Jubilant Foodworks LimitedConsumer GoodsJUBLFOOD
Q1 FY27 concall · earnings callJubilant Foodworks Limited
The quarter was defined by Popeyes becoming a second growth engine with 45% LFL growth, while Domino's core business delivered 2.5% LFL growth against a high base and management focused on reversing the dine-in trend.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Domino's LFL Growth | 2.5% | — | |
| Popeyes LFL Growth | 45% | — | |
| Consolidated Gross Margin | 75.5% | — | |
| FY27 Capex Guidance | ₹750 Cr to ₹900 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,150.76 Cr+56.1% YoY+10% QoQ | ₹43.24 Cr-34.2% YoY-35% QoQ | ₹0.74-26% YoY-29.5% QoQ |
| Q2 FY25 | ₹1,954.72 Cr+42.8% YoY+1.1% QoQ | ₹66.53 Cr-31.6% YoY+14.7% QoQ | ₹1.05-28.6% YoY+18% QoQ |
| Q1 FY25 | ₹1,933.06 Cr+44.8% YoY+22.9% QoQ | ₹58.02 Cr+100.6% YoY-72.1% QoQ | ₹0.89+102.3% YoY-71.7% QoQ |
| Q4 FY24 | ₹1,572.80 Cr+23.9% YoY+14.1% QoQ | ₹208.25 Cr+629.7% YoY+216.9% QoQ | ₹3.15+632.6% YoY+215% QoQ |
| Q3 FY24 | ₹1,378.12 Cr+3.5% YoY+0.7% QoQ | ₹65.71 Cr-18.2% YoY-32.4% QoQ | ₹1.00-18% YoY-32% QoQ |
TL;DR
- Domino's LFL grew 2.5% in Q1 FY27, on a high base of 11.6% a year ago.
- Popeyes LFL accelerated to 45%, driven by superior product, strong store execution, and marketing.
- Management is executing a three-pillar playbook to reverse the dine-in and takeaway decline, including store segmentation, specific offers, and differentiated menu.
- EBITDA margin expansion target of 200 bps remains, with half expected from Domino's and half from emerging brands; Popeyes is ahead of track.
- Capex guidance for FY27 is maintained at INR 750-900 crores, focused on new store expansion for Domino's and Popeyes, and technology.
Said on the call
“Popeyes definitely has become a second growth engine for Jubilant FoodWorks.”
From the Q&A
| Topic | What management said |
|---|---|
| Popeyes Growth Acceleration | Management attributed the acceleration from 9.2% to 45% LFL growth to a superior product (fresh chicken, better marination), strong store execution, and differentiated marketing/culinary story (e.g., 6 flavors of chicken wings). |
| Employee Cost Per Store | While personnel costs increased 12-15.6% YoY, per-store costs were managed down through improved in-store productivity (orders per hour) and supply chain leverage, despite wage inflation and minimum wage hikes. |
| Dine-in Strategy | A dedicated channel team is segmenting stores, focusing on basics (speed, quality), specific in-store offers like 'Best Deals Ever Wednesday', and a differentiated menu for solo occasions to stop the decline in dine-in/takeaway. |
| LFL Growth Outlook | Management believes Q2 FY27 will be better than Q1 FY27 and the endeavor is to achieve the 5%-7% LFL growth guidance as bases correct, citing a two-quarter average of ~14.1%. |
| Popeyes Profitability Goals | The next challenge is achieving EBITDA profitability; while gross margin is improving and restaurant-level profitability is seen in some stores, marketing costs are high as the brand scales from ~INR 100 crores to a INR 1,000 crores target. |
| Free Cash Flow & Capital Allocation | Capital is being allocated to high-ROI businesses (Domino's, Popeyes store expansion) over lower-ROI ones (Hongs, Dunkin'); free cash flow turned positive in FY26 and the focus is on maximizing return on capital and earnings per share. |
| Margin Headwinds and Pricing | Headwinds include LPG (120 bps impact last quarter), labour inflation, and commodity costs (cheese, oil). The team is using internal efficiencies, smart buying, and calibrated price increases to manage, retaining flexibility for more hikes if needed. |
| Impact of Minimum Order Value (MOV) Drop | Moving to a INR 99 MOV was a lagging action to match aggregators, creating a level playing field but a headwind to EBITDA as it adds variable cost to a lower order value; volume must grow materially to offset this. |
Guidance
- Endeavor to achieve 5%-7% LFL growth for Domino's as bases correct, with Q2 FY27 expected to be better than Q1 FY27.
- Capex for FY27 guided to be in the range of INR 750 crores to INR 900 crores.
- Target to expand EBITDA margin by 200 bps, with roughly half expected from Domino's and half from emerging brands (Popeyes is ahead of track).
Source
Summary written from the transcript filed by Jubilant Foodworks Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 17:26 IST.
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