Bernstein

Bernstein is an analyst firm whose published research covers Indian retail, quick commerce, passenger vehicles, insurance distribution and digital payments. [1] source: Moneycontrol[2] source: Entrackr[3] source: Business Today[4] source: ET Small Business In a 2023 call, Bernstein valued Reliance Retail at $112 billion, nearly twice RIL's $57 billion O2C division. [5] source: Business Standard

In October 2026, Bernstein forecast 12.7% passenger vehicle wholesale growth in FY27 as the post-GST-cut demand surge fades from October, and a 1.4% fall in FY28. [1] source: Moneycontrol It said 45% of the GST-driven excess demand was genuine and 39% was borrowed from future periods, and it prefers Mahindra & Mahindra. [6] source: Moneycontrol Also in October 2026, a Bernstein study of 150 SKUs over 10 days in Mumbai, Gurugram and Bengaluru found Blinkit led quick commerce with a 94.4% in-stock rate, ahead of Flipkart Minutes at 88.7%, Swiggy Instamart at 83.8% and Zepto at 82.5%. [2] source: Entrackr

On 30 September 2026, Bernstein cut its PB Fintech price target by 53 per cent to Rs 1,085 while retaining its 'Outperform' rating. [3] source: Business Today Days earlier, it estimated a 38% hit to FY30 profit in its insurance-regulation stress case. [7] source: NDTV Profit In September 2026, Bernstein estimated that a 40-bps MDR on eligible UPI merchant payments could create a Rs 27,000-crore annual revenue pool by FY28, with a blended effective rate of about 19 bps. [4] source: ET Small Business