Remember when Zomato turned its bottom line around and the stock just took off?
Looks like Zepto is running the same playbook, just quite faster.
Two lines in the DRHP move in opposite directions, which is exactly what you want to see:
➡️ Top line is accelerating. NRV grew 57% in two quarters, from ₹5,175 Cr in Q2 FY26 to ₹8,134 Cr in Q4.
➡️ Cash burn is shrinking. Over those same two quarters, FCF loss per order fell from ₹102 to ₹42. A 58% drop.
When revenue is compounding at ~120% and the cash burn per order is getting cut by half at the same time, you're not just buying market share.
The scale itself is doing the work, spreading fixed costs thinner on every order.
Public markets like a clear line to profitability. Zepto's giving them one. Curious to see how it prices.