Jubilant FoodWorks Limited: Comprehensive Stock Analysis Report | Scrolls
- Editor
- Sep 12
- 2 min read
by KarNivesh | 12 September, 2025
Overview
Jubilant FoodWorks Limited (JFL) is India’s largest food service company and a key player in the Quick Service Restaurant (QSR) sector. Best known as the master franchisee for Domino’s Pizza in India and five other markets, the company operates a diverse multi-brand platform that includes Domino’s, Popeyes, Dunkin’, Hong’s Kitchen, and COFFY in Turkey. As of Q1 FY26, JFL manages 3,387 stores across six countries, with India contributing 2,362 outlets and international operations 1,025 outlets.
Financial Performance
The company has shown consistent growth, with revenues rising from ₹3,312 crores in FY21 to ₹8,470 crores in FY25, a CAGR of 26%. In Q1 FY26, JFL reported revenue of ₹2,279 crores, up 16.9% YoY. India operations contributed ₹1,702 crores, while Turkey added ₹930 crores and Sri Lanka grew 65% YoY with ₹248 crores. Despite robust topline growth, margins have tightened: EBITDA margin fell from 23.3% in FY21 to 19.2% in FY25. Net profit for Q1 FY26 stood at ₹94.34 crores, up 62.6% YoY but down sequentially due to seasonal effects.
Industry and Growth Outlook
India’s QSR market is projected to reach ₹3,52,000 crores (≈$43.5 billion or ₹3.52 lakh crores) by 2030, growing at 9.36% CAGR. Pizza is expected to grow at 11.2% CAGR, directly benefitting Domino’s. JFL aims to scale Domino’s to 3,000 outlets and Popeyes to 250 stores in the next three years. Popeyes is expected to capture 3–4% of revenues, focusing expansion in metro and Tier-II cities.
Internationally, JFL plans to grow Domino’s Turkey outlets from 690 to 1,250, while scaling COFFY from 167 stores further. Turkey’s system sales grew at 20.4% CAGR (FY20–23), offering long-term potential despite forex risks.
Risks
Key risks include rising input costs (wheat, cheese), labor inflation, forex volatility, regulatory changes, and intense competition from local QSR chains. The high valuation also poses correction risks if earnings fail to keep pace.
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