Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Gen Z consumers prioritize price over brand loyalty, affecting restaurateurs' pricing strategies.</li>
<li>Increasing platform dominance and discounting culture hinder profitability for restaurants in the competitive food delivery landscape.</li>
<li>Food delivery companies are pivoting from mere consumer tech-enabled logistics businesses to data-driven market-dominant behemoths. </li>
</ul>


Gen Z consumers prioritize price over brand loyalty, affecting restaurateurs' pricing strategies.
Increasing platform dominance and discounting culture hinder profitability for restaurants in the competitive food delivery landscape.
Food delivery companies are pivoting from mere consumer tech-enabled logistics businesses to data-driven market-dominant behemoths. 


India Food Delivery | Old Habits Die Easy

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and Going Out.</li><li>Food Delivery growth was muted, with GOV growing only 2.3% QoQ, largely attributed to broad-based slowdown from mid-Nov.</li><li>Blinkit’s GOV surged 27.2% QoQ, continuing on the strong growth path.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and Going Out.Food Delivery growth was muted, with GOV growing only 2.3% QoQ, largely attributed to broad-based slowdown from mid-Nov.Blinkit’s GOV surged 27.2% QoQ, continuing on the strong growth path.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato - Steady Revenue Growth; Blinkit Drags Profitability

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Zomato reported 3QFY25 revenues of INR54b, up 13% QoQ, in line with our estimate of 14% QoQ growth.</li><li>Growth was led by Blinkit (GOV up 27% QoQ/120% YoY).</li><li>Food delivery business delivered 17% YoY growth in GOV with a steady increase in margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato reported 3QFY25 revenues of INR54b, up 13% QoQ, in line with our estimate of 14% QoQ growth.Growth was led by Blinkit (GOV up 27% QoQ/120% YoY).Food delivery business delivered 17% YoY growth in GOV with a steady increase in margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Strong GOV growth: Zomato’s B2C business gross order value (GOV) growth of 14% QoQ and 57% YoY, reaching Rs 20,206 in Q3FY25 primarily led by Quick commerce GOV up 120% YoY (27% QoQ), Food delivery GOV was up, 17% YoY (2% QoQ) vs. expectation of +20% YoY on account of weak consumer sentiment.</li><li>Blinkit witnessing competitive intensity: Blinkit reported losses of Rs 103 Cr vs earlier expectation of near-term breakeven because of ramping up store expansion due to increased Q-commerce competition.</li><li>Blinkit added 368 stores in the last two quarters (152/216 stores in Q2/Q3), accounting for 37% of the total store network of 1,007 stores.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong GOV growth: Zomato’s B2C business gross order value (GOV) growth of 14% QoQ and 57% YoY, reaching Rs 20,206 in Q3FY25 primarily led by Quick commerce GOV up 120% YoY (27% QoQ), Food delivery GOV was up, 17% YoY (2% QoQ) vs. expectation of +20% YoY on account of weak consumer sentiment.Blinkit witnessing competitive intensity: Blinkit reported losses of Rs 103 Cr vs earlier expectation of near-term breakeven because of ramping up store expansion due to increased Q-commerce competition.Blinkit added 368 stores in the last two quarters (152/216 stores in Q2/Q3), accounting for 37% of the total store network of 1,007 stores.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato Ltd - Heightened Competition Will Impact Profitability in the Near Term

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.</li>
<li>We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.
We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.


Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

India

Eternal Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurants, and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Eternal serves customers worldwide.

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Eternal (ETERNAL IN)

India Food Delivery | Old Habits Die Easy

Gen Z's focus on price loyalty over brand loyalty, increasing platform dominance, and discounting culture, companies evolving into data-driven...

Pranav Bhavsar

Zomato - Steady Revenue Growth; Blinkit Drags Profitability

Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and...

Emkay

Zomato - Short-Term Pain, Long-Term Gain

Zomato reported 3QFY25 revenues of INR54b, up 13% QoQ, in line with our estimate of 14% QoQ growth. Growth was led by Blinkit (GOV up 27% QoQ/120%...

Motilal Oswal

Zomato Ltd - Heightened Competition Will Impact Profitability in the Near Term

Zomato’s B2C business gross order value (GOV) growth of 14% QoQ and 57% YoY, reaching Rs 20,206 in Q3FY25 primarily led by Quick commerce GOV up...

Axis Direct

Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

NIFTY 50 expected ADDs Zomato and JioFin could see multiple days of volume of net index buying. There is still room for our NIFTY 50 expected DELs...

Janaghan Jeyakumar, CFA

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India Food Delivery | Old Habits Die Easy

​Gen Z's focus on price loyalty over brand loyalty, increasing platform dominance, and discounting culture, companies evolving into data-driven...

Pranav Bhavsar

Zomato - Steady Revenue Growth; Blinkit Drags Profitability

Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and...

Emkay

Zomato - Short-Term Pain, Long-Term Gain

Zomato reported 3QFY25 revenues of INR54b, up 13% QoQ, in line with our estimate of 14% QoQ growth. Growth was led by Blinkit (GOV up 27% QoQ/120%...

Motilal Oswal

Zomato Ltd - Heightened Competition Will Impact Profitability in the Near Term

Zomato’s B2C business gross order value (GOV) growth of 14% QoQ and 57% YoY, reaching Rs 20,206 in Q3FY25 primarily led by Quick commerce GOV up...

Axis Direct

Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

NIFTY 50 expected ADDs Zomato and JioFin could see multiple days of volume of net index buying. There is still room for our NIFTY 50 expected DELs...

Janaghan Jeyakumar, CFA

Gen Z's focus on price loyalty over brand loyalty, increasing platform dominance, and discounting culture, companies evolving into data-driven...