Jubilant Foodworks Ltd (JUBLFOOD)
🎯 Key Takeaways
- Jubilant Foodworks is in a growth phase driven by the rapid expansion and strong performance of its Popeyes brand, which is emerging as a key second growth engine alongside Domino's. Management is aggressively investing in high-ROCE store expansion and international markets, particularly Turkey and the Middle East, while maintaining focus on operational efficiency and technology adoption.
- Revenue grew 2.8% QoQ to ₹2,570 in Q1FY27.
- ⚠️ Margin pressure from wage inflation and delivery pricing competition could erode Popeyes' profitability despite current resilience.
📖 The Story
Jubilant Foodworks is in a growth phase driven by the rapid expansion and strong performance of its Popeyes brand, which is emerging as a key second growth engine alongside Domino's. Management is aggressively investing in high-ROCE store expansion and international markets, particularly Turkey and the Middle East, while maintaining focus on operational efficiency and technology adoption. The company is transitioning from a single-brand model to a scalable multi-brand platform with long-term compounding growth ambitions.
📰 What's Happening
In Q1FY27, Popeyes delivered 45% year-on-year same-store sales growth, contributing significantly to consolidated revenue, which rose 14.1% YoY to ₹2,570 crore. The brand achieved over 40% LFL growth for the third consecutive quarter and is on track to become a ₹1,000 crore brand in 3-4 years. Management added 10 new Popeyes stores during the quarter and plans to open 35-40 new locations annually. Capex guidance of ₹750-900 crore for FY27 underscores the focus on high-return store expansion, while Domino's India showed signs of channel recovery with 6.5% order growth. Despite inflationary pressures, EBITDA margin remained resilient with only 20 bps pressure, supported by productivity gains and technology investments.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 2,261 | 2,340 | 2,429 | 2,499 | 2,570 |
| Operating Profit | 218 | 246 | 237 | 216 | 249 |
| OPM % | 9.6% | 10.5% | 9.8% | 8.6% | 9.7% |
| Net Profit | 94 | 195 | 73 | 82 | 100 |
| EPS | ₹1.39 | ₹2.82 | ₹1.04 | ₹1.21 | ₹1.47 |
Revenue has grown steadily over the past eight quarters, rising from ₹2,261 crore in Q2FY25 to ₹2,570 crore in Q1FY27, with a consistent upward trend in operating performance. Operating margins have remained stable around 9-10%, while net profit and EPS show volatility due to exceptional items but remain positive in core operations. The company absorbed a ₹337 crore exceptional charge in Q1FY26 related to labour code changes and discontinued Dunkin' operations, yet still achieved 14% consolidated revenue growth and margin resilience. This indicates that underlying business momentum, particularly in Popeyes and Domino's India, is strong enough to offset macro and operational headwinds.
🔮 Management Outlook & What's Next
Management targets sustained 40-45% growth for Popeyes and 5-7% overall like-for-like growth for FY27, with Popeyes expected to become a ₹1,000 crore brand within 3-4 years. Capex of ₹750-900 crore will be directed toward high-ROCE store expansion, particularly in international markets. The company emphasized its 'Scale That Compounds' long-term growth strategy, focusing on digital transformation, AI integration, supply chain optimization, and expanding its multi-brand platform. These initiatives are framed as foundational for scalable, sustainable growth in both domestic and global markets.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 132 | 132 | 132 | 132 |
| Reserves | 2,053 | 1,971 | 2,036 | 2,160 |
| Borrowings | 4,242 | 4,372 | 4,564 | 1,745 |
| Total Liabilities | 8,255 | 8,528 | 8,778 | 9,561 |
| Fixed Assets | 4,332 | 4,525 | 4,665 | 7,402 |
| Investments | 290 | 176 | 111 | 199 |
| Total Assets | 8,255 | 8,528 | 8,778 | 9,561 |
The balance sheet shows a stable capital structure with equity of ₹132 crore and reserves growing from ₹1,971 crore to ₹2,160 crore over the past year, indicating retained earnings are being reinvested. Borrowings remain elevated at ₹4,564 crore as of March 2026, up from ₹4,372 crore a year ago, reflecting ongoing capital expenditure and expansion activities. Despite higher debt, total assets have grown to ₹9,561 crore, suggesting that leverage is being used to fund growth rather than return capital. The company maintains a manageable debt-to-equity ratio of 0.76, supporting its aggressive expansion without compromising financial stability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +1,894 |
| Investing | -1,084 |
| Financing | -780 |
| Net Cash Flow | +29 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 40.3% | 40.3% | 40.3% | 40.3% |
| FII | 20.1% | 18.6% | 17.3% | 13.3% |
| DII | 33.3% | 35.0% | 36.6% | 39.6% |
| Public | 4.3% | 4.3% | 4.3% | 5.1% |
| # Shareholders | 3,35,705 | 3,33,281 | 3,29,084 | 3,46,691 |
Institutional investor interest has declined slightly, with FII holdings reducing from 20.1% in Q2FY26 to 13.32% in Q1FY27, while DII holdings increased marginally from 33.25% to 39.59%. Promoter holding remains stable at 40.28%. The growing number of retail shareholders (3,46,691) suggests rising retail interest. Despite FII reduction, there is no sign of promoter selling or major governance concerns, and the shareholder base remains broad-based with strong retail participation.
