Jubilant FoodWorks up 4% on Q1FY26 update; Motilal Oswal stays 'Neutral' with ₹475 target
Consolidated revenue rose 14.1% YoY to ₹25,693 million and standalone revenue climbed 9.2% to ₹18,485 million. Domino's India delivered 2.5% like-for-like growth and added 76 net new stores, taking the total network to 3,712 (2,513 for Domino's India). Motilal Oswal maintains a 'Neutral' rating.
What happened
Jubilant FoodWorks shares rose 4% after Q1FY26 update: consolidated revenue up 14.1% YoY, Domino's India LFL growth 2.5%, and 76 net new stores taking total to
Key facts
- revenue ₹25,693 million consolidated up 14.1% Y-o-Y
- standalone revenue ₹18,485 million up 9.2% Y-o-Y
- Domino's India LFL growth 2.5%
- net 76 stores added, total 3,712
- Domino's India 2,513 stores
- target price ₹475
- shares up 4%
Why this matters
The network's push to 3,712 stores (2,513 for Domino's India) shows Jubilant leaning on aggressive footprint density, a strategy worth benchmarking against QSR consolidation and format-diversification plays.
What to watch
- Domino's India LFL trend in Q2FY26 (acceleration above 2.5% vs deceleration)
- EBITDA margin print and whether volume growth converts to operating leverage
- Net store additions pace vs FY26 guidance
- Any target/rating revision away from Neutral ₹475 by Motilal or other brokers
- Raw material (wheat, cheese) cost inflation signals
- Peer QSR names (Devyani, Sapphire, Westlife) watched for read-through on discretionary QSR demand recovery
- Sell-side notes recalibrate SSSG and store-add assumptions post the Q1FY26 update
- Management commentary on margin trajectory and gross margin from input costs scrutinized in concall
- Fresh store-addition guidance and unit economics of new formats assessed for FY26 network target credibility