Today, Zomato’s share price showed some early buying interest before its Q2 results announcement. The stock opened at ₹267 and quickly climbed to an intraday high of ₹270.90. However, it couldn’t maintain these gains and faced selling pressure due to profit booking.
Experts believe Zomato is likely to report strong revenue growth and improved EBITDA margins. This optimism is driving the rise in Zomato’s shares, as the market anticipates profit growth for the online food delivery service.
Q2 Results Expectations
Mahesh M Ojha, AVP of Research at Hensex Securities, expects Zomato to continue its healthy growth, predicting a revenue increase of 69% year-on-year and 14% quarter-on-quarter. He anticipates an improvement in the consolidated EBITDA margin by 99 basis points, driven by profit growth across different business areas, especially in quick commerce.
Price Targets for Zomato Shares
Sumeet Bagadia, Executive Director at Choice Broking, indicated that Zomato’s shares have strong support at ₹240. He recommends existing shareholders hold their shares while maintaining a stop loss at ₹240, targeting a price range of ₹290 to ₹300.
For new investors, Bagadia suggests buying Zomato shares and accumulating more during significant dips, also keeping a stop loss at ₹240 for the short-term target of ₹290 to ₹300.
For intraday traders, Mahesh M Ojha recommends buying Zomato shares with a stop loss at ₹258 and an immediate target of ₹285.
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