⚖️ Peer Comparison — Quick Service Restaurant
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| JUBLFOOD | 32,662 | 75.7 | 24.7% | 19.6% | 0.76 |
| TRAVELFOOD | 17,095 | 35.9 | 66.1% | 46.1% | 0.00 |
| DEVYANI | 17,082 | — | 8.3% | -1.8% | 0.88 |
| WESTLIFE | 8,891 | 279.5 | 20.4% | 5.1% | 0.48 |
| SAPPHIRE | 7,553 | — | 7.6% | -1.2% | 0.00 |
| RBA | 6,966 | — | 0.0% | -26.6% | 0.37 |
| UFBL | 2,842 | — | 9.3% | -11.8% | 0.19 |
| COFFEEDAY | 625 | 3.6 | 7.9% | 6.8% | 0.21 |
| BIRDYS | — | — | — | — | 0.23 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure from wage inflation and delivery pricing competition could erode Popeyes' profitability despite current resilience. 2. High capital expenditure may strain cash flows if store returns underperform or economic conditions deteriorate. 3. Dependence on international markets, particularly Turkey and the Middle East, exposes the company to geopolitical and currency risks. 4. Execution risks in scaling new stores and maintaining consistent brand experience across geographies could impact growth momentum.
📋 Recent Filings
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🟡 voting results 27 August 2026Jubilant Foodworks reported a 97 basis point operating margin expansion and 19% return on capital employed at its August 27, 2026 AGM, alongside a Rs ...
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🟡 Board Meeting 27 August 2026Jubilant Foodworks held its 31st AGM on August 27, 2026, approving all resolutions including a Rs. 1.2 per share dividend, financial statements, and d...
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🔴 Financial Results 20 August 2026Jubilant Foodworks reported Popeyes delivered 45% same-store sales growth in Q1FY27, driven by superior product quality, brand differentiation, and st...
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🟡 Board Meeting 13 August 2026No summary available
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🟡 Board Meeting 13 August 2026Jubilant Foodworks announced its Q1 FY2026 results on August 13, 2026, reporting consolidated revenue of **₹53.03 million**, expenses of **₹95.35 mill...
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🟡 Board Meeting 13 August 2026Jubilant Foodworks announced the resignation of Company Secretary and Compliance Officer Mona Aggarwal, effective November 13, 2026, after she submitt...
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Announcement 13 August 2026Jubilant Foodworks announced that the audio recording of its August 13, 2026 conference call discussing Q1 FY27 results is now available on its websit...
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🔴 Financial Results 13 August 2026Jubilant Foodworks reported consolidated revenue of ₹2,570 crore, up 14.1% YoY, and EBITDA of ₹504 crore, up 14.2% YoY, with EBITDA margin flat. Stand...
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🔴 annual report 12 August 2026Jubilant Foodworks corrected printing errors in note 3(e) and 3(g) of its FY2025-26 integrated annual report, with no financial impact. The revised re...
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🔴 annual report 31 July 2026Jubilant Foodworks informed shareholders that Integrated Annual Report FY2025-26 and AGM notice are available online via website links due to unregist...
🧠 Analyst's Read
Jubilant Foodworks is executing a clear growth strategy centered on Popeyes' strong performance and international expansion, supported by disciplined financial management and technology-driven efficiency. Investors should monitor same-store sales trends, margin trajectory, and progress toward the ₹1,000 crore Popeyes target as key indicators of execution success.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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