Shifting of consumer behavior towards online shopping triggered by pandemic and macroeconomic factor such as GDP growth rate and inflation may become challenge for modern grocery retailers to keep its growth. The stock return of modern grocery retailers also found to be declining over the review period. This study aims to analyse the impact of online grocery shopping adoption and macroeconomic factors to the profitability and stock return of modern grocery retailers in Indonesia, both convenience store and hypermarket/supermarket retailers.The research used emergence period of online grocery shopping, GDP growth, inflation and market return as the independent variables, while profitability (return on assets) and stock return as dependent variables.This study used quantitative method with purposive sampling technique in collecting the required data for 2017 to 2022 period, with 2020 as the start of emergence of e-grocery trends. Research questions were answered by regression data panel analysis using Eviews. This study concluded that emergence period of the online grocery shopping affected the profitability of modern grocery retailers significantly. WHile it had positive impact to convenience store retailers, the emergence of online grocery shopping had negative impact to the profitability of hypermarket/supermarket retailers. Other outcome shown that GDP growth and inflation had no impact to the profitability of convenience store retailers. While for the hypermarket/supermarket retailers, its profitability was not affected by GDP growth rate but negatively affected by inflation. Market return was positively affected the stock return of modern grocery retailers. However, profitability was not affecting the stock return of convenience store retailer, but positively affected the stock return of hypermarket/supermarket retailers. The findings in this study provide investors and management of modern grocery retailers with insights on how profitability and stock returns of modern grocery retailers are affected by changes of consumer behavior and certain macroeconomic factors.