Jubilant FoodWorks Q4 FY26: Growth Scales, Margins Hold, Cash Flow Improves

Jubilant FoodWorks ended Q4 FY26 with a clear message: growth is back on the front page, and profitability is not being sacrificed to get it. Consolidated revenue from operations rose to Rs. 24,995 million, up 19.3 percent year on year. Operating EBITDA increased 23.7 percent to Rs. 4,849 million, lifting EBITDA margin to 19.4 percent, up 69 bps. Profit after tax from continued operations before exceptional items came in at Rs. 936 million, up 67.3 percent, with PAT margin improving to 3.7 percent.

The quarter also carried an operational marker. The group ended FY26 with 3,636 stores worldwide across India, Turkey (including Azerbaijan and Georgia), Sri Lanka, and Bangladesh. In Q4 alone, net additions were 69 stores, taking Domino’s to 3,335 stores and Popeyes in India to 78. FY26 net additions were 351 stores, led by Domino’s expansion across India and Turkey.

Under the company’s “Be the Bold” framing, the narrative is about scaling demand, sharpening execution, and using technology to protect experience and unit economics. The numbers show that growth is broad based across geographies, but the mix and margin profile differs sharply between India and international operations. That mix is now a defining feature of how Jubilant FoodWorks is building its next phase.

Q4 FY26 performance: Consolidated strength anchored by scale

Consolidated growth in Q4 FY26 was driven by both India and international markets. Revenue rose to Rs. 24,995 million from Rs. 20,950 million a year ago. Costs scaled broadly with growth: raw material cost grew 19.9 percent and personnel expenses rose 21.4 percent. Yet operating leverage showed up in EBITDA, which expanded faster than revenue.

Margins were stable where it mattered most. Gross margin was broadly flat at 71.5 percent versus 71.6 percent, and EBITDA margin improved to 19.4 percent. PAT before exceptional items increased to Rs. 936 million from Rs. 559 million. However, the quarter also included a loss from discontinued operations of Rs. 112 million, resulting in reported consolidated PAT of Rs. 824 million.

The full year results reinforce this pattern. FY26 consolidated revenue from operations rose 17.4 percent to Rs. 95,125 million, while operating EBITDA grew 19.1 percent to Rs. 18,878 million, taking EBITDA margin to 19.8 percent. PAT from continued operations before exceptional items increased 63.8 percent to Rs. 4,113 million. Reported consolidated PAT was Rs. 4,442 million, helped by profit from discontinued operations of Rs. 582 million.

India: Order growth and margin control, but quarter level PAT softness

India remains the core scale engine, but Q4 FY26 showed the difference between revenue growth and profit conversion at the standalone level. Standalone revenue from operations was Rs. 16,797 million, up 6.4 percent year on year. Gross margin improved to 75.5 percent from 74.6 percent, supported by a higher share of gross margin accretive SKUs and lower wastage. Standalone operating EBITDA increased 11.5 percent to Rs. 3,444 million, and EBITDA margin rose 94 bps to 20.5 percent.

Yet PAT from continued operations before exceptional items slipped slightly. Standalone PAT in Q4 FY26 was Rs. 537 million versus Rs. 553 million in Q4 FY25, a decline of 2.8 percent, and PAT margin reduced to 3.2 percent from 3.5 percent. The company also reported that adjusted EBITDA margin (pre Ind AS 116) fell 10 bps year on year, citing inflation in wage and energy costs.

Domino’s India performance leaned heavily on volume. The quarter recorded strong order growth of 10.4 percent year on year. Delivery channel revenue grew 10.3 percent year on year, with delivery mix at 76.1 percent. Domino’s revenue rose 5.0 percent year on year, with like for like growth of 0.2 percent and average daily sales at Rs. 80,069 for mature stores.

Expansion continued. India added 61 net stores in Q4 FY26, including 59 Domino’s stores, and expanded to 10 new cities, taking Domino’s presence to 521 cities. Popeyes added five stores, taking the store count to 78, and expanded its footprint in the West by entering Pune. For FY26, India added 289 net stores across formats.

Management also pointed to improved returns. RoCE expanded by 70 bps to 18.9 percent in FY26 versus FY25, driven by better utilization of supply chain and tech assets as scale increased.

