Kotak Institutional Equities has increased the per-share fair value of Zomato to Rs 125 from Rs 100, attributing the increase to the contribution margin for food delivery. The margin rose significantly to Rs 18.5 per order in FY23 from Rs 6.6 in FY22, driven by higher revenues and cost optimization, as per Kotak’s analysis of Zomato’s FY23 annual report.