Jubilant FoodWorks (JUBLFOOD) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw consolidated revenue of INR 24,372.19 million, up 13.3% year-on-year, with consolidated EBITDA growing 20% and PAT rising over 90% year-on-year; all business segments contributed to top-line growth.

• India operations maintained double-digit growth, with Domino's India achieving positive LFL growth for the eighth consecutive quarter and Popeyes delivering high double-digit LFL growth.

• International businesses in Turkey, Sri Lanka, Bangladesh, Azerbaijan, and Georgia reported strong top-line and bottom-line improvements.

• 114 new stores were added during the quarter, bringing the global total to 3,594, with 2,530 in India.

• Technology and AI investments are driving operational efficiencies and customer engagement, with monthly transacting users on apps growing over 20% year-on-year.

Financial highlights

• Consolidated revenue reached INR 24,372.19 million, up 13.3% year-on-year; India revenue was INR 18,015.09 million, up 11.8%.

• Domino's India LFL growth was 5% on a strong prior-year base; order growth was 10%.

• Gross margin in India expanded sequentially by 52 bps to 74.9%, and EBITDA margin improved by 110 bps year-on-year to 20.5%.

• Consolidated EBITDA grew 20% year-on-year; consolidated PAT from continuing operations before exceptional items grew 94%, with PAT margin up 167 bps.

• Standalone PAT from continuing operations before exceptional items grew 27% year-on-year, with PAT margin up 54 bps.

Outlook and guidance

• Management targets 5%-7% LFL growth for Domino's and 15% top-line growth for standalone operations, aiming for pre-IND AS EBITDA margins near 15%.

• No headwinds are anticipated for sustaining 5%-7% LFL growth, with continued market share gains across categories.

• CapEx is expected to remain in the INR 700-850 crore range annually, with ongoing investments in store expansion and technology.

• Mumbai commissary to be operational by end of Q4FY26, with supply chain capex peaking to support medium-term growth.

• The company continues to monitor regulatory changes, particularly the implementation of new Labour Codes, and will adjust financial provisions as needed.