Jubilant FoodWorks Q3 Results Review — Nirmal Bang Maintains 'Hold' On The Stock On Fair Valuations

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Nirmal Bang Report

Jubilant FoodWorks Ltd. reported broadly in line set of numbers but profitability (especially gross margins) was impacted more than expected. The management expects gross margins to recover by ~100 bps in three quarters led by cost savings and lower discounts ahead.

Healthy same-stores sales growth growth in Q3 FY25 was primarily led by delivery as dine-in sales continue to decline YoY. Jubilant FoodWorks’ delivery sales have gained further momentum in recent quarters after the reduction of delivery charge.

While healthy momentum is expected to continue in Q4 FY25 as well, we maintain Hold rating on the stock on account of fair valuations.

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