Synopsis:
Jubilant FoodWorks continues to expand aggressively across India and overseas, with Domino’s driving strong revenue and delivery-led growth. Popeyes and Coffy show promising traction, while product innovations and digital engagement strengthen customer loyalty. Robust Q1FY26 financials and a diversified global presence position JFL for sustained long-term growth in the QSR segment.
India’s quick-service restaurant (QSR) industry continues to expand rapidly, driven by evolving consumer preferences, strong delivery adoption, and aggressive store additions across urban and semi-urban markets.
With increasing demand for affordable dining and rising digital ordering, leading players in the segment are scaling up networks and investing in customer acquisition to capture long-term growth.
Jubilant FoodWorks Limited (JFL), part of the Jubilant Bhartia Group, has established itself as one of the largest food service companies in the country. The company commands a market capitalization of Rs. 43,061.50 crore, and its stock is currently trading at Rs. 652.60 per share.
JFL operates marquee brands including Domino’s Pizza, Dunkin’ Donuts, Popeyes, Hong’s Kitchen, and Coffy, giving it a diversified presence in pizza, coffee, chicken, and Chinese cuisine segments.
Expanding Store Network
JFL’s overall store count has reached 3,387 units, reflecting aggressive expansion both in India and overseas. Over the last 12 months, the company added 330 stores, with Domino’s contributing the bulk at 265 stores. In the most recent quarter, 71 new stores were launched, including 67 Domino’s outlets, further strengthening its leadership in the Indian QSR space.
Domino’s India – Strong Growth Momentum
Domino’s, the company’s flagship brand, now operates 2240 stores across 484 cities in India, up from 427 cities a year ago. The brand added 67 stores sequentially in Q1FY26 and reported robust performance with revenue growth of 17.7 percent year-on-year. Order volumes expanded 17.3 percent, supported by Like for Like growth of 11.6 percent year-on-year.
Delivery remains the key growth driver, with delivery revenue rising 24.6 percent and order volumes up 25.7 percent year-on-year. Mature store average daily sales (ADS) came in at Rs. 85,396. The dine-in segment posted a modest 2.5 percent revenue increase, mainly led by lunch-hour demand.
Digital strength continues to aid Domino’s performance, with its own app reporting 14.7 million monthly active users (up 21.5 percent year-on-year), 12.3 million installs (up 19.4 percent), and a loyalty program base of 37 million customers.
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Popeyes – Expanding in India
Popeyes has built a presence of 60 restaurants across 23 cities, with Southern India seeing double-digit same-store sales growth. The brand has recorded sequential improvements in restaurant-level profitability, signaling growing acceptance of its menu offerings in the Indian market.
Coffy – International Coffee Play
Coffy, JFL’s coffee venture in Turkey, has grown to 167 cafes across 38 cities. The business continues to improve its bottom line, strengthening its journey toward becoming one of the most loved coffee brands in the Turkish market.
India Business Performance
For Q1FY26, the India segment reported Domino’s growth of 17.7 percent with order volume expansion of 17.3 percent. Delivery-led same-store sales grew by 20.1 percent, contributing to overall LFL growth of 11.6 percent. Store additions were led by Domino’s, with 61 new stores added during the quarter, including expansion into nine new cities.
On the margin front, the company achieved pre-Ind-AS-116 EBITDA margin expansion of 42 basis points year-on-year, though gross margins fell 199 basis points due to higher investments in growth, customer acquisition, and delivery-led sales mix.
Product innovation supported sales, with successful launches such as the Cheese Burst Range and Big Big Pizza, followed by the introduction of Chicken Burst for non-vegetarian customers.
International Segment – Turkey, Sri Lanka, Bangladesh
JFL’s international operations continue to show momentum. In Turkey, system sales rose 19.1 percent year-on-year to Rs. 9,300 million, while revenue grew 12.4 percent to Rs. 5,188 million. PAT for the region stood at Rs. 486 million, a 15 percent increase.
In Sri Lanka, revenue advanced 42.4 percent year-on-year to Rs. 248 million, while Bangladesh reported a 4.3 percent increase to Rs. 177 million. These markets remain strategic growth drivers for JFL’s overseas expansion.
Global Presence
Jubilant FoodWorks’ global store network reflects its diversified portfolio. In India, the company operates 2,240 Domino’s outlets, 60 Popeyes restaurants, 33 Hong’s Kitchen units, and 29 Dunkin’ stores. In Bangladesh, it manages 40 Domino’s outlets, while Sri Lanka has 50 Domino’s restaurants. Turkey and other regions contribute 768 Domino’s outlets and 167 Coffy cafes, underlining JFL’s multi-country presence.
Financial Performance
Quarter-on-Quarter Performance: In Q1FY26, revenue rose to Rs. 2,261 crore from Rs. 2,103 crore in Q4FY25, an increase of 7.51 percent. Operating profit improved 12.60 percent to Rs. 438 crore from Rs. 389 crore.
Profit before tax surged 82.61 percent to Rs. 126 crore from Rs. 69 crore, while net profit jumped 91.84 percent to Rs. 94 crore from Rs. 49 crore. Operating profit margin stood at 19 percent, EBITDA margin at 19.4 percent, and PAT margin at 4.3 percent.
Year-on-Year Performance: Compared to Q1FY25, revenue grew 17.01 percent from Rs. 1,933 crore to 2,261 crore. Operating profit increased 15.26 percent from Rs. 380 crore to 438 crore. Profit before tax advanced 63.64 percent from Rs. 77 crore to 126 crore, while net profit rose 62.07 percent from Rs. 58 crore to 94 crore in the same quarter last year.
Conclusion
Jubilant FoodWorks continues to deliver strong growth across both domestic and international markets, supported by rapid store expansion, sustained delivery momentum, and product innovations.
Domino’s remains the key growth driver, while Popeyes and Coffy are scaling steadily. Despite some margin pressures due to higher investments, profitability trends remain positive. With a growing digital ecosystem and diversified global presence, JFL is well positioned to capitalize on long-term QSR growth opportunities.
Written By Manan Gangwar
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