SECTORUPDATE

RETAIL
SwiggyanewworryforQSRs?
IndiaEquityResearch|Retail

Swiggy,establishedintherecentpast(August2014),canpotentiallybea
new worry for Quick Service Restaurants (QSRs) and others. Backed by
strong PE investment of INR3.4bn and backed by biggies like Norwest,
Accel,NorwestVenturesandSAIFpartners,Swiggyiscurrentlyvaluedat
USD125mn after its recent Series C funding in January 2016 where it
attracted two new investors named Harmony Partners and RB
InvestmentsPteLtd.Ithaspresenceintop8metroswithitsowndelivery
fleetandtargetstofurtherexpandit.Ithas3,000deliveryboyswhichis
~15%ofJubilantFoodworks(JFL,whichhasoperationsspreadacross218
cities). Swiggy plans to have a team of 12,000 delivery boys by FY16. To
accelerategrowth,thecompanyrecentlypartneredwithBurgerKingand
CafeCoffeeDay.IfcompanieslikeSwiggysurvive(peersarescalingdown)
and expand to more cities, it could further delay revival in same store
\ growthforQSRsintheprevailingtepiddemandscenario.

Growingthefooddeliverymarket
Swiggy is an attractive option for online food ordering as it allows ordering of food
withinaminuteandtracking delivery(within~37minutes,comparabletotopQSRs))
on realtime basis. Further, there are no restrictions on a minimum order value for
free delivery, and easy payment options/discount offers enhance the ease and
convenience. Company also customizes orders and makes recommendations to
customers.Byprovidingeaseofordering(relativecomparisonandvariousfoodmenus
madeavailableatasingleplace)andconvenienceofdeliverytoconsumers,Swiggyis
revolutionizing growth for small / hyper local food joints & restaurants. Swiggy
currentlycatersto~20,000ordersdailywithanaverageordervalueof~INR300and
is growing 25% per month in its orders (though relatively smaller versus ~158,000
daily orders of Dominos Pizza) and holds huge growth potential given the large gap
with established players who serve only limited cuisine. This has in turn increased
demand for the raw materials used in food like cheese, paneer, spices, bread, etc.
PlayerslikePrabhat,Paragarebettingbigonthisopportunityandlookingtoprovide
qualityproductstothesesmallplayers(Horeca)onsustainablebasis.

BigchallengeforQSRs?
Though size, brand saliency and network of Swiggy is currently much smaller than
established QSRs like Dominos, Pizza Hut and McDonalds it stands out as it is able to
provide variety of menu options. However, Swiggys smaller reach having
operationsintop8metrosversus20citiesbyMcDonaldsand218citiesbyDominos
currently poses little threat to branded chains. Also, while Swiggy has to enlist
restaurants and expand delivery team, the branded QSRs too have aggressive
expansionplansYumbrandsplanstoadd2,000restaurantsby2020from~811now,
JFL expects to add every year 150 Dominos and 30 Dunkin Donut stores, and
McDonaldsplanstoadd175250storesovernext5yearsfromcurrent~122.

AbneeshRoy
+912266203141
abneesh.roy@edelweissfin.com

PoojaLath
+912266203075
pooja.lath@edelweissfin.com

TanmaySharma
+912266207586
tanmay.sharma@edelweissfin.com

January22,2016
EdelweissResearchisalsoavailableonwww.edelresearch.com,
1
BloombergEDEL<GO>,ThomsonFirstCall,ReutersandFactset.

EdelweissSecuritiesLimited

Retail
FoodtechcompaniesLeadingthegrowthoffoodindustry
Swiggyestablishedin2014isincreasingitspresenceinfooddeliverymarketandbecominga
bigchallengeforQSRs.Itaimstoregisterasevenfoldincreasefromitsexistingpresenceof8
cities. Further companies like Swiggy are becoming a growth catalyst for dairy industry
altogether.ForDominos,witheachdeliverybeingallotted8minutesand7minutesbuffer
for traffic jams and bad roads, more than 99% of the pizzas successfully arrive within the
promised30minutesdeadline.Countingonthissuccessfulbusinessmodelmanyotherfood
service operators like Dominos Pizza, Pizza Hut Delivery, etc., are investing substantially in
delivery infrastructure to facilitate higher efficiencies and reduced transaction costs. The
commercialbenefitsofpuretakeaway/deliveryfocusedformatshavetemptedoperatorsto
increasetheirtime,moneyandenergyinthisspace.Somebenefitsincludelowerinvestment
intermsofrentals,interior,furniture,lowerfixedcostofsuchoperationinheadslikeCAM,
laborandutilities.RecentlaunchoffooddeliveryappnamedUberEatsbyUberin10UScities
justifiestherationalebehindthisgrowingbusiness.

