Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Jubilant Foodworks Ltd.
NSE: JUBLFOODConsumer CyclicalRestaurants
- Last close
- ₹404.00
- Day change
- −₹0.90 (−0.22%)vs
- Market cap
- ₹27,806 crIndian rupees
- Research updated
- 1 report
Follow Jubilant Foodworks
Create an account, then follow this company for weekday briefs. You will return to Jubilant Foodworks after signing in.
About Jubilant Foodworks
Jubilant Foodworks Ltd. is a leading player in the Indian food services industry, primarily recognized for holding the exclusive master franchise rights for Domino's Pizza in India, Sri Lanka, Bangladesh, and Nepal. The company's core function is to manage and expand the network of quick-service restaurants under this internationally acclaimed brand. Jubilant Foodworks Ltd. is also responsible for the local adaptation of menus to cater to regional tastes while maintaining global quality standards. Additionally, the company has ventured into other food service segments, including the introduction of Dunkin' Donuts in India, which showcases its strategic approach to diversifying its portfolio. Through its robust supply chain management and innovative marketing strategies, Jubilant Foodworks Ltd. significantly impacts the consumer discretionary sector by catering to the growing demand for convenience foods. With a strong presence in urban and semi-urban areas, the company plays a pivotal role in the expansion and evolution of the food and beverage landscape in India. By harnessing technology for customer engagement and operational efficiency, Jubilant Foodworks continues to uphold its market significance as a pioneer and innovator within the regional fast-food industry.
- Sector
- Consumer Cyclical
- Industry
- Restaurants
- Listing
- NSE: JUBLFOOD
- Chief executive
- Mr. Sameer Khetarpal
- Employees
- 11,504
- Headquarters
- Noida, India
- ISIN
- INE797F01020
- Website
- jubilantfoodworks.com
Public research · Report of
Business model & financial foundation
Jubilant FoodWorks (NSE: JUBLFOOD), Quick service restaurants: revenue of ₹9,513 crore in FY26 (+17.4% on FY25), an EBITDA margin of 19.8%, net profit of ₹428.5 crore and net debt of ₹1,410 crore.
- Revenue, FY26 (₹ crore)
- 9,513
- consolidated
- Revenue growth, FY26
- +17.4%
- on FY25
- EBITDA margin, FY26
- 19.8%
- EBITDA (Reported operating EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 428.5
- to owners
- Return on equity, FY26
- 19.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,410
- Net debt excluding leases
- Market capitalisation (₹ crore)
- 30,976
- at the close of 15 Oct 2026
Company profile
Jubilant FoodWorks operates Domino's in India and neighbouring markets and controls DP Eurasia. Domino's India drives the majority of sales; Popeyes offers a second growth platform while Hong's Kitchen remains small. Store expansion, same-store sales and delivery economics determine profit conversion. The group is exiting Dunkin and carries acquisition debt and substantial restaurant leases.
| Item | Value |
|---|---|
| Legal name | Jubilant FoodWorks Limited |
| Exchange and ticker | NSE: JUBLFOOD; BSE: 533155 |
| ISIN | INE797F01020 |
| Sector | Consumer Cyclical |
| Industry | Quick service restaurants |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹30,976 crore (15 Oct 2026) |
| Shares outstanding | 65.98 crore shares (FY26) |
| Price | ₹425.7 (close, 15 Oct 2026) |
| 52-week range | ₹408.5 - ₹623.0 (to 15 Oct 2026) |
| Website | https://www.jubilantfoodworks.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jubilant FoodWorks Lanka (Private) Limited | 100% | Domino's Sri Lanka |
| Jubilant FoodWorks Bangladesh Limited | 100% | Domino's Bangladesh |
| Jubilant FoodWorks Netherlands B.V. | 100% | DP Eurasia acquisition holding company |
| DP Eurasia B.V. | 94.06% | Domino's Turkey, Azerbaijan, Georgia and Coffy; FY25 indirect holding |
FY26 ownership updates not retrieved; subsidiary holding disclosed as of FY25.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.27% | 40.27% | 40.27% | |
| Promoter holding pledged | 0.83% | 1.35% | 1.35% | |
| Foreign institutions | 18.59% | 17.29% | 13.32% | |
| Domestic institutions | 34.79% | 36.38% | 39.59% | |
| of which mutual funds | 28.55% | 30.29% | 32.29% | |
| Retail | 4.07% | 3.99% | 4.81% | |
| Other | 2.29% | 2.08% | 2.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jubilant FoodWorks (JUBLFOOD, NSE), as of 15 October 2026. This is the reasoning behind the finalized dossier, assembled from existing evidence only. Money is INR crore unless explicitly per share; fiscal years end in March. Model PAT in the estimate tables means PAT attributable to owners, not total group PAT.
