Zepto's updated DRHP omits contribution margin, AOV, MTUs — peer comparison muddied

Zepto's refiled IPO document skips standard quick-commerce disclosures like contribution margin, average order value, and monthly transacting users, instead using bespoke definitions. FY26 revenue topped Rs 22,600 crore but the company remains loss-making, complicating benchmarking against Blinkit and Swiggy Instamart.

— FiledThu, 25 Jun, 2026, 01:51 IST·First seen Thu, 25 Jun, 2026, 01:48 IST·Source Moneycontrol · Results

What happened

Zepto's updated DRHP for its IPO omits standard quick-commerce metrics like contribution margin, AOV, and MTUs, and uses bespoke definitions that hinder peer

Key facts

  • FY26 revenue Rs 22,600 crore

Why this matters

Non-standard disclosure muddies peer comps but creates a window to engage Zepto on partnership or category-extension structures before pricing crystallizes at IPO.

What to watch

  • SEBI observation letter requiring metric standardization
  • Eternal/Swiggy Q3FY26 results sharpening peer benchmarks
  • Price band announcement vs last private round ($7B)
  • Anchor allocation disclosure — quality and concentration
  • Media leaks of internal contribution margin figures
  • Updated DRHP filing with restored metrics
  • Track DRHP comments from SEBI within 30-45 day review window
  • Model Zepto contribution margin from disclosed revenue/COGS/delivery costs to back-fill the gap
  • Compare Zepto's bespoke metric definitions line-by-line vs Eternal's quick-commerce segment disclosures
  • Watch for analyst notes from Jefferies, Morgan Stanley, JPM that reconstruct AOV/MTU
  • Monitor anchor book composition — domestic MFs vs FPIs signals comfort with opacity

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