India, Sept. 23 -- Zepto's unlisted shares have seen a sharp correction as expectations around its IPO and valuation have changed. An indicative secondary-market quote was around Rs 32 per share in September 2026, while reported levels earlier in the year had reached around Rs 58, implying a decline of about 45% from that high. These are off-market indicative prices, not NSE/BSE traded prices.

Revenue Doubled, But Losses Also Increased Zepto's FY26 operating revenue jumped 103.63% to Rs 22,623.58 crore, compared with Rs 11,109.95 crore in FY25. However, its restated loss increased to Rs 5,905.19 crore from Rs 4,699.71 crore.

The contrast is important. Zepto is not facing a lack of growth. Instead, investors are being asked to place a v...