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Jubilant FoodWorks Ltd.’s Q2 print was in-line; standalone income grew 4.5% led by 1.3% decline in like-for-like, but Ebitda/revenue after tax lower by 10.2%/39.5%. Given stretched client spends, and prolonged Shravan noticed 1.2% decline in common day by day gross sales.
Supply channel grew 7.9%, while dine-in declined by 3.8% in Q2. With 50% order contribution, enrolment for loyalty program (Tacky rewards) grew 16.1% QoQ (19.5 million prospects), but with 10.6 million app obtain its month-to-month common customers stood at 10.8 million grew 4.8% QoQ.
Jubilant FoodWorks stepped up Its efforts to revive LFL development by,
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re-imaging 33 shops and ACE 2.0 to improve buyer expertise,
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sharpened on floor execution – seven areas,
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launched new vary of Pizzas – mutton and prawns, and
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assured 20-minute supply service in Bengaluru.
Regardless of excessive dairy inflation, gross margin inched as much as 76.4% (+20 foundation factors), but greater worker price (+12.3%), lease (+11.7%) and promoting, common and administrative (+11.3%) ensued publish Indian Accounting Customary Ebitda margins at 20.9% (-341 bp).
Jubilant FoodWorks held retailer enlargement goal with single digit LFL led by sturdy menu innovation.
We introduce FY26E earnings and preserve ‘Purchase’, with a revised discounted money flow-based goal value Rs 625 (implying enterprise worth/Eitda of 20.0 instances common FY25E/FY26E)
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