Mumbai, Dec. 16 -- Crisil Ratings stated that the rating continues to reflect the established position of JFL in the food service market, robust supply chain network, longstanding industry experience of 28 years, supportive operating environment with rising disposable income and a younger population, and strong financial risk profile.

These strengths are partially offset by concentration of revenue and profitability, which is driven by Domino's Pizza and its susceptibility to competitive intensity and cost pressures.

While the rating has no positive triggers, factors like substantial decline in revenue with operating margin falling to below 7-8% (pre IndAS basis), impacting cash generation; and any large, debt-funded capital expenditure...