Jubilant FoodWorks Ltd Q2FY26 – From Pizzas to Popeyes, This Kitchen is Cooking a Billion-Dollar Buffet (with a Side of Debt)

1. At a Glance

Once upon a time, pizza was exotic. Now it’s a survival necessity during IPL matches, college heartbreaks, and “boss not approving leave” moments. Standing tall in that emotional chaos isJubilant FoodWorks Ltd (JFL)— India’s QSR monarch with the holy trinity ofDomino’s, Popeyes, and Dunkin’ Donutsruling your cravings like a benevolent food dictator.

With amarket cap of ₹39,007 croreand acurrent price of ₹591, the company’s stock has been behaving like a confused pizza delivery guy stuck in traffic —down 4.52% over 3 monthsand-3.57% over the year, even though revenue has grown 48% YoY (thanks to its Turkish expansion via DP Eurasia).

In theBhagavad Gita, Lord Krishna says,“You have a right to perform your duty, but not to the fruits of your actions.”JFL clearly took that too literally — they keep opening new stores and innovating tech, yet the market gives them no pizza (or peace).

Key Financial Karma this quarter:

• Revenue:₹2,340 Cr (up 19.7% YoY)
• PAT:₹105 Cr (up 52.6% YoY)
• EPS:₹2.82
• P/E:A divine130x— enlightenment-level valuation.
• ROE:10.4%
• Debt:₹4,564 Cr, up like cheese prices.

The quarter shows a company that’s scaling faster than your cheat day calories, but returns still need more sauce. Hungry for details? Let’s slice through it all.

2. Introduction

When a company’s delivery fleet of45,000 ridersmoves faster than its share price, you know something’s off — or maybe the pizza got cold. Jubilant FoodWorks has spent the last decade turning “30 minutes or free” into a national religion.

From the first Domino’s store in Delhi in 1996 to2,981 Domino’s outlets across India and international territories, JFL now serves pizzas inSri Lanka, Bangladesh, Nepal, Turkey, Azerbaijan, and Georgia. That’s right — an Indian company now delivers hot cheese in the Caucasus mountains.

The acquisition ofDP Eurasiawas their biggest move — worth ₹1,200 crore — bringing730 Domino’s stores and 152 COFFY cafésunder the JFL umbrella. Imagine importing an entire pizza empire while inflation is importing your salary cuts.

But JFL isn’t stopping there. It’s sprinkling pepperoni across cuisines:

• Popeyesfor fried chicken lovers.
• Dunkin’for coffee and doughnut veterans.
• Hong’s Kitchenfor desi-Chinese addicts.
• COFFYfor caffeine-fueled Istanbul hipsters.

They even launchedElate, India’s first Android-based POS system — because why not build your own tech when you already build everything else?

So, is Jubilant FoodWorks India’s McDonald’s-in-making, or is it stretching itself thinner than a crust in a cost-cutting meeting? Let’s find out.

3. Business Model – WTF Do They Even Do?

Think of JFL as India’s“Fast Food Infrastructure Company.”

Its job is not just to sell pizzas or donuts — it’s tooperate franchises, manage supply chains, run tech systems, and monetize hungry millennialsacross 9 countries.

Here’s the pizza pyramid:

• Domino’s: 75%+ of total revenue, pure cash cow. It’s the benchmark for QSR efficiency, with 20-minute delivery and 12 million app downloads per quarter.
• Popeyes: Spicy, premium, and still small — but growing fast with 58 stores. The Cajun chicken brand gives JFL entry into a ₹50,000 crore fried chicken market dominated by KFC.
• Dunkin’: India’s longest-running coffee disappointment that’s finally finding its identity as a compact coffee-on-the-go format.
• Hong’s Kitchen: The onlyChinese QSRin India, slowly adding stores but positioned well in tier-1 cities.
• COFFY (Turkey): JFL’s first non-pizza experiment abroad — and the 8th largest café chain in Turkey.

Add to that theirBangalore Food Park, an 18-acre commissary that can supply ingredients for 750 Domino’s and 300 other stores — making JFL more vertically integrated than your salary slip deductions.

Revenue mix leans towardsIndia (Domino’s India)