Zomato, Swiggy, Nykaa: ICICI Securities names 8 internet stocks heading for $214 billion digital boom

India’s digital economy is at an inflection point that ICICI Securities compares to China’s 2006–2012 consumption boom, when per capita income doubled and retail sales growth shot from 11% to 18%. According to the brokerage house, India now sits in the exact same income band that triggered China’s digital take-off. Against the backdrop, they have identified key listed companies expected to be in focus.

Eternal (Zomato + Blinkit) The duopoly that prints margins

Eternal, the listed entity that houses Zomato (food delivery), Blinkit (quick commerce), and adjacent businesses, posted revenue of Rs 20,200 crore in FY25 and turned profitable with a net profit of Rs 530 crore, according to ICICI Securities’ financial snapshot.

The brokerage’s analysis of India’s food delivery sector is emphatic on where the power sits. “Zomato and Swiggy together command 85% market share, with most other competitors either acquired or having exited the market,” the report states. The sector grew from $3 billion in FY20 to $9 billion in FY25 and is projected to reach $20–26 billion by FY30 at a 17–23% compound annual growth rate.

On profitability, the trend is clearly turning. In Q3FY26, Eternal’s food delivery vertical reported an EBITDA margin of approximately 4.4% of Gross Order Value, versus approximately 3% for Swiggy, “highlighting the advantage of operating leverage at scale,” according to the ICICI Securities report. The firm notes that the medium-to-long-term target for the sector is a ~5% EBITDA margin as a percentage of GOV, and believes incremental improvements in take rates, delivery efficiency, and customer mix will drive that progression.

On quick commerce, Blinkit’s dark store count reached 1,301 by FY25 versus Swiggy Instamart’s 1,021 a lead the report contextualises against the sector’s explosive GOV trajectory from Rs 5,118 crore in FY23 to Rs 28,273 crore in FY25. The brokerage projects online grocery penetration rising from ~2% currently to 6–7% by FY30, calling it a “long runway.” Quick commerce GOV has grown 100% year on year, from $6.2 billion in FY25 to an estimated $11–12 billion in FY26.

“Quick Commerce is transitioning from a high-investment growth phase to a scale-led consolidation phase, where operating leverage and unit economics could become the key drivers of long-term value creation,” ICICI Securities writes.

Swiggy profitable ambition, still closing the gap

Swiggy, also listed, posted revenue of Rs 15,200 crore in FY25 but remains loss-making with a net loss of Rs 3,100 crore, as per ICICI Securities’ data. The gap with Eternal on profitability is visible in the brokerage notes, Swiggy’s Q3FY26 EBITDA margin at approximately 3% of GOV versus Eternal’s 4.4%, though the trajectory for both is improving.

ICICI Securities describes the competitive environment between the two as “relatively benign, with stable market shares and limited irrational discounting,” adding that this allows both players to prioritise margin expansion over aggressive market-share capture. The firm also notes that take rates for both have converged. Eternal’s expanded from 23.8% to 25.4% between Q1FY24 and Q3FY26, while Swiggy’s narrowed the gap from a modest premium position.

Nykaa profitable beauty play with a Rs 8,400 crore valuation backing

FSN E-Commerce Ventures, the listed beauty and personal care platform founded by Falguni Nayar, recorded revenue of Rs 8,000 crore in FY25 and turned profitable with a net profit of Rs 100 crore, according to ICICI Securities. The firm’s last known valuation stands at $8,400 million.

The brokerage places Nykaa within the broader e-commerce segment, which it projects will grow from a $70 billion GMV base in FY25 to $174–214 billion by FY30, driven by a 20–25% CAGR. It notes that India’s shopper base at 250–270 million in FY25 is still less than half the smartphone user population, with meaningful penetration headroom against mature and other emerging economies.

Nykaa’s inventory-led, content-driven retail model where it controls assortment, authenticity, and pricing, gives it “strong gross margins relative to horizontal e-commerce peers,” the ICICI Securities report states.

Delhivery consolidation play

Delhivery, which provides integrated express parcel, part truckload, full truckload, warehousing, and cross-border logistics, posted revenue of Rs 8,930 crore and net profit of Rs 160 crore in FY25 its first meaningful year of profitability after years of investment.

ICICI Securities calls out Delhivery’s acquisition of Ecom Express as the defining event for the sector. “This trend is driving consolidation, as seen in Delhivery’s acquisition of Ecom Express, which will likely increase its market share to 47–50%,” the brokerage states. The firm adds that as competition thins, “we expect improved pricing discipline and a shift in focus from volume growth to profitability” across new-age logistics.

India’s 3PL shipment load from the “Big 3” is projected to grow from approximately 2.8 billion in FY26 to 8.3 billion by FY35, per ICICI Securities’ estimates. Delhivery’s share within that Big-3 pie has been rising, and the Ecom Express absorption could accelerate that further.