Source convention: is the full company FY26 Integrated Annual Report, published with an exchange cover on 31-Jul-2026, audit signed 20-May-2026; it was read from a Stockscans reproduction of the company's PDF after the original host returned HTTP403. Printed report pages are used. is the 20-May-2026 audited results, not the full AR; is another reader of those results with publication date unrecorded./ are the 20-May-2026 FY26 presentations; is the 14-May-2025 presentation; is the FY24 AR, publication date not recorded./ are the 13-Aug-2026 Q1FY27 letter;/ the 7-Oct-2026 Q2FY27 business update./// are calls dated 13-Aug-2026 / 20-May-2026 / 10-Feb-2026 / 13-Nov-2025. is Twelve Data fetched 15-Oct-2026. Other dated sources are named where used. These dates govern the figures cited below; missing publication dates are not invented.
JFL operates a franchised-brand restaurant network with its own India store estate, commissaries, delivery infrastructure and digital channels. Domino's is the core cash generator; Popeyes and Hong's are emerging-brand investments. International exposure principally comes through DP Eurasia, with Sri Lanka and Bangladesh also contributing. Scale can lower procurement and supply-chain cost, but franchise fees, marketing, labour, store rent and rollout capex make accounting EBITDA a poor stand-alone measure of distributable cash.
Domino's India MFA signed on 31-Mar-2026 has a 15-year term plus a 10-year renewal option, announced 1-Apr-2026; current contractual royalty percentage was not found. FY26 franchise-fee expense was INR215.916cr standalone / INR336.768cr consolidated, aggregate across relevant brands/territories, not a verified Domino-only percentage. Historical royalty reporting must not be relabelled a current rate.
DP Eurasia consolidation started 1-Feb-2024; FY24 contains a partial year and FY25 a full year, so growth across that break is not organic. Dunkin development rights expire 31-Dec-2026, following the 30-Mar-2026 non-renewal decision; this is not proof of immediate closure. Discontinued operations include both Dunkin and the Russian disposal.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| India standalone (management geography; not statutory segment) | 6,856 | 72.1% | 1,373 | 100.0% |
| DP Eurasia (Domino's+COFFY; excludes Sri Lanka/Bangladesh) | 2,456 | 25.8% | ||
| Other international + consolidation residual (derived) | 200.3 | 2.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Devyani International (DEVYANI) | KFC and Pizza Hut franchised QSR network |
| Sapphire Foods India (SAPPHIRE) | KFC/Pizza Hut store economics and lease-funded network |
| Westlife Foodworld (WESTLIFE) | McDonald's India restaurant productivity |
| Restaurant Brands Asia (RBA) | Burger King India store expansion and same-store demand |
| Barbeque Nation Hospitality (BARBEQUE) | Secondary restaurant demand and capital intensity comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,379 | 5,138 | 5,655 | 8,104 | 9,513 |
| Cost of revenue (vendor classification) * | 1,900 | 2,309 | 2,564 | 3,960 | 4,628 |
| Other operating costs (vendor classification) * | 1,274 | 1,522 | 1,725 | 2,342 | 2,741 |
| EBITDA (vendor classification) * | 1,143 | 1,179 | 1,218 | 1,667 | 1,990 |
| EBIT * | 739.4 | 690.0 | 773.5 | 832.0 | 976.1 |
| Finance cost | 176.1 | 201.2 | 287.8 | 520.2 | 436.0 |
| Profit before tax | 563.3 | 488.7 | 485.7 | 333.5 | 540.5 |
