Jubilant FoodWorks Limited – Q1 FY26 Full Analysis

1. Company Overview

Jubilant FoodWorks Limited (JFL) is India’s largest quick-service restaurant (QSR) operator with exclusive franchise rights for:

• Domino’s Pizza

• Popeyes

• Dunkin’

• Owned Brands: Hong’s Kitchen, COFFY

Geographical Presence: India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, Georgia.

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2. Q1 FY26 Consolidated Financial Highlights

Metric	Q1 FY26	Q1 FY25	YoY Change	QoQ Change
Revenue from Ops	₹22,609 Mn	₹19,331 Mn	+17.0%	+7.5%
EBITDA (Reported)	₹4,380 Mn	₹3,831 Mn	+14.3%	+12.7%
EBITDA Margin	19.4%	19.8%	-44 bps	+90 bps
PAT	₹972 Mn	₹608 Mn	+59.8%	+93.9%
PAT Margin	4.3%	3.1%	+115 bps	+192 bps
Gross Margin	71.4%	72.6%	-120 bps	–

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3. Store Network (as on 30 June 2025)

Brand	Stores	Net Additions QoQ	Trend
Domino’s	3,098	+67	📈
Popeyes	60	+7	📈
Dunkin’	29	-1	📉
Hong’s Kitchen	33	-2	📉
COFFY (Turkey)	167	0	➖

• India Total: 2,362 stores (+58 net additions; entered 9 new cities)

• International Total: 1,025 stores (+13 net; Turkey +12, Bangladesh +1)

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4. Segment-Wise Highlights

India Business (Standalone)

• Revenue: ₹17,016 Mn (+18.2% YoY)

• EBITDA: ₹3,233 Mn (+16.2% YoY)

  • Margin: 19.0% (Pre-Ind AS Margin 12.0%, +42 bps YoY)

• PAT: ₹667 Mn (+29.5% YoY) – Margin 3.9%

• Domino’s:

  • Revenue: +17.7%

  • Orders: +17.3%

  • LFL Growth: +11.6%

  • Delivery LFL: +20.1%

• Delivery Mix: 72.9% (+4 ppt YoY); Delivery revenue +24.6% YoY

International Business

• Turkey: Revenue ₹5,188 Mn (+12.4% YoY), PAT Margin 9.4%

• Sri Lanka: Revenue ₹248 Mn (+42.4% YoY)

• Bangladesh: Revenue ₹177 Mn (+4.3% YoY)

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5. Key Financial Ratios

Ratio	Q1 FY26	Q1 FY25	Change
EBITDA Margin	19.4%	19.8%	-44 bps
PAT Margin	4.3%	3.1%	+115 bps
ROE (TTM)	9.15%	–	📈
PE / PB	201.07 / 18.38	–	📈

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6. Sector Impact

• Boosts sentiment in QSR & delivery-focused models 📈

• Positive outlook for logistics, food delivery platforms & packaging firms 📈

• Increases competitive pressure on peers to innovate 📈

7. Company Impact

• Leadership in pizza category reinforced 📈

• Delivery dominance growing 📈 (but logistics cost pressures rising 📉)

• Dunkin’ & Hong’s Kitchen store closure shows portfolio rationalisation 📉

• Strong positive contribution from Turkey & Sri Lanka 📈

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8. Peer Comparison (FY25)

Company	Revenue (₹ Cr)	Stores	Focus Brands
Jubilant FoodWorks	8,141	3,387	Domino’s, Popeyes, Dunkin’
Westlife Foodworld	2,600+	400+	McDonald’s
Devyani International	3,500+	1,500+	KFC, Pizza Hut, Costa Coffee
Restaurant Brands Asia	2,000+	450+	Burger King

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9. Stock Market Data (Latest)

Metric	Value	Trend
Previous Close	₹639.90	➖
Open	₹657.85	📈
High	₹670.65	📈
Low	₹635.50	📉
VWAP	₹649.30	➖
52W High	₹796.75	📈
52W Low	₹559.00	📉
Market Cap	₹42,058.53 Cr	📈
EPS (TTM)	₹3.17	➖
CEPS (TTM)	₹13.76	➖
PE / PB	201.07 / 18.38	📈

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10. Technical & Valuation View

• Short-Term Support: ₹630–₹640 – swing accumulation zone

• Medium-Term Support: ₹600–₹610 – strong buying interest

• Resistance Levels: ₹670–₹685 (near term), ₹710–₹720 (medium term)

• Valuation: Rich at PE 201 — suited for long-term investors on dips

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11. Future Outlook

• Targeting 20-minute delivery in key markets 📈

• Aggressive Popeyes expansion to dominate chicken category 📈

• Growth in digital engagement – 14.7 Mn MAUs (+21.5% YoY) 📈

• New product launches (e.g., Chicken Burst Pizza) to drive non-veg sales 📈

• Focus on operational efficiencies to protect margins despite cost pressures 📈

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📜 Disclaimer:
This update is for informational purposes only and does not represent investment advice. Please conduct your own due diligence.

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