Q2 FY27 results analysis · November 06, 2026
Jubilant Foodworks Ltd (JUBLFOOD) Q2 FY27 Results Analysis: PAT Slips 43% on Base Effect, Consolidated Margin Compresses 83 bps
−42.7%PAT year on year, Rs. 111.59 Cr
Source: Quarterly results filing (BSE)
Quick summary
Jubilant Foodworks Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,607.89 Cr (+11.85% YoY) and PAT growth of -42.66% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,607.89 Cr (+11.85% YoY) |
| PAT (Q2) | Rs. 111.59 Cr (-42.66% YoY) |
| EBITDA margin | 19.68% (-83 bps YoY) |
| EPS (Q2) | Rs. 1.64 (-41.84% YoY) |
Quarter Snapshot
Jubilant FoodWorks delivered 11.85% consolidated revenue growth with Domino's India LFL of +4.1% meeting management's guidance that Q2 would beat Q1, and standalone EBITDA margin expanded 16 bps YoY to 19.76% despite ~200 bps flagged inflation. The headline 42.66% PAT decline is a base effect of the prior-year Rs.84.70 crore Russia disposal gain; the real watch item is consolidated margin compression of 83 bps YoY from international/other-expense pressure, with LPG tailwinds reversing from September.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Consolidated revenue | "Ahead" — demand tailwinds (GST collections +14.7–15.4% YoY monthly; QSR category +15% in August) | +11.85% YoY to Rs.2,607.89 crore | Played out |
| Standalone margin | Net inflation impact "near the ~20 bps achieved in Q1"; LPG cuts through August | +16 bps YoY to 19.76% | Played out |
| Domino's India LFL | "the provisional +4.1% LFL delivers the guided 'Q2 better than Q1'" | +4.1% | Played out |
| Eurasia | "(2.1)% post Ind AS 29 keeps the international read soft" | No Eurasia P&L in filing; LFL (2.1)% provisional — as expected | Played out |
| FCFF trajectory | Positive vs FY26 base ~Rs.247 crore | +Rs.158.62 crore in H1 — annualizing below FY26 | Played out |
| LFL quality split (price vs volume) | Open for the call | Not addressed in the filing | Not observable |
| Eurasia FY27 PAT margin; succession plans | Open for the call | Not addressed in the filing | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Domino's India LFL: "Q2FY27 will be better than Q1FY27" (2.5%) | Q1FY27 earnings call | +4.1% (provisional business update, Oct 7, 2026) | Met |
| Net inflation impact limited to ~20 bps on standalone EBITDA margin (vs ~200 bps flagged) | Q1FY27 earnings call (CFO margin bridge) | +16 bps YoY (19.76% vs 19.60%) | Met |
| 1,000 India store openings across FY26–FY28, "on track" | Q1FY27 communications | 108 net adds in Q2; 3,820 group stores (provisional update) | On Track |
| Positive free cash flow | Q1FY27 earnings call (CFO) | FCFF +Rs.158.62 crore in H1 (company definition) | On Track |
| DP Eurasia FY27 PAT margin 7%–9% | Q1FY27 shareholder communication | Not derivable from this filing (no Eurasia P&L disclosed) | Too Early |
| Popeyes Rs.1,000 crore brand in 3–4 years; mature-store ADS ≥Rs.100K | Q1FY27 earnings call (CEO) | Not derivable from this filing | Too Early |
| Inflation containment via 140 bps pricing + productivity ("year-on-year impact limited to approximately 20 bps") | Q1FY27 earnings call | Standalone EBITDA margin +16 bps YoY and +30 bps QoQ; gross margin +110 bps YoY | Confirmed |
| "Q2FY27 will be better than Q1FY27" on LFL | Q1FY27 earnings call | LFL +4.1% vs 2.5% | Confirmed |
| Dine-in (DITA) turnaround: "order volumes have stabilised" | Prior-quarter management commentary | No channel-level KPI in the filing | Too Early |
Key Numbers, Quarter by Quarter
| Metric | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Domino's India LFL | +5.0% | +0.2% | +2.5% | +4.1% |
| Group stores (end) | 3,594 | 3,636 | 3,712 | 3,820 |
Key Investment Insights
Key Positives
- Consolidated revenue grew 11.85% YoY to Rs.2,607.89 crore; standalone revenue grew 11.53% YoY to Rs.1,885.00 crore
- Domino's India LFL of +4.1% met management's guidance that Q2 would beat Q1's 2.5%
- Standalone EBITDA grew 12.43% YoY with margin up 16 bps YoY and 30 bps QoQ to 19.76%; gross margin +110 bps YoY to 75.49%
- Standalone gross margin expanded 71 bps YoY at consolidated level (72.29% vs 71.58%) as materials costs grew 9.05% vs revenue +11.85%
- Reported total PAT decline of 42.66% YoY is a base effect of the prior-year Rs.84.70 crore Russia disposal gain; normalized PAT grew 1.54% (owners' +6.49%)
- H1 FCFF positive at Rs.158.62 crore (company definition); CFO/EBITDA 0.96x
- Borrowings reduced to Rs.1,650.68 crore from Rs.1,745.23 crore at March 2026 while funding Rs.485 crore H1 capex
- Dunkin' wind-down drag narrowed to Rs.(2.32) crore after tax vs Rs.(3.47) crore a year ago
Risk Factors
- Consolidated EBITDA margin compressed 83 bps YoY to 19.68% as other expenses grew 16.87% YoY vs revenue +11.85%
- Normalized consolidated PAT growth of +1.54% badly lags revenue growth of +11.85%
- Eurasia LFL was negative at (2.1)% post Ind AS 29, with international pressure visible in the consolidated margin gap
- LPG cost tailwind reversed into consecutive hikes from September, removing Q3 energy-cost support
- Share-based payment expense rose 104.2% YoY to Rs.24.17 crore in H1
- CIO and EVP–Supply Chain exits with no succession plans disclosed
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.