Zomato share price trades flat before Q2 results today. Is this a stock to buy?

Stock market today: Zomato share price witnessed some buying interest during the early morning session on Tuesday. Ahead of the announcement of Q2 results today, Zomato's share price today opened with an upside gap at ₹267 apiece and touched an intraday high of ₹270.90 per share within a few minutes of the Opening Bell. However, the stock failed to sustain at higher levels and came under selling pressure after the profit-booking trigger. According to stock market experts, Zomato is expected to report robust revenue growth and an impressive improvement in EBIDTA margins. They said that Zomato shares are rising because the market expects a rise in profit growth for the online food delivery company.

Zomato Q2 results 2024 preview

Speaking on expectations from Zomato's Q2FY25 results today, Mahesh M Ojha, AVP—Research at Hensex Securities, said, "Zomato should continue its healthy topline growth coupled with bottom line improvements. Zomato will likely deliver revenue growth of 69% YoY/14% QoQ. The consolidated EBITDA margin will likely improve to 99bps QoQ, which profit improvements across business segments will lead. Continued execution in the quick commerce vertical should enhance Zomato's performance."

Zomato share price target

Speaking on the outlook of Zomato shares, Sumeet Bagadia, Executive Director at Choice Broking, said, "Zomato share price has crucial support placed at ₹240 apiece. Existing shareholders are advised to hold the scrip maintaining stop loss at ₹240 for the near-term target of ₹290 to ₹300."

On the suggestion to fresh investors, Sumeet Bagadia said, 'Fresh investors can also buy Zomato shares and keep accumulating on every big dip, maintaining stop loss at ₹240 for the short-term target of ₹290 to ₹300.'

On the suggestion to intraday traders, Mahesh M Ojha said, “High-risk traders can buy Zomato shares, maintaining stop loss at ₹258 for the immediate target of ₹285.”

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.