Brokerages raised their price estimates in response to Zomato's impressive June quarter results, which sent the company's shares surging up to 19% to Rs 278.7. As a matter of fact, CLSA has increased its target price for Zomato's stock to Rs 350, making it the highest among all brokerage companies that monitor the shares of the industry leader in meal delivery.

The brokerage has kept the stock at a "Buy" recommendation.

In addition, CLSA increased its profit projections for Zomato by 6% to 36% for the fiscal years 2025 to 2027, citing better results from Blinkit in spite of the fast growth of dark retailers.

The brokerage company Motilal Oswal increased its price objective for Zomato to Rs 300 as well, pointing out the considerable potential for Blinkit to upend the supermarket, e-commerce, and retail sectors.

The brokerage expects Zomato to attain margins of 4% in FY 2025 and 8.7% in FY 2026, notwithstanding the challenge in appropriately pricing Blinkit.

Other brokerage companies, like Equirus and ICICI Securities, have set objectives of Rs 300 or more for Zomato.

The stock is rated "Buy" by 25 of the 28 analysts who follow it.

Morgan Stanley maintained its "overweight" rating and increased its target price from Rs 235 to Rs 278, citing Zomato's targets of 20%+ growth in meal delivery, expansion to 2,000 fast commerce outlets by 2026, and the development of a new app for the "going out" category.

Nomura raised its price objective from Rs 225 to Rs 280, citing Zomato's strong growth trajectory and improved profitability in both the food delivery and rapid commerce sectors.

Citi called Zomato's earnings a "stellar quarter," retaining its "buy" rating and raising its price target to Rs 280 from Rs 235. While highlighting possible volatility from Blinkit's expansion aspirations, Jefferies boosted its target from Rs 230 to Rs 275 and maintained a "buy" rating.

Bernstein described Zomato as a "core internet holding," keeping its "outperform" recommendation and setting a revised price objective of 275 from 230.

With strong endorsements from numerous brokerages and large upward revisions in price targets, Zomato's stock is positioned for future development, perhaps exceeding Rs 350.