Jubilant Foodworks shareholders approved the company’s FY26 financial results and a final dividend of ₹1.2 per equity share at its 31st Annual General Meeting held on August 27, 2026.

The meeting, conducted via video conferencing, saw all resolutions passed with requisite majority. Promoter group members voted in favor of all agenda items, while public institutional investors showed near-unanimous support for the adoption of financial statements and dividend declaration.

Financial Performance Highlights

Consolidated revenue from operations grew 17% to ₹9,513 crore in FY26, compared to a 13% increase in standalone revenue to ₹6,856 crore. The company reported an expansion in consolidated EBITDA margin by 29 basis points, while profit after tax (PAT) margin from continuing operations improved by 97 basis points.

Domino’s India delivered 6.5% like-for-like growth in FY26, building on the 7.5% growth achieved in FY25. The global store network expanded by 351 restaurants to reach 3,636 stores. Monthly active users on customer applications grew 25% to 17 million.

Emerging Brands and International Operations

Popeyes recorded 28% same-store sales growth in FY26, with material improvements in unit economics. Hong’s Kitchen also posted year-on-year improvements across key operating metrics. Internationally, DP Eurasia delivered 29% topline growth with PAT margin improving to 8%. The business repaid all local long-term debt during the year and began upstreaming dividends.

Businesses in Sri Lanka and Bangladesh turned EBITDA profitable for the full year. The share of electric vehicles in the last-mile delivery fleet increased to 67%, up 11 percentage points during the year.

Governance and Voting Results

The Board recommended a total dividend payout of ₹79 crore. Shareholders reappointed Mr. Shamit Bhartia and Ms. Aashti Bhartia as directors upon retirement by rotation. All resolutions were passed under Regulation 30 and 44 of the SEBI Listing Regulations, 2015.

Voting Breakdown

What the Numbers Show

The divergence between consolidated revenue growth (17%) and standalone revenue growth (13%) indicates that international operations and emerging brands contributed disproportionately to top-line expansion. This aligns with the reported 29% growth in DP Eurasia and strong performance from Popeyes, suggesting the multi-brand platform is driving incremental value beyond the core Domino’s India business.

Jubilant Foodworks management provided detailed strategic context to its Q1FY27 financial results during an earnings call held on August 13, 2026. CEO Sameer Khetarpal and CFO Suman Hegde reaffirmed the company’s full-year capital expenditure guidance of ₹7,500 crore to ₹9,000 crore, noting that the profile of this spending has shifted significantly. With large-scale supply chain infrastructure investments largely complete, future capex is now indexed primarily on new store expansion for Domino’s and Popeyes, alongside technology upgrades and selective enhancements to existing stores to improve customer experience.

Popeyes Growth Dynamics

Popeyes continues to serve as a second major growth engine for the group, with revenue surging 97.0% to ₹703 million in Q1FY27. Management attributed the brand’s exceptional like-for-life (LFL) growth of over 40% to three structural factors: superior product quality through better marination and fresh chicken, strong brand building via product innovation such as six flavors of chicken wings, and efficient store execution.

Khetarpal noted that while the current high growth rate is not expected to normalize immediately to single digits, the primary focus remains on increasing average daily sales (ADS). Currently, seven cities have reported ADS exceeding ₹100,000 for the full quarter, surpassing the company’s internal benchmark. The company aims to build Popeyes into a ₹1,000 crore brand within three to four years, targeting 35–40 new store additions annually. However, achieving EBITDA profitability remains a key challenge due to high marketing costs associated with scaling the brand from approximately ₹100 crore in revenue.

Reviving Dine-In and Take-Away

To address softness in the Dine-In and Take-Away (DITA) channel, the company has implemented a three-pillar strategy under dedicated leadership. This involves segmenting stores based on location type—such as high streets, malls, and university campuses—and focusing on service basics like speed and accuracy.

The second pillar involves targeted offers to acquire new customers, including "Best Deals Ever Wednesday," which features exclusive in-store promotions. The third pillar focuses on differentiated menu items for solo occasions with ticket sizes below ₹250. Management indicated that this segment saw the maximum drop in frequency due to aggregator minimum order values falling to ₹99 and ₹49. Early results show a reversal of the declining trend on Wednesdays, though management emphasized that stopping the bleed is the immediate goal before pursuing sustainable growth.

Cost Inflation and Pricing Power

Management addressed significant headwinds from cost inflation, estimating a total impact of approximately 200 basis points on margins. This included 120 basis points from LPG price hikes, alongside increases in minimum wages across 14–15 states, rising labor costs due to new labor code notifications, and higher logistics costs driven by petrol and diesel prices. Commodity inflation, particularly in cheese, oil, and chicken, added further pressure.

To mitigate these impacts, the company implemented calibrated price increases totaling approximately 100–110 basis points prior to the quarter, with additional increases taken during the period. Combined with efficiency gains in waste reduction and smart buying, these measures restricted the net margin headwind to just 20 basis points. Khetarpal confirmed that the company retains further pricing flexibility if cost pressures intensify, marking a shift in stance from previous quarters where internal efficiencies were prioritized exclusively.

Free Cash Flow and Capital Allocation

The company reiterated its commitment to free cash flow maximization through dynamic capital allocation. Hegde highlighted that free cash flow turned positive in FY26 after a dip in FY24-FY25. With supply chain capex peaking, the focus is now on deploying capital into high-return, revenue-generating assets. The company exited the Dunkin’ brand and paused investments in Hong’s Kitchen to redirect capital toward higher-ROI businesses. Management tracks return on capital employed (ROCE) and earnings per share as key metrics, viewing free cash flow as an input to these broader performance indicators rather than an end goal in isolation.

What the Numbers Show

The divergence between top-line growth and bottom-line results highlights the impact of strategic infrastructure investments. While standalone EBITDA grew 10.2% to ₹3,597 million, standalone PAT from continued operations fell 1.0% to ₹728 million. This was primarily driven by a 13.5% increase in depreciation to ₹1,999 million, reflecting the full-quarter impact of the new Mumbai Supply Chain Centre commissioned in FY26. Management indicated that these investments are largely complete for the medium term, suggesting future earnings leverage as throughput increases.

The discontinued operations related to the Dunkin' brand resulted in a net loss of ₹32 million for the quarter, an improvement from the loss of ₹68 million in the prior year. Consequently, total consolidated PAT rose 6.0% to ₹1,000 million.