HSBC has upgraded Jubilant FoodWorks to hold from its earlier rating, setting a target price of ₹650, after the company delivered sustained like-for-like growth in its Domino’s India business during the first quarter of FY26. LFL growth stood at 11.6%, reflecting continued strong consumer demand despite a challenging operating environment.
While margins were slightly below expectations due to higher promotional activity, HSBC expressed confidence in the company’s strategy to drive market share gains and outperform sector peers. The brokerage expects this momentum to continue in the second half of FY26, supported by brand strength, expansion in store count, and ongoing product innovation. HSBC believes the combination of resilient growth and competitive positioning warrants a more balanced stance on the stock.
Disclaimer: The views and recommendations made in this article are those of HSBC. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
