ab 17 June 2026 Powered by YES UBS Evidence Lab Global Research India Internet Re-ranking the pecking order: India Internet after a reality check in 1H26 Revisiting India Internet pecking order for 2H26 Indian Internet stocks have had a difficult 2026 with stocks down 10-30% YTD on concerns surrounding weak macro, rising competition and potential disruption from AI. Our checks suggest GMV / NOV / billings growth across segments is stabilising after a slowdown in H2FY26, and competition in QC is also showing ...