Zomato, Nykaa, PolicyBazaar: Growth Expectations Remain High Despite Valuation Reset

India’s consumer-tech stocks remain priced for significantly faster long-term growth than the broader equity market, with Bernstein’s latest reverse-DCF analysis placing the basket’s implied growth rate at 31%, nearly twice the 15.8% average across its coverage universe.

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The analysis covers Zomato, Nykaa, PolicyBazaar and Delhivery. The consumer-tech basket also recorded the highest implied growth expectations among the sectors assessed by Bernstein. Electronics manufacturing services followed at 24.4%.

Growth Expectations Have Eased Since April

The 31% implied growth rate represents a sharp decline from 40.7% in April 2026 and 38.8% in March 2025. At the same time, the sector’s share prices rose 22% between April and July, indicating that recent price gains have come even as the long-term growth assumptions embedded in valuations moderated.

The gap between the companies is also wide. PolicyBazaar has the highest implied long-term growth rate among the four stocks at 41.5%, compared with 37.6% in April. Bernstein’s EBITDA CAGR estimate for the company stands at 94.6% for FY26-28, although its FY28 EBITDA estimate has been reduced by 11.2% since April.
Zomato share price is currently based on an implied growth rate of 32%, down sharply from 63.2% in April.

Bernstein’s FY28 free cash flow estimate for the company has seen significant revisions since March 2025, while its EBITDA estimate has been cut 5.3% since April. The Zomato share price, however, rose nearly 25% during the same period.

Nykaa, Delhivery Show Different Valuation Profiles

Nykaa’s implied growth rate stands at 33.8%, below the 79% level recorded in March 2025. The stock’s share price has nevertheless increased 35% since April.

Delhivery stands apart from the other companies in the basket. Its implied growth rate is 16.7%, much closer to the broader market average. Bernstein’s FY28 free cash flow estimate for the company has also declined 10.3% since March 2025.

The differences extend beyond the headline valuations. PolicyBazaar’s current pricing reflects rising growth expectations compared with April, while Zomato and Nykaa have seen their implied long-term growth assumptions fall even as their share prices advanced.

Consumer-Tech Basket Shows Wide Valuation Spread

The data places the four companies on distinctly different valuation paths despite their grouping under the broader consumer-tech category. PolicyBazaar’s implied growth rate of 41.5% is more than twice Delhivery’s 16.7%, highlighting the differing assumptions built into each stock’s current valuation.

The latest analysis suggests that changes in earnings delivery and long-term cash-flow expectations remain important factors for these stocks. When investors analyze the stock prices of Zomato, Nykaa, PolicyBazaar, and Delhivery, the difference in the implied growth rate becomes the most important indicator that reveals how much future growth has already been discounted into the stock price.