Domino's India store expansion target of 180 net new stores for FY25
Management reaffirmed network guidance but acknowledged slower pace in Q1 (34 stores) and expects ramp-up in Q2 and subsequent quarters to meet annual target.
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expansion
Margins expected to improve from Q4 FY24 lows
CEO indicated focus on P&L leverage while capturing growth; acknowledged 21-22% standalone margin as a target but explicitly stated it won't be achieved in the coming quarter, implying gradual improvement path.
DP Eurasia to become dividend-accretive by mid/early next calendar year
CFO Suman Hegde indicated debt reduction trajectory is positive; Q1 saw sequential debt reduction and the plan is to start receiving dividends from the Turkey business by approximately mid-next calendar year.
Double-digit LFL growth to sustain beyond high base
Management expects to maintain double-digit like-for-like growth even when Q3 hits a high base, citing five growth drivers: accelerated menu innovation, digital asset investment, free delivery in top metros, 20-minute delivery capability, and ground team daily rigor.
Store expansion to 1,000 new stores in 3 years
Company targeting next 1,000 stores over three years, with capex reallocating from supply chain commissaries to store openings. Store capex declining 10-15% annually from scale and landlord co-investments.
Popeyes drag to halve in 12-18 months
Popeyes profitability improving sequentially; management targets at least 50% reduction in the ~200bps EBITDA drag over the next 12-18 months through unit economics improvement and South India playbook replication.
Gross margin improvement trajectory
CEO believes Q1 gross margin was an aberration from Big Big Pizza exceeding expectations and IPL extension; supply chain costs at all-time lows provide 50bps tailwind; 30 cost reduction experiments ongoing alongside calibrated pricing.
Medium-term Domino's SSG target: 5-6%
Management models 5-6% same-store sales growth for Domino's driven by multi-channel expansion (dine-in, carryout, aggregator, app, IRCTC), technology-led de-bottlenecking via 20-minute delivery, and future price increases.
Total revenue growth target: ~15%
Combining 5-6% SSG with ~12% network expansion through new store openings, management targets ~15% total revenue growth. This excludes contributions from Popeyes and Hong's Kitchen.
EBITDA margin improvement target: 150-200 bps
CEO stated belief that EBITDA margins should be 150-200 basis points higher than current levels. Management achieved ~100 bps improvement in Q1 FY24 and held margins in Q2 despite salary hikes and new investments.
Store expansion targets: 200+ Domino's, 30 Popeyes in FY24
Domino's India targeting 200+ new stores (band 200-225) with H1 at 73 stores; H2 expected to be back-ended due to seasonal considerations. Popeyes targeting 30 stores with 9 opened in H1 across 4 new cities.
Q3 momentum acceleration
First 40 days of Q3 show growth momentum carrying forward from Q2, led by delivery channel with >20% order growth year-on-year.
Margins to recover gradually
Margin recovery expected to be gradual and contingent on achieving higher ADS levels; management prioritizing growth over near-term margin expansion.
Raw material inflation expected Q4-Q1
Input cost inflation anticipated in Q4 FY25 and Q1 FY26, particularly for vegetables (capsicum, tomato, onion); teams to identify efficiencies to mitigate impact.
12%-17% India Revenue Growth Target
Domino's India to grow at 12%-17% total growth, with 5%-7% from like-for-like (1%-2% price/mix, 3%-4% volume) and 7%-10% from store expansion.
200+ Basis Points EBITDA Margin Improvement
Commitment to improve EBITDA margin by 200+ basis points over three years from FY2024 exit base, with H2 expected to show sharper margin improvement as mix shifts to premium products.
~900 Stores Over Three Years
Maintain target of approximately 900 net new stores across brands over the next three years, aligned with QSR market growth and market share capture strategy.
October Sales Ahead of Plan
Q3 2026 has started ahead of internal plans, with confidence in Q3 performance despite high December base from prior year Diwali timing.
