Upgrades

We maintain our BUY rating on the stock.

Slow & steady wins the race

Dominos Store count to cross 3000 In India and 1000 in Turkey by 2028, Investing in 4 more commissaries (Mumbai, Ahmedabad, Guwahati, Kolkata) Jubilant Foodworks Analyst Meet outlined its BOLD strategy (Breakthrough Technology, Operational Excellence, Lead with Purpose, and Delicious Food) for both India and DP Eurasian business. JFL plans to focus on technology (AI) and innovation-led growth, leveraging technology to deliver more personalized experiences to consumers while driving cost efficiency. Dominos India is aiming...

With 51% stake in HCG, KKR has become the largest shareholder. We believe the strategic investment by KKR will bring in more operational and financial efficiency. Currently, HCG enjoys 15% pre IND AS margin, which is lower than its peers. We expect KKR to drive growth through bed expansion, rationalization of existing assets and scale up of margins. The company's asset-light approach with a focus on partnerships has made its business model more capital efficient and scalable, in our view. Our FY26/FY27E EBITDA stands...

SRF’s fluorochemicals division shows strong demand with firm pricing. The company is investing Rs. 1,100 crore in less-polluting HFO (fourth generation) for FY28 launch.

Company Update

Capex for FY26 to be Rs17-19bn, rise to Rs27-30bn for FY27 We recently met with the management of SRF Limited, to understand its business prospects and get an update on key ongoing projects. The management continues to remain positive on its refrigerants business and expects R-32 realization to rise further in the near term. With a capex of Rs11bn, the 4th generation refrigerants plant is expected to come online by 2027. SRF also targets to gain 40% market share in 6-7 AIs with TAM of $1.2bn. The...

Jubilant FoodWorks (JUBI) held its maiden analyst meet in 2025 to discuss its strategic growth initiatives, store expansion opportunities, core capability development, and the way forward.

In Jubilant Foodworks' [Jubi] first-ever analyst meet, it outlined the present and future (next three years) target to open 1,000 stores (vs. ~250 per annum currently)

AU SFB’s profitability, post merger in Apr’24, was impacted due to elevated credit cost on the back of higher-than expected delinquencies in its credit card (CC)/microfinance (MFI) portfolios and NIM compression.