It’s a question of “when” rather than “if” by this time. The GMV is growing at close to 100% YoY and mind you this is in a subdued demand environment (Private consumption in Q3 was 2.2% if I’m not wrong). Q3 GMV was already 3.5k cr.
Q4FY27 GMV should be easily around 20k crs… or roughly equivalent to that of DMART’s at that point.
Infact, I forsee derating of a lot of horizontal retail plays in the market - Dmart, Reliance Retail, etc and re-rating of Zomato etc. DMART is trading at 90x multiple with growth of 15-20%. Surely a Zomato with rev growth of >50% & a hockey stick profit trajectory will be rated higher.
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