Jubilant FoodWorks, the company that runs Domino’s Pizza locations in India (and selected markets abroad), delivered a remarkable performance in the April–June quarter of the 2025–26 financial year. Profit attributable to owners increased by around 64 percent compared to the same quarter last year, reaching approximately ₹91.8 crore. Revenue also rose by about 17 percent, bringing in close to ₹2,260 crore. This strong showing exceeded market expectations and reflected solid demand.
A significant part of this growth came from more people ordering via delivery. Same-store sales grew 11.6 percent, fueled by a substantial 20.1 percent increase in deliveries. In response, the company offered free home delivery on its own app, which encouraged repeat orders and expanded its customer base. Keeping prices stable for many months also helped attract budget-conscious diners who looked for value and convenience. At the same time, Domino’s India continued to focus on ensuring fast turnaround – approximately 20-minute delivery times in major cities helped maintain customer satisfaction with speed.
On the margin front, EBITDA (operating profit before depreciation, interest, taxes, and amortization) margin stood at 19.4 percent. This was slightly lower than the 19.8 percent margin recorded in the same quarter last year. The small drop reflected higher delivery volumes and more spending on maintaining service speed and value — a strategic trade-off where growth is being prioritized now, with hopes of earning stronger margins in the future.
While many players in the affordable dining category struggled in the same period, Jubilant FoodWorks stood out. Competitors such as those operating Pizza Hut had same-store sales declines. In contrast, Domino’s India delivered double-digit growth, helped by a strong digital ordering base, consistent pricing, and efficient execution of delivery service. This made the company an exception in what otherwise was a slow period for low-cost dining chains.
Scale helped bolster performance. The total number of stores rose to 3,387 by the end of the quarter, including 58 new outlets in India and a few others in Turkey and Bangladesh. Revenue from India rose by 18.2 percent, with Domino’s India specifically growing 17.7 percent. Expansion into new markets and formats is part of the longer-term growth strategy. The company has an ambitious aim to grow Domino’s outlets in India to around 3,000, and expand its Popeyes restaurants to between 200 and 250 within three years. The plan also focuses on opening locations in smaller cities for Domino’s and continuing to grow Popeyes in both metropolitan and tier-II cities.
Beyond India, Jubilant FoodWorks gained full control of DP Eurasia, the firm that runs Domino’s in Turkey, Azerbaijan, and Georgia. Turkey’s performance now plays a more significant role in the group’s consolidated earnings. However, frequent and rapid depreciation of the Turkish lira adds volatility when converting activity into Indian rupees. As a result, consolidated year-on-year comparisons are not fully like-for-like because of this new ownership and differing accounting standards.
This strong result is not an isolated event. In the previous quarter (Q4 of fiscal year 2024–25), the standalone (India-only) business reported a nearly 93 percent increase in net profit, along with a 19 percent rise in revenue. Those results, combined with the latest performance, point to a consistent recovery in the domestic business, reinforced by structural improvements in delivery and digital infrastructure.
Upon this earnings release, the share price rose by about 4 to 5 percent in early trading. Analysts issued mixed outlooks. Nuvama continued to rate the stock a “Buy,” although with a lower price target of approximately ₹811. Avendus maintained an “Add” rating with a target price of around ₹700. Motilal Oswal stayed neutral, suggesting a fair value of about ₹725. These varied views reflect a balance between optimism about growth prospects and caution about current valuation levels.
Valuation metrics, such as EV/EBITDA multiples, currently place the company near 24 times for fiscal year 2025–26 estimates and about 20 times for fiscal year 2026–27 estimates. These are not cheap multiples by sector standards, but they are not unusually high either. For the stock to appreciate further, continued operating leverage, creative new brand performance (like Popeyes), and stable performance in Turkey are essential.
Despite strong momentum, some risks should be watched. First, heavy reliance on free deliveries and delivery growth might pressure margins until scale benefits kick in. Any dip in order density or delivery volume could delay margin improvement. Second, earnings from Turkey may continue to fluctuate due to currency devaluation and macro instability, potentially overshadowing positive trends from India. Third, growth and service consistency will demand more investments, perhaps by opening more despatch-focused “dark stores” or increasing splits between delivery and dine-in operations. This could compress margins in the near term if not managed carefully.
The 64 percent profit jump is not simply a headline number—it reflects real operational strength built on delivery, affordability, and technology. Expanded store count, healthy same-store growth, and a growing tech moose help make the business more resilient.
Yet, these gains do not automatically make it a “must-buy.” Margins remain under pressure from aggressive investment, and international exposures add complexity. For long-term investors seeking leadership in quick service restaurants with execution strength and digital depth, gradually accumulating shares could be a thoughtful approach—especially if dips arise or if earnings momentum continues into future quarters. Shorter-term investors may want to track unfolding margin trends, delivery volumes, and macro developments in Turkey before firming up positions.
In summary, Jubilant FoodWorks is showing clear signs of operational progress and delivery innovation. Whether this qualifies as a full-throated buy signal depends on confidence in future margin recovery, international stability, and continued delivery growth.