NSE: JUBLFOOD · BSE: 533155
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domino's India, Domino's Eurasia, Dunkin', Other QSR brands. Asset-heavy, store-roll-out QSR master franchisee with a delivery-heavy order mix and ongoing new-store expansion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,396 | 5,158 | 5,654 | 8,142 | 9,513 |
| EBITDA (ex other income) | 1,101 | 1,152 | 1,314 | 1,568 | 1,854 |
| margin % | 25.1 | 22.3 | 23.2 | 19.3 | 19.5 |
| Owners' profit | 420 | 353 | 399 | 211 | 428 |
| EPS, as reported (₹) | 6.37 | 5.35 | 6.05 | 3.19 | 6.49 |
| ROE % · ROCE % | 21.4 · 19.4 | 17.3 · 16.4 | 17.8 · 12.2 | 9.9 · 12.9 | 18.6 · 16.1 |
| Debt / equity (x) | 0.06 | 0.09 | 0.67 | 0.69 | 0.73 |
| Cash from operations | 930 | 1,026 | 1,010 | 1,668 | 1,894 |
| Capex | (391) | (793) | (842) | (863) | (999) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,955 | 2,151 | 2,103 | 2,261 | 2,340 | 2,437 | 2,499 | 2,570 |
| Profit before tax | 89 | 74 | 69 | 126 | 155 | 115 | 121 | 147 |
| Net profit | 67 | 43 | 49 | 94 | 195 | 73 | 82 | 100 |
| EPS (₹) | 0.97 | 0.65 | 0.73 | 1.39 | 2.82 | 1.07 | 1.21 | 1.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD ◆ | 28,010 | 64.6 | 11.73 | 15.4 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 15,158 | 31.9 | 10.35 | 20.3 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 15,018 | — | 7.97 | 18.2 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 9,284 | 291.8 | 15.00 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,729 | — | 9.77 | 18.6 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,428 | — | 4.63 | 13.3 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,638 | — | 8.21 | 13.2 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,343 | 53.5 | 10.92 | 87.5 | 7.9 | 3.9 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.6 | 53.6 | 6 of 9 | 38% |
| P/B | 11.7 | 8.2 | 10 of 11 | 10% |
| ROCE | 8.8 | 2.4 | 4 of 12 | 73% |
| ROE | 18.6 | 0.3 | 2 of 11 | 90% |
| Debt / Equity | 0.7 | 0.4 | 9 of 10 | 11% |
| EBITDA margin | 20.3 | 17.3 | 4 of 11 | 70% |
| Revenue growth | 13.7 | 16.6 | 11 of 12 | 9% |
| Profit growth | 6.0 | 113.8 | 10 of 11 | 10% |
| Market cap | 28010 | 2638 | 1 of 13 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Jubilant FoodWorks schedules Q2 FY27 and H1 FY27 results call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to consider September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Jubilant FoodWorks files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 7 Oct 2026 · Q2FY27 revenue up 11.9% YoY at Rs 26,087 mn; 108 stores added | business updates | high | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · Jubilant FoodWorks: Intimation on non-credit of FY26 dividend to some shareholders | compliance | low | — | — |
| 15 Sept 2026 · Schedule of institutional investor conference on 21 September | business updates | low | — | — |
| 15 Sept 2026 · EVP Supply Chain Head Resigns at Jubilant FoodWorks | management changes | medium | — | — |
| 15 Sept 2026 · Senior VP (Supply Chain) resigns from Jubilant FoodWorks | management changes | medium | — | — |
| 11 Sept 2026 · Jubilant FoodWorks: Dividend of Rs. 1.20 per share for FY 2025-26 paid electronically | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.