JUBLFOOD

STOCK REVIEW

(JFL) reiterated its focus on network expansion, innovation, digitisation and operational excellence to drive growth for Domino’s in India and the DPEU markets. JFL targets Coffy to become one of the top three coffee brands in Turkey supported by ~12% expected growth in Turkey’s QSR market and Coffy’s differentiated strategy of single price for all drinks, attractive product pricing, and a strong focus on digitalization. As a part of its Ambition FY28 initiative, JFL targets double-digit revenue CAGR, a 200-bps PAT margin expansion and improved free cash flow generation in the consolidated business. Outlook Stock has corrected by 22% from recent highs and trades at 28x/23x/20x its FY25E/26E/27E consolidated EV/EBIDTA, respectively. We maintain a Buy with an unchanged PT of Rs. 799.