Jubilant FoodWorks logo

Jubilant FoodWorks

JUBLFOOD NSE

Key Fundamentals

SmallcapQuick Service RestaurantLeisure Services
Market Cap
₹30,788 Cr
Volatility
Moderate
P/E Ratio
71.58
EBITDA
₹1,962 Cr
Return on Equity
16.17%
Debt to Equity
2.14
Book Value
₹34.74
EPS
₹4.12
52W High
₹667.75
52W Low
₹408.55

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 25.3%

Weaknesses

1
  • Stock is trading at 13.5 times its book value

Growth Rate

Revenue Growth
17.22% lower than 3Y
Net Income Growth
54.34% higher than 3Y
Cash Flow Change
14.22% lower than 3Y
ROE
41.1% higher than 3Y
ROCE
22.06% lower than 3Y
EBITDA Margin (Avg.)
0.94% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Jubilant Foodworks, the master franchisee for Domino's Pizza and Dunkin' in India, has a market cap of ₹30,788 Cr and trades at a PE of 69.3x with a price-to-book of 13.6x. The company has delivered strong TTM sales growth of 16% and TTM profit growth of 42%, while its stock has declined 27% over the past year, creating a divergence between operating performance and market valuation.

Bull Case 7
  • TTM profit growth of 42% signals a sharp recovery in earnings and improving operating leverage across the restaurant network
  • Compounded sales CAGR of 23% over both 3-year and 5-year periods demonstrates consistent top-line momentum well above the broader QSR industry average
  • Last year ROE of 21% is the highest in the company's recent history, up from 15% three years ago and 17% five years ago, indicating improving capital efficiency
  • 10-year compounded profit CAGR of 17% reflects a durable long-term earnings trajectory through multiple business cycles
  • Healthy dividend payout ratio of 25.3% with a 0.25% dividend yield shows management's commitment to returning capital to shareholders even while reinvesting for growth
  • 10-year sales CAGR of 15% and 10-year stock CAGR of 16% show the company has historically created long-term shareholder value aligned with business growth
  • 5-year compounded profit CAGR of 14% comfortably outpaces the 5-year sales CAGR denominator, suggesting margin expansion over the medium term
Bear Case 8
  • PE ratio of 69.3x is extremely elevated, pricing in significant future growth and leaving little margin of safety if execution falters
  • Stock has declined 27% over the past 1 year, significantly underperforming broader indices and indicating sustained negative market sentiment
  • Price-to-book ratio of 13.6x is very high, meaning investors are paying a steep premium over the company's net asset value
  • 3-year stock CAGR of -4% and 5-year stock CAGR of -10% show the stock has destroyed value for medium-term holders despite strong operating metrics
  • 3-year compounded profit CAGR of only 8% versus 23% sales CAGR over the same period suggests margins were under pressure for much of this period before the recent TTM recovery
  • Dividend yield of just 0.25% offers negligible income return, making total return almost entirely dependent on capital appreciation from an already expensive valuation
  • The wide gap between operating performance (16% TTM sales growth, 42% profit growth) and stock performance (-27% one-year return) suggests the market may be repricing the company's growth multiple downward
  • ROE and ROCE data points are currently unavailable (null), limiting full visibility into the company's return on capital and debt-adjusted profitability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 6
  • Dine-in channel under pressure Aug 20

    Dine-in and Take-Away channel pressured by lower aggregator minimum order values; delivery LFL estimated at 7-8% but dine-in LFL declined ~10% in Q1.

  • ~200 bps cost inflation impact Aug 20

    LPG, wages, and commodity inflation of ~200 bps required calibrated price hikes of 140 bps, compressing operating margin by 18 bps to 19.5%.

  • Sluggish standalone revenue growth Aug 19

    Q1 standalone revenue grew only 9% YoY with Domino's India LFL growth at just 2.5%, though management targets 5-7% LFL in Q2.

  • EPS volatility from Turkey ops Aug 26

    Macquarie flagged continued EPS volatility from Domino's Turkey operations as a risk factor.

  • Stock underperforming YTD Aug 26

    Despite a 22% gain in the past month, the stock is still down 5.7% year-to-date.

  • CIO resignation Sep 11

    SVP & CIO Narottam Sharma resigned effective Sep 14 to pursue an external opportunity, creating a leadership gap in technology.

Positives 7
  • Strong consolidated revenue growth Aug 27

    FY26 consolidated revenue rose 17% to ₹9,513 crore; Q1 consolidated revenue increased 14.1% to ₹2,569.3 crore.

