Jubilant FoodWorks (JUBLFOOD) Q4 25/26 earnings summary

Executive summary

• Gained market share in pizza and QSR categories, with management optimistic about growth and margin improvement despite near-term headwinds.

• Consolidated revenue grew 19.3% YoY in Q4FY26, with EBITDA and PAT margins up; 351 net stores added in FY26, totaling 3,636 across six markets.

• Audited standalone and consolidated results for FY26 approved with unmodified opinions; dividend of INR 1.2 per share recommended.

• Dunkin' brand operations in India discontinued and classified as discontinued operations.

Financial highlights

• Like-for-like Q4 growth was 0.2%, with a two-year CAGR of 7%; Q4FY26 consolidated revenue: ₹24,995 mn (+19.3% YoY); standalone revenue: ₹16,797 mn (+6.4% YoY).

• FY26 consolidated revenue reached INR 95,125.06 million, up from INR 81,044.89 million YoY; standalone net profit for FY26 was INR 2,273.05 million.

• Gross margin improved by 100bps sequentially to 75.5%, driven by premium launches and price increases; India gross margin expanded ~100bps YoY in Q4FY26.

• Free cash flow to firm improved to ₹2,472 mn in FY26 (consolidated).

• Exceptional item of INR 337.04 million recognized due to Labour Codes, impacting gratuity and leave liabilities.

Outlook and guidance

• Annual like-for-like growth guidance remains at 5%-7%; Domino's LFL growth in India within medium-term guidance.

• Q1 performance expected to be better than Q4; continued focus on menu innovation, tech enhancements, and expansion in high-growth markets.

• Short-term margin pressure anticipated due to inflation in energy, labor, and commodities; long-term 200bps margin improvement target maintained.

• Store additions planned at 230-250 restaurants for the year, with reduced CapEx per store.

• Active engagement with financial institutions for refinancing/rollover of borrowings due within 12 months.