JUBLFOOD Q1 FY25 earnings call.
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Revenue
₹1,930 Cr
verified against source
Revenue YoY
44.8%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Jubilant Foodworks delivered a milestone Q1 FY25 with consolidated revenue of INR 1,930 crore (up 44.8% YoY), though the growth is inflated by DP E urosia's first full quarter consolidation. EBITDA margin contracted 85bps YoY to 19.8% due to free delivery initiatives and promotional investments, partially offset by sequential improvement. Domino's India grew 8.5% YoY with 3% LFL growth, driven by 16% order growth but offset by lower average ticket sizes from the free delivery policy active for 8 quarters. Management reaffirmed FY25 Domino's store opening guidance of 180 units and remains focused on execution-led outperformance versus a challenging QSR demand environment. Turkey operations (DP Eurasia) showed strong 15.4% constant currency growth with improving profitability. The key risk is whether volume-led growth without pricing power can sustain EBITDA margin recovery toward the 21-22% range investors expect, particularly if new customer acquisition doesn't translate to higher-frequency, higher-ticket purchases.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
Risks flagged
- Delivery has ~70% share and lower margins versus dine-in/takeaway. While CEO projects margin leverage from compounding new customer frequency, the structural mix headwind persists year-on-year as free delivery threshold dropped to INR 150 from INR 350 pre-COVID.
- When asked if 21-22% standalone EBITDA margin range is the target for FY25, CEO responded 'I do have that number in my mind' but said 'I don't think it is going to be achieved in the coming quarter for sure' without committing to when — creating uncertainty for financial modeling.
- Bangladesh contributed less than 1% of consolidated revenue but turned profitable this quarter. Police strikes affected store operations recently; recovery depends on political normalization — a volatile tail risk given the country's recent political upheaval.
- Despite INR 99 lunch thali launch and store refurbishments, dine-in growth remains materially below delivery. CEO acknowledged dine-in LFL was only ~1.7% QoQ improvement, and declined to provide timeline for closing the gap with delivery growth, which is unlikely given global QSR delivery mix trends.
Key quotes
- The quality of growth is the biggest news, as the growth is order-led and new customer-led, as the company acquired new customers at the highest ever rate, beating the industry trend.
- This is a different business. I think we should compare this to more chicken and burgers as a category, because the input cost is different. The cost in a pizza is more opaque versus, let's say, bone-in chicken. So therefore, it has different dynamics.
- I do have that number in my mind [21-22% margin target], and we are focused on it, but I don't think it is going to be achieved in the coming quarter for sure.
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