JUBLFOOD Q3 FY26 earnings call.
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Revenue
₹2,440 Cr
verified against source
Revenue YoY
13.3%
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 strong Q3 FY26 with 13.3% revenue growth to INR 2,440 crore and 20% EBITDA growth, marking the eighth consecutive quarter of positive LFL for Domino's India at 5%. The margin expansion of 110bps YoY to 20.5% EBITDA margin reflects successful product mix optimization through accretive launches like Sourdough Pizza and Cheese Lava Pull-Apart, combined with calibrated pricing actions and operational efficiency gains. Popeyes demonstrated accelerating momentum with double-digit LFL for the third consecutive quarter, positioning it as a meaningful growth vector. The company added 114 stores in the quarter (75 Domino's, 5 Popeyes, 33 Turkey) with 3,600 total stores. Technology investments are yielding tangible returns with 20%+ MTU growth and advertising monetization on post-order pages. Management targets 15% pre-IND AS margins and 15% standalone revenue growth. Key risks include delivery platform repricing dynamics, labor code cost impacts (~10-15bps), and persistent dining channel underperformance relative to delivery.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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 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.
Risks flagged
- Competitors Swiggy and Zomato have reintroduced platform fees and high delivery charges. Management matched INR 99 minimum order values on aggregators to protect market share. Platform fee lever exists but remains off; risk of sustained competitive pressure on owned channel economics.
Key quotes
- Domino's should grow at 5%-7% like-for-like growth. Overall, top-line should grow for standalone around 15%, and we should get closer to 15% pre-index margin.
- We are building a 5,000-store business that is most penetrated. And I believe these [platform fees] are actually barriers to acquiring customers.
- India is a $60 billion food services market. So our competition is bhatura chana, dosa, idli, biryani... The idea is to, out of 200 occasions that an Indian is consuming Indian food, get one additional share of pizza.
- The drag of Popeyes, Dunkin', and Hong's was approximately about 230-250 basis points. And we should see that halving in that journey to getting to the overall margins up.
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