Blinkit Takes Center Stage: Brokerages Bullish on Zomato with Upgraded Price Targets Ahead of Q3 Earnings

Goldman Sachs, Jefferies, and HSBC Up the Ante as Zomato’s Growth Story Unfolds

In the fast-paced world of foodtech, all eyes are on Zomato as leading brokerages, including Goldman Sachs, Jefferies, and HSBC, raise their price targets, anticipating a promising outlook for the company. As the anticipation builds ahead of Q3 earnings, the spotlight is particularly on Blinkit, Zomato’s parent company, whose growth trajectory is becoming the talk of the town.

Goldman Sachs Bets Big on Zomato

Goldman Sachs has confidently upped its price target on Zomato to INR 160, signaling a 14.6% upside from the stock’s last close. This bold move comes on the heels of the international brokerage recognizing Zomato as the fastest-growing company in both global food delivery and India’s internet sector. With an impressive forecast of Blinkit’s Gross Order Value (GOV) growing at a 45% Compound Annual Growth Rate (CAGR) between FY24 and FY27, Goldman Sachs paints a rosy picture for investors.

Jefferies Joins the Bullish Trend

Not to be outdone, Jefferies has also jumped on the bullish bandwagon, revising its price target for Zomato to INR 190. This adjustment suggests a substantial 36.1% upside to the stock’s recent closing price. Jefferies’ optimism stems from the robust growth witnessed in Zomato’s food delivery and quick commerce businesses. As the company diversifies its offerings, Jefferies sees a promising trajectory that could yield handsome returns for investors.

HSBC Highlights Blinkit’s Resilience

HSBC, while acknowledging the potential muted Q3 FY24 earnings for Zomato, remains steadfast in its confidence in Blinkit’s resilience. Despite an expected slowdown in food delivery, Blinkit’s robust growth is expected to continue. Investors are closely watching to see how this resilience plays out in the broader market dynamics.

A Triumvirate of Confidence

The recent surge in price targets from not just one, but three major brokerages underscores a shared sentiment of confidence in Zomato’s future. As the company navigates the evolving landscape of foodtech and quick commerce, the market seems to be responding positively to its strategic moves.


Zomato’s performance in the upcoming quarter will be closely scrutinized by investors and industry enthusiasts alike. With Blinkit at the forefront, the stage is set for an intriguing chapter in the ongoing saga of India’s dynamic foodtech landscape. Stay tuned for the latest updates as Zomato’s growth story continues to unfold.

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