CLSA on Jubilant FoodWorks ; O-P, TP Rs 550

Reported 11.5% standalone sales growth in 2QFY27 and 4.1% Domino’s India LFL. Ebitda grew 12.4% YoY, with margin expanding 16bps YoY to 19.8%, broadly in line with CLe Management maintained its 5-7% LFL guidance for FY27 implying an acceleration in 2H. Popeyes sustained strong momentum with 53% LFL and 122% revenue growth. Innovation products are gaining traction, with contribution nearing double digits and superior margins. Dominos turkey saw positive transaction growth. Gross margin was in line with our expectations but 39bps better than consensus.

JUBILANT FOODWORKS LTD

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