Macquarie Backs Devyani, Sapphire, Westlife on KFC-McDonald's Edge; Trims Jubilant Target
Macquarie prefers KFC and McDonald's operators Devyani International, Sapphire Foods and Westlife Foodworks over Domino's parent Jubilant FoodWorks, citing softer same-store sales, persistent inflation and intensifying competition from Zomato and Swiggy. The broker cut Jubilant's FY28-29 EPS estimates by 3-7%.
Macquarie prefers Devyani, Sapphire and Westlife among Indian QSR plays citing KFC/McDonald's exposure, but cuts Jubilant FoodWorks target on Domino's same-store-sales pressure, inflation, and rising competition from Zomato and Swiggy aggregators.