Zomato‘s share price was in the green on Friday morning going up over 2% to hit a new all-time high of ₹191.25.

What Happened: The surge today comes as Kotak Securities maintained its “buy” rating for the stock raising the price target to ₹210 from ₹190. The domestic brokerage firm expects Zomato to deliver strong performance in the quarter ending March, supported by a 25% year-on-year growth in food delivery Gross Merchandise Value (GMV) and a remarkable 99% year-on-year growth in Blinkit GMV.

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The brokerage firm anticipates both segments to exhibit sequential improvement in Contribution Margin (CM), driven by enhanced take rate and advertising income. Kotak’s projections include a revenue Compound Annual Growth Rate (CAGR) of 49% over the period spanning FY24-27.

In light of the faster growth observed in Blinkit, the analysts have upgraded its revenue estimates for FY25-26 by 4-6% and earnings per share (EPS) by 1-3%. Furthermore, the company has raised its revenue estimates for FY25-26 Blinkit by 6-13%.

Last month, Domestic brokerage firm ICICI Securities maintained its "buy" rating for the stock with a target price of ₹300.

Price Action: Zomato’s share price was up 1.60% to trade at ₹190 shortly after market open on Friday.

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