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Eternal
SectorConsumer Services
Zomato Limited is a technology platform that connects customers, restaurant partners, and delivery partners. The company offers food delivery, dining-out services, and a B2B procurement solution called Hyperpure. Zomato's platform allows customers to search restaurants, read reviews, order food, book tables, and make payments. For restaurant partners, it provides marketing tools and supplies high-quality ingredients. The company also offers flexible earning opportunities for delivery partners. Zomato's core B2C offerings include food delivery and dining-out, while its B2B offering is Hyperpure. The company operates in multiple countries and has been listed on the BSE and NSE since July 23, 2021. Zomato has expanded its services to include quick commerce and entertainment ticketing.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Quick commerce fuels rapid scale and turns profitable, while food delivery delivers steady margins amid heavy infrastructure investment.
Quick commerce revenue grew from ₹2,400 Cr to ₹15,664 Cr from Q1 FY26 to Q1 2026-27 — explosive scale drives top-line expansion.
Capital expenditure deepened from ₹370 Cr to ₹711 Cr from Q1 FY26 to Q1 2026-27 — heavy infrastructure spending pressures short-term liquidity.
Quick commerce EBITDA improved from -₹162 Cr to ₹102 Cr from Q1 FY26 to Q1 2026-27 — unit economics cross the breakeven threshold.
Inventory levels swelled from ₹449 Cr to ₹3,060 Cr from Q1 FY26 to Q1 2026-27 — aggressive stockpiling ties up working capital.
India food ordering EBITDA margin expanded from 5.0% to 5.6% from Q1 FY26 to Q1 2026-27 — steady pricing power supports core profitability.
Going out EBITDA declined from -₹54 Cr to -₹65 Cr from Q1 FY26 to Q1 2026-27 — the segment struggles to achieve operational breakeven.
Consolidated operating cash flow recovered from -₹60 Cr to ₹905 Cr from Q3 FY26 to Q1 2026-27 — strong cash conversion funds ongoing expansion.
Delivery and related charges climbed from ₹1,042 Cr to ₹1,477 Cr from Q1 FY26 to Q1 2026-27 — rising logistics costs track with volume growth.
Company insights, generated from the most recent coverage.
Quick commerce is optimised for forward flow — dense dark stores, minutes-fast fulfilment. Rejected and expired goods travel the opposite direction on a far thinner process layer, so the network's core strength is exactly where its weakest control sits.
The disposal chain is economically perverse: the company pays to destroy stock but earns money selling it, so a contractor buying at throwaway prices profits only by reselling. Salvage revenue, not destruction, is the incentive that keeps expired goods moving.
Every handoff in the loop is individually low-friction and no party is required or incentivised to verify the step before it: warehouse accepts the certificate, yard sorts, broker sells, unlicensed retailer buys. Only two choke points can break it — witnessed verification of destruction and licence checks on downstream buyers.