Jubilant Foodworks Shares Can Rally 22% Says ICICI Securities Post Strong Q2 — Check New Target Price

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ICICI Securities Report

Among all QSR players, Jubilant FoodWorks Ltd. has delivered the best performance in Q2 FY26, with 9.1% YoY LFL growth in Domino’s India led by strong 16.5% YoY LFL growth in delivery channel.

Popeyes also recorded double-digit same-store growth, which is encouraging. Internationally, all key markets recorded growth, with Turkey remaining profitable.

Despite improvement in same-store sales growth, margins remained muted as management continues to prioritise value for consumers — a strategy likely to continue.

Despite a high base in H2 FY26, we believe Jubilant FoodWorks would continue to deliver volume-led growth on the back of disciplined execution, NPDs and value offerings, expanding store network and datadriven decision-making. Buy.

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