CLSA thinks Zomato is growing faster than Swiggy, sees 25% upside

CLSA on Zomato: CLSA, an international brokerage firm, projects that Zomato, a food delivery giant, will outpace Swiggy in growth across several metrics. As a result, CLSA analysts have set a target price of Rs 248, reflecting a potential increase of 24.7 per cent.

“Our target price is based on a 50/50 blend between discounted cash flow (DCF) and relative price to earnings (PE) valuations, reflecting Zomato’s long-term growth and short-term momentum. For the PE portion, we value Zomato’s food delivery business using a 41x target multiple applied to March 2026CL earnings per share (EPS).