Westlife Foodworld Ltd: SSSG momentum builds on value; margins soft on transient inflation

研报英文原文证据摘录

Westlife Foodworld Ltd: SSSG momentum builds on value; margins soft on transient inflation

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

31 July 2026

Westlife Foodworld Ltd Overweight

WEST.NS, WESTLIFE IN

SSSG momentum builds on value; margins soft on Price (30 Jul 26):Rs486.95

transient inflation Price Target (Jun-27):Rs570.00

WESTLIFE’s Q1 was largely in-line with our expectations. SSSG improved to +4.3% Consumer, Retail, Media

AC(MSD in May and June), anchored by DD guest count growth. Store openings were Latika Chopra, CFA

5 (vs 9 in Q1FY26, 1 closure), and WESTLIFE reiterated its 60+ annual store-opening (91-22) 6157-3584

pace and its target of 580-630 stores by CY27. The significant value focus (eg Rs. 99 latika.chopra@jpmorgan.com

Everyday Value platform) drove DD guest count growth across markets, and Himanshu Singh

WESTLIFE will continue to focus on driving guest-count-led SSSG (MSD outlook). (91-22) 6157-3610

Margins were slightly softer sequentially amidst a challenging cost environment, but himanshu.x6.singh@jpmorgan.com

management is confident that margins will stabilize/improve going forward, Saransh S Gokhale

supported by a sustained cost focus, potential price hikes and operating leverage. (91-22) 6157 3578

saransh.gokhale@jpmchase.com

Sustained improvement in SSSG, healthy margins, and store buildout acceleration J.P. Morgan India Private Limited, J.P. Morgan

will be key for stock performance, in our view. Tower, Santacruz(E), Mumbai - 400098, SEBI

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

• SSSG accelerates to 4.3% (DD guest count led), confident of MSD going

ahead. Q1 revenue grew largely in-line at 11.9% y/y (vs 8.7% in Q4), led by

double digit guest count growth across markets. This was on the back of the Style Exposure