Jubilant Foodworks Q1FY26 (Consolidated) results

• Jubilant Foodworks’ (JFL’s) consolidated revenue grew by 17% y-o-y to Rs. 2,261 crore, with Domino’s India growth at 17.7%. Domino’s India LFL came in at 11.6% (Domino’s India delivery LFL stood at 20.1%).
• In the International business, Turkey reported y-o-y revenue growth of 12%, Sri Lanka registered 42% y-o-y revenue growth, while Bangladesh clocked muted revenue growth of 4% y-o-y. During the quarter, JFL added 67 Domino’s stores and seven Coffy stores, while it closed one Popeyes and two Dunkin’ stores, taking the network to 3,387 stores across brands and geographies.
• Gross margin declined by 119 bps y-o-y to 71.4% and EBITDA margins fell by 44 bps y-o-y to 19.4%, slightly higher than our expectation of 19.1%. EBITDA grew by 14.3% y-o-y to Rs. 438 crore. This coupled with lower interest expenses led to 48.2% y-o-y growth in the adjusted PAT to Rs. 94 crore, versus our expectation of Rs. 91 crore.
• View: We will review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore