JUBLFOOD Q2 FY26 earnings call.
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Revenue
₹2,340 Cr
verified against source
Revenue YoY
19.7%
reported change
EBITDA
₹480 Cr
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 another strong quarter with consolidated revenue from operations of INR 2,340 crore, up 19.7% YoY, driven by robust like-for-like growth across geographies. Domino's India posted 9.1% LFL growth despite early Navratri, serving 500 cities. Turkey exceeded plans with INR 590 crore revenue and 10.4% PET margin. Consolidated PAT from continued operations surged 53.7% YoY, validating strategic capital deployment. EBITDA grew 19.5% to INR 480 crore. Management targets 5%-7% LFL growth with 7%-10% store expansion driving 12%-17% total growth. The 200bps EBITDA margin improvement guidance over three years from FY2024 base remains intact, with Q3 expected to show sequential improvement. Store expansion is ahead of internal plan at 93 stores in Q2. October sales are ahead of internal plans, providing confidence for Q3. Key risks include cheese inflation post Maharashtra elections, delivery mix dilution on ticket sizes, and emerging brand losses, though these are expected to halve as proportion of operations.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- Q3 2026 has started ahead of internal plans, with confidence in Q3 performance despite high December base from prior year Diwali timing.
Risks flagged
- Milk prices have shot up post Maharashtra elections, creating cheese price inflation headwind that impacts gross margins. Management acknowledged this but expects gross margin recovery to continue.
- New customer acquisition through Domino's app (now largest acquisition channel) comes at lower average ticket sizes, creating ~200bps dip in delivery bill size. Management views this as 'baked into the plan' for lifetime value.
- CFO acknowledged Turkey's hyperinflation economy creates monetary gain/loss adjustments based on inventory levels, creating quarter-to-quarter P&L volatility. These are accounting non-cash items.
- CEO noted IT-dense areas like Bangalore and Hyderabad showing relatively weaker growth, though compensated by other sectors like energy, auto, and services. Geographic concentration risk partially mitigated.
Key quotes
- The opportunity to me is there is a growing opportunity on the premium end of the pizzas, which is more gourmet, wood-fired, Sourdough. Therefore, I believe the team has done a great job of bringing in a Sourdough Pizza into the mix. That is the fastest growing subcategory, and now we are playing over there too. We are very happy with the results.
- We are in the business of generating free cash flows, so that has to come. Therefore, from that perspective, we know our growth story, especially the promise of the accuracy of delivery, the service of our 100% mozzarella cheese and high-quality products at a great value. That core flywheel is working for us, and therefore, we have to expand margins to fuel our expansion ambition. It is a constant balancing act.
- On the tech side, I think the sentiment is low. Therefore, some of these geographies, which are highly dense IT services zones, like in Bangalore and Hyderabad or Gurgaon, have grown lesser. This has been compensated by growth somewhere else.
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