INDIA MARKET LENS

Research Digest

Gen Z is concentrated in value-led consumer internet platforms

Week of 6–12 Nov 2026Published By India Market Lens

Key insights and analysis from the world's leading banks and research houses on Indian companies, sectors and markets.

Our reading of the week

Gen Z is most concentrated in value-led parts of India’s consumer internet market.1–2 Edtech, recruitment and going-out platforms showed the strongest youth concentration, while food delivery and Meesho each had a reported 65% Gen Z user share.1–2

J.P. Morgan’s stance became more favourable toward PhysicsWallah, Meesho and Groww under its new demographic mapping.1–2 It also identified Info Edge and Swiggy as preferred exposures, while treating recruitment and food delivery as less mature because younger users extend the duration of demand.1–2

What tied the week together

  • Youth skews differ by model

    Value-led services attracted younger users more strongly than convenience-led quick-commerce platforms.1–2

  • Age reshaped maturity assessments

    J.P. Morgan treated food delivery and recruitment as less mature because younger customers extend the duration of demand.1–2

  • The evidence is uneven

    Food delivery and Meesho each had a reported 65% Gen Z user share, while comparable percentages were not given for the other highlighted platforms.1–2

  • Demographics underpin the view

    The case rests on customer age and potential relationship duration rather than reported profit, margins or cash generation.1–2

What each institution published

The lead note from each house: its own published view, credited to it and linked to its source. All of their notes follow below; our reading of the week is above.

J.P. Morgan1 noteConsumer internetConsumer internet growth rests increasingly on Gen ZConsumer internet growth could last longer as today’s young users age into higher spending, with edtech, recruitment and going-out platforms showing the strongest Gen Z concentration.1–210 NovRead the note
Nothing new confirmed this week:Morgan Stanleylast note 2 NovGoldman SachsJefferiesnot checkedNomuranot checkedCLSAnot checked

Every note, in detail

What each note found, what changed from the house's earlier view, and why it matters.

J.P. Morgan1 note this week

Consumer internet

Consumer internet growth rests increasingly on Gen Z

Report of 10 Nov

  • Gen Z users could drive the next decade of growth across Indian consumer internet platforms.1–2
  • Edtech, recruitment and going-out platforms have the strongest youth concentration.1–2
  • Food delivery and Meesho each have about 65% Gen Z users.1–2

Sources2

Every numbered point above links here: the publisher, the article and its date.

  1. 1CNBC-TV18: GenZ Stock Picks: JPMorgan chooses five consumer internet names for up to 62% upside, 12 Nov 2026
  2. 2The Economic Times Hindi: Gen Z के दम पर बदलेगा स्टॉक मार्केट, JPMorgan ने चुने 5 स्टॉक, 12 Nov 2026
Left out: reports we could not confirm (5)

Mentioned elsewhere, but with no public source we could cite, so not part of this week's digest.

  • Morgan Stanley: Single-source: India Focus List added HDFC Bank, Tata Consumer, Hyundai Motor India and Godrej Properties, while removing four names.
  • Morgan Stanley: Single-source: ICICI Bank was added to the Asia ex-Japan and global emerging-markets Focus Lists.
  • J.P. Morgan: Report date unconfirmed: factor positioning favoured momentum and quality over value as oil prices eased.
  • Goldman Sachs: Single-source: Data Patterns retained a Neutral rating and ₹4,165 target after weak first-half execution.
  • Goldman Sachs: Report date unconfirmed: Tata Steel retained a Neutral rating and ₹215 target after second-quarter results.

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