Jubilant Foodworks Limited (JUBLFOOD) AI Stock Analysis

• Market Cap: ₹315.34B
• Dividend Yield: 0.21%
• Average Volume (3M): 47.44K
• Price to Earnings (P/E): 130.5
• Beta (1Y): 1.18
• Revenue Growth: 29.48%
• EPS Growth: -6.19%
• Country: IN
• Employees: 9,239
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): 1.20
• Shares Outstanding: 659,845,200
• 10 Day Avg. Volume: 77,453
• 30 Day Avg. Volume: 47,444
• PEG Ratio: -4.37
• Price to Book (P/B): 20.67
• Price to Sales (P/S): 5.34
• P/FCF Ratio: 53.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹602.00
• Price Target Upside: 8.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 5.35
• Revenue Forecast (FY): ₹93.58B

• Rating: 61 Neutral
• Price Target: ₹504.00 ▼(-8.88% Downside)
• Action: Reiterated Date: 11/15/25
• Date: Action: Reiterated 11/15/25

Jubilant Foodworks Limited shows strong financial performance with significant revenue growth and robust operating cash flows. However, the high P/E ratio indicates overvaluation, and technical indicators suggest potential short-term weakness. The company faces challenges in maintaining profit margins and managing leverage, which could impact future growth.

Positive Factors

Revenue Growth

Sustained multi-year revenue growth (147% over 2021–2025) indicates durable demand and expanding market penetration for the QSR portfolio. This top-line momentum supports scale economics, funds network expansion and marketing, and provides a structural base for long-term margin recovery and reinvestment.

Operating Cash Flow Strength

Consistent growth in operating cash flow demonstrates the business converts sales into cash, supporting sustainable store-level investment and franchise support. Reliable OCF reduces near-term refinancing risk and enables capex and working-capital needs without over-reliance on external funding.

Scalable Franchise & Digital Model

A pizza-led QSR franchise model combined with owned digital ordering and delivery channels is structurally scalable and capital-efficient. Franchising generates recurring royalty and supply revenues while digital mix increases throughput and customer reach, supporting long-term margin and unit expansion.

Negative Factors

Rising Leverage

Increasing debt levels and a declining equity ratio indicate growing reliance on leverage, which reduces financial flexibility. Higher leverage raises interest and refinancing exposure, constrains discretionary investments and increases vulnerability to margin pressure or cost shocks over the medium term.

Declining Net Profit Margin

A notable drop in net profit margin signals margin compression potentially from rising operating costs, promotional intensity, or higher commissions. Sustained margin declines would erode retained earnings, limit reinvestment capacity and weaken the company's ability to fund expansion from internal cash.

Volatile Free Cash Flow

Material FCF volatility driven by capex swings complicates planning for growth and shareholder returns. Irregular free cash flow elevates the need for external financing in down cycles, limits predictable reinvestment in stores and digital platforms, and increases execution risk for expansion strategies.

Jubilant Foodworks Limited Business Overview & Revenue Model

Company Description

Jubilant FoodWorks Limited operates as a food service company. The company develops and operates Domino's Pizza restaurants in India, Sri Lanka, Bangladesh, and Nepal; Dunkin' Donuts and Hong's Kitchen restaurants in India; and Popeyes restaurants in India, Bangladesh, Nepal, and Bhutan. It also offers ready-to-cook sauces, gravies, dips, and pastes under the ChefBoss brand. As of March 31, 2022, the company operated 1,625 Domino's Pizza restaurants in 349 cities; 28 Dunkin' Donuts restaurants in 8 cities; 15 Hong's Kitchen restaurants in 4 cities; 4 Popeyes restaurants in Bengaluru; and 9 Ekdum! Restaurants in 3 cities. It also sells its products online. The company was incorporated in 1995 and is based in Noida, India.

