Archive · 27 Aug 2026
Macquarie Raises India QSR Targets as Demand Recovery Builds
Macquarie is a brokerage that studies companies and their shares.
It thinks India’s fast-food restaurant companies may perform better as customers return.
The brokerage expects sales at existing restaurants to improve in the second quarter.
It believes dine-in and takeaway sales could grow more quickly than before.
Devyani International is its favorite stock among the companies it follows.
Westlife Foodworld and Sapphire Foods India are also expected to have meaningful gains.
Macquarie upgraded Jubilant FoodWorks because its Popeyes business is performing better.
These are estimates, not guarantees, so investors are advised to do their own research and seek professional advice.
Macquarie upgraded Jubilant FoodWorks to Neutral from Underperform and raised target prices across its QSR coverage.
Devyani International is Macquarie’s preferred pick, with a target of ₹190 versus ₹149, implying about 27% upside.
Westlife Foodworld has nearly 25% potential upside, while Sapphire Foods India has about 20% and Jubilant FoodWorks about 3%.
Macquarie expects second-quarter same-store sales growth to slightly exceed first-quarter growth as restaurant demand improves.
The brokerage expects stronger dine-in and takeaway sales, operating leverage and improving margins to support earnings growth.
- Who
- Macquarie and India’s listed quick service restaurant companies, including Devyani International, Sapphire Foods India, Westlife Foodworld and Jubilant FoodWorks.
- What
- Macquarie raised target prices across its QSR coverage and upgraded Jubilant FoodWorks to Neutral from Underperform.
- When
- The report focuses on expected second-quarter same-store sales growth and FY29 earnings estimates.
- Where
- India’s listed quick service restaurant sector.
- Why
- Macquarie expects recovering demand, stronger dine-in and takeaway sales, operating leverage and improved profitability to support the stocks.
- Preferred pick
- Devyani International
- Devyani target
- ₹190 versus ₹149; approximately 27% implied upside
- Westlife target
- ₹730 versus ₹583; nearly 25% implied upside
- Sapphire target
- ₹300 versus ₹250; approximately 20% implied upside
- Jubilant target
- ₹520 versus ₹508; approximately 3% implied upside
- Jubilant rating
- Upgraded to Neutral from Underperform
- FY29 estimates
- EPS estimates raised by more than 20% across the covered stocks