Zomato Shares Take a Dip but Analysts Remain Bullish

While it was a day of losses for Zomato shares on Tuesday, falling as much as 6% to Rs 182.10, several leading brokerages remained confident in their positive outlook for the foodtech giant.

CLSA upped their target to Rs 248 from Rs 220 previously. Jefferies and Bernstein both set targets of Rs 230 per share,

Elara Capital was the most bullish, projecting Zomato could reach Rs 280 in the coming months.

Zomato undoubtedly has strong momentum behind its core food delivery business as well as the high-potential quick commerce segment led by Blinkit.

Continued leadership in the online food ordering market, with Zomato capturing over 50% share. Moat remains wide as barriers to entry for competitors remain high.

Blinkit is achieving scale rapidly after the acquisition last year. Orders and grocery assortment volumes grew at a brisk pace last quarter. Expansion to 1,000 dark stores by 2025 signals confidence.