As of , Jubilant Foodworks Ltd (Quick Service Restaurant - QSR) has a deep value score of 44/100 (rated Average). 1Y return vs Nifty 500: -35%.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Gross Margin Impact: Accretive
“Our recent new product launches, including Sourdough Pizza and Cheese Lava Pull Apart, have seen an overwhelming response... these products are accretive to gross margin.”
What: EBITDA Margin Expansion: 110 bps
Impact: 110 bps
“Part of it coming through on account of, of course, scale. They are generating more revenue, I mean, of course, better LFL gives us the scale operating leverage for rental.”
What: Store Count: 114 adds
“We carried on our network expansion by adding 114 stores during the quarter across brands and markets. We now operate close to 3,600 stores.”
What: Debt Servicing: 100% interest
“100% of the interest obligations are being paid by the Turkey business now since the last 3 quarters. So there's no remitting of funds or cash flow from the India business.”
What: Ad Revenue Potential: 1% of revenue
Impact: 1% of revenue
“And the number of active clients using post-order page advertising crossed 10 in the quarter... we should get about 1% of our revenues on that channel.”
What: Consolidated PAT growth of 94%
“Consolidated PAT from continuing operations before exceptional items grew 94% with PAT margin expanding 167 basis points year-on-year.”
Earnings deceleration risks from management commentary
Trigger: Global and domestic supply chain pressures on key pizza ingredients.
Management view: Calibrated price increases and favorable mix movements towards premium products.
Monitor: commodity
Trigger: Restructuring of wages and definitions as per new government regulations.
Impact: PAT impact: 10 to 15 bps
Management view: Management is monitoring the situation and expects the impact to be manageable.
Monitor: labor
Key quotes from recent conference calls
“So, we want the India Domino’s business to grow closer to 15% year-on-year. That is what internally we target. [Previous India Domino's Revenue Growth guidance]”
“Now, roughly 5% to 7% should come from like-for-like growth and we should increase 7% to 10% on the store expansion. [Previous Like-for-Like (LFL) Growth guidance]”
“Our site selection is totally AI-enabled now and we have a list of 1,000 stores. So I do see that the brand is very strong. [Initiative: AI-Enabled Site Selection]”
“So at least my own take is at the right time, I'm not saying it short-term, we should get about 1% of our revenues on that channel. [Initiative: Ad Monetization on App]”
Headline numbers from the latest earnings call
Revenue
₹24.4 billion
Why: Growth was driven by all business segments, both domestic and international, contributing to the top line during the peak quarter.
Consolidated revenue growth was supported by an 11.8% increase in India revenues and strong international performance.
EBITDA
Not Disclosed
Why: Improvement was driven by gross margin expansion and productivity-led efficiencies despite persistent inflation in dairy, oil, and flour.
Reported EBITDA grew 20% YoY, with margins expanding by 110 basis points.
PAT
Not Disclosed
Why: Consolidated PAT growth was driven by strong operating performance and margin expansion of 167 basis points year-on-year.
Standalone PAT also grew 27% YoY, reflecting strong bottom-line performance across entities.
Other Highlights
• India gross margin reached 74.9%, an 80-bps improvement over the last six months.
• Turkey business is now servicing its acquisition-related debt entirely through internal cash flows.
• Monthly transacting users on apps grew over 20% year-on-year in each quarter of FY 2026.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Domino's India LFL Growth
5%
Why: Grew on a very high base of 12.5% from the previous year.
Total Store Network
3,600
Why: Aggressive expansion across brands and markets.
Domino's India Store Adds (Q3)
75
Why: Highest ever store expansion by Domino's in India in the first 9 months.
India Gross Margin
74.9%
Why: Driven by calibrated price increases and favorable mix movements.
Popeyes Store Count
73
Why: Steady expansion as a new growth vector.
Monthly Transacting User Growth
20%
Why: Strong digital adoption and technology initiatives.
Domino's India Order Growth
10%
Why: Healthy demand in the delivery channel.
Lease Expenses % of Revenue
7%
Why: Operating leverage and smaller store formats.
Forward-looking targets from management for FY26/FY27
Revenue Growth Target
15%
Capex Plan
₹700 Cr
15%
Improve by about 200 bps at an EBITDA level as a company above FY '24 levels.
₹700 crores to ₹850 crores
Store expansion (1,000 stores in 3 years) and technology investments.
Healthy order growth of 10% for Domino's India.
Guidance Changes
Popeyes Segment Reporting: At 100 stores (expected Q4 FY26) → Q1 FY27
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +13% | +23% | Stable |
| PAT (Net Profit) | +70% | -20% | Inflection Up |
| OPM | 20.0% | +100 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Jubilant Foodworks Ltd has a deep value score of 44/100 (rated Average). This score is calculated from three components
Jubilant Foodworks Ltd's quarterly profit (PAT) growth trajectory
Jubilant Foodworks Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
Jubilant Foodworks Ltd's earnings momentum is Decelerating — growth rate is slowing.
Jubilant Foodworks Ltd's valuation metrics
Jubilant Foodworks Ltd's revenue and margin trends
Jubilant Foodworks Ltd's trailing twelve month (TTM) performance
Jubilant Foodworks Ltd key facts
Jubilant Foodworks Ltd shows limited deep value signals currently — score is 44/100 (Average). Monitor for improvement.
Other deep value stocks in Quick Service Restaurant - QSR
Quick Service Restaurant - QSR deep value sector overview
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
Jubilant Foodworks Ltd has 6 key growth catalysts identified from recent earnings analysis
Jubilant Foodworks Ltd has 2 key risks worth monitoring
In Q3 FY26, Jubilant Foodworks Ltd's management highlighted
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
