JUBLFOOD Q4 FY26 Results Analysis: Revenue Jumps 19%, Margin Expands 70 bps

JUBLFOOD's Q4 FY26 numbers came in soft, with revenue of Rs. 2,499.47 Cr (+19.30% YoY) and PAT growth of +67.30% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

JUBLFOOD delivered strong consolidated revenue growth (19.3% YoY) and margin expansion (+70 bps) but significantly missed Domino's India LFL guidance (0.2% vs 5-7% target). Turkey operations showed strong 9.0% LFL growth, providing diversification. Liquidity concern exists with Rs.14,056 Mn current borrowings requiring refinancing. EBITDA margin trajectory (+20 bps in FY26) remains on track for +200 bps FY28 target, but domestic demand recovery is critical for upside.

Key Investment Insights

Key Positives

• Consolidated revenue grew 19.3% YoY to Rs.24,995 Mn
• EBITDA margin expanded 70 bps YoY to 19.4%
• PAT from continuing operations grew 67.3% YoY to Rs.936 Mn
• Store network expanded to 3,663 stores (+69 in Q4)
• Domino's Turkey LFL strong at 9.0%
• FY26 margin +20 bps on track for +200 bps FY28 target
• Normalized PAT grew 61.8% YoY after removing one-time items
• CFO strong at Rs.18,936 Mn with 1.02x CFO/EBITDA conversion

Risk Factors

• Domino's India LFL 0.2% significantly missed 5-7% guidance
• Current borrowings Rs.14,056 Mn require refinancing within 12 months
• Standalone revenue grew only 6.4% YoY vs consolidated 19.3%
• LFL growth decelerated sharply through FY26 (11.6% to 0.2%)
• Dunkin' exit ongoing with Rs.236 Mn loss in FY26
• Working capital deterioration visible in receivables