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Informist, Monday, Feb. 9, 2026

By Gunjan Rajput

 

MUMBAI – Jubilant FoodWorks Ltd.'s year-on-year revenue growth in the December quarter is expected to be the slowest in five quarters, even as net profit is seen rising on higher gross margin and improved operating leverage, according to analysts.

 

The company's net profit is expected to be INR 822 million, up around 25% on year from INR 658 million, according to the average of estimates from six brokerages. Sequentially, the net profit is expected to be up nearly 29%. The highest estimate for net profit is INR 879 million from Kotak Securities Ltd., while the lowest is INR 721 million from Nirmal Bang Equities Pvt. Ltd.

The net profit is expected to rise for the December quarter despite a lower tax rate in the base quarter, Kotak Securities said.

 

The company's standalone revenue is expected to be INR 18.13 billion, up around 13% on year from INR 16.11 billion, according to the average of estimates. Sequentially, revenue is expected to be up 7%. The highest revenue estimate is INR 18.45 billion by Motilal Oswal Financial Services Ltd. and the lowest is INR 18.00 billion by Kotak Securities.

The expected growth marks a slowdown from the 16–19% year-on-year increase the company has reported in the preceding four quarters, as like-for-like sales growth moderated during the December quarter.

 

Dominos India recorded like-for-like growth of 5% during the December quarter. Brokerages have largely pegged like-for-like growth at 5–6%, significantly lower than the 9–12% seen in the previous three quarters, reflecting the high base effect and moderation in order frequency, even as store additions continued to support the top line.

The company's earnings before interest, taxes, depreciation, and amortisation are estimated at INR 3.37 billion, up about  8% on year, according to the average of estimates. Sequentially, the EBITDA is expected to be nearly flat. The highest EBITDA estimate is INR 3.68 billion from Motilal Oswal, and the lowest is INR 2.34 billion from Kotak Securities.

 

Kotak estimates the EBITDA at INR 2.34 billion, a 17% year-on-year rise, but on a pre-Indian Accounting Standard basis. Under the old accounting norm, rent expenses were included in operating expenses in the profit and loss account, which would tend to deflate EBITDA. The Ind-AS norm does away with the distinction between operating and financing leases. As such, all leases are treated as capital assets, and companies have to book interest on the lease liability in the profit and loss statement and depreciation on assets to which they have a right-of-use. This tends to inflate EBITDA. Nirmal Bang estimates a more modest 10.6% year-on-year increase in the company's EBITDA.

The EBITDA margin is expected to improve 60–90 basis points year-on-year and quarter-on-quarter, boosted by gross margin expansion and improved operating leverage, according to Kotak Securities. Motilal Oswal and Nuvama Wealth Management Ltd. also expect modest margin expansion, supported by stable raw material costs, benefits from the Goods and Services Tax cut, and productivity gains. However, Nirmal Bang expects the EBITDA margin to contract by about 20 basis points.

 

During the quarter, the company added 75 Domino's India stores, bringing its network to 2,396 outlets. Jubilant FoodWorks will disclose its earnings Tuesday. The stock has fallen nearly 11% since the company reported its September quarter results. Monday, the shares ended at INR 548.35 on the National Stock Exchange, up 0.8%.

 

Of the eight brokerage reports on the company available with Informist, six have a 'buy' recommendation, with an average target price of INR 752. This is over 37% higher than the current market price. Two brokerages have a 'hold' recommendation with a target price of INR 640 per share.

 

The following are the December quarter earnings estimates for Jubilant FoodWorks from six brokerages in descending order of the estimate of net profit in INR million:

 

Brokerages	Net Sales	Net Profit	EBITDA
Kotak Securities Ltd	17,998	879	2,340
Motilal Oswal Financial Services Ltd	18,447	876	3,680
Elara Securities (India) Pvt Ltd	18,140	862	3,592
Nuvama Wealth Management Ltd	18,173	819	3,608
Prabhudas Lilladher Pvt Ltd	18,012	774	3,548
Nirmal Bang Equities Pvt Ltd	18,015	721	3,459
Average	18,131	822	3,371

 

 

End

 

 

Edited by Saji George Titus

 

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