Zomato’s food delivery segment continued to grow in Q4 FY25, although at a decelerated pace compared to earlier quarters. The company’s Gross Order Value (GOV) stood at ₹9,778 crore, up 16% year-on-year, while Net Order Volume (NOV) rose 14% YoY to 8,210 lakh orders.
Adjusted revenue from the food delivery business came in at ₹2,409 crore, reflecting a 17% YoY growth. Meanwhile, adjusted EBITDA reached ₹428 crore, improving to 4.4% of GOV, versus 3.3% in the same quarter last year.
Despite a modest rise in GOV and NOV, the company highlighted multiple pressures impacting growth. As per CEO Deepinder Goyal, competition from quick commerce players like Swiggy’s Bolt and Zepto Café has taken a bite out of restaurant delivery growth. Additionally, delisting of ~19,000 non-compliant or misleading restaurant partners also impacted volumes.
Nonetheless, the company’s food delivery unit saw its contribution margin improve to 8.6% of GOV and 10.3% of NOV — a sign of operational efficiency gains despite demand headwinds. The average monthly transacting users rose to 20.9 million, while the active delivery fleet was slightly reduced to 444,000 in Q4 from 480,000 in Q3.
Zomato’s Q4 FY25 results were largely in line with Jefferies’ expectations on food delivery metrics, but diverged sharply on profitability. Gross Order Value (GOV) for the food delivery segment rose 16% YoY and declined marginally QoQ to ₹9,778 crore — matching Jefferies’ forecast.
Adjusted EBITDA margins in the food delivery business improved slightly to 4.4% of NOV, against expectations of a flat margin, indicating better-than-expected cost control.
However, Blinkit’s GOV surged 21.7% QoQ, far exceeding Jefferies’ 12% projection, but this came at the cost of higher losses, with adjusted EBITDA slipping to ₹-178 crore from ₹-103 crore in Q3. Overall, while top-line growth in quick commerce beat estimates, the sharp drop in consolidated net profit (₹39 crore vs ₹175 crore YoY) and increased losses in Blinkit reflect the impact of aggressive expansion and pressure on margins.
Zomato stated that it remains confident in long-term growth for food delivery, citing strong fundamentals such as low penetration and rising urbanisation.
