Brokerage Research Reports share price target

improvement is more significant in urban catchment (Metro & Tier-1) vs Tier-2 & Tier-3 cities. Jubilant foodworks is witnessing a significant demand uptick continuing the momentum of Q3 & Q4 driven by 1) Consumer finding dominos to be giving more value for money vs other standalone stores 2) lower competitive intensity as standalone stores see price increase (due to increasing rentals) with minimal change in quality and experience & 3) Continuous menu innovation and elevated store level experience. Westlife Foodworld is showing gradual improvement in demand QoQ; however,...

CANF saw a steady quarter as disbursals were 6.7% higher to PLe at Rs24.6bn although NIM was a slight miss at 3.8%. Credit growth for FY25 was muted at 9.2% YoY due to issues in Karnataka/AP/Telangana which are being resolved. In FY26, company is targeting a disbursal growth of 20% and AuM growth of 13-15% YoY. However, we see a lower AuM CAGR of 11.5% over FY25-27E given (1) LOS/LMS adoption may impact disbursals (2) competition may increase due to falling interest rates. CANF sees a lesser impact of rate cuts on NIM due to faster repricing of liabilities; it has guided a 3.5% NIM for FY26E (vs 3.6% in...