Ixigo Rail

Ixigo, the travel meta-search and Online Travel Agency platform with dominant penetration in train bookings, posted revenue of Rs 910 crore and net profit of Rs 60 crore in FY25, per ICICI Securities.

The brokerage describes Ixigo as having “the largest market share in India of ~53% within OTAs at India’s rail segment” when combined with its ConfirmTkt acquisition, making it the single largest train ticket distributor in the OTA rail market. In terms of air Gross Booking Value, Ixigo Group has a meaningful share, closely trailing MakeMyTrip.

ICICI Securities sees the OTA sector’s revenue growing from Rs 17,200 crore in FY25 to Rs 25,800 crore by FY28 at a 14% CAGR. Train ticket take rates are approximately 6.5% of gross booking revenue with no requirement to fund discounts a cleaner margin profile than air, according to the report. “Among domestic OTAs, MMYT is the dominant player with ~50% market share in terms of GBR, while Ixigo have gained share in recent years,” the brokerage notes.

EaseMyTrip, a profitable OTA

Easy Trip Planners recorded revenue of Rs 590 crore and net profit of Rs 109 crore in FY25 a profitable outcome in a sector where burning cash has historically been the norm, according to ICICI Securities. In terms of air GBV among OTAs, EaseMyTrip held an 11.5% share.

The brokerage describes EaseMyTrip as following a “low-cost OTA model, monetising through commissions from airlines and hotels, convenience fees and ancillary services, while keeping customer acquisition costs low through organic traffic and repeat users.” It positions the company as a “cost-efficient, profitable alternative to heavily discount-driven OTAs.”

On structural tailwinds, ICICI Securities notes that hotel bookings and bus ticketing both under-penetrated, are the fastest-growing sub-segments within travel-tech. Overall online travel penetration is pegged at 47% by FY28 versus 33% in FY23.

Info Edge: The Quiet compounder sitting on Rs 13,100 crore profit

Info Edge, which owns Naukri.com, 99Acres.com, Jeevansathi.com, and Shiksha.com, posted revenue of Rs 2,850 crore and net profit of Rs 1,310 crore in FY25 making it one of the most profitable listed new-age tech companies covered in the report, per ICICI Securities. The firm’s valuation stands at $7,200 million.

The brokerage explicitly notes that “Naukri.com, owned by Info Edge, dominates the organised online recruitment classifieds space.” On the competitive picture, it describes the online recruitment classifieds market as “highly concentrated, led by Naukri.com, followed by Shine and Indeed,” which operate largely on enterprise subscription models and “generate higher Average Revenue Per User.” ICICI Securities notes that Info Edge benefits from “high incremental margins on database subscriptions” and operating leverage during hiring upcycles.

CarTrade Tech

CarTrade Tech, which runs CarTrade, BikeWale, CarWale, and Shriram Automall, posted revenue of Rs 640 crore and net profit of Rs 145 crore in FY25, according to ICICI Securities.

The brokerage’s auto-tech analysis frames the structural opportunity: 92% of new car buyers and 85% of used car buyers now begin their purchase journey online, up from just 20–30% five years ago. The used-to-new car sales ratio has surged to 1.4x from below 1x five years ago and is expected to hit 1.7:1 within the next four to five years at ~10% CAGR. The used car market stands at ~$34 billion in FY25 and is projected to reach ~$70 billion by FY30 at ~15% CAGR.

CarTrade’s B2B and B2C model monetising via subscription fees, dealer services, auction commissions through Shriram Automall, and SaaS solutions positions it squarely in that digitisation of auto discovery and transaction, according to the report.

Unicommerce

Unicommerce eSolutions, a listed e-commerce supply-chain Software-as-a-Service platform, posted revenue of Rs 135 crore and net profit of Rs 18 crore in FY25, as per ICICI Securities. The platform serves 7,000-plus brands and sellers with warehouse management, order processing, inventory sync, returns management, and analytics integrating with marketplaces, logistics partners, and seller platforms.

The brokerage notes that Unicommerce’s international business “turned operationally profitable across six markets in early FY26, supporting global expansion” a meaningful development given that international profitability has been elusive for many Indian SaaS companies at this stage of scale.

ICICI Securities on AI impact

On artificial intelligence, the brokerage notes that private companies have pledged over $200 billion toward Indian AI infrastructure over the next decade, and that in the AI race, India is closing the gap faster than it did in previous technology cycles. “The cherry on top,” as ICICI Securities puts it, “would be to identify and own rockstars” the equivalent of IBM in the 1960s, Cisco in the 1990s, or Nvidia post-2010. That hunt, for Indian retail investors, starts with the listed names above.

Conclusion

The report’s central thesis is not stock-specific it is about staying invested in a structurally unique moment. “We believe staying invested in the new-age tech space is essential for creating alpha,” ICICI Securities writes, invoking the Nasdaq’s outperformance of the S&P 500 in every decade except the 2000s.