Whalesbook
Jubilant FoodWorks: Revenue toh ekdum top pe, par profit mein lagi 'Margin Squeeze'!
So, Jubilant FoodWorks ne Q4 FY26 mein consolidated revenue mein 19.3% ka zabardast year-on-year jump dikhaya hai, jo ab ₹2,499.46 Crore ho gaya hai. Aur bhai, net profit bhi 67% badh kar ₹82.42 Crore ho gaya hai! Delivery ka acha performance aur international operations ki growth iske peeche ke main reasons hain. Lekin itni achi numbers ke baad bhi, market mein thoda caution hai kyunki profitability par kuch headwinds chal rahe hain.
Analyst ne kyun giraya target?
Lo, ab Motilal Oswal ne Jubilant FoodWorks ka target price ghata kar ₹500 kar diya hai aur rating ko 'Neutral' rakha hai. Unki concern ye hai ki cost inflation, jaise ki zyada commodity aur labor costs, margins par lagaatar pressure daal rahe hain. Delivery mein toh company aage hai, par dine-in mein demand thodi slow lag rahi hai. Motilal Oswal ko lagta hai ki FY26 se FY28 tak revenue CAGR 13% rahega aur EBITDA margins 12.5% se 13.0% ke beech rahenge. Valuation ke liye India business ko 25x EV/EBITDA aur international operations ko 10x multiple diya hai, March 2028 ke estimates par. Agar Devyani International aur Sapphire Foods India jaise competitors ko dekhein toh unke liye analysts ke targets zyada positive hain.
Profitability ka risk kya hai?
Q4 mein profit to acha aaya hai, par margin pressure ek bada risk bana hua hai. Badhti commodity prices, LPG ki potential shortage, aur labor costs aage bhi profitability ko affect kar sakte hain. Dine-in mein demand ka kam hona bhi ek chinta ka vishay hai. Haan, international operations khud fund ho rahe hain, par agar market mein koi gadbad hui toh overall finances par asar pad sakta hai. Target price ka ₹500 hona, short term mein zyada upside nahi dikhata. FY26 ke liye earnings forecasts bhi niche jaa rahe hain.
Aage ka plan aur investor returns?
Company ko medium term mein growth ki ummeed hai, around 5-7% like-for-like growth ka projection hai. Delivery mein customer acquisition aur order frequency badhane par focus hai. Dine-in segment ke liye value options aur product innovation par kaam chal raha hai. FY25-26 ke liye ₹1.2 per equity share ka dividend recommend kiya gaya hai, jo future earnings par confidence dikhata hai. Analysts ka average target price ₹597.55 hai, jo lagbhag 26.45% ka upside dikha raha hai. Par, abhi bhi kaafi analysts 'Hold' rating hi de rahe hain.