Zomato, the parent company behind the popular food delivery service and its quick commerce arm Blinkit, is anticipated to report substantial financial gains for the March quarter of FY26. Analysts are forecasting a remarkable year-on-year (YoY) increase in net profit, potentially reaching up to 430%, alongside a projected sales growth of up to 210%.
Analyst Expectations for Zomato's Q4 FY26 Performance
As Zomato prepares to announce its March quarter results on Tuesday, April 28, brokerage firms have released their pre-earnings estimates. ICICI Securities, a prominent brokerage, projects Zomato's gross order value (GOV) to grow by 20% YoY, with net order value (NOV) increasing by 17.2%.
For the food delivery segment, ICICI Securities expects an adjusted Ebitda of Rs 530 crore, translating to an adjusted Ebitda margin of 4.5% as a percentage of GOV in Q4 FY26. The firm estimates consolidated profit after tax (PAT) for Zomato to be around Rs 120 crore.
Blinkit's Contribution to Growth
Blinkit, Zomato's quick commerce platform, is also a significant driver of the expected growth. ICICI Securities predicts Blinkit's GOV could surge by 106.1% YoY, with NOV climbing by 100.5% YoY. Adjusted Ebitda for Blinkit is estimated at Rs 44.30 crore, with an adjusted Ebitda margin (as a percentage of GOV) of 0.2%.
Kotak Institutional Equities, another leading brokerage, aligns with these positive outlooks. They anticipate Zomato's food delivery gross merchandise value (GMV) to grow by 20% YoY, while Blinkit's net merchandise value (NMV) is seen expanding by 99% YoY. This growth in Blinkit's NMV is largely attributed to rapid store expansion, with Kotak expecting an addition of 173 new dark stores in Q4, bringing the total count to 2,200.
Margin Expansion and Revenue Projections
Kotak notes that Blinkit's revenues will not be directly comparable YoY due to a shift to a first-party (1P) model from Q1 FY26 onwards. For the food delivery business, Kotak models a 30 basis points (bps) quarter-on-quarter (QoQ) expansion in contribution margin and a 20 bps QoQ expansion in Ebitda margin, reaching 8.8% and 4.6% respectively. This margin improvement is partly driven by an increase in platform fees implemented towards the end of the quarter.
However, Kotak expects flat contribution and Ebitda margins QoQ for the Blinkit business, as operating leverage from older stores may be offset by pricing actions taken due to increased competitive intensity. This brokerage projects Zomato's adjusted profit at Rs 67.80 crore, a 73.80% YoY increase, with revenue rising 200% YoY to Rs 17,498 crore.
MOFSL presents an even more optimistic view, estimating Zomato's profit at Rs 207.50 crore, a substantial 432% YoY jump. Their revenue forecast stands at Rs 16,400 crore, up 180.60% YoY.
Target Price Updates from Brokerages
Several brokerages have also updated their target prices for Zomato shares:
- MOFSL: Rs 330
- BNP Paribas: Rs 380 (revised from Rs 420)
- Nirmal Bang: Rs 334
- JM Financial: Rs 400 (maintains 'Buy' rating)
Investors will be closely watching the official Q4 FY26 results announcement for confirmation of these robust growth projections.