Motilal Oswal's research report on Jubilant FoodWorks
Jubilant FoodWorks (JUBI) reported 16% YoY growth in standalone revenue to INR17b in 2QFY26 (in line). Domino’s reported order growth of 15% with LFL growth of 9%. The delivery business posted strong 22% YoY revenue growth (LFL +17%) and contributed 74% of total sales (vs. 70% in 2QFY25). Dine-in revenue was flat YoY despite 14% YoY growth in in-store traffic as takeaways declined 19% due to the free 20-minute delivery offer.
Outlook
We value India business at 30x EV/EBITDA (pre-IND AS) and international business at 15x EV/EBITDA on Sep’27E. We reiterate our Neutral rating with a TP of INR650.
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