Jubilant Foodworks Q2FY26 (Consolidated) results

• Jubilant Foodworks’ (JFL’s) consolidated revenue grew by 19.7% y-o-y to Rs. 2,340 crore driven by 16%/29%/86%/54% y-o-y growth in India (standalone business)/Turkey/Sri Lanka/Bangladesh businesses, respectively. Domino’s India revenue grew by 15.5% y-o-y, driven by strong order growth of 14.8% y-o-y. Domino’s India LFL growth of 9.1% y-o-y, driven by delivery channel LFL growth of 16.5% y-o-y. Domino’s India delivery channel revenue grew by 21.6% y-o-y, while dine-in channel revenue stood flat y-o-y.
• Gross margin declined by 90 bps y-o-y to 71.6%, while EBITDA margins stood flat y-o-y at 20.3% mainly due to store productivity and operating leverage. EBITDA margin came in line with our expectations of 20.4%.
• EBITDA grew by 19.5% y-o-y to Rs. 476 crore. Lower interest cost led to 45.7% y-o-y growth in PAT to Rs. 108 crore. JFL added 93 net stores across brands and markets in Q2, taking the total store count to 3,480 as of Q2FY26-end.
• 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