Morgan Stanley has maintained its Overweight rating on Jubilant Foodworks with a target price of ₹781, implying a potential upside of nearly 10% from the current market price of ₹710.40. The brokerage highlighted the company’s continued strong performance in the first quarter of FY26, with results broadly in line or ahead of estimates.
Standalone revenue rose 18% year-on-year in Q1, matching Morgan Stanley’s expectations. This growth was driven by a robust 11.6% like-for-like (LFL) sales increase, compared to the brokerage’s estimate of 10% same-store sales growth. Additionally, the company reported a 10% increase in store count, adding 61 net new outlets during the quarter, compared to 40 additions in the previous quarter.
On a consolidated basis, Q1 revenue grew 17% YoY, exceeding Morgan Stanley’s estimate by 3%. While Domino’s Turkey saw a 2.2% decline in LFL sales—down from a 0.9% increase in the previous quarter—Jubilant still added 6 net new stores in Turkey, taking the total to 752.
The brokerage emphasized that the strong LFL growth momentum from Q4FY25 has carried into the new fiscal year, signaling resilience in the core business and providing confidence in the company’s growth trajectory.
Disclaimer: The views expressed above are those of Morgan Stanley and do not constitute investment advice. This article is for informational purposes only.
