We value it at 46x P/E on Mar-20EPS to arrive TP of Rs 2,846. We maintain BUY. Jubilant FoodWorks (JFL) posted revenue growth of 27.3% to Rs 7.79bn vs. expectation of 25%. Revenue beat was on account of higher SSG of 26.5% (-7.5% in 4QFY17) vs. expectation of 22% but lower store expansion. EBITDA margin continued its expansion by 650bps YoY to 16.4%. EBITDA/APAT growth was stellar at 111/234% vs. expectation of 111/198%.