Zomato‘s share price was volatile on Monday morning. The stock has been on a golden run at the bourses over the past year and analysts at Kotak Securities see the run continuing.

The Zomato Analyst: Kotak Securities maintained its “buy” rating for the stock with a price target of ₹230. The target implies an around 17% upside from the stock’s last closing price of ₹197.25.

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The Zomato Thesis: The brokerage in its latest research report stated that Zomato could experience 20% growth in its food delivery Gross Merchandise Value (GMV) in the near future, driven by a robust addition of eateries onto its platform and market share gains.

The analysts added that the imposition of a platform fee to all customers, along with the introduction of new value-added services, has the potential to enhance Zomato’s overall monetization strategy and increase its total take rate. Kotak Securities projects earnings per share (EPS) of ₹2.2 in FY25E and ₹4.2 in FY26E for the food tech company. A negative pointed out by the analysts was the Hyperpure Business making a loss on the EBITDA level.

Price Action: Zomato’s share price was down 0.051% to trade at ₹197.15 in early trade on Monday.

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