We value it at 46x P/E on Sep-20EPS with TP of Rs 1,555 (earlier Rs 1557). We maintain BUY. Jubilant FoodWorks (JFL) reported another solid quarter with revenue growth of 21% (exp. of 18%) led by SSG of 20.5% (5.5% in 2QFY18 and 26% in 1QFY19) vs. exp. of 17%. Robust growth in online ordering coupled with value offers & product upgrade continued to drive SSG. The franchise enjoys high operating leverage resulting in EBITDA margin expansion of 268bps YoY to 16.7% (exp. 16.2%).