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ICICI Securities Report
ICICI Securities maintains Reduce rating on Westlife FoodWorld Ltd. and has raised its target price to Rs 450 from Rs 430 previously, implying a potential downside of 10% from the current market price.
The brokerage largely maintains its estimates and model revenue/ Ebitda compound annual growth rate of 12/19 (%) over FY26-28E.
Westlife Foodworld reported consolidated revenue growth of 8.6% YoY to Rs 660 crore, supported by strong growth in West India, while South market witnessed initial recovery. Same store sales growth at 1.5% YoY (vs -3.2% in Q3 FY26) was led by mid-single-digit customer growth on account of everyday value offerings and marketing initiatives.
On-premise sales grew 9% YoY, driven by footfall growth, while off-premise sales increased 6% YoY, supported by strong growth in McDelivery platform.
Digital channels contributed ~76% of revenue, supported by ~3.5 million MAUs and ~52 mn cumulative app downloads.
Trailing twelve months AUV declined 1.1% YoY to Rs 60.1 mn, likely impacted by weak throughput and higher mix of new stores.
Management remains focused on bolstering its value platform without diluting profitability. The Rs 99 meal sustained its positive traction, leading to better dine in guest momentum.
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