com's parent) and IndiaMART InterMESH Ltd may report a relatively modest quarter, the domestic brokerage said.
Within the internet space, Eternal's food delivery business is projected to maintain a steady growth trajectory, with net order value (NOV) expected to rise 18.1 per cent year-on-year (YoY). Profitability is also seen improving, with adjusted EBITDA margin likely to expand 10 basis points (bps) sequentially to around 5.5 per cent. Quick commerce arm Blinkit is expected to witness strong momentum, with NOV estimated to grow 98.7 per cent YoY and absolute adjusted EBITDA to be around Rs 11.6 crore.
Swiggy's food delivery gross order value (GOV) is expected to grow 21.6 per cent YoY, while adjusted EBITDA margin as a percentage of GOV is likely to improve by 20 bps QoQ (quarter-on-quarter) to around 3.2 per cent. Instamart NOV is projected to grow 3.3 per cent QoQ and 59.8 per cent YoY, while the absolute adjusted EBITDA loss is estimated at around Rs 820 crore.
Nykaa is also expected to deliver a healthy performance, driven by sustained demand across beauty and personal care (BPC) as well as fashion segments. Gross merchandise value (GMV) for BPC and fashion is likely to grow 27 per cent and 25 per cent YoY, respectively, while revenue is estimated to rise 26 per cent YoY. EBITDA margin may improve 20 bps sequentially to 8.2 per cent.
Among telecom players, Bharti Airtel is expected to report 3 per cent QoQ consolidated revenue growth, supported by moderate average revenue per user (ARPU) expansion and continued subscriber additions. Reliance Jio is also likely to maintain positive subscriber momentum, aided by a stable pricing environment in the absence of tariff hikes. In contrast, Vodafone Idea is expected to continue losing subscribers, which could weigh on its revenue performance despite a modest improvement in ARPU.
Progress on 5G rollout and debt fundraise would be key things to watch out for, Nuvama added.