Quick Service Restaurant
Hotels
from 1,394 today
TFS reported strong consolidated sales growth of 20.6% YoY driven by net contract gains, despite flat passenger traffic, though EBITDA margin contracted 308bps YoY due to new unit mobilisation costs. We maintain BUY with a target price of INR 1,600, viewing the expansion as an investment phase supported by a debt-free balance sheet and cash reserves.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
