Whalesbook
Q4 mein Zomato ki toofani kamai: Profit 346% bhaga, magar saal ka profit kyun gira?
Asal mein, FY26 ke Q4 mein Zomato ka Net Profit 346% badhkar ₹174 crore ho gaya hai. Company ki revenue bhi 186% bhagi hai aur ₹17,680 crore tak pahunch gayi hai. Yeh sab Blinkit ke super-fast growth aur company ki operational efficiency ki wajah se hua hai. Founder Deepinder Goyal toh keh rahe hain ki ab company ka target hai ki do saal mein annual Gross Order Value ko double karke $20 billion tak pahunchana hai.
Magar, picture abhi baaki hai mere dost! Jab annual results dekhte hain, toh thodi alag kahani hai. FY26 mein revenue toh 168.6% badhkar ₹17,292 crore ho gayi, par profit before tax 11.8% gir gaya. Matlab, Blinkit ke aggressive expansion mein company kaafi paisa laga rahi hai, jis wajah se saal bhar ka overall profit kam dikh raha hai.
Blinkit ka role dekho: Ye quick commerce wala segment Zomato ka star performer raha hai. Blinkit ka Net Order Value 95.4% badha hai aur iska EBITDA bhi ₹37 crore ho gaya hai, jo pehle sirf ₹4 crore tha. 216 naye stores khule hain, ab total 2,243 stores ho gaye hain. Q1 FY25 tak, India ke quick commerce market mein Blinkit ka share 46% tha, aur roz 1.57 million orders handle kar raha tha. Ye market $7 billion tak jaane wala hai. Losses kam ho rahe hain aur break-even ki taraf badh rahe hain.
Food Delivery business bhi sambhal raha hai: Zomato ka main food delivery business bhi theek chal raha hai. Net Order Value 18.8% badha hai aur adjusted EBITDA mein 24% ka sudhar aaya hai, jo ₹532 crore hai. Margins bhi 5.5% tak pahunch gaye hain. Is segment mein mid-to-high teens growth aur 4.5% margins ki umeed hai.
Ab investors ki tension kya hai? Saaf hai ki Q4 ka profit acha hai, par annual profit ka girna investors ko thoda sochne par majboor kar raha hai. Zomato ki market valuation ₹2,46,663 crore ke aas paas hai, aur P/E ratio kaafi high hai, lagbhag 97.6x ya 1,067.81x. Matlb, future se bahut zyada umeed rakhi ja rahi hai. Aur bhai, quick commerce mein Zepto aur Swiggy jaise competitors se takkar bhi zabardast hai. Zomato par GST ka case bhi chal raha hai ₹23.26 crore ka.
Par analysts kya bol rahe hain? Zyadatar analysts ka view positive hai. Citi ne target ₹395 (pehla ₹320) aur Investec ne ₹375 set kiya hai, dono ne 'buy' rating di hai. CLSA aur Jefferies bhi bullish hain. Management ka goal hai ki FY29 tak $1 billion ka adjusted EBITDA kamaye. Company ne hamesha adapt kiya hai, isliye 18 saal se market mein bani hui hai.