How the Company Makes Money

Jubilant Foodworks makes money primarily by selling food and beverages through its QSR network, with revenues recognized from (a) company-operated stores (dine-in, takeaway, and delivery) and (b) franchisee-operated stores where it earns franchise-related income (e.g., fees/royalties) and may also generate revenue from supplying products or services to franchisees depending on the arrangement. A significant portion of demand is supported by delivery and digital ordering: customers order via the company’s own ordering channels (web/app/call) and via third-party food delivery aggregators, which expand reach but typically involve commission or discounting costs that affect net realizations. Beyond core menu sales, earnings can be supported by add-on items (beverages, sides, desserts), meal bundling, promotional campaigns, and pricing actions, as well as by expanding store count and improving same-store sales. The company’s economics are influenced by factors such as store throughput, delivery mix, input costs (food ingredients and packaging), labor, occupancy/rent, marketing spend, and the performance and scale of its brand portfolio; specific brand-wise revenue split or exact partnership terms are null.

Jubilant Foodworks Limited Financial Statement Overview

Summary

Jubilant Foodworks Limited has demonstrated impressive revenue growth and strong operating cash flows. However, challenges in maintaining net profit margins and increasing leverage may pose risks. The company should focus on improving cost efficiency and managing debt levels to sustain its growth trajectory.

Income Statement

Jubilant Foodworks Limited has shown strong revenue growth from 2021 to 2025, with a significant increase in total revenue by 147% over the period. The gross profit margin has remained robust, indicating effective cost management. However, the net profit margin declined notably in 2025 due to a drop in net income, which indicates potential challenges in controlling operational costs or other expenses.

Balance Sheet

The company has a moderate debt-to-equity ratio, which increased over the years due to rising debt levels, suggesting a growing reliance on debt financing. The equity ratio has decreased, pointing towards higher leverage. However, the return on equity remains healthy, indicating efficient utilization of equity.

Cash Flow

Operating cash flow has grown steadily, aligning with revenue growth. However, the free cash flow was volatile, with significant fluctuations due to varying capital expenditures. The company's ability to generate cash from operations remains strong, although the free cash flow to net income ratio shows room for improvement.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	88.55B	81.42B	56.55B	51.58B	43.96B	33.12B
Gross Profit	41.74B	24.71B	18.16B	17.72B	16.41B	10.18B
EBITDA	17.64B	16.43B	13.56B	12.02B	11.43B	8.44B
Net Income	3.69B	2.11B	3.99B	3.53B	4.20B	2.32B
Balance Sheet
Total Assets	87.78B	85.28B	81.26B	53.82B	47.82B	37.67B
Cash, Cash Equivalents and Short-Term Investments	2.02B	2.11B	2.55B	3.82B	6.63B	6.21B
Total Debt	45.64B	43.72B	42.07B	25.54B	21.06B	16.20B
Total Liabilities	65.22B	63.45B	58.82B	33.44B	28.27B	23.31B
Stockholders Equity	21.68B	21.03B	21.71B	20.38B	19.45B	14.27B
Cash Flow
Free Cash Flow	4.31B	8.05B	1.57B	1.84B	4.72B	5.07B
Operating Cash Flow	9.10B	16.68B	10.10B	10.26B	9.30B	7.51B
Investing Cash Flow	-4.22B	-8.50B	-13.74B	-5.95B	-6.54B	-6.02B
Financing Cash Flow	-4.75B	-8.49B	3.77B	-4.26B	-3.07B	-2.89B

Jubilant Foodworks Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 553.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JUBLFOOD, the sentiment is Negative. The current price of 553.1 is above the 20-day moving average (MA) of 497.95, above the 50-day MA of 512.52, and below the 200-day MA of 599.98, indicating a bearish trend. The MACD of -15.94 indicates Positive momentum. The RSI at 38.32 is Neutral, neither overbought nor oversold. The STOCH value of 36.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JUBLFOOD.

Jubilant Foodworks Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DEVYANI	63 Neutral	₹134.51B	-438.93	―	―	20.91%	-202.35%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SAPPHIRE	61 Neutral	₹55.09B	-431.17	―	―	10.18%	-104.25%
JUBLFOOD	61 Neutral	₹315.34B	130.51	―	0.21%	29.48%	-6.19%
WESTLIFE	52 Neutral	₹68.63B	2,134.73	―	0.14%	6.65%	73.46%
RBA	41 Neutral	₹35.92B	-21.12	―	―	7.75%	20.28%

Jubilant Foodworks Limited Corporate Events

Jubilant FoodWorks Challenges ₹47.5 Crore GST