1. At a Glance – The 108x Pizza Premium
Jubilant FoodWorks Ltd is currently priced at ₹541 with a market cap of ₹35,750 crore. The stock trades at a spicy 108x P/E, 16.5x book value, and an EV/EBITDA of 21.6. ROCE stands at 13.1% and ROE at 10.4%.
Quarterly revenue just clocked ₹2,437 crore with PAT at ₹73 crore. Sales grew 13.3% YoY and profit jumped 61.2% YoY. Sounds impressive? Wait till you see interest cost at ₹104 crore for the quarter.
Return over last 3 months? -12.1%.
One-year return? -15.6%.
So the market is basically saying:
“Nice growth, but at this price, show me magic.”
Is this India’s most expensive pizza slice? Or is this just the early innings of a multinational QSR empire being built from India to Turkey?
Let’s open the pizza box layer by layer.
2. Introduction – From 30 Minutes to 108x P/E
If you’ve ordered pizza in India in the last 15 years, chances are it came from a store operated by Jubilant.
They run Domino’s Pizza, Popeyes, Dunkin’ Donuts, Hong’s Kitchen, and now even COFFY via its Turkey acquisition.
This isn’t just a pizza company anymore.
It’s a food platform.
In February 2024, they acquired 94% stake in DP Eurasia for ₹1,200 crore — bringing 730 Domino’s stores in Turkey, Azerbaijan and Georgia into the fold.
Translation?
They now sell pizza from Mumbai to Istanbul.
But here’s the real drama:
- Debt stands at ₹4,564 crore
- Debt-to-equity is 2.11
- Interest coverage ratio is just 2.16
This isn’t a cash-light tech startup. This is a highly leveraged food retailer.
And yet, investors are paying 108x earnings.
Why?
Because QSR is aspirational. Because urban India eats out more. Because Domino’s has brand recall stronger than your neighbourhood MLA.
But does growth justify valuation?
Let’s break it down.
3. Business Model – WTF Do They Even Do?
At its core, Jubilant is a master franchise operator.
They don’t own Domino’s globally. They own the rights to operate it in specific countries.
Domino’s
3,179 stores in Q2FY26 vs 2,793 in FY24.
Core revenue engine.
Popeyes
68 stores in Q2FY26 vs 42 in FY24.
Chicken attack underway.
Dunkin’
28 stores. Shrinking from 31 earlier.
Coffee dreams, Indian reality.
Hong’s Kitchen
33 stores.
Chinese QSR experiment.
COFFY
172 stores in Q2FY26 vs 97 in FY24.
Turkey caffeine business.
They also operate:
- 8 commissaries
- 2 distribution centres
- 45,000+ riders
- 8 customer apps
- 12 million+ app downloads per quarter
- 30 million+ loyalty enrollments
They even launched “Elate” — India’s first Android-based POS system for foodservice.
Question:
Is this a food company or a tech-enabled logistics company that happens to sell pizza?
4. Financials Overview – The Quarterly Scorecard
EPS:
- Jun 2025: ₹1.39
- Sep 2025: ₹2.82
- Dec 2025: ₹1.07
Average = (1.39 + 2.82 + 1.07) / 3 = 1.76
Annualised EPS
