Jubilant FoodWorks: ₹2,261 Cr Quarter, 160x P/E — Because Apparently Pizza Slices Are Priced in Gold Flakes
1. At a Glance
Q1 FY26 saw Jubilant clock ₹2,261 Cr in revenue, up 17% YoY, with a PAT of ₹94 Cr — a sizzling 61.7% YoY jump. That’s the good news. The bad news? At 160x P/E, you’re paying like it’s a Michelin-starred truffle pizza, but getting Domino’s “30 minutes or free” delivery. Margins are steady at ~19%, so at least the cheese isn’t melting off the balance sheet.
2. Introduction
Jubilant is India’s QSR emperor — running Domino’s in seven countries, Popeyes for your Cajun cravings, Dunkin’ for sugar rushes, and Hong’s Kitchen for that one friend who insists on ordering noodles at a pizza joint.
This is not a “restaurant company” — it’s a logistics-tech-marketing-beast disguised as a pizza shop. They’re also slowly becoming an international snack cartel — thanks to DP Eurasia and its “COFFY” brand in Turkey.
3. Business Model (WTF Do They Even Do?)
Franchise King: Master rights for Domino’s in India, Sri Lanka, Bangladesh, Nepal, Turkey, Azerbaijan, Georgia.
D2C Expansion: App-first ordering, loyalty programs, delivery fleet optimization — think of them as Swiggy, but for their own food.
Menu Engineering: New product drops keep sales fresh — peri-peri chicken pizzas to paneer makhani pastas.
4. Financials Overview
Metric
Q1 FY26
Q1 FY25
Q4 FY25
YoY %
QoQ %
Revenue (₹ Cr)
2,261
1,933
2,103
17.0%
7.5%
EBITDA (₹ Cr)
438
380
389
15.3%
12.6%
PAT (₹ Cr)
94
58
49
61.7%
91.8%
EPS (₹)
1.39
0.85
0.73
63.5%
90.4%
Commentary: Growth is back after a couple of sluggish quarters. QoQ PAT almost doubled — not because the world suddenly loves pizza more, but partly due to efficiency
