Motilal Oswal’s latest research report on Jubilant FoodWorks (JUBI) highlights a 9% year‑on‑year standalone revenue growth in Q1FY27, matching market expectations.
Domino’s performance under the group saw LFL growth rise to 2.5% from 0.2% in Q4FY26, driven by a high base of 12%. Orders grew 6.5% YoY, delivery revenue increased 12%, and average order value (AOV) rose by high single digits quarter‑on‑quarter. The dine‑in and takeaway (DITA) channel also showed early improvement, with order volumes stabilising and order values climbing.
Popeyes, another key franchise, posted a remarkable 97% revenue growth and 45% LFL growth, underscoring the strength of the group’s international portfolio.
Management signals optimism for Q2FY27, expecting better performance than Q1FY27, and anticipates a continued upward trajectory into the second half of FY27.
Based on these results, Motilal Oswal upgraded JUBI from Neutral to BUY in its QSR thematic. The target price is set at INR 625, valuing the India business at 28× EV/EBITDA and the international business at 18× EV/EBITDA using March 2028 estimates.
Overall, the report paints a positive picture for Jubilant FoodWorks, with robust revenue growth, improved operational metrics, and a favourable valuation outlook for investors.