Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Blinkit turned adjusted EBITDA positive in Q1 FY27 after narrowing FY26 losses to 0.6% of NOV; Instamart’s contribution margin improved 440bps YoY to -0.2%.</li>
<li>Amazon committed US$3bn to India q-commerce through 2030, while Flipkart Minutes is scaling rapidly in Tier-2 cities and has surpassed Instamart’s top-10-metro store count.</li>
<li>Zepto’s proposed IPO has reset to ~INR5,100cr from INR11,000cr, signalling that public investors increasingly demand operating leverage before awarding premium valuations.</li>
</ul>


Blinkit turned adjusted EBITDA positive in Q1 FY27 after narrowing FY26 losses to 0.6% of NOV; Instamart’s contribution margin improved 440bps YoY to -0.2%.
Amazon committed US$3bn to India q-commerce through 2030, while Flipkart Minutes is scaling rapidly in Tier-2 cities and has surpassed Instamart’s top-10-metro store count.
Zepto’s proposed IPO has reset to ~INR5,100cr from INR11,000cr, signalling that public investors increasingly demand operating leverage before awarding premium valuations.


India Quick Commerce Monthly Tracker- September 2026

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The Closing Auction Session (CAS) kicked off on 3 August for Indian stocks that are part of the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>Daily total turnover in CAS since launch has averaged around US$128m. In comparison, global passives will need to trade around US$4bn of F&amp;O stocks at the CAS on 31 August.</li>
<li>There could be large moves in affected stocks in the lead up to the CAS on Monday, followed by more large moves at CAS, and a potential reversal on Tuesday. </li>
</ul>


The Closing Auction Session (CAS) kicked off on 3 August for Indian stocks that are part of the Futures &amp; Options (F&amp;O) segment of the market.
Daily total turnover in CAS since launch has averaged around US$128m. In comparison, global passives will need to trade around US$4bn of F&amp;O stocks at the CAS on 31 August.
There could be large moves in affected stocks in the lead up to the CAS on Monday, followed by more large moves at CAS, and a potential reversal on Tuesday. 


India: Key CAS Test on Monday as Global Index Rebalances

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Eternal, India’s food-delivery and quick-commerce platform, reported 54% B2C NOV growth, with Blinkit turning profitable and food-delivery growth accelerating.</li>
<li>Blinkit’s INR 102 crore adjusted EBITDA profit reduces dependence on food-delivery subsidies, while 223% consolidated EBITDA growth strengthens operating leverage and earnings visibility.</li>
<li>The quarter improves Eternal’s earnings quality, but the investment debate now shifts to Blinkit’s capital intensity and ability to deliver 40%+ steady-state pre-tax ROCE.</li>
</ul>


Eternal, India’s food-delivery and quick-commerce platform, reported 54% B2C NOV growth, with Blinkit turning profitable and food-delivery growth accelerating.
Blinkit’s INR 102 crore adjusted EBITDA profit reduces dependence on food-delivery subsidies, while 223% consolidated EBITDA growth strengthens operating leverage and earnings visibility.
The quarter improves Eternal’s earnings quality, but the investment debate now shifts to Blinkit’s capital intensity and ability to deliver 40%+ steady-state pre-tax ROCE.


Eternal: Blinkit Profitability Driving a Strong Quarter!

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

Index Rebalance

<ul>
<li>Foreign investors have continued to sell <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> while local mutual funds have been buying. That has led to foreign room increasing above 40%.</li>
<li>Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.</li>
</ul>


Foreign investors have continued to sell Eternal (ETERNAL IN) while local mutual funds have been buying. That has led to foreign room increasing above 40%.
Estimated passive buying from global passive index trackers in August is 218.7m shares (US$665m; 6.7x ADV; 12.5x delivery volume) and there appears to be some positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last 2 months as positioning for the passive buying builds. A lowering of Swiggy's FOL could provide additional impetus.


Eternal (ETERNAL IN): Foreign Room Increase & Passive Buying in August

India

Eternal is an Indian multinational technology and consumer-services holding company, operating various digital platforms. Its core businesses include Zomato for food delivery and dining, Blinkit for quick-commerce grocery delivery, Hyperpure for business-to-business food supply, and District for live events and online ticketing. The company was founded on January 18, 2010, as DC Foodiebay Online Services and is headquartered in Gurugram, Haryana, India.

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Eternal (ETERNAL IN)

India Quick Commerce Monthly Tracker- September 2026

Blinkit turns adjusted EBITDA positive and Instamart nears contribution breakeven as India q-comm's profit pivot shows; Amazon commits $3bn, Zepto...