  • Popeyes surging as growth engine Aug 19

    Popeyes revenues nearly doubled YoY with 45% LFL growth for a third consecutive quarter; gross margins expanded 113 bps to 67.4%, with management targeting ₹1,000 crore revenue in three years.

  • Gross margin expansion Aug 19

    Overall gross margin expanded 133 bps YoY to 75.5% aided by sharper execution and selective pricing actions.

  • Macquarie upgrade and analyst support Aug 26

    Macquarie upgraded to neutral with ₹520 target citing improving SSSG; 20 of 29 analysts hold buy ratings. Nuvama raised target to ₹668 and Equirus set ₹574 target.

  • Accelerating store network expansion Aug 26

    Net 76 stores added in Q1 taking total network to 3,712 stores across 540 cities, expanding into 19 new cities.

  • 20%+ EBITDA CAGR outlook Aug 26

    Macquarie projects 20%+ FY26-29E EBITDA CAGR driven by dine-in demand recovery and operating leverage gains.

  • Delivery channel gaining share Aug 19

    Delivery channel grew 12% and gained 80 bps market share YoY, comprising roughly three-fourths of revenues.

Neutral 4
  • ₹1.20 per share FY26 dividend Sep 11

    Final dividend of ₹1.20 per share (60% of ₹2 face value) approved at AGM on Aug 27 and remitted to shareholders on record as of Jul 17.

  • Investor conference on Sep 16 Sep 10

    Jubilant Foodworks scheduled to participate in Jefferies 5th India Forum on Sep 16 in Gurugram with institutional investor meetings.

  • ₹7,500-9,000 crore capex guidance Aug 20

    Management reaffirmed FY27 capex guidance of ₹7,500-9,000 crore, shifting focus from supply chain infrastructure to revenue-generating store expansions.

  • Short-term buy call at ₹496 Sep 1

    Analyst Pradip Halder recommended buying at ₹496 with a short-term target of ₹535, implying 7.86% upside.

TL;DR: Jubilant Foodworks is delivering strong consolidated growth at 17% YoY with Popeyes emerging as a standout brand doubling revenues and posting 45% LFL growth. However, the core Domino's India business shows sluggish standalone growth of 9% with dine-in weakness and cost inflation pressuring margins. The trend is improving sequentially with management guiding for 5-7% LFL growth in Q2 and Macquarie noting better channel checks, but the stock needs sustained same-store recovery and dine-in stabilization to justify broader analyst optimism.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,335
1,369
1,378
1,574
1,933
1,955
2,151
2,095
2,261
2,340
2,429
2,499
2,570
Expenses
1,100
1,091
1,098
1,262
1,553
1,558
1,749
1,703
1,823
1,864
1,945
2,015
2,066
Operating Profit
235
277
280
311
380
396
402
392
438
476
484
485
504
OPM %
18%
20%
20%
20%
20%
20%
19%
19%
19%
20%
20%
19%
20%
Other Income
9
42
20
196
14
25
6
5
19
102
-18
13
20
Interest
54
57
62
114
134
138
133
116
111
106
103
117
120
Depreciation
136
142
152
169
184
201
208
210
220
230
247
269
255
PBT
54
121
86
224
77
82
67
71
126
242
116
111
148
Tax %
47%
19%
23%
7%
24%
19%
35%
30%
25%
20%
37%
26%
32%
Net Profit
29
97
66
208
58
67
43
49
94
195
73
82
100
EPS in Rs
0.44
1.47
1
3.14
0.85
0.97
0.65
0.73
1.39
2.82
1.07
1.21
1.47
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,093
2,438
2,583
3,018
3,563
3,927
3,312
4,396
5,158
5,655
8,104
9,513
9,838
Expenses
1,836
2,173
2,339
2,576
2,961
3,045
2,532
3,290
4,022
4,496
6,511
7,610
7,890
Operating Profit
256
265
245
442
603
883
780
1,106
1,136
1,159
1,594
1,902
1,949
OPM %
12%
11%
9%
15%
17%
22%
24%
25%
22%
20%
20%
20%
20%
Other Income
6
10
-1
21
44
38
64
26
40
211
22
91
117
Interest
0
0
0
0
0
165
163
176
201
288
520
436
447
Depreciation
101
128
155
160
157
352
375
393
486
598
795
959
1,002
PBT
161
147
88
303
490
403
306
563
489
485
301
599
617
Tax %
31%
34%
35%
35%
35%
31%
25%
26%
28%
18%
28%
26%
—
Net Profit
111
97
58
196
318
279
231
418
353
400
217
444
450
EPS in Rs
1.69
1.47
0.88
2.97
4.85
4.24
3.51
6.37
5.35
6.05
3.19
6.49
6.57
Div. Payout %
15%
17%
29%
17%
21%
28%
34%
19%
22%
20%
38%
18%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
66
66
66
66
132
132
132
132
132
132
132
132
Reserves
581
696
739
902
1,128
990
1,295
1,813
1,906
2,039
1,971
2,160
Borrowings
0
0
0
0
0
1,670
1,620
2,106
2,554
4,207
4,372
4,902
Other Liabilities
429
460
485
529
596
578
720
731
791
1,660
1,929
2,172
Total Liabilities
1,075
1,222
1,291
1,497
1,856
3,370
3,767
4,782
5,382
8,038
8,404
9,367
Fixed Assets
737
828
800
789
809
2,189
2,146
2,737
3,488
6,184
6,434
7,353
CWIP
20
26
61
14
16
41
29
47
184
118
255
160
Investments
75
91
94
263
181
51
517
927
822
308
176
199
Other Assets
243
277
336
430
850
1,089
1,076
1,072
888
1,428
1,538
1,654
Total Assets
1,075
1,222
1,291
1,497
1,856
3,370
3,767
4,782
5,382
8,038
8,404
9,367
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
276
212
204
409
424
728
751
930
1,026
1,010
1,658
1,894
Investing
-262
-200
-188
-332
-457
-99
-602
-654
-595
-1,285
-850
-1,084
Financing
1
-18
-15
-35
-17
-461
-289
-307
-426
377
-839
-780
Net Cash Flow
15
-6
0
42
-51
168
-140
-31
5
102
-32
29
Free Cash Flow
-10
-15
4
293
258
439
533
474
188
162
787
889
CFO/OP
121
94
98
121
100
98
107
97
101
95
110
107
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
2
2
2
2
3
2
2
2
2
17
15
14
Inventory Days
30
35
35
31
32
35
67
59
52
112
66
42
Days Payable
168
186
182
185
173
166
268
198
164
215
146
139
Cash Conversion Cycle
-136
-150
-144
-153
-139
-129
-199
-137
-110
-86
-65
-84
Working Capital Days
-49
-43
-43
-44
-42
-52
-71
-55
-51
-66
-52
-99
ROCE %
27%
21%
13%
34%
44%
30%
16%
21%
16%
11%
13%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.75%Promot.40.28%Public5.06%FIIs13.32%DIIs39.59%As ofJun 2026
1.34% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Jubilant FoodWorks

