Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– Jubilant- JubilantFoodWorks LtdFoodWorks(JUBI.NS) Ltd (JUBI.NS)

More Risks Emerging in the Near Term

PRICE TARGET Rs439.00 EQUAL-WEIGHT THESIS

Probability-weighted residual income model: 25% bull, 50% base, 25% bear. The skew ▪Growth potential for organized QSR

reflects the risks to near term earnings growth as well as positives from brand strength, the players remains strong, with rising

growth track record of Domino's India, and the strong medium-term growth outlook. preference for organized food (aka QSRs)

Key assumptions: wherein Domino's India has a strong,

Cost of equity: 11.2% across scenarios established business model.

Terminal growth rate, India: base 6.0%, bull 6.3%, bear 5.8%; International: base 2.5%, bull ▪Weak 4QF26 and 1QF27 updates (LFL

2.8%, bear 2.3% ~02.% and 2.5%, respectively, vs target of 5-

7%) signals soft underlying demand. This, Rs550.89

along with a high base (7-9% LFL in 1Q-

Consensus Price Target Distribution Rs360.00 Rs690.00 2QF26) and inflationary pressures, could MS PT

keep F27 earnings growth weak.Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

▪While our long-term positive view on JUBI

remains, we see limited near-term triggers

for stock outperformance and await a better

RISK REWARD CHART entry point.

INR Consensus Rating Distribution

62% Overweight

800 Rs715.00Rs715.00(+66.53%)Rs715.00(+66.53%)(+66.53%) 24% Equal-weight

14% Underweight

MS Rating

Source: Refinitiv, Morgan Stanley Research

Rs429.35Rs429.35Rs429.35 Rs439.00Rs439.00(+2.25%)Rs439.00(+2.25%)(+2.25%)

Risk Reward Themes

Secular Growth: Positive

Rs240.00Rs240.00(-44.10%)Rs240.00(-44.10%)(-44.10%) View descriptions of Risk Rewards Themes here

JUL '25 JAN '26 JUL '26 JUL '27