Zomato Limited (NSE: ZOMATO) has been one of India’s most closely watched tech stocks since its landmark IPO in 2021. From a loss-making startup to a profitable digital enterprise, the company’s journey reflects the evolution of India’s food-tech and quick-commerce sectors.
As of October 2025, Zomato’s share price stands near ₹165, with analysts projecting a strong bullish outlook for the coming decade. The company’s rapid expansion in Blinkit, Hyperpure, and restaurant discovery continues to attract institutional and retail interest alike.
About the Company
Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato began as a restaurant discovery platform and has evolved into a diversified food-tech and delivery ecosystem. Its business segments include:
- Food Delivery: The core business, connecting over 400,000 restaurants with customers across 1,000+ cities.
- Quick Commerce (Blinkit): Rapid-delivery platform for groceries and essentials, expected to double growth by FY26.
- Hyperpure: B2B supplies for restaurants, adding recurring revenue streams.
- Zomato Gold / Dining: Subscription-based dining and premium services.
Zomato’s position in India’s fast-growing digital economy makes it one of the key beneficiaries of rising disposable income, urbanization, and smartphone penetration.
Fundamental Analysis
Revenue & Profit Trends
| Financial Year | Revenue (₹ Crore) | Profit/Loss (₹ Crore) |
|---|---|---|
| FY2018 | ~650 | Loss-making |
| FY2019 | ~1,398 | Loss-making |
| FY2020 | ~2,743 | Loss-making |
| FY2021 | ~2,118 | -816 |
| FY2022 | ~4,109 | -1,223 |
| FY2023 | ~7,079 | -971 |
| FY2024 | ~13,000 | +351 |
Zomato turned profitable in FY24 — a milestone achievement after years of high-growth losses. Revenue surged nearly 20× since FY18, driven by strong order volumes and improved delivery margins.
Valuation Metrics (FY25E)
| Metric | Value |
|---|---|
| P/E Ratio | 135x (based on FY25E EPS) |
| ROE | 4.8% |
| EPS (TTM) | ₹1.22 |
| Market Cap | ~₹1.43 lakh crore |
| Debt-to-Equity | 0.05 (virtually debt-free) |
Though valuation remains rich, Zomato’s improving profitability and operating leverage support long-term re-rating potential.
Shareholding Pattern (June 2025)
| Category | Holding |
|---|---|
| Promoters | — (Public company) |
| FIIs | 54.3% |
| DIIs | 19.2% |
| Retail & Others | 26.5% |
High foreign institutional ownership signals strong global confidence in Zomato’s long-term growth story.
Past Stock Performance
Since listing at ₹76 in July 2021, Zomato has seen sharp volatility — peaking above ₹150 in 2021, dropping below ₹50 in 2022, and rebounding strongly post-FY24 profit announcement.
Over the last 12 months (Oct 2024–Oct 2025), the stock has gained over 40%, supported by analyst upgrades and optimism around Blinkit’s growth trajectory.
Zomato Share Price Target for 2025 – 2050
| Year | Minimum (₹) | Average (₹) | Maximum (₹) |
|---|---|---|---|
| 2025 | 295 | 375 | 450 |
| 2026 | 458 | 545 | 650 |
| 2027 | 551 | 680 | 800 |
| 2028 | 700 | 825 | 950 |
| 2029 | 1,180 | 1,320 | 1,462 |
| 2030 | 1,425 | 1,575 | 1,712 |
| 2035 | 2,250 | 2,780 | 3,350 |
| 2040 | 2,980 | 3,425 | 3,862 |
| 2045 | 3,800 | 4,320 | 4,950 |
| 2050 | 4,200 | 4,600 | 5,000 |
Year-Wise Explanation
- 2025–2026: Expansion of Blinkit and Hyperpure, along with increasing ad revenue, drives margin improvement.
- 2027–2030: Profit scaling accelerates as Zomato monetizes its logistics network and subscription services.
- 2035: Technology integrations, AI-driven logistics, and potential overseas forays boost valuations.
- 2040–2050: By this period, Zomato could become a full-stack lifestyle and grocery delivery leader in India, if execution and competition remain favorable.
Growth Drivers
- Blinkit’s quick commerce expansion, projected to double by FY26.
- Consistent profitability improvement through operational efficiency.
- Digital ecosystem growth — India’s food and grocery delivery TAM expanding rapidly.
- Technological edge via AI-powered logistics and delivery optimization.
- Strong brand equity and nationwide restaurant network.
- Strategic acquisitions and new verticals to diversify beyond core food delivery.
Expert Views
Latest Analyst Ratings (as of October 2025)
| Date | Brokerage | Target (₹) | Rating |
|---|---|---|---|
| 08-Oct-2025 | Citi Research | 395 | Buy |
| 25-Mar-2025 | Bernstein | 310 | Outperform |
| 16-Apr-2025 | JM Financial | 280 | Buy |
| 29-Sep-2024 | CLSA | 283.90 | Outperform |
| 23-Aug-2024 | Citi (earlier) | 300 | Buy |
| 03-Feb-2025 | HDFC Securities | 235 | Reduce |
The consensus analyst average target stands near ₹335–₹350, with most brokerages maintaining a Buy or Outperform rating.
Citi’s latest ₹395 target underscores expectations of Blinkit’s strong growth and margin upside by FY26.
Risks & Challenges
- Intense competition from Swiggy, Zepto, and Amazon Food.
- High marketing and delivery costs could pressure margins.
- Regulatory challenges around delivery partner policies.
- Over-valuation risk due to elevated P/E multiples.
- Global macro-economic volatility impacting FII inflows.
Investment Suitability
Zomato suits long-term growth investors seeking exposure to India’s tech-enabled consumer market.
Short-term traders may face volatility, but investors with a 5–10 year horizon can benefit from compounding in quick commerce and digital delivery.
FAQs
-
What will be Zomato’s share price in 2030?
Analysts expect Zomato’s stock to reach between ₹1,425 – ₹1,712 by 2030, driven by expanding profits and digital growth.
-
Can Zomato reach ₹1,000 by 2028?
Yes. Based on multiple forecasts, Zomato could cross ₹950–₹1,000 by 2028 if Blinkit and Hyperpure sustain momentum.
-
Is Zomato good for long-term investment?
Yes. With improving financials, scalable operations, and strong institutional support, Zomato is a long-term growth pick — though investors should monitor competition and valuations.
Conclusion
Zomato’s journey from a food-delivery startup to a profitable digital ecosystem reflects India’s evolving consumption landscape. With strong tailwinds in quick commerce and food-tech innovation, the company is well-positioned for multi-year growth.
While short-term fluctuations may occur, the long-term outlook remains bullish, supported by solid execution, brand leadership, and expanding market share.
In Summary
| Current Price (Oct 2025) | 1-Year Target (2026) | Analyst Consensus | Outlook |
|---|---|---|---|
| ₹165 | ₹375 – ₹395 | Bullish | Strong growth potential with margin upside in FY26 |
