Neutral Jubilant FoodWorks Ltd for the Target Rs. 635 by Motilal Oswal Financial Services Ltd
* JUBI revenue growth expected to moderate to 14% YoY (19% in 2HFY25 and 17% in 1HFY26) due to high base. We model ~6.5% LFL growth.
* We expect that store additions will continue, and we model 70 Dominos India store additions, taking the total count to 2,391 stores.
* Gross margins expected to improve marginally by 20bp, led by the stable RM environment and some benefit of GST rate cut on RM. EBITDA (pre-Ind AS) expected to improve 50bp YoY to 12.9% led by GM and operating leverage.
* Focusing on value-driven innovations, emphasizing new product developments.
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