International markets: Turkey drives the profit narrative, Sri Lanka and Bangladesh scale up

International operations are increasingly important to the group’s growth and margin profile, especially Turkey. In Q4 FY26, Turkey reported revenue from operations of Rs. 7,644 million, up 59.2 percent year on year and up 31.8 percent sequentially. PAT was Rs. 576 million, up 150 percent year on year, and PAT margin stood at 7.5 percent, up 274 bps year on year. For FY26, Turkey revenue was Rs. 24,560 million, up 28.8 percent, and PAT was Rs. 2,036 million, up 62.4 percent, with a PAT margin of 8.3 percent.

Two operating signals stand out. First, the company highlighted consistent 7 percent plus PAT margins in Turkey and improvement in PAT margins due to refinancing of loans from Lira to Euro. Second, the market is delivering strong demand momentum. Q4 like for like growth in Turkey, computed in TRY, was 42.8 percent pre inflation adjustment and 9.0 percent inflation adjusted for Domino’s. Coffy posted 18.4 percent pre inflation adjusted like for like growth and negative 9.7 percent inflation adjusted, with a price index correction implemented in Q4.

Coffy also continues to scale. The brand ended Q4 FY26 with 194 stores in Turkey, after adding four stores in the quarter and 34 stores in FY26. The company stated that Coffy is the fifth largest coffee brand in Turkey by store footprint.

Sri Lanka and Bangladesh are smaller but growing fast off a low base. Sri Lanka ended Q4 FY26 with 53 stores, revenue of Rs. 367 million, up 61.4 percent year on year, and like for like growth of 52.2 percent. FY26 revenue was Rs. 1,285 million, up 64.3 percent, with like for like growth of 59.1 percent.

Bangladesh ended Q4 FY26 with 40 stores, revenue of Rs. 209 million, up 29.4 percent year on year. FY26 revenue was Rs. 799 million, up 27.4 percent, with like for like growth of 10.6 percent.

What is changing under the hood: Digital, menu, and cash flow discipline

A key part of the story is that growth is being pursued through both product and platform. In India, the company highlighted menu innovation across Domino’s and Popeyes. On the platform side, tech initiatives are being positioned as demand and experience levers, not only cost tools.

The company reported that monthly active users across its own apps (Domino’s, Popeyes and Hong’s) reached 17.1 million in Q4 FY26, up 25 percent year on year. Monthly transacting users were 5.5 million, up 18 percent year on year. A GenAI chatbot was launched for Domino’s as a virtual customer assistant, indicating a shift toward automated service recovery and customer support flows. Popeyes also launched a Popeyes 2.0 app, reinforcing the intent to keep customers inside owned channels.

The other strategic anchor is cash flow. On a standalone basis, cash flow from operations improved to Rs. 9,166 million in FY26 from Rs. 7,461 million in FY25. Free cash flow to firm moved to Rs. 1,027 million in FY26 from Rs. 193 million in FY25, reversing the negative free cash flow seen in FY23 and FY24. Consolidated free cash flow to firm was Rs. 2,472 million in FY26, largely stable versus Rs. 2,422 million in FY25, supported by cash flow from operations of Rs. 12,521 million.

The implication is straightforward. With a store base of 3,636 and a continuing expansion pipeline, the business needs operating cash generation to fund growth without stressing the balance sheet. The FY26 cash flow numbers suggest the model is back in a healthier place, even as the company continues to add stores aggressively across India and Turkey.

Sustainability initiatives also appear tied to operational resilience. The company reported that about 67 percent of its fleet is EV and increasing, that it has eliminated single use plastic, and that it is co processing used cooking oil into bio fuel. It also highlighted responsible sourcing milestones, including a no antibiotics ever milestone and 100 percent farm traceability for chicken and several key ingredients.

Takeaways: A multi market QSR platform with improving operating quality

Jubilant FoodWorks is exiting FY26 with three signals investors usually look for at the same time: higher growth, steady margins, and improving cash generation. Consolidated revenue grew 17.4 percent in FY26, while EBITDA margin improved to 19.8 percent. PAT margins expanded meaningfully, even after accounting for quarterly volatility.

India remains a scale driven story built on volume and owned channel penetration. Q4 showed strong order growth and better gross margin, but also highlighted that wage and energy inflation can still compress adjusted margins and limit profit conversion in any single quarter.

Internationally, Turkey is doing heavy lifting on profit quality. A 7 percent plus PAT margin and improved financing structure matter because they give the group a second earnings engine with a different margin profile than India. Sri Lanka and Bangladesh are adding growth optionality with high top line growth, even if they are not yet large enough to shape consolidated profitability.

The near term frame is execution. The company is adding stores, expanding digital engagement, and pushing product news to keep demand healthy. If it continues to protect cash flow while scaling this footprint, the FY26 arc suggests the business can grow without letting margins drift.