Jubilant FoodWorks, Bosch fall up to 8% on Q4FY26

What moved the stocks on Thursday

Shares of Jubilant FoodWorks Ltd and Bosch Ltd fell sharply in Thursday’s trade after both companies reported quarterly results that failed to meet investor expectations. Jubilant FoodWorks dropped as much as 8% intraday, despite reporting higher profit and revenue, as management commentary flagged near-term cost pressures. Bosch fell close to 5% after missing profit estimates, with higher-than-expected depreciation and lower other income cited as key drags. The market reaction showed that earnings commentary and forward signals mattered more than headline growth numbers. In Jubilant’s case, brokerages responded with estimate cuts and target-price reductions. In Bosch’s case, the miss versus estimates became the primary trigger for the sell-off.

Jubilant FoodWorks: stock slides despite profit jump

Jubilant FoodWorks, which operates Domino’s Pizza in India, saw its shares tumble as much as 8.12% to an intraday low of ₹434.20 on the NSE. On the BSE, the stock fell 8% to a low of ₹434.65 per share. The decline followed Q4FY26 results and a shareholder letter that pointed to softer demand conditions and near-term inflationary pressures. The company also said Domino’s India like-for-like (LFL) growth for FY26 declined to 6.5% from 7.5% in the previous financial year. While the company delivered year-on-year profit growth, investors focused on moderation in growth indicators and the margin outlook.

Jubilant’s Q4FY26 financial snapshot

Jubilant reported consolidated net profit of about ₹80 crore for the January-March quarter, with a reported figure of ₹79.79 crore in one update, up from ₹48 crore a year ago. Revenue from operations rose 19% year-on-year to ₹2,499 crore from ₹2,095 crore. EBITDA increased 24% to ₹485 crore, while EBITDA margin improved 70 basis points to 19.4%. Some brokerages noted that Q4 EBITDA was ahead of Street expectations, but the tone around costs and demand shaped the post-results reaction. The company’s own commentary flagged inflation in labour, utility, and logistics costs as near-term pressures.

LFL growth signals and what analysts highlighted

Beyond consolidated growth, LFL trends became a focal point. Morgan Stanley flagged that Domino’s India revenue growth moderated 5% year-on-year in Q4, and that LFL growth declined sharply sequentially to 0.2%, as per the brokerage’s note referenced in coverage. The same commentary pointed to lower average bill value and weaker dine-in sales as drivers. Emkay Global said Q4 delivered a 5-8% beat to Street EBITDA estimates, but it cut India EBITDA estimates by 6-7% after management highlighted inflationary pressures. Emkay also attributed growth moderation to a high base, and said two-year LFL growth remained in the 6-7% range across FY26 quarters.

LPG disruption and near-term operating impact

Jubilant said select markets faced temporary LPG supply constraints during March, which had a limited and localised impact on operations. The company estimated a 30-40 basis points impact on Q4 FY26 LFL growth for Domino’s India due to this issue. While described as temporary and localised, the disclosure added to near-term uncertainty around growth momentum. Investors were also weighing how much of the demand softness was cyclical versus competitive.

Brokerage actions: target cuts and rating changes

Multiple brokerages responded by adjusting targets and, in some cases, ratings. ICICI Securities maintained a ‘Buy’ rating and a target of ₹570, describing Q4FY26 as steady execution despite softer demand, elevated competitive intensity, and continued value interventions. Motilal Oswal Financial Services maintained a ‘Neutral’ stance and cut its target price to ₹500. Emkay maintained ‘Buy’ but reduced its target to ₹550, noting that guidance of 200 bps margin expansion by FY28 may be delayed. Elara said revenue missed estimates while margins were in line, pared FY26-28E EBITDA estimates by 4-5%, and reduced its target to ₹500 from ₹780 while downgrading to ‘Accumulate’ from ‘Buy’.

Bosch: profit miss, higher depreciation spooks investors

Bosch India shares fell as much as 5.06% to ₹34,965 on the NSE, after its Q4 FY26 earnings failed to impress investors. On the BSE, Bosch declined 4.94% to a low of ₹35,001. The company missed Q4 profit estimates, with higher-than-expected depreciation and lower other income cited as the key reasons in market reports. The move showed how sensitive the stock was to profitability drivers and non-operating line items. With limited detail in the market update, the immediate narrative centered on the gap versus estimates.

Key data points at a glance

Target prices and ratings referenced in coverage

Market impact: why the reaction looked harsher than the numbers

Jubilant’s print included strong year-on-year profit growth and a margin improvement, but the stock sold off as investors priced in near-term inflation and slower momentum in key operating metrics. The disclosure of cost pressures across labour, utilities, logistics, and commodities fed into immediate earnings downgrades. Notes also highlighted weaker dine-in demand and lower average bill value as headwinds for India operations. Bosch, meanwhile, saw a typical post-result adjustment after a miss versus profit estimates, with depreciation and other income becoming the core narrative for the day.

What to watch next

For Jubilant FoodWorks, investors are likely to track whether cost inflation eases and whether LFL growth stabilises after the quarter’s moderation and the disclosed LPG disruption. Brokerage updates show that the market is recalibrating expectations for margin expansion timelines and near-term earnings. For Bosch, the next set of updates will be watched for clarity on profitability drivers, including depreciation and other income trends, given their role in the Q4 miss. In the near term, both stocks remain closely tied to incremental signals from management commentary and analyst estimate revisions.