JUBLFOOD Q4 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,095 Cr
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Revenue YoY
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EBITDA
Pending
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What the record says.
Jubilant FoodWorks delivered a landmark FY2025 with consolidated revenue of Rs 8,142 crore and standalone revenue of Rs 6,105 crore (14.3% YoY). The company achieved 7.5% like-for-like growth in Domino's India on the back of free delivery implementation, accelerated menu innovation (Chicken Volcano Pizza, Big Big Pizza, Rs 99 lunch), and aggressive network expansion adding 238 Domino's stores to reach 3,031 total. Domino's EBITDA reached Rs 857 crore with 14.5% margin, nearly flat YoY despite free delivery costs, demonstrating successful cost absorption. The company cited structural competitive advantages through 20-minute delivery, own delivery fleet, and expanding into 7-8 regions. Turkey business navigated macro challenges delivering record market share; Sri Lanka achieved 45.6% revenue growth to Rs 81 crore. Management targets 200bps EBITDA margin expansion over 3 years and store expansion of 280 Domino's, 50 Coffee, and 30 Popeyes. Key risks include commodity inflation (cheese, oil, coffee), intensifying delivery cost competition, and Turkey geopolitical sensitivity—though management dismissed the latter. The Rs 99 lunch initiative and chicken platform are emerging growth vectors. Investors raised concerns about the standalone-to-console PAT gap driven by losses at emerging brands (Dunkin', Hong's, Popeyes), which management committed to halving within two years.
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Guidance to track
- Domino's expansion guidance of 280 stores for FY26 with 250 in India and 30 in Turkey, against 238 additions in FY25.
- Popeyes India expansion accelerating to 30 stores in FY26 from 19 in FY25, leveraging Domino's supply chain for improved unit economics.
- Coffee brand (owned Turkish brand) targeting 50 cafes across Turkey, currently at 160 cafes serving 36 cities.
- Minimum 200 basis points EBITDA margin improvement target for standalone over three years (FY2026-2028), driven by operational leverage and emerging brand losses reduction.
Risks flagged
- The gap between Domino's India 14.5% margin and standalone 11.8% margin persists due to losses from Dunkin', Hong's, and Popeyes. Management committed to halving this drag in two years.
- Analyst explicitly asked about geopolitical volatility, regulatory risk, and currency exposure in Turkey. Management dismissed concerns, noting the business is oblivious to political changes and debt has been reduced by half.
- Management flagged rising inflation in cheese, oil, coffee, and manpower/wages. Working assumption of 2-3% raw material inflation, expecting partial neutralization through operational efficiencies.
- Analyst questioned whether rising delivery costs (free delivery, 20-minute timelines, labor inflation, discounting) are sustainable at 73% delivery revenue mix. Management acknowledged pressures in 39 high-convenience-seeking PIN codes but cited competitive advantages of own fleet and tech-enabled rider management.
Key quotes
- We are focused on delivery, and therefore, pushing the boundaries on 20-minute delivery is structural, and I believe that will allow us to gain share going forward.
- What is working for us is structural. We are operating in a very large market, which is largely unorganized. If we keep that lens, we'll continue to penetrate, grow more as long as we stay true to these five structural initiatives.
- I see no reason for us that we cannot improve to 100 basis points from here. That is what Suman had also mentioned during our investor day. We maintain that stance.
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