Valuations are quite personal tbh but just to tell you how I look at it, it is trading 4x market cap to cash flow. The company is reducing its expenses and focusing on better cash conversion. The near term triggers like NCE/NCF Implementation might help the company to grow 20-25% for couple of years from current levels, in this scenario, the bottom line will grow much faster than top line.
While valuing I considered above points and added some margin of safety due to underlying risk and past track records before coming to a right valuations for me(There is no right answer). At the end, it’s a game of probabilities.
Disc: Invested, no recommendations

Must say I was tempted a little to begin exposure to Zomato in recent plunge but still could not convince myself even after the crash …
The strategy is not clear and decisions too aggressive for my comfort like recent acquisition…

Add to that, the constant news flow where we read that either partner restaurants or delivery agents are not happy or at receiving ends plus no serious player with scale wants to partner with them…either they want to develop their own delivery ecosystem or partner with more economical pure delivery people/companies…

In such case, honestly I do not understand the moat or runway or leadership benefits which other experts see…still on lookout…

Disc. Above thoughts only for academic purposes and I can be wrong in all my assessments.

The no. of equity shares is relatively low. Jusr 1.45 cr. This will give per share sale of ~35 Rs. P/S comes to around 3.8. If we consider the latest quarterly report annualized, which is safe to do as the sales have consistently grown QoQ from 2020 onwards, annual sales will be 60cr (15cr Q1 FY23) This will give an sales per share of ~41 and P/S of 2.9. Based on these numbers it’s not too cheap and not too expensive either.

The thing imo is that no one invests in this microcap stock keeping in mind the current numbers and stats. This is too risky a bet to make sense of via current performance. This is a bet/speculation on the future potential of this business. Different people have different ways of arriving at that future value but it’s potential value all the same.

Personally I am holding from price of 65 and not expecting any big upticks anytime soon unless some hanky panky stuff plays out. But I’ll bestaying invested all the same.