SriharshaMajety
CEO,CofounderatSwiggy
Companywillachieveamillion
monthlyordersbytheendof
FY16.FurtherBengaluruand
Hyderabadwillbeoperationally
profitablebyApril2016.

IndianFoodIndustryShiftingdynamicstowardsonlinefooddelivery
BearinginmindtheimmensepotentialinIndia,foodsectorhasemergedasoneofthehigh
growthandhighprofitsectorswithhighpotentialforfurthervalueadditioninthesector.In
March2010,McDonaldswasthefirsttointroducefoodorderingthroughthewebinIndia.
Then,itwasalreadyhavinganumbrellaoftouchpointsforcustomerslikeatpetrolpumps,
kiosk, drive thru, home delivery, etc. Although the food ordering business in India is at
nascent stage, it is experiencing exponential growth. With building up of scale through
partnerships with delivery players like Food Panda, Swiggy, Zomato, TinyOwl, etc., the
organized food business is experiencing exponential growth and further its forecasted
numbers as shown in the chart below depicts a glorious picture of Indian food service
sector.

Chart1:IndianfoodservicesectormarketsizeUSD53bn2014

Chain
restaurants
9%

Restaurants
inhotels
3%

Chart2:IndianfoodserviceforcastedmarketsizeUSD86bn
2019
Chain
restaurants
5%

Restaurants
inhotels
3%

Licensed
single
restaurants
23%

Licensed
single
restaurants
29%
Unorganized
59%

Unorganized
69%

Source:Industry,Edelweissresearch

EdelweissSecuritiesLimited

SectorUpdate
SwiggyChangingthewayIndiaeats
Withchangingmarketdynamicsonlinefooddeliveryspaceisshifting.Consideringexisting11
outof68unicorns(companiesthatarevaluedoverUSD1billion)globallyareofIndianorigin
thestartupenvironmentandnewdisruptiveinnovationsareemergingfasterinthecountry
and are making to headlines every now and then. Specially in this space is new food tech
companies and out of them company Swiggy, which is Indias second largest food delivery
platformbeingvaluedatUSD125mnwhichcompeteswithFoodPanda,TinyOwl,Zomato,etc
makestotopintermsofgrowth.FoundedinAugust2014,thecompanysvisionistochange
thewayIndiaeats.Ithasmorethan4,000restaurantsalreadylistedonitsplatform.Swiggy
hasraisedatotalofINR3.4bntillJanuary2016.Itisacompanywhichhandles20,000orders
daily using its own delivery fleet thus having control of end customer experience. With an
increase in mobile penetration and apps the way of doing business is altogether changing
withcustomerslookingforconvenienceandqualitybothatbestpricepoint.

FoodChainsUSD2bnin2014

Orderingonlinewhysopopular?
Customers looking for a particular food or something to eat form a certain restaurant can
search for the same through an app or site. Detailed restaurant menus are available from
which customers can choose and order. One can also read other customers reviews and
ratings before selecting the order. Further ease is provided with payment for the orders
facilitated through credit/debit cards, net banking, PayUMoney, PayTM wallet and through
cashondeliveryalso.Afterconfirmingtheorderandprovidingtheaddressdetailstheorder
issentforprocessingandafterprocessingoftheordersuccessfullythecustomerisprovided
with details of the delivery person, which can be tracked on realtime basis through GPRS
systems. The best part of all this is that within ~37 minutes from the time of ordering the
completeprocesshappensandtheorderreachesthecustomer.

Fig.1:Onlineorderingmadeeasy

Source:Edelweissresearch

EdelweissSecuritiesLimited

Retail
Chart3:JFLsonlineorderingcontributes~36%tosales
Onlineorderingcontributionintotaldeliverysales
40.0

IndependentFoodJoints
USD94bnin2014

32.0

(%)

