We foresee enough levers of growth in Domino's like (a) Splitting urban stores (margin accretive), (b) Menu expansion (pizza variants and in-house beverages), (c) Shorter delivery time (20min live in few stores), (d) Reimaging stores to combat slowdown in dine-in and (e) Loyalty program (winning strategy in Domino's US). Additionally, JFL is aspiring to grow non-linearly driven by its investments in technology, core team and creating more brands under JFL umbrella. JFL reported a quarter marked with several positives (healthy SSG, 15 qtr high store expansion, robust app downloads and GM expansion). 2QFY20 SSG beat the street and our expectations despite slowdown in consumption, flooding and heavy base (21% SSG base). We believe earnings upcycle will begin from 3QFY20 onwards which will re-rate the stock. We upgrade our EPS estimates by 1-3% and revise our TP to Rs 2,134 (earlier 2,092). JFL remains our top pick in the consumer space. Reiterate BUY.