Jubilant FoodWorks (JFL) can be a key beneficiary of the anticipated urban revival and macro recovery over FY16-18E. We believe its calibrated price hikes, core business strength and A&P; spends will help JFL outpace competition. Same store sales (SSS) growth fell from 27% FY11-13 to zero in FY15; we expect this to recover to 10% by FY18E.