What does Jubilant Foodworks Ltd do?
Jubilant FoodWorks Limited (JFL/Company) is part of the Jubilant Bhartia Group and is one of the India’s largest food service Company. The Company holds the master franchise rights for two international brands, Domino’s Pizza and Popeyes in its food segment. The Company also launched its first ho...
Where is Jubilant Foodworks Ltd (JUBLFOOD) listed?
Jubilant Foodworks Ltd trades as JUBLFOOD on the NSE and under code 533155 on the BSE.
Which sector does Jubilant Foodworks Ltd belong to?
Jubilant Foodworks Ltd is classified under the Leisure Services sector, in the Quick Service Restaurant industry.
What is the market capitalisation of Jubilant Foodworks Ltd?
Jubilant Foodworks Ltd has a market capitalisation of ₹30,788 Cr, which places it in the Large Cap band.
What is the PE ratio of Jubilant Foodworks Ltd?
Jubilant Foodworks Ltd trades at a PE ratio of 71.58, on earnings per share of ₹4.12, against a book value of ₹34.74 per share.
What is the 52-week high and low of Jubilant Foodworks Ltd?
Over the last 52 weeks Jubilant Foodworks Ltd has traded between ₹408.55 and ₹667.75.
Does Jubilant Foodworks Ltd pay dividends?
Jubilant Foodworks Ltd has a dividend yield of 0.25%.
What is the Return on Equity (ROE) of Jubilant Foodworks Ltd?
Jubilant Foodworks Ltd reported a return on equity of 16.17%. Its debt-to-equity ratio is 2.14.

Company Information

Jubilant FoodWorks Limited (JFL/Company) is part of the Jubilant Bhartia Group and is one of the India’s largest food service Company. The Company holds the master franchise rights for two international brands, Domino’s Pizza and Popeyes in its food segment. The Company also launched its first homegrown brand – Hong’s Kitchen in Chinese cuisine segment. [1]

Website jubilantfoodworks.com
CEO Mr. Shyam Sunder Bhartia
Employees 10,298
Listed 2010-02-08
Face Value ₹ 2
Issued Size 65,98,45,200

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