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🏢 Company Overview
Jubilant FoodWorks Ltd. (JFL) is India’s largest QSR operator managing Domino’s Pizza, Popeyes, Dunkin’, and COFFY. With deep tech integration and operational strength, JFL concluded FY25 with a total of 3,316 stores across India and five international markets.
📈 Q4 FY25 Financial Highlights
Revenue ₹15,872 Mn 🟢 +19.1% YoY
EBITDA ₹3,056 Mn 🟢 +19.7% YoY | EBITDA Margin 19.3%
PAT ₹495 Mn 🟢 +31.5% YoY | PAT Margin 3.1%
EPS ₹0.74 🟢 vs ₹0.57 YoY
Delivery Revenue 🟢 +27.1%
Like-for-Like Growth (Domino’s) 🟢 12.1%
Mature Store ADS ₹84,011
📅 FY25 Full-Year Performance
Metric FY25 YoY Growth Consolidated Revenue ₹81,417 Mn 🟢 +44.0% Standalone Revenue ₹61,047 Mn 🟢 +14.3% EBITDA ₹11,807 Mn 🟢 +7.8% PAT ₹1,941 Mn 🔴 -17.0% EPS ₹3.41 🔴 vs ₹3.52
🛒 Network & Segmental Insights
India Stores 2,304 (Domino’s 2,179)
International Stores 763
Net Additions in FY25 🟢 +325 Stores
City Presence Expanded to 475 🟢 +54 new cities
📊 Income Snapshot (₹ Mn)
Metric Q4 FY25 FY25 YoY Trend Revenue ₹15,872 ₹61,047 🟢 +14.3% EBITDA ₹3,056 ₹11,807 🟢 +7.8% PAT ₹495 ₹1,941 🔴 -17.0% PAT Margin 3.1% 3.2% 🔴 Decline EPS (₹) ₹0.74 ₹3.41 🔴 Lower YoY
⚙️ Key Financial Ratios (Standalone)
Debt-to-Equity 0.60 🔴 Higher than FY24
Current Ratio 1.12 🟢 Stable
PBV (Price to Book) 4.27x 🟢 Valuation Correction
Trade Receivables ₹3,301 Mn 🔴 +25% YoY
💸 Cash Flow Summary (₹ in Mn)
CFO (Operating) ₹16,680 🟢 Strong Growth
CFI (Investing) ₹-8,500 🟢 Reduced Outflow
CFF (Financing) ₹-8,495 🔴 Shift to repayments
Net Cash Flow ₹-315 🔴 Negative balance
🛠 Operational & Digital Innovation
Big Big Pizza launched with 6-flavor slices
ELATE Android-based PoS deployed
App MAUs 13.1 Mn 🟢 +17% YoY
Loyalty Members 33.7 Mn 🟢 Expanding base
🔮 FY26 Outlook & Strategic Direction
India Expansion planned 250 stores
Turkey Expansion planned 30–50 stores
Focus areas include dual product innovation, operating efficiency, digital ordering, and scaling Popeyes and COFFY brands
📘 Valuation Update
CMP ₹680
EPS FY25 ₹3.41
P/E Ratio 199.1x 🔴 Very High
Book Value per Share ₹159.26
P/BV Ratio 4.27x 🟢 Below 5-year average
🔍 Long-Term Watchlist for Investors
PAT margin expansion above 5 percent
Consistent SSSG above 10 percent YoY
Positive free cash flow trend
Scaling contribution from Popeyes and COFFY
ROE improvement and steady dividend payout
🧠 Key Investor Takeaways
🟢 Strong leadership in Indian QSR delivery segment
🟢 Growing digital and loyalty-driven customer base
🟢 Efficient cash generation despite expansion🔴 Valuation premium not yet backed by earnings growth
🔴 Negative free cash flow and high P/E
🔴 Margin pressures in international operations
📢 Disclaimer
This report is for educational purposes only. It is not investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.
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