Macquarie has maintained its underperform rating on Zomato, setting a target price of ₹100. The brokerage raised concerns about Blinkit’s lack of meaningful margin improvement despite strong momentum. Additionally, Macquarie noted that Zomato’s food delivery margins are lagging consensus expectations.
Another key concern raised by Macquarie is the overall unit economics of the quick commerce industry. The competitive intensity and Zomato’s Qualified Institutional Placement (QIP) were flagged as additional factors raising uncertainties about the company’s near-term profitability.
With a cautious outlook from Macquarie, investors should consider the potential downside in Zomato’s stock as the company navigates industry challenges.
Disclaimer: The information provided is for informational purposes only and should not be construed as investment advice.
