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Food delivery sector will surpass 20% growth over the next two to four quarters: Report
India's food delivery sector, which had been growing at around 17-18%, is expected to accelerate and surpass 20% growth over the next two to four quarters, driven by the festive season and the boost from recent GST rate cuts, according to a report by brokerage Motilal Oswal.
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“Discretionary spending could rebound, supported by GST reforms that leave more disposable income in the consumer's hands. As confidence returns, both dining-out and at-home delivery should accelerate too, providing a boost to platform order volumes as well as order frequency,” it said.
According to the report, food delivery growth has decelerated in recent quarters, with gross order value (GOV) growth easing from 19-20% in FY24 to 18% in FY25 for food delivery aggregators Zomato and Swiggy.
“We raise our food delivery growth estimates for both Zomato and Swiggy to 21-23% for FY26- FY27 (19-20% earlier),” the report added.
Like last year, both platforms have raised their platform fees ahead of the festive season to manage rising operational expenses and improve margins. Swiggy increased its platform fee to Rs 15 from Rs 14, a day after rival Zomato hiked its fee to Rs 12 from Rs 10.
The festive season, combined with the revised GST rates, is anticipated to boost growth not just for food delivery platforms, but also for ecommerce and quick commerce companies. Ecommerce marketplaces and online retailers in India are expected to ship a record Rs 1.2 lakh crore worth of goods this festive season. Of the total, quick commerce segment is projected to contribute Rs 14,010 crore in terms of net order value (NOV), as per a report by Datum Intelligence.
Although growth is expected to pick up, Zomato and Swiggy will now face an added GST burden of Rs 180-200 crore each per year. This comes after the GST Council clarified that online marketplaces must pay the 18% tax on behalf of delivery partners, who were earlier exempted from GST. ET reported on Thursday that executives at both companies said they intend to pass on the incremental tax.
Source: EconomicTimes
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