JUBILANT FOODWORKS LTD

Operates the master franchise for Domino's Pizza in India, Sri Lanka and Bangladesh, selling pizzas and related quick-service restaurant (QSR) food through company-owned delivery and carry-out stores. Domino's India drives the bulk of the business, alongside Domino's Eurasia (run through a Dutch subsidiary that holds a stake in DP Eurasia, the master franchisee for Turkey and Georgia), Dunkin' (reclassified as discontinued operations) and at least one other brand, taking the network to 3,712 stores across four brands and six markets at the end of Q1 FY27. About 76% of Domino's orders are delivery, and the minimum order value was cut from Rs 149 to Rs 99 to push volume. New stores use a 600-700 sq ft delivery carry-out footprint replacing the older ~1,500 sq ft format, which management says has brought capex per store down around 20% for three consecutive years. The company plans 230-250 new restaurants in FY27, with like-for-like (LFL) growth guided at 5-7% for the year. Costs break down as food/raw materials 19.8% of revenue, employee costs 17.1%, other operating expenses 34.6%, depreciation 10.1% and capex 10.5%, leaving an FY26 EBITDA margin of 20.27%.