24.0
16.0

Onlineorderingcontributionintotaldeliverysales

Q2FY16

Q1FY16

Q4FY15

Q3FY15

Q2FY15

Q1FY15

Q4FY14

Q3FY14

0.0

Q2FY14

8.0

Source:Company,Edelweissresearch

Recentpartnerships
Swiggyincontinuationofitsstrategyofpartneringwithbigfoodgiants,recentlytiedupwith
Cafe Coffee Day (CCD) and Burger King. The partnership with Burger King will make it
responsible for logistics of all 23 Burger King outlets located across Mumbai, Pune,
Bengaluru,DelhiandGurgaon.AsforCCD,whichhas1,500 cafesacross219citiesinIndia,
Swiggywilldelivercoffeeandothersnackitems.Currently,50CCDoutletsinBangaloreare
offeringhomedeliveriesthroughSwiggywithin34kmradius,effectivelycoveringtheentire
city.Notlimitedtotheseonlyithastieupswithmanyotherrestaurantschainsfewofthem
shown in table below. Menu items can be selected using Swiggys app and based on the
amount of time taken for order preparation, a Swiggy executive will come to pick up the
order from these outlets and deliver it at customers doorstep. Continuity of this type of
business model and partnership will help customers use an individual app for online food
delivery of all varieties of food cutting across menus and restaurants, which can be big
competitionforsomebigQSRslikeMcDonalds,Dominos,PizzaHutandcanbebigcatalysts
ofgrowthforthedairycompanieslikesPrabhat,Parag,HeritageFoods,Amuletc.

Table1:FewrestaurantslistedonSwiggy
FewmajorRestaurantsonSwiggy
Subway
Starbucks
CafeCoffeeDay
BurgerKing
ParsiDairyFarm
ShivSagar
PitaBurg
GoliVadaPav
KungFuPanda
BaskinRobbins
ShreeFood
MainlandChina
KolkataCalling
SagarRatna
NaturalsIcecreams

Source:Company,Edelweissresearch
EdelweissSecuritiesLimited

SectorUpdate
Customerfriendliness
CountingtheampleofbenefitsonlineorderingthroughSwiggyprovidesapartfromshorter
deliverytimeof37minuteswhichiscloselycomparablewithPizzadeliveriesofvariousQSRs
of 30 minutes. It provides a lot of convenience by making possible online ordering through
theappandsitewithinaminuteandthatdeliveryalsoforfreewithoutanypreconditionof
minizmum value ordering. To reduce wrong/delayed deliveries company follows a policy of
one delivery by one person at a time. Further adding technology and data analytics makes
possible for Swiggy to track and customize the orders on the basis of customers previous
orderswhichhelptoeaseorderingfurther.Itsreachandtieupswithdifferentfoodchains,
big and small restaurants, bakeries, etc., helps customers order from anywhere, whatever
food, at any point of time irrespective of whether its a breakfast, lunch, dinner or just a
snack.

InnovativeconceptslikeCloudKitchen
Swiggy helps small hyperlocal restaurants listed on its foodordering platform to set upan
exclusive restaurants menu listing on its app with pictures, rates, review, delivery timings
anddishdetailswhichismadeavailableforcustomerstoorder.Thiswayhelpingrestaurants
toincreasetheironlinepresenceanddeliverybusinessaltogether.Furtherrecentlywithits
conceptofcloudkitchen it plansto furtherreduceaveragedeliverytimeperorderto 15
minutes from 37 minutes at present by introducing a concept of Cloud kitchen. In this
modelSwiggywilljoinhandswithcloudbasedkitchenoperatorlikeithasdonealreadywith
EatongoandBrekkie,Bangalorebasedfirms.Thesekitchensareonlinebreakfastandbrunch
unitsthatdonthaveanyphysicalrestaurants.Theserestaurantshaverotatingmenusunlike
regular restaurants and it further saves restaurants from hefty rents for space as they can
start restaurants anywhere, lets say a farthest corner room in the five story commercial
building can also be used as a Cloud Kitchen and Swiggy will provide the required
infrastructure for order taking, delivery and logistics requirements. Further the pricing
offered for home delivery at Swiggy will be comparable to the prices offered at physical
counters.

AccelPartner94mn
Norwest495mn
Harmony264mn

Norwest468mn
SAIFPartners265mn
AccelPartner203mn
ApolettoAsia80mn

RBInvestment231mn

..

