JUBLFOOD
Mid CapJubilant Foodworks Limited
Consumer
Jubilant FoodWorks Limited (JFL) is a multi-brand food-tech company operating 3,636 stores across six markets: India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia. It holds franchise rights for Domino’s and Popeyes, and owns Hong’s Kitchen and COFFY, focusing on digital experience, loyalty, and operational excellence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +19% YoY · PAT +67% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,499 Cr | +19.3% | +2.9% |
| EBITDA | ₹485 Cr | +23.7% | +0.2% |
| Operating margin | 19.0% | +0 bps | -100 bps |
| PAT | ₹82 Cr | +67.3% | +12.3% |
| PAT margin | 3.3% | +94 bps | +27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Jubilant FoodWorks reported strong Q4 FY26 consolidated revenue growth of 19.3% YoY, with EBITDA margin up 69bps and PAT margin up 107bps. Standalone India revenue grew 6.4% YoY, driven by 10.4% Domino's order growth, despite a -2.8% YoY PAT decline due to cost inflation.
The company continues robust store expansion and strong order growth, particularly in Domino's India and international markets. However, India's LFL growth remains low, and standalone PAT declined YoY in Q4 due to wage and energy cost inflation, indicating margin pressure despite gross margin expansion. Sustained profitability will depend on managing these costs and converting order growth into LFL and PAT growth.
Revenue by Geography (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Domino's India Order Growth
Domino's India recorded strong order growth of 10.4% YoY in Q4 FY26.
Popeyes Expansion
Popeyes is on a strong growth trajectory with SSG of 28% in FY26 and 5 stores added in Q4 FY26, expanding to Pune.
Tech Innovation & Own App User Growth
Own apps (Domino's, Popeyes, Hong's) saw MAU grow 25% YoY to 17.1 Mn and MTU grow 18% YoY to 5.5 Mn in Q4 FY26.
International Market Expansion
Turkey, Sri Lanka, and Bangladesh are delivering consistent topline growth, with Turkey's PAT margins improving due to loan refinancing.
Net Store Additions (Q4 FY26)
69 net stores added worldwide (59 India, 4 Turkey, -3 Hong's Kitchen, 4 Popeyes, 5 Coffy).
Net Store Additions (FY26)
351 net stores added worldwide (276 India Domino's, 17 India Popeyes, -4 India Hong's Kitchen, 34 Turkey Coffy, 24 Turkey Domino's, 3 Sri Lanka, 1 Bangladesh).
Favorable Demographics
Median age of population in JFL's operating markets is under 35, driving strong demand for QSRs among GenZ and Gen Alpha.
Rising Discretionary Spend
Expanding middle-income class and increasing discretionary spending, with consumers gravitating towards branded chains for trusted quality.
Digital Adoption
Rapid growth in smartphone penetration and adoption of online commerce, with online commerce being an increasing trend.
Wage Cost Inflation
Standalone India Adjusted EBITDA margin shrunk by 10 bps YoY in Q4 FY26 due to inflation in wage cost.
Energy Cost Inflation
Standalone India Adjusted EBITDA margin shrunk by 10 bps YoY in Q4 FY26 due to inflation in energy cost.
Profitability Pressure from Costs
Standalone India PAT declined 2.8% YoY in Q4 FY26, and Adjusted EBITDA margin shrunk 10bps YoY, attributed to wage and energy cost inflation.
Low LFL Growth in Core Market
Domino's India LFL growth was only 0.2% YoY in Q4 FY26, despite strong order growth, suggesting potential pricing or mix challenges.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth, margin trends, and the impact of seasonality in the consumer sector. QoQ comparison provides insight into sequential momentum, store additions, and immediate operational performance shifts.
Consolidated Revenue Growth
Q4 FY26: +19.3% YoY; FY26: +17.4% YoY.
Standalone India Revenue Growth
Q4 FY26: +6.4% YoY; FY26: +13.0% YoY.
Standalone India Gross Margin
Q4 FY26: 75.5% (+98bps YoY); FY26: 74.7% (-68bps YoY). Management states expansion due to increasing share of gross margin accretive SKUs and reduction in wastage.
Domino's India LFL Growth
Q4 FY26: +0.2% YoY; FY26: +7.0%. Management states LFL growth is within medium term guidance range of 5-7% for FY26.
Continued Menu Innovation
Management highlights continued momentum in menu innovation, including Big Big Cheese Burst Pizza, customized late-night menus, and collaborations with Gen-Z stars.
Tech-Driven Customer Experience
Launched GenAI Chatbot and Popeyes 2.0 App, aiming for an immersive and friction-free app experience.
Sustainability Agenda
Focus on responsible sourcing (100% artificial preservative-free ingredients for Domino's), community benefit (J-FARM training), and waste management (EV fleet, recyclable packaging).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domino's India LFL Growth | 0.2% YoY in Q4 FY26 | Sustained improvement towards the stated medium-term guidance range of 5-7% to ensure pricing power and average daily sales growth. |
| Standalone India Adjusted EBITDA Margin | 12.0% in Q4 FY26 (-10bps YoY) | Reversal of the YoY decline and stability/expansion, indicating effective cost management against wage and energy inflation. |
| International PAT Margins | Turkey PAT Margin 7.5% (+274bps YoY in Q4 FY26) | Continued improvement and consistency in international market profitability, especially in Turkey, following strategic financial decisions. |
| Net Store Additions | 69 stores in Q4 FY26; 351 stores in FY26 | Maintenance of aggressive store expansion pace across India and international markets to capture market share and drive topline growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
India Domino's business is targeted to increase store expansion by 7-10%.
"we should increase 7% to 10% on the store expansion."
Outcome check: Revenue YoY averaged 16.1% across 2 later quarter(s).
India Domino's business is targeted to grow closer to 15% year-on-year.
"we want the India Domino’s business to grow closer to 15% year-on-year."
Outcome check: Revenue YoY averaged 16.1% across 2 later quarter(s).
India Domino's business is targeted to achieve 5-7% like-for-like growth.
"roughly 5% to 7% should come from like-for-like growth"
Outcome check: Revenue YoY averaged 16.1% across 2 later quarter(s).
Sales momentum will carry forward in Q3 2026.
"We see momentum carrying forward in Q3 2026"
Outcome check: Revenue YoY averaged 16.1% across 2 later quarter(s).
Trend score and candlestick chart
42NeutralSMA20 -15.1% / mo · near 52W low
Technical chart
JUBLFOODweekly · 5Y-30.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 35. Wait for confirmation.
- SMA20 falling (~17.7% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Cash flow contributes 6/10 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Fair-value margin of safety is negative at -44.8%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 4 checked claims. It ranks around the 95th percentile of the scored universe and 96th percentile within Consumer. Main check: balance sheet trust is weak at 48/100.
High Trust: 4/4 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered. 4/4 matched management claims were delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 96th pctile, median 67 · Mid: 81st pctile, median 76
4/4 claims checked. Use as directional, not final.
4/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.14.
- ▸3 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Intrinsic value
Fundamentals
Valuation
- P/E
- 65.80
- P/B
- 11.96
- EV/EBITDA
- 11.33
- Market Cap
- 27357.00Cr
Profitability
- ROE
- 18.90%
- ROCE
- 14.60%
- ROA
- 4.64%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 2.14
- Interest Coverage
- 4.33×
- Altman Z
- 4.31
- Book Value
- 34.70
Cash Flow
- FCF Yield
- 2.96%
- FCF Positive Y
- 10/5
- OCF
- 1894.00 Cr
- EPS TTM
- 6.49
Shareholding
- Promoter Hold
- 40.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.