| Tax | 145.2 | 135.7 | 85.0 | 83.4 | 154.5 |
| Total profit after tax before NCI attribution | 418.1 | 353.0 | 400.1 | 217.1 | 444.2 |
| Diluted EPS (₹) | 6.37 | 5.35 | 6.05 | 3.19 | 6.49 |
| Cost of materials and traded goods | 1,341 | 2,258 | 2,710 | ||
| Employee benefits expense | 1,059 | 1,395 | 1,622 | ||
| Other expenses | 2,111 | 2,868 | 3,292 | ||
| Reported operating EBITDA | 1,145 | 1,585 | 1,888 | ||
| Other income | 40.9 | 73.7 | 74.1 | ||
| Depreciation and amortisation | 598.0 | 795.4 | 958.7 | ||
| Share of associates profit or loss | 15.9 | -4.55 | 6.96 | ||
| Exceptional profit or charge | 170.2 | -4.50 | -33.7 | ||
| Profit from continuing operations | 400.8 | 250.1 | 386.0 | ||
| Profit or loss from discontinued operations | -0.68 | -32.9 | 58.2 | ||
| Profit attributable to non-controlling interests | 0.73 | 6.36 | 15.8 | ||
| Profit attributable to owners | 399.3 | 210.8 | 428.5 | ||
| Cost of materials consumed | 1,270 | 1,660 | 1,888 | ||
| Purchases of stock-in-trade | 77.1 | 607.1 | 805.7 | ||
| Signed inventory change expense | -5.76 | -8.81 | 16.7 | ||
| Lease interest expense - continuing operations | 301.2 | 336.8 | |||
| Depreciation of right-of-use assets - total group | 348.1 | 417.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 1,955 | 2,038 | 2,171 | 2,103 | 2,292 |
| Borrowings excluding lease liabilities | 2,106 | 2,554 | 1,507 | 1,502 | 1,745 |
| Cash bank balances and current investments | 25.0 | 29.8 | 254.8 | 210.8 | 335.0 |
| Trade receivables | 22.1 | 28.7 | 265.1 | 330.1 | 374.8 |
| Inventories | 161.2 | 177.0 | 409.9 | 405.6 | 308.5 |
| Trade payables | 541.6 | 569.1 | 921.6 | 900.9 | 1,027 |
| Net property, plant and equipment * | 2,511 | 2,976 | 3,383 | 3,620 | 4,065 |
| Capital work in progress * | 59.0 | 220.5 | 149.5 | 237.9 | 160.2 |
| Total assets * | 4,782 | 5,382 | 8,126 | 8,528 | 9,561 |
| Lease liabilities current and non-current | 2,700 | 2,870 | 3,157 | ||
| Net debt excluding leases | 1,252 | 1,291 | 1,410 | ||
| Gross right-of-use asset additions during year - memo | 510.5 | 620.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 665.9 | 628.4 | 1,010 | 1,658 | 1,894 |
| Free cash flow (vendor definition) * | 471.6 | 184.1 | 156.7 | 792.1 | 883.6 |
| Dividends paid (the provider's sign: an outflow is negative) * | -79.0 | -79.0 | -79.0 | -78.9 | -81.2 |
| Purchase of PP&E and intangibles cash outflow | -456.3 | -838.2 | -847.7 | -862.9 | -998.8 |
| Lease principal payments - positive memo cash cost | n.r. | n.r. | |||
| Lease liability cash payments including interest - positive memo | 545.0 | 641.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 65.98 | 65.98 | 65.98 | 65.98 | 65.98 |
| Weighted average diluted shares | 65.98 | n.r. | n.r. |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,151 | 2,095 | 2,252 | 2,332 | 2,429 | 2,499 | 2,570 | 2,609 |
| Cost of revenue (vendor classification) * | 973.8 | 1,253 | 1,022 | 1,071 | 1,093 | 1,163 | 1,142 | |
| Other operating costs (vendor classification) * | 774.9 | -1,181 | 800.4 | 792.7 | 862.0 | 851.6 | 923.4 | |
| EBITDA (vendor classification) * | 419.1 | 424.2 | 459.7 | 493.8 | 500.9 | 508.9 | 526.6 | |
| EBIT * | 206.7 | 186.2 | 239.5 | 263.5 | 218.8 | 239.5 | 271.6 | |
| Finance cost | 133.4 | 116.1 | 110.2 | 105.2 | 103.1 | 117.5 | 120.3 | |
| Profit before tax | 73.3 | 77.3 | 137.9 | 162.4 | 118.2 | 122.0 | 151.3 | |