ApolettoAsia59mn

Total1016mn

SeriesA

SAIFPartners660mn

SeriesB

SeriesC

Fig.2:InvestorsfundingtillJanuary2016
AccelPartner60mn
SAIFPartner60mn
..
Total120mn

..
Total2303mn

Source:Edelweissresearch

EdelweissSecuritiesLimited

Retail
Competition
Swiggy which is operational in all major 8 cities of the country has to compete with other
foodtech companies like TinyOwl, Zomato, Foodpanda etc. To attract food chains and
restaurantstolistonthemTinyOwlrecentlywaivedcommissionforselectrestaurants,while
zomatoiswaivingcommissiontorestaurantsthatpledge,tolistexclusivelyonitsplatform;
moreover providing branded packaging for their orders which are sometimes mistakenly
usedfortheircompetitorsitemsleadtohighcostforthesecompaniesthusleadingtomore
intensecompetition.InadditionSwiggyhasotherregionalplayerstoointhesamespace;as
depictedinthefigureforcitieslikeDelhiNCRandBangalore.Butintherecenttimesallthese
companieshaverunintovarioushurdlesmostlybecausethesecompaniesrelytoomuchon
heavy discounting by using the investors money to overcome competition. Quoting recent
fewexamplesTinyOwlraisedINR500mninbridgefundingfrominternalinvestorsbuthadto
scaledownregionaloperations,Zomatoalsolaidoffatleast300employeesandFoodpanda
toosufferedtopmanagementexitsrecently.Companiesarenotlimitedtocompetitionswith
theplayersinthesameline,buttherearebigQSRplayerstoowiththeirownonlineordering
andhomedeliverymodelswhichposeacompetitionforSwiggy.Fewofthemare:

DominosPizzaWith12,100franchiseandcompanyownedrestaurantsinmorethan80
international markets with 959 restaurants across 218 Indian cities, it is one of the
biggestplayersinQSRspace.Around58mnorderswereplacedatDominosPizzaIndiain
FY15 and it serves ~158,904 orders daily with average size of ~INR360. Further, out of
~29,000 employees ~20,000 are consumers facing which will be soon delivering pizzas
usingdevicesenablingthempayments,GPStrackingandfeedbackalongwithfewother
things.

DunkinDonutsPresentinmorethan39countrieswithmorethan11,500restaurants
with67restaurantsspanningacross23differentIndiancities.

KFCAnotherbignameinQSRspace,KFC,has380storesthroughoutIndia.Further,the
companyYumplanstoadd2,000restaurantsby2020fromcurrent~811storesnearly
doublingitsstoresacrossitsbrands.

Pizza Hut Yum India has 180 Pizza Hut dining restaurants and nearly 255 Pizza Hut
homedeliverylocations.

TacoBellGloballeaderinMexicanstylefoodalsoenteredIndiarecentlyin2010and
hasopened7restaurantstilldate

McDonaldsWithits~250outlets,McDonaldsisapanIndiabrandinQSRwithbiggest
presence in burger category. Further, many top burger chains in the world including
Burger King, Fatburger, Johnny Rockets and Wendys have announced their entry into
the country thus heating up competition in the fast food space. As per an estimate,
unorganised sector accounts for 40% of sales in total burger market while McDonalds
controls75%ofthemarketintheorganisedspace.

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SectorUpdate
Table2:Otherfooddeliverystartups
FoodDeliveryStartupsinDelhiNCR
Nashta
http://www.nashta.co/
FRSH
http://frsh.com/
TastyKhana.in
http://tastykhana.in/
JustEat
http://justeat.in/
BiteClub
http://biteclub.in/
DeliveryChef
http://www.deliverychef.in/
SaladDays
http://www.saladdays.co/
Foodport
http://foodport.co.in/
Bueno
http://bueno.kitchen/
Rocketfood
http://rocketfood.co/ourstory.php

FoodDeliveryStartupsinBangalore
Eatlo
www.eatlo.com
DropKaffe
www.dropkaffe.com
Brekkie
http://www.brekkie.in
Chefkraft
http://www.chefkraft.com/
EatLo
http://beta.eatloapp.com/#!/outlets
FreshMenu
http://www.freshmenu.com
MasalaBox
http://www.masalabox.com/home
RedCooker
https://www.redcooker.com
BabaFattoosh
https://babafattoosh.com
SpoonJoy
http://www.spoonjoy.com/