200 Domino's stores in FY24
On track to open 200 Domino's stores in FY24 despite Q1 team transitions and Q3 construction restrictions (NCR pollution measures). Entering Q4 with strongest approved store and under-construction pipeline ever.
20% EBITDA margin maintained
Despite negative LFL of 2.9%, EBITDA margin held at 20.9% through Project Vijay savings and gross margin improvement of 118bps. Management committed to funding brand investments through internal efficiencies without margin dilution.
Popeyes approaching 100 stores milestone for financial disclosure
Currently at 25 Popeyes stores with confidence in product-market fit (satisfaction scores among highest globally for Popeyes). Will share more financial contours once approaching 100 stores, targeting top 30-40 cities in 12-18 months.
Mid-teens Domino's India EBITDA growth
Like-for-like growth is providing leverage to Domino's P&L, which registered mid-teens EBITDA growth YoY despite free delivery and growth investments.
100bps gross margin improvement in 2-3 quarters
Internal targeting of 100 basis points gross margin improvement through waste correction, packaging tightening, and discount optimization.
1,000 potential store locations identified
Domino's team has identified a pipeline of ~1,000 store opportunities over 3-5 years across densification, white spaces in existing cities, and new city entries.
Popeyes 250-store target with focus on unit economics
Company maintains 250-store target for Popeyes with focus on finding right locations from top-100 list; ADS and margins improving; team expanded for 1,000-store vision.
Domino's India: 5-7% Like-for-Like Growth
Management expressed confidence in sustaining 5-7% LFL growth for Domino's India, stating they are 'less worried' about base effects after lapping 2 years of free delivery. 9M FY26 growth of 15.1% exceeds FY25's 14.3% on higher base.
Standalone Business: ~15% Revenue Growth + ~15% Pre-IND AS Margin
CEO outlined targets of 15% standalone revenue growth and 15% pre-IND AS EBITDA margin. 20% PAT growth from continuing operations achieved in Q3 supports trajectory to this guidance.
5,000-Plus Store Network Ambition
Management reiterated long-term goal of building a 5,000+ store business. Committed to opening 1,000 stores over next 3 years. 200 Domino's stores added in 9M FY26 is highest-ever pace.
Popeyes: 100-Store Reporting Milestone
Popeyes segment reporting (ADS, SSG, revenue) will commence once store count reaches 100, expected in Q1 FY27 (delayed from Q4 FY26 target). Management targeting INR 1,000 crore revenue potential and 250-store medium-term ambition.
FY25 Network Expansion: 345 Stores
Domino's India: 180 stores; Domino's Turkey: 50 stores; COFFY: 70 stores; Popeyes: 50 restaurants; Hong's Kitchen: 25 stores; Domino's Bangladesh: 20 stores.
Medium-term Domino's India Target: 4,000 Stores
Upgraded from 3,000-store target; driven by data showing 10-12% of app users see 'out of service area' and untapped presence in 34 airports and 1,000+ colleges.
COFFY Medium-term Potential: 350 Stores
Already 8th largest cafe brand in Turkey with 100 stores; average weekly orders exceeding 2,000 per store; viewed as new profitable growth lever.
3% LFL to Drive 21% EBITDA Margin
Internal benchmark: at ~3% LFL growth, Domino's India standalone EBITDA margin should recover to 21% through operating leverage on fixed cost base.
Network Expansion: 280 Domino's stores
Domino's expansion guidance of 280 stores for FY26 with 250 in India and 30 in Turkey, against 238 additions in FY25.
Popeyes: 30 new stores
Popeyes India expansion accelerating to 30 stores in FY26 from 19 in FY25, leveraging Domino's supply chain for improved unit economics.
Coffee: 50 new cafes
Coffee brand (owned Turkish brand) targeting 50 cafes across Turkey, currently at 160 cafes serving 36 cities.
EBITDA Margin: +200bps over 3 years
Minimum 200 basis points EBITDA margin improvement target for standalone over three years (FY2026-2028), driven by operational leverage and emerging brand losses reduction.