Jubilant Foodworks Ltd CEO Interaction: FY27 LFL to be price-led; navigating short-term margin headwinds; reiterate MT LFL/margin targets

Research evidence excerpt

Jubilant Foodworks Ltd CEO Interaction: FY27 LFL to be price-led; navigating short-term margin headwinds; reiterate MT LFL/margin targets

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Jubilant Foodworks Ltd

CEO Interaction: FY27 LFL to be price-led; navigating Neutral

short-term margin headwinds; reiterate MT LFL/margin JUBI.NS, JUBI IN

targets Price (10 Jun 26):Rs425.05

Price Target (Mar-27):Rs474.00

We hosted Mr. Sameer Khetarpal, CEO, as part of the JPM India Consumer CEO Consumer, Retail, Media

ACFireside Chat Series. The CEO expressed confidence in JUBI's structural ability to Latika Chopra, CFA

deliver 5–7% LFL growth over the medium term, underpinned by execution (91-22) 6157-3584

superiority (8-region operating model, sub-20-minute delivery, and an accelerated latika.chopra@jpmorgan.com

pace of innovation) and significant runway for store expansion (~5,000 store Himanshu Singh

potential for Domino's India). FY27 SSSG is expected to be more pricing-indexed (91-22) 6157-3610

(vs vol), reflecting the inflationary backdrop, with management deploying a himanshu.x6.singh@jpmorgan.com

nuanced, AI-driven pricing approach spanning absolute product pricing, discount Saransh S Gokhale

modulation, and non-food charges. While near-term margin headwinds of ~200bps (91-22) 6157 3578

saransh.gokhale@jpmchase.com

(cumulative) from fuel, wage hikes, and commodity inflation are acknowledged, J.P. Morgan India Private Limited, J.P. Morgan

the medium-term ~200bps standalone EBITDA margin expansion target remains Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

intact — supported by new business drag reduction (Dunkin' to be discontinued),

the Popeyes scale-up, and structural cost efficiencies driven by AI and supply chain