Zomato touches all-time high, surges 200% in one year

Zomato expects its topline to grow by 50 percent over the next couple of years. Analysts also see more runway for growth as food delivery business is still in a nascent stage in India.

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Shares of food delivery company Zomato touched an all-time high of Rs 173.5 during intraday trade on March 1, and eventually closed 0.82 percent higher at Rs 166.8 on the NSE.

Zomato‘s shares have gained 205 percent in the last one year and 70 percent in the last six months.

Analyst expectations 

Motilal Oswal expects Zomato to deliver strong growth of 70 percent YoY in FY24 and 41 percent YoY growth in FY25, with Blinkit outpacing the food delivery business because of geographical expansion, improvement in order frequency, and moderation in a competitive environment in the quick commerce industry.

“The food delivery business is still in a nascent stage in India, with a long runway for growth. With a dominant market share and strong growth in the food delivery business and Hyperpure, we expect Zomato to report a strong 38 percent adjusted revenue CAGR over FY24-26,” said Motilal Oswal.

Nuvama Institutional Equities believes that food delivery growth for Zomato would be driven by improvement in order frequency, restaurant additions, and an increase in market share.

Also read: Zomato CEO Deepinder Goyal urges established businesses to fund startups without seeking ownership

Management views

Zomato expects its topline to grow by 50 percent over the next couple of years with the adjusted EBITDA margin as a percentage of the gross order value of the food delivery business to reach 5 percent over the same period.

The company’s management has retained its long-term revenue growth guidance at 40 percent YoY but increased it to 50 percent YoY for the near term. The management said that continued strength in Blinkit will more than compensate for the slower growth in food delivery.

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