Jubilant Foodworks Ltd. share price target

We recommend a BUY on the stock with a potential upside of 10% from the CMP.

Jubilant Foodworks in its analyst meet laid down its FY28 Ambition with focus on the BOLD strategy (Breakthrough technology, Operate with excellence, Lead with purpose and Delicious food).

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)

JFL’s Q3FY25 consolidated numbers are not strictly comparable with previous quarters due to integration of the DP Eurasia business.

Jubilant Foodworks (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth. LFL grew 2.8% (in line).

We maintain Buy on Jubilant Foodworks Ltd (JFL) with a revised PT of Rs. 800. Stock is valued at 29x/24x/21x its FY25E/FY26E/FY27E consolidated EV/EBIDTA, respectively.

JUBI’s results were soft though encouraging with LFL turning positive to 0.1% (vs negative SSSG for most QSRs) after four quarters led by pick-up in delivery channel (+12% YoY; 8% LFL) primarily due to delivery fee waiver leading to record 30% YoY growth in new customer acquisition while dine-in channel remains under pressure.

JUBI is up ~10% over the last 1 week. Our channel checks indicate considerable
pick up in order growth for Domino’s in Apr-24 and continued traction should
help it deliver a low-to-mid-teen topline growth in FY25E (vs. 5-6% in FY24E).

Jubilant Foodworks reported a sales growth of 6.3% YoY at ? 13,345mn during Q1FY24 over ? 12,523mn on the back of continuous store addition. Although, the LFL came in weak at (1.3)% YoY leading to a declined EBITDA / PAT margins by 370bps / 680bps. The Dine-in channels reported flat revenue and green shoots in Delivery Channel with 8.4% growth.

Three positives from 1QFY24: (1) sequential improvement in LFL ADS (led by new product launches in value range and outperformance in the delivery business), (2) continuing traction in the loyalty program (enrolments up 24% YoY, 48% revenue share) and (3) on-track Popeyes retail expansion (to add 30-35 in FY24).