Motilal Oswal Recommends 'Neutral' for United Foodbrands, Sets INR 215 Target

• Motilal Oswal has maintained a 'Neutral' rating for United Foodbrands (BBQ India) with a target price of INR 215.
• United Foodbrands reported a 14% YoY consolidated revenue growth to INR 3.8 billion in 3QFY26, surpassing expectations.
• Same-store sales grew by 8.2% in 3QFY26, marking a positive turnaround after six quarters of flat growth.
• Demand showed sequential improvement, with strong momentum continuing into January 2026.
• Dine-in revenue increased 15% YoY, while delivery revenue grew 14% YoY, indicating growth across segments.

Why It Matters: Motilal Oswal advises a 'Neutral' stance on United Foodbrands despite revenue growth, citing a weak RoCE profile.