1. At a Glance
Q1 FY26 saw Jubilant clock ₹2,261 Cr in revenue, up 17% YoY, with a PAT of ₹94 Cr — a sizzling61.7% YoY jump. That’s the good news. The bad news? At160x 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 — runningDomino’sin seven countries,Popeyesfor your Cajun cravings,Dunkin’for sugar rushes, andHong’s Kitchenfor 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 toDP Eurasiaand 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.
- Multi-brand Spread:Popeyes (fried chicken), Dunkin’ (coffee & donuts), Hong’s Kitchen (Chinese), COFFY (Turkey café market).
- 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 improvements and maybe fewer discount coupons.
5. Valuation (Fair Value RANGE Only)
Method
1 – P/E
- EPS (TTM) ≈ ₹3.74
- Sector fair P/E range: 80x–110x for premium QSR plays.
- FV range: ₹299 – ₹411
Method 2 – EV/EBITDA
- EBITDA (TTM) ≈ ₹1,625 Cr
- Net Debt ≈ ₹4,372 Cr borrowings – ₹1,668 Cr CFO cash ≈ ₹2,704 Cr
- EV ≈ ₹44,900 Cr
- Current EV/EBITDA ≈ 27.6x; fair range 20x–25x → FV range: ₹464 – ₹580
Method 3 – DCF
- Base FCF ≈ ₹850 Cr, growth 12%, discount rate 11% → FV range ≈ ₹500 – ₹620
📌Final FV Range:₹300 – ₹620 (Educational purposes only, not investment advice). The current ₹640 is hugging the ceiling.
6. What’s Cooking – News, Triggers, Drama
- Russia Exit Complete:Sale of Russian subsidiary executed — one less geopolitical headache.
- Popeyes Expansion:Aggressive store rollout; targeting Tier-1 and Tier-2 cities.
- Menu Innovation:More regional flavors in Domino’s; Popeyes experimenting with Indian spice blends.
- ESOP Scheme 2025:50 lakh options approved — either to retain top talent or
