Jefferies raises Jubilant FoodWorks target to ₹650 as Popeyes revenue doubles

Jefferies retained its Buy rating on Jubilant FoodWorks, citing a Domino’s India recovery, 58 net store additions and strong Popeyes momentum. Popeyes revenue doubled year-on-year, while the chain added 10 outlets to reach 88 stores.

— Source published Sun, 16 Aug, 2026, 09:57 IST · First seen Sun, 16 Aug, 2026, 10:21 IST · Source Financial Express · BrandWagon

What happened

Jefferies retained Buy on Jubilant FoodWorks and lifted its target to Rs 650, citing improving Domino's India demand, store additions and upgrades, and Popeyes'

Key facts

  • Jefferies target price: Rs 650, raised from Rs 600
  • Target implies nearly 34% upside
  • Domino's India LFL growth: 2.5% YoY in Q1
  • Domino's India revenue growth: about 7% YoY
  • Domino's India added 58 net new stores; total network: 2,513 outlets
  • Sub-Rs 250 menu launched
  • Around 400 Domino's stores identified for upgrades
  • Adjusted standalone EBITDA: Rs 220 crore, up 7% YoY
  • Pre-Ind AS EBITDA margin: 12.1%
  • Medium-term adjusted EBITDA-margin expansion target: about 200 bps
  • Popeyes LFL growth: 45%
  • Popeyes revenue doubled YoY
  • Popeyes ADS exceeded Rs 95,000; several markets exceeded Rs 1 lakh
  • Popeyes added 10 stores; total network: 88
  • Popeyes target: Rs 1,000-crore profitable business
  • Popeyes planned additions: 35-40 stores
  • DP Eurasia revenue: about Rs 660 crore, up about 28% YoY
  • International portfolio medium-term LFL guidance: 5-7%

Why this matters

Popeyes’ rapid revenue growth and 10-store expansion reinforce the strategic value of scaling complementary QSR brands alongside the mature Domino’s network.

What to watch

  • Domino's India same-store-sales growth and delivery-order trends.
  • Popeyes revenue growth after the base effect fades, plus sales per store and new-store maturation.
  • Net store additions versus guidance, especially the mix between Domino's and Popeyes.
  • Restaurant-level margin, input-cost inflation, discounting intensity and delivery-platform commissions.
  • Consumer discretionary demand in urban India and competitive activity from QSR peers.
  • Management commentary on Popeyes break-even timing and expansion runway.
  • Accelerate Popeyes openings in high-density metros and tier-1 catchments, while testing smaller-footprint formats.
  • Use Domino's recovery to fund targeted delivery, loyalty and value-bundle promotions rather than broad discounting.
  • Increase supply-chain localization and shared back-end infrastructure to improve Popeyes restaurant-level margins.
  • Highlight quarterly same-store sales, new-store payback and Popeyes unit economics to sustain investor confidence.