This is a very unidirectional view. You should look at the industry growth. Based on the estimates “Dining Out” growth is expected to be 10-12% for the next 5-6 years (just google it and you will find any articles). While these companies (dominos, CCD) have not grown look at the number of restaurants and cafes around you, the shear number of restaurants has grown so they have taken growth from these companies (look at the growth of cafes, growth of La Pinooz pizza to name a few). Food delivery growing at 20% is easily possible for the next 5 years (this is also what management has told).
Also, the calculations include only food delivery profits. I believe Quick Commerce is going to be a bigger market than Food Delivery (I spend more on instamart and blinkit than food delivery). You should bake that in your calculations.
Disc: Invested and Biased.
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