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Motilal Oswal Report
Jubilant FoodWorks Ltd. has been the key beneficiary of healthy traffic growth for the delivery business. Delivery is expected to outperform in the near term, which will continue to lead to better growth metrics than Jubilant FoodWorks's peers in the near term.
Operating margin is likely to see a slower recovery owing to Jubilant FoodWorks' continuous reinvestments in its core capabilities. We value India business at 40 times enterprise value/Ebitda (pre-IND AS) and international business at 25 times EV/Ebitda (pre-IND AS) on Dec'26E to arrive at our target price of Rs 800. We reiterate our Neutral rating on the stock.
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