With revenue growth driven by new store opening and improvements in margins, we upgrade our rating on the stock to a BUY, with a roll forward target price of Rs. 2,228 based on 50x FY22E adj. EPS. Revenues rises with net additions in stores Jubilant FoodWorks reported revenue growth of 14.1% YoY (+7.2% QoQ) to Rs. 1,060cr for Q3FY20 mainly driven by growth in online sales, launch of new product line of Masala Pizza flavors, and addition of 47 new stores (44 Dominos's Pizza, 2 Dunkin' Donuts and 1 Hong's Kitchen). The performance was aided by On-line...