Growth driver: Delivery-led. LFL +9.1%, revenue +15.8% YoY; delivery LFL +16.5%, channel growth >20% on free + fast delivery.
• Customer strategy: Delivery used as acquisition engine; lower entry ASP but repeat rates stable.
• Channel mix: Delivery strong, dine-in recovering, takeaway structurally declining.
• Pricing: Input GST benefits (~50 bps) selectively passed on to boost demand (e.g. Big Big Pizza price cut).
• Innovation: Shift from heavy value to premium/sourdough to lift ticket size & margins.
• Expansion: Strong white-space; rapid adds in Tier-2/3 towns.
• Margins: Management confident of ~200 bps EBITDA improvement over 3 years via mix, leverage, productivity; cheese inflation a near-term risk.
Bottom line: Volume-led delivery growth is real; margins to recover gradually through premium mix and scale.
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