| Tax | 23.7 | 21.4 | 33.9 | 49.1 | 43.1 | 28.4 | 48.1 | |
| Profit after tax (vendor: before the non-controlling share is taken out) | 43.2 | 49.3 | 94.3 | 194.6 | 72.9 | 82.4 | 100.0 | |
| Diluted EPS (₹) | 0.65 | 0.73 | 1.39 | 2.82 | 1.07 | 1.21 | 1.47 | |
| Cost of materials and traded goods | 602.7 | 594.9 | 643.6 | 662.8 | 691.0 | 713.0 | 711.6 | |
| Employee benefits expense | 371.1 | 370.5 | 372.7 | 403.0 | 396.8 | 449.9 | 430.8 | |
| Other expenses | 774.9 | 737.7 | 794.7 | 788.0 | 857.6 | 851.6 | 923.4 | |
| Reported operating EBITDA | 402.0 | 391.9 | 441.1 | 478.0 | 483.8 | 484.9 | 503.9 | |
| Other income | 17.3 | 10.6 | 18.5 | 15.1 | 17.2 | 23.3 | 18.7 | |
| Depreciation and amortisation | 207.8 | 209.7 | 214.6 | 228.0 | 246.8 | 269.4 | 255.0 | |
| Share of associates profit or loss | -0.30 | 0.64 | 3.20 | 2.37 | 0.73 | 0.67 | 4.10 | |
| Exceptional profit or charge | -4.50 | 0.00 | 0.00 | 0.00 | -33.7 | 0.00 | 0.00 | |
| Profit from continuing operations | 49.6 | 55.9 | 104.0 | 113.4 | 75.1 | 93.6 | 103.2 | |
| Profit or loss from discontinued operations | -6.39 | -6.62 | -9.70 | 81.3 | -2.19 | -11.2 | -3.20 | |
| Profit attributable to non-controlling interests | n.r. | 1.33 | 2.55 | 8.60 | 1.98 | 2.63 | n.r. | |
| Profit attributable to owners | n.r. | 48.0 | 91.8 | 186.0 | 70.9 | 79.8 | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 32.9% | 17.3% | 10.1% | 43.3% | 17.4% |
| EBITDA margin | 20.2% | 19.6% | 19.8% | ||
| Net margin | 7.1% | 2.6% | 4.5% | ||
| Return on equity | 19.0% | 9.9% | 19.5% | ||
| Return on capital employed | 20.8% | 15.9% | 18.7% | 22.9% | 25.5% |
| Return on assets | 5.9% | 2.5% | 4.7% | ||
| Net debt (₹ crore) | 1,252 | 1,291 | 1,410 | ||
| Net debt / EBITDA | 1.09x | 0.82x | 0.75x | ||
| Interest cover | 4.20x | 3.43x | 2.69x | 1.60x | 2.24x |
| Asset turnover | 1.02x | 1.01x | 0.84x | 0.97x | 1.05x |
| Receivable days | 2 | 2 | 17 | 15 | 14 |
| Inventory days (on revenue) | 13 | 13 | 26 | 18 | 12 |
| Payable days (on revenue) | 45 | 40 | 59 | 41 | 39 |
| Cash conversion | 2.53x | 7.87x | 4.42x | ||
| Capex intensity | 10.4% | 16.3% | 15.0% | 10.6% | 10.5% |
| Free cash flow (₹ crore) | 209.6 | -209.8 | 162.0 | 794.9 | 894.8 |
| Dividend payout | 19.8% | 37.4% | 18.9% | ||
| EPS, diluted (₹) | 6.37 | 5.35 | 6.05 | 3.19 | 6.49 |
| Book value per share (₹) | 29.63 | 30.88 | 32.90 | 31.87 | 34.74 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Reported operating EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Reported operating EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Jubilant Foodworks includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Jubilant Foodworks
- Research reportLatest
Same sector
More research in Consumer Cyclical
Maruti Suzuki India Limited
NSE: MARUTI
Consumer Cyclical · Auto Manufacturers
₹11,230.00 last close on 23 Oct 2026 +0.54%Research updated
Mahindra & Mahindra Ltd.
NSE: M&M
Consumer Cyclical · Auto Manufacturers
₹2,861.20 last close on 23 Oct 2026 −0.10%Research updated
Eternal Limited
NSE: ETERNAL
Consumer Cyclical · Internet Retail
₹317.40 last close on 23 Oct 2026 +4.25%Research updated
Bajaj Auto Limited
NSE: BAJAJ-AUTO
Consumer Cyclical · Auto Manufacturers
₹10,072.00 last close on 23 Oct 2026 −0.82%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹3,980.20 last close on 23 Oct 2026 +0.16%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.