Zomato – Should you order?

This isn’t correct. They’re going to open bulk of the stores in BLR & Mum and hence much of the GoV increase will come from these metro cities.

Also, how is TTM PE relevant? FY25E PAT is likely to be ~1500 crs or around 100x PE for a business growing its topline 40%+

Also, mind you, given the below par mandate, consumption is going to be back in focus… if Zomato can grow at ~25% (standalone) in a subdued consumption environment, the growth numbers in a conducive macro environment are anyone’s guess

Personally speaking, I don’t find Zomato expensive. It is just that market has better opportunities… but Zomato looks poised to deliver 100% return in next 2 years (40% CAGR)