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Zomato’s food delivery business posted Net Order Value (NOV) of ₹9,423 crore in Q2 FY26, up 5% quarter-on-quarter and 14% year-on-year. After a period of post-pandemic normalization and inflationary headwinds, food delivery demand has now stabilized in high-frequency urban markets.
The company has been focusing on premium user retention, loyalty-led frequency growth, and margin efficiency rather than pure volume expansion. The moderation in YoY growth (from 21% in Q2 FY25 to 14% in Q2 FY26) reflects a shift toward quality of demand - more repeat orders from Zomato Gold members, smaller basket sizes, and optimized delivery zones.
NOV grew 14% YoY, improving (slightly) from 13% YoY NOV growth in the previous quarter. The growth rate seems to have bottomed out in Q1FY26, and is starting to recover, albeit slowly. - Zomato Q2FY26
Importantly, the growth in NOV came despite muted new user addition, showing resilient spending behavior among India’s top-tier consumers.
What It Means:
Zomato’s delivery business appears to have entered a mature growth phase, where topline expansion is driven by order value and retention rather than aggressive acquisition. The steady NOV growth, coupled with improving contribution margins, suggests structural profitability is now sustainable.
The data signals a business moving from high-growth volatility to predictable, margin-led stability.