Source:Edelweissresearch

Upcomingchallenges
Food tech companies are now becoming more mature and focusing to build much
sustainable businesses by rationalizing their discount percentages. As per companies food
business cannot run on a discounting model like apparel, which has higher margins.
Accordingtoanestimate,theentirefoodorderingaggregatingcategoryisnotmorethan5%
of total QSR and home delivery markets. While food deliveries have fixed cost ranging
betweenINR3540foreachorder,marginsareaslim810%whichfurtherwitherawaydue
to discounts, promotions and operational expenses. The commission percentage charged
fromrestaurantsrangesfrom020%,dependingonpositioningandbrandoftherestaurants.
Forexample,ZomatomakesINR60onanorderofINR600.Onanaveragecommissionof10%
thereisamuchbiggerroleofvolumestoplay.IncaseofSwiggy,itcurrentlyearnsaverage
commissionof15%onordervalue.Further,atatimewhenallfoodtechnologystartupsare
facingfundcrunch,Swiggyhasstartedbolsteringrevenuesthroughthecloudkitchenmodel,
where it charges a much higher 15% as a commission. These cloud kitchens are yet to be
openedonabiggerscale,butnewinitiativealwayscomewithrisks.Thequantumofbusiness
generatedthroughthesekitchensdependsongoodwillandqualityofpartnerrestaurants.

Fig.3:Companywebsite

Source:Edelweissresearch

EdelweissSecuritiesLimited

Retail
Table3:Foodtechcompaniesanalysis
Particulars
Category

Swiggy
Hyperlocal
FoodDelivery

Scootsy
Gratificationofall
needbased
purchasesincluding
Food,Books,Sports
instrument,Toysetc

Zomato
Restaurantdiscovery,
onlineordering,table
reservations

Foodpanda
FoodOrdering

TinyOwl
FoodOrderingeither
fromnearby
restaurantsand
healthyfoodfrom
localchefs

FundingReceived
Dateof
Establishment
PlaceofOrigin
PEInvestors

INR1200mn
Aug14

Nil
Jul15

USD225mn
Jul08

USD310mn
2012

USD27mn
Jun14

Bengaluru
Norwest
Venture,
Accel,SAIF
partners
Presencein
top8cities

Mumbai
Nil

Gurgaon
Temasek,InfoEdge,Ivy
Capital,Sequoia
Capital

Germany
RocketInternet,
GoldmanSachs

Mumbaionly

Operatein40
countriesand200
citiesinIndia

12000
deliverystaff
byFY16
Owndelivery
fleet
Cloud
Kitchen

175

Onlineorderingin14
cities,restaurants
discoveryin23
countries
2000

Mumbai
SequoiaCapital,
MatrixPartnersand
NexusVenture
Partners
5majorcitiesofIndia

1900

600

3rdpartydelivery
partners
Increasing
communication
channelbetween
consumersand
merchant

3rdpartydelivery
partners
Increasingits
penetrationinthe
country.

3rdpartydelivery
partners
TouseEmployees
efficientlybybringing
themaspartners
ratherthan
employees

Location

No.ofemployees

DeliveryModel
FutureOutlook

AverageDelivery
Time
TieUps

Owndeliveryfleet
Toallowcustomers
tobuyanythingthey
liketopurchasein
city.Concentrateon
singlecityandnotto
involveinpremature
scaling.

37min

60min

NA

NA

NA

BurgerKing,
CafeCoffee
Day

BurgerKing,Indian
BookDistributors

NA

NA

NA

Source:Edelweissresearch

Differentiator
There are various business attributes which differentiate Swiggy from its peers. Initially, it
haditsownfleetofdeliveryboyswhowereequippedwithsmartphonesandtheSwiggyapp
helped users track their deliveries through routing algorithms. It doesnt have a minimum
orderpolicytoo.Furtheradvantagedeliveringthroughswiggyisthatitismorereliableand
fasterwherea booked order byconsumercantbecancelledwithaveragedeliverytimeof
close to 37minutes. The company is looking for more partnerships with different beverage
chains after partnering with Burger King and Cafe Coffee Day recently. After expanding its
reachtoallmajorcities,itnowplanstoexpandtotier1,2cities.UnlikeTinyOwlorZomato,
which partners with thirdparty logistics firms to fulfill orders, Swiggy has a 3000member
deliveryfleet.Thecompanyincursadditionalcoststowardsmaintenanceofthefleet,unlike
competitors.But,60%ofitsdeliveryfleetistemporaryemployeeswhocomeinonlyatthe
timeofhighdemandsuchaslunchhoursanddinnertime.

EdelweissSecuritiesLimited

SectorUpdate
Recentsectorissues
Sector has been facing operational challenges forcing many to shut down and cut jobs.
Restaurant aggregator, Dazo, closed down recently while internetfirst kitchen, Spoonjoy
(Emvito Technologies Pvt. Ltd) was acquired by hyper local delivery company Grofers
(LocodelSolutionsPvt.Ltd).Zomatorecentlyannounceditwouldshed300jobsgloballyand
shutdownonlineorderingservicesin4cities.TinyOwlTechnologiesPvt.Ltdhasletgomore
than 100 employees since August 2015. Recently, Food Panda India also lay off more than
300ofitsemployeesconstituting15%ofthecompanysoverallworkforceinthecountry.

