Jubilant Foodworks Limited (JUBLFOOD)
Mid CapConsumer stocks · Mid cap · NSE
Jubilant FoodWorks is a multi-brand food-tech company operating 3,636 QSR stores across India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia. It is the largest QSR player for 30 years, 1.7x the size of its nearest competitor, focusing on delicious food, breakthrough technology, 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 is neutral, 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 30 Jun 2026
Average · 45/100Rev +14% YoY · PAT +6% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,570 Cr | +13.7% | +2.8% |
| EBITDA | ₹504 Cr | +15.1% | +3.9% |
| Operating margin | 20.0% | +100 bps | +100 bps |
| PAT | ₹100 Cr | +6.4% | +21.9% |
| PAT margin | 3.9% | -27 bps | +61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4FY26 consolidated revenue grew 19.3% YoY with EBITDA margin up 69bps. India standalone revenue grew 6.4% YoY, but LFL growth for Domino's was a weak 0.2% YoY despite 10.4% order growth, indicating pricing pressure. International markets showed strong growth.
The strong consolidated top-line and international performance mask underlying weakness in the core India Domino's business, where LFL growth is near flat despite robust order growth. This suggests significant pricing pressure or mix degradation. While gross margins improved in India, operating leverage was offset by wage and energy inflation, leading to a YoY decline in standalone PAT margin.
Revenue by Geography (Q4FY26)
Latest issuer-disclosed distribution across 4 reported categories.
International Market Expansion
Turkey, Sri Lanka, and Bangladesh delivered strong revenue growth (59.2%, 61.4%, 29.4% YoY respectively in Q4FY26) and LFL growth.
Store Network Expansion
Added 69 net stores worldwide in Q4FY26 and 351 net stores in FY26, expanding Domino's to 10 new cities in India.
Popeyes Growth Trajectory
Popeyes showed strong growth with SSG of 28% in FY26 and added 5 stores in Q4FY26, expanding to Pune.
Digital & Tech Innovation
Own apps' MAU grew 25% YoY and MTU grew 18% YoY in Q4FY26, driven by tech innovation like GenAI Chatbot and Popeyes 2.0 App.
Global Store Additions (Q4FY26)
69 net stores added worldwide, including 59 in India and 8 in Turkey.
Global Store Additions (FY26)
351 net stores added worldwide, including 289 in India, 58 in Turkey, 3 in Sri Lanka, and 1 in Bangladesh.
India Domino's City Expansion
Expanded Domino's footprint to 10 new cities in India during Q4FY26.
India Popeyes Footprint
Added 5 Popeyes stores in Q4FY26, increasing total to 78, and entered Pune.
Favorable Demographics
Median age in JFL's operating markets is under 35, driving strong QSR demand from GenZ and Gen Alpha.
Rising Discretionary Spending
Expanding middle-income class and increasing discretionary spend, with consumers gravitating towards branded chains for trusted quality.
Digital Adoption Trend
Rapid growth in smartphone penetration and increasing adoption of online commerce in key markets.
International Refinancing Benefits
Improvement in Turkey's PAT margins due to refinancing of a loan from Lira to Euro.
Domestic Cost Inflation
India standalone Adjusted EBITDA margin shrunk by 10 bps YoY in Q4FY26 due to inflation in wage cost and energy cost.
India Domino's Pricing Power
Strong 10.4% order growth in India Domino's but only 0.2% LFL growth in Q4FY26 suggests potential pricing pressure or adverse mix shift.
Discontinued Operations
Dunkin reclassified as discontinued operations in current and prior periods, indicating challenges in managing certain brand portfolios.
Currency and Inflation Volatility
International financials, particularly Turkey, are subject to inflation-adjusted accounting (IAS 29) and currency conversion risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The QSR business experiences seasonal demand fluctuations, making year-over-year comparisons more reliable for assessing underlying performance trends and growth. The presentation primarily highlights YoY changes for key financial metrics.
India Domino's LFL Growth
LFL growth of 0.2% YoY in Q4FY26.
India Domino's Order Growth
Strong order growth of 10.4% YoY in Q4FY26.
India Standalone Gross Margin
Gross Margin expanded ~100 bps YoY to 75.5% in Q4FY26, driven by accretive SKUs and reduced wastage.
India Standalone Adjusted EBITDA Margin
Adjusted EBITDA margin shrunk by 10 bps YoY to 12.0% in Q4FY26 due to inflation in wage and energy costs.
India LFL Growth Outlook
Management expects Domino's LFL growth to be within the medium-term guidance range of 5-7%, despite Q4FY26 being 0.2%.
Gross Margin Improvement Drivers
India's gross margin expanded due to increasing share of gross margin accretive SKUs and reduction in wastage.
Cash Flow Generation
International business continues to generate strong cash flows and repatriate dividends.
RoCE Expansion
India's RoCE expanded in FY26, driven by improved utilization of supply chain and tech assets as the business scaled.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Domino's LFL Growth | 0.2% YoY in Q4FY26 | Return to management's medium-term guidance range of 5-7% and narrowing gap with order growth. |
| India Standalone Adjusted EBITDA Margin | 12.0% in Q4FY26 (down 10bps YoY) | Stability or improvement amidst ongoing wage and energy cost inflation. |
| International Market Profitability | Turkey PAT margin 7.5% in Q4FY26 | Sustained PAT margins and continued strong revenue/LFL growth across international geographies. |
| Own App User Growth | MAU up 25% YoY, MTU up 18% YoY in Q4FY26 | Continued momentum in digital adoption and user engagement to drive direct orders. |
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
46NeutralSMA20 +13.2% / mo · MACD −
Technical chart
JUBLFOODdaily · 1Y · AUTO-3.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 50.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~11.7% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 4.3% of the 30-week proxy.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
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 7/10 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Fair-value margin of safety is negative at -110.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 94th percentile of the scored universe and 97th 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: 97th pctile, median 66 · Mid: 83rd 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 2.5%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 83.60
- P/B
- 13.92
- EV/EBITDA
- 14.16
- Market Cap
- 31851.00Cr
Profitability
- ROE
- 21.00%
- ROCE
- 14.80%
- ROA
- 4.80%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 2.14
- Interest Coverage
- 3.57×
- Altman Z
- 4.72
- Book Value
- 34.70
Cash Flow
- FCF Yield
- 2.54%
- FCF Positive Y
- 10/5
- OCF
- 1894.00 Cr
- EPS TTM
- 6.57
Shareholding
- Promoter Hold
- 40.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.