Jubilant FoodWorks— Motilal Oswal Retains Neutral On The Stock, Sees Limited Upside At Current Valuation

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Motilal Oswal Report

Jubilant FoodWorks Ltd. held its maiden analyst meet in 2025 to discuss its strategic growth initiatives, store expansion opportunities, core capability development, and the way forward.

We continue to maintain our estimates following the analyst meet; however, our estimates for FY26 and FY27 are below consensus. We model our standalone Ebitda margin (pre IND AS) at 12.3% and 12.9% for FY26 and FY27.

Jubilant FoodWorks’ long-term plans continue to remain encouraging in terms of its store and commissary expansion plans. It remains focused on providing value offerings, with gradual expansion in margins (+200bp PAT margin by FY28).

We value the Indian business at 40 times EV/Ebitda (pre-IND AS) and international business at 18x EV/Ebitda (pre-IND AS) on Dec’26E to arrive at our target price of Rs 715 (implied 33x Dec’26 EV/Ebitda).

We reiterate our Neutral rating on the stock as we see a limited upside at the current valuation.

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