External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Sustains Growth Momentum Despite a Challenging Out-of-Home Consumption Backdrop: Westlife Foodworld demonstrated operational resilience in Q2FY26 despite a subdued out-of-home consumption environment.</li><li>Revenue increased 4% YoY to Rs 642 Cr, supported by disciplined cost controls, menu innovation, and omnichannel execution.</li><li>Samestore sales declined 2.8% YoY amid a broader 4–6% industry contraction in out-of-home food consumption, especially across the Western fast-food category. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sustains Growth Momentum Despite a Challenging Out-of-Home Consumption Backdrop: Westlife Foodworld demonstrated operational resilience in Q2FY26 despite a subdued out-of-home consumption environment.Revenue increased 4% YoY to Rs 642 Cr, supported by disciplined cost controls, menu innovation, and omnichannel execution.Samestore sales declined 2.8% YoY amid a broader 4–6% industry contraction in out-of-home food consumption, especially across the Western fast-food category. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Westlife Foodworld Ltd - Resilience Amid Demand Softness; Maintain BUY

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We upgrade Westlife to BUY (from Add), as it offers an improving growth/margin trajectory at an attractive entry point.</li><li>Q3 EBITDA came at a marginal 4-5% miss on higher marketing spends, but strong initiatives toward enhancing its Value (meals), Chicken (South), and Café offerings should drive better growth/margins here-on.</li><li>The company’s strategy is seeing initial signs of success, as Q3 SSG of ~3% was a mix of strong traction across specific regions and a lull across the rest, where it is taking corrective actions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Westlife to BUY (from Add), as it offers an improving growth/margin trajectory at an attractive entry point.Q3 EBITDA came at a marginal 4-5% miss on higher marketing spends, but strong initiatives toward enhancing its Value (meals), Chicken (South), and Café offerings should drive better growth/margins here-on.The company’s strategy is seeing initial signs of success, as Q3 SSG of ~3% was a mix of strong traction across specific regions and a lull across the rest, where it is taking corrective actions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Westlife Foodworld - Upgrade to BUY on Visible Turnaround

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Westlife’s 3QFY25 results were marginally ahead of our estimates due to a lower-than-expected royalty rate</li><li>However, operational numbers were far weaker, with 3% SSSG</li><li>Notably, SSSG was subdued despite a favourable base (-9%) and management's aggression on the value meal platform.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Westlife’s 3QFY25 results were marginally ahead of our estimates due to a lower-than-expected royalty rateHowever, operational numbers were far weaker, with 3% SSSGNotably, SSSG was subdued despite a favourable base (-9%) and management's aggression on the value meal platform.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Westlife Foodworld (3QFY25): Challenges Persist. Maintain REDUCE

<ul><li>SSSG saw positive momentum: Westlife Foodworld delivered a resilient Q3FY25 performance, with revenue rising ~9% YoY, led by SSSG growth of 2.8% YoY vs -6.5% in Q2FY25, driven by higher footfalls and a stable average check.</li><li>The growth was balanced across both On-Premise and Off-Premise channels, each expanding by 9% YoY, with Off-Premise sales contributing ~42% to total revenue.</li><li>While dining-out demand has yet to see a significant increase, management expects a gradual recovery aided by stable inflation and potential policy measures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SSSG saw positive momentum: Westlife Foodworld delivered a resilient Q3FY25 performance, with revenue rising ~9% YoY, led by SSSG growth of 2.8% YoY vs -6.5% in Q2FY25, driven by higher footfalls and a stable average check.The growth was balanced across both On-Premise and Off-Premise channels, each expanding by 9% YoY, with Off-Premise sales contributing ~42% to total revenue.While dining-out demand has yet to see a significant increase, management expects a gradual recovery aided by stable inflation and potential policy measures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Westlife Foodworld Ltd - Long-Term Outlook Remains Strong; Maintain BUY

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

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Westlife Development (WLDL IN)

Westlife Foodworld Ltd - Resilience Amid Demand Softness; Maintain BUY

Revenue increased 4% YoY to Rs 642 Cr, supported by disciplined cost controls, menu innovation, and omnichannel execution.

Axis Direct

Westlife Foodworld - Upgrade to BUY on Visible Turnaround

We upgrade Westlife to BUY (from Add), as it offers an improving growth/margin trajectory at an attractive entry point. Q3 EBITDA came at a...

Emkay

Westlife Foodworld (3QFY25): Challenges Persist. Maintain REDUCE

Westlife’s 3QFY25 results were marginally ahead of our estimates due to a lower-than-expected royalty rate. However, operational numbers were far...

HDFC Securities

Westlife Foodworld Ltd - Long-Term Outlook Remains Strong; Maintain BUY

Westlife Foodworld delivered a resilient Q3FY25 performance, with revenue rising ~9% YoY, led by SSSG growth of 2.8% YoY vs -6.5% in Q2FY25

Axis Direct

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

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