'Buy' Jubilant FoodWorks Shares Maintains ICICI Securities, Sees 16% Upside — Here's Why

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ICICI Securities Report

In Jubilant Foodworks Ltd.'s first-ever analyst meet, it outlined the present and future (next three years) -

1. target to open 1,000 stores (versus ~250 per annum currently),

2. 200 basis points net margin expansion aspiration,

3. platform opportunity in Domino’s (willingness to accelerate launches outside of pizza, targeting snacking total addressable market,\

4. finetuning Popeyes playbook prior to acceleration,

5. insights into Turkey business (the nuances of a successful franchise operation, managing hyperinflation),

6. using data to decide new store locations,

7. clear guidelines / guardrails for new product development / ramp-up,

8. clear strategy of prioritising customer acquisition over price growth,

9. plans to relaunch loyalty program,

10. it may experiment with sub-franchising.

Our long-term optimism is intact. Buy.

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