Cheese Inflation Impact
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.
JUBLFOOD / Q2-FY26 / risks
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Delivery Ticket Size Dilution
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.
Turkey Hyperinflation Accounting Volatility
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.
IT Sector Demand Weakness
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.