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Zomato, Swiggy, Nykaa, Nazara, Delhivery, Just Dial, Matrimony And More Q4 Results Preview: ICICI Securities
ICICI Securities estimates Swiggy’s food delivery gross order value to decline 1.5% QoQ, grow 17.3% YoY, with an adjusted Ebitda margin (% of GOV) of 2.6%.
09 Apr 2025, 08:01 PM IST 
ICICI Securities estimates Zomato's food delivery gross order value to remain flattish QoQ, grow 17.0% YoY, with an adjusted Ebitda margin (% of GOV) of 4.3%.
(Photo source: Pixabay)
The brokerage estimates the proportion of new stores (less than six months old) to increase to ~39% in Q4 FY25E from ~37% in Q3 FY25 for Blinkit and to ~39% in Q4 FY25E from ~21% in Q3 FY25 for Instamart. We believe this is likely to adversely impact profitability in Q4 FY25E. Therefore, we estimate adjusted Ebitda margin (% of gross order value) in quick commerce business to decline by 127 bps QoQ in Blinkit and 301 bps QoQ in Insta...
