ICICI Securities's research report on Jubilant Foodworks
Among all QSR players, Jubilant FoodWorks (JUBI) has delivered the best performance in Q2FY26, with 9.1% YoY LFL growth in Domino’s India led by strong 16.5% YoY LFL growth in delivery channel. Popeyes also recorded double-digit same-store growth, which is encouraging. Internationally, all key markets recorded growth, with Turkey remaining profitable. Despite improvement in SSSG, margins remained muted as management continues to prioritise value for consumers — a strategy likely to continue. Despite a high base in H2FY26, we believe JUBI would continue to deliver volume-led growth on the back of disciplined execution, NPDs and value offerings, expanding store network and data driven decision-making. BUY.
Outlook
Maintain BUY with a DCF-based revised target price of INR 700 (INR 770 previously). Key downside risks: Raw material costs turning inflationary and higher-than-expected increase in competitive intensity.
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