Overview

• Morgan Stanley upgraded its quick commerce TAM forecast from $42B to $57B by 2030 based on expanding online grocery demand and delivery models.
• The firm projects quick commerce will comprise about 3.7% of India’s retail market by 2030.
• It expects Blinkit, Zepto and Instamart to coexist as leading players in the sector.
• Swiggy’s stock price target was increased by 22% to INR405, citing confidence in its delivery execution and investment strategy.
• Morgan Stanley maintains an overweight rating on Eternal, highlighting its market leadership, efficient cost structure and strong unit economics.