Growthcatalystfordairycompanies
Various consumer companies are expected to see multifold growth in their revenues
considering newer market are being tapped by food tech companies. Players like Swiggy,
Food Panda and Zomato help put menu of hyper local restaurants and food joints on their
sites and apps and provide them with delivery and ordering support. All such supportive
activities are ultimately providing convenience at costeffective rates to customers, thus
leadingtomoresatisfactionandincreaseinoverallfoodindustry.AsperVivekSNirmal,MD,
PrabhatDairygrowthseeninthesesmallhyperlocalfoodjointscollectivelyaremuchmore
comparedtoorganizedfastfoodmarketcombiningbigplayerslikePizzaHut,Dominos,KFC,
McDonalds,etc.Thus,leadingtoincreaseinoveralldairymarketduetoincreasedvolumes
and consumption pattern. The scope for expansion can be predicted with the data points
giveninbelowfigure,whichshowsthelevelofscopeofonlinedeliveryinthemetrosandtier
1cities.

Table4:PercentageofDeliveryServiceOutletsinvariouscities
City
No.ofFood
FoodServiceOutlets
ServiceOutlets
withDeliveryService
Mumbai
9,972 7,783
Delhi/NCR
9,790 6,006
Pune
3,726 2,179
Chennai
3,804 2,187
Kolkata
2,701 1,313
Bengaluru
5,457 2,608
Chandigarh
1,169 549
Hyderabad
3,458 1,301
Indore
834 312
Ahmedabad
2,163 727
Ludhiana
579 194
Jaipur
1,135 372
Lucknow
847 265

%ofTotalnumber
ofOutlets
78.0
61.3
58.5
57.5
48.6
47.8
47.0
37.6
37.4
33.6
33.5
32.8
31.3

Source:Edelweissresearch

CompetitionforotherQSRcompanies
Change of market dynamics due to online and home delivery spaceamong QSRs like Pizza
Hut,Dominosisthebiggestexampleofhowbigconveniencecanbeonthepreferencelistfor
theconsumerswithfaster,reliabledeliveryinfastfoodspace.But,nowonestepaheadwith
the lesser delivery time and greater reliability along with a pool of food items to order
(includingfastfoods)fromnearbyrestaurantsandfoodjoints,Swiggycanbeabigchallenge
forDominos,PizzaHut,KFC,Mc.Donaldsandotherbignamesinthefastfoodspace.Swiggy,
which claims its average delivery time to be 37 minutes, poses a big challenge for USP of

EdelweissSecuritiesLimited

Retail
Dominossuccessandhighmarketsharepieinfastfoodindustry.Alongwithitscloudkitchen,
increasingdemographicpresence,everincreasingdeliveryteamandothernewerinitiatives,
Swiggy will pose a big challenge for existing companies, especially once whos product
portfoliocomprisefasterdeliveryasaprerequisite.

10

EdelweissSecuritiesLimited

SectorUpdate
EdelweissSecuritiesLimited,EdelweissHouse,offC.S.T.Road,Kalina,Mumbai400098.
Board:(9122)40094400,Email:research@edelweissfin.com
NiravSheth
HeadResearch
nirav.sheth@edelweissfin.com

Coveragegroup(s)ofstocksbyprimaryanalyst(s):Retail
FutureRetail,JubilantFoodworks,ShoppersStop,TitanCompany,WonderlaHolidays

RecentResearch
Date

Company

05Nov15

Title

Price(INR)

Jubilant
Instepwithtimes;
Foodworks ResultUpdate

Recos

1,382

Buy

05Nov15 FutureRetail StrongSSSGgrowthsustains;

marginunderpressure;
ResultUpdate

122

Hold

02Nov15 ShopperStop Tepidshow;Q3tobetter

performance;
ResultUpdate

392

Buy

DistributionofRatings/MarketCap
RatingInterpretation

EdelweissResearchCoverageUniverse

Buy

Hold

RatingDistribution*

155

45

MarketCap(INR)

>50bn
151

Reduce

Total

208

Between10bnand50bn

<10bn

54

11

Rating

Expectedto

Buy

appreciatemorethan15%overa12monthperiod

Hold

appreciateupto15%overa12monthperiod

Reduce

depreciatemorethan5%overa12monthperiod

EdelweissSecuritiesLimited

Retail
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