Bernstein maintains an Outperform (O-P) rating on Jubilant Foodworks, with a target price of ₹700, highlighting three critical growth pillars needed for Jubilant to achieve a market cap of ₹80,000 crore (approximately $10 billion) by FY30.
- Turkey Business (DPEU): The business, accounting for ~24% of revenue and ~50% of PAT in H1FY25, needs to deliver a revenue CAGR of 12% and a PAT CAGR of 15%.
- Network Expansion: Domino’s India remains the core value driver, with store additions expected to hit 170 per year, pushing the total to 3,100 stores by 2030.
- Margins and SSSG: Pre-Ind AS EBITDA margins are critical, and their correlation with same-store sales growth (SSSG) will play a pivotal role in sustaining profitability.
Jubilant’s ability to execute these strategies effectively will be crucial to its ambitious growth targets.
