Zomato has raised its platform fee by about 20% to around Rs 15 per order, bringing it “at par with Swiggy’s Rs 15 per order,” Elara said in a report. The brokerage estimates that “every Rs 1 increase in platform fee should result in Zomato seeing a ~26 bp positive impact on the take rate and an incremental adjusted EBITDA impact of ~Rs 1.2 bn (~5% of adjusted EBITDA).”
In its base case of 50% market implementation at Rs 15, the higher fee “should drive 40 bp gain in the take rate, a 7.5% uplift in FY27E adjusted EBITDA of Rs 1.8 bn.”
At Rs 15 per order, the platform charge works out to just 3.1% of food delivery average order value of about Rs 475, a level Elara believes is not adequate to trigger any meaningful elasticity for consumers. The firm points out that platform fees have already risen 7.5 times since their August 2023 introduction at Rs 2, yet company data shows a gradual increase in platform fees has not affected the gross order value (GOV) growth rate, with food delivery GOV growth rebounding to above 20% in Q3 FY26 as monthly transacting user growth accelerated to roughly 22%.
The move also reinforces management’s ambition of delivering 5–6% adjusted EBITDA on gross order value. Zomato’s adjusted EBITDA margin stood at 5.4% as of Q3 FY26 and Elara now expects 6% by FY28.
The brokerage notes that platform fee hikes have been one of the triggers for adjusted EBITDA margin, and models about a 40-basis-point increase in FY27E margins assuming 50% implementation of the higher charge, while flagging that a pan-India rollout “shall drive upgrade”.
Crucially, Elara argues the higher fee provides a cushion against cost shocks, especially fuel. “Every 10% increase in fuel prices could have a negative impact of nearly Rs 0.9 bn (Rs 1 per order) on the food delivery EBITDA,” the report estimates, adding that the latest hike “shall act as a partial hedge against such cost pressures going ahead”, given low electric vehicle penetration among gig workers.Retaining its bullish stance, Elara keeps a Buy rating on Eternal with a target price of Rs 415 per share, valuing the food delivery business at 55 times EV/EBITDA, Blinkit at 5 times EV/gross profit and the going-out/Hyperpure verticals at 3 times EV/sales.
“We retain Buy on ETERNAL with a TP of Rs 415 per share,” the report concludes, arguing that robust GOV and user growth, coupled with the margin-accretive platform fee hike, set up further upside for the stock.
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