Mirae Asset Sharekhan's research report on Jubilant FoodWorks
Jubilant Foodworks (JFL) reported third consecutive quarter of double-digit LFL growth in Domino’s India business, with LFL growth at 11.6%. Consolidated revenue/PAT grew by 17%/60% y-o-y, respectively. Free delivery, loyalty programs, product innovations, value offerings and 20-minute delivery have aided superior growth versus peers. Management guided for network expansion to 5,000 outlets in the long term, with a focus on innovation, digital asset improvement, faster deliveries in top metros, and strengthening on-ground teams.
Outlook
Stock trades at 24x/20x its FY26E/FY27E consolidated EV/EBIDTA, respectively. We maintain a Buy rating with a revised PT of Rs. 750.
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