Shares of Zomato Limited surged over 6% today, reaching a record high of ₹280, following an upgrade by global brokerage firm UBS. UBS raised its target price for Zomato to ₹320, citing strong growth prospects in both food delivery and quick commerce segments.
The brokerage highlighted an increase in its Gross Merchandise Value (GMV) estimates for food delivery by 2-3% and for quick commerce by 20-30% for FY26-28. This optimistic outlook is backed by Zomato’s impressive financial performance, which includes a significant jump in net profit to ₹253 crore in the latest quarter, compared to a loss of ₹2 crore in the same period last year.
UBS emphasized that Zomato’s robust balance sheet, with a net cash position of ₹12,200 crore, positions the company well for future investments and growth. The stock’s performance reflects strong investor confidence and market enthusiasm for Zomato’s potential in the rapidly evolving food tech landscape.
