Jubilant FoodWorks - Demand Weakness Persists; Strengthening Core: HDFC Securities

Addressing portfolio whitespaces through menu interventions across price spectrum.

<div class="paragraphs"><p>Domino's Pizza's store outlet, operated by Jubilant Foodworks&nbsp; (Photo:&nbsp;Vijay Sartape/BQ Prime)</p></div>
Domino's Pizza's store outlet, operated by Jubilant Foodworks  (Photo: Vijay Sartape/BQ Prime)

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HDFC Securities Institutional Equities

In the long term, Jubilant FoodWorks Ltd. remains focused on mid-teen revenue growth (5-6% like-for-like) on the back of -

  1. stepping up store expansion and store format innovation (e.g. container stores);

  2. plugging product gaps and strengthening value offering;

  3. improving cost efficiency and productivity;

  4. elevating customer experience (reimaging stores; 20 minutes delivery); and

  5. longterm strategic initiatives (commissary).

We maintain our earnings per share estimates and value Jubilant at 55 times price/earning on Sep’25 EPS to arrive at a target price of Rs 500. Maintain 'Add'.

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HDFC Securities Institutional Equities Jubilant - Update.pdf
HUL - Growth Lagging Expectation: HDFC Securities


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