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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →India’s quick-commerce order value could grow as much as 21.6% quarter on quarter in Q2FY27, while food-delivery order value is forecast to rise around 18% year on year, according to an Emkay note summarized by ANI and The Tribune. These are forecasts, not reported results; the two figures also use different comparison periods.
What Emkay’s reported forecast says
The ANI report carried by The Tribune attributes the outlook to Emkay. It says leading quick-commerce platforms could see net order value (NOV) growth of as much as 21.6% quarter on quarter in Q2FY27. For food delivery, it describes expected order-value growth of around 18% year on year.
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The article also reproduces the wording “Rs 18% NOV growth” for food delivery. That phrasing is unclear, so it should not be treated as a separate rupee-denominated figure or silently reconciled with the article’s clearer description of around 18% year-on-year order-value growth.
The Q2FY27 quick-commerce forecast and the food-delivery year-on-year forecast are not directly comparable: one is expressed quarter on quarter and the other year on year. The report summary does not provide the underlying model, platform-level estimates, assumptions, or a fuller range behind “as much as.”
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Why quick-commerce growth may shift between platforms
According to the Emkay note as summarized in the article, consolidation is under way in quick commerce. It says some platforms’ higher minimum order values and reduced discounts may push customers toward competitors, with festive-season competition potentially adding pressure.
This is the report’s explanation of how demand could move, not proof that a particular policy caused customer switching. The available coverage does not quantify the impact of minimum-order thresholds or discounts, identify which platforms are affected, or show how the forecast translates into order volumes, average order values, or margins.
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How the forecast compares with reported company results
Recent company disclosures offer context, but they do not verify Emkay’s forecast. The measures, businesses and periods differ:
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →| Source and period | Reported measure | Figure | How to read it |
|---|---|---|---|
| Swiggy, quarter ended December 31, 2025 | Food-delivery gross order value (GOV) growth, year on year | 20.5% | Company-reported result, not the forecast’s order-value measure. Swiggy company disclosure |
| Swiggy, quarter ended December 31, 2025 | Instamart GOV growth, year on year | 103% | Company-reported result for one business; it is GOV, not NOV. Swiggy company disclosure |
| Eternal FY26 annual-report content | Blinkit NOV growth and value | 117% growth to INR 48,567 crore | Full-year company figure, hosted in an accessible copy by FinancialFilings. Eternal FY26 annual-report content |
| Eternal FY26 annual-report content | Food-delivery NOV growth and value | 16% growth to INR 37,993 crore | Full-year company figure; not the same period or metric basis as Emkay’s forecast. Eternal FY26 annual-report content |
GOV and NOV are distinct measures, and company results for particular businesses are not the same as a forward-looking estimate for leading platforms. The reported figures therefore show recent growth in these businesses but should not be used as a like-for-like check on the Q2FY27 forecast.
Separate estimates point to a larger market, but use different scopes
Other published estimates describe the potential scale of India’s quick-commerce market, rather than confirming Emkay’s near-term growth call.
- Redseer and Google: Their October 7, 2026 report page projects the market could expand from about USD 13 billion in FY26 to about USD 90 billion by FY31P, and describes quick commerce rising from about 1% to 4–5% of Indian retail. The page says the study included a survey of more than 1,200 people across metro and non-metro cities, more than 50 in-store interactions, and Redseer’s proprietary benchmarks. Redseer report page
- Equirus, as reported by ANI and The Economic Times: A separate 2026 estimate puts India quick commerce at INR 1.08 lakh crore, growing 40% year on year. This is a third-party market estimate with a different scope and method from the Redseer/Google projection. ANI/The Economic Times report
Market-size projections, growth rates for one company’s GOV or NOV, and Emkay’s forecast for leading platforms answer different questions. They cannot be combined into a single growth rate without matching the metric, period and market scope.
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What the forecast does—and does not—tell readers
The reported outlook suggests Emkay expects strong near-term order-value momentum in quick commerce alongside continued food-delivery growth. It does not establish whether that momentum will come from more orders, higher basket values, pricing changes, or a mix of factors. Nor does the accessible coverage show the analyst’s detailed assumptions or a platform-by-platform forecast. Treat the percentages as attributed analyst expectations, not as measured market outcomes.
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