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%.
What happened
Devyani International · Macquarie prefers Devyani, Sapphire and Westlife among Indian QSR plays citing KFC/McDonald's exposure, but cuts Jubilant FoodWorks
Key facts
- FY28-29 EPS cut 3-7%
Why this matters
KFC and McDonald's operators' relative strength widens the strategic gap with Jubilant, opening room for portfolio rebalancing, format partnerships or M&A in chicken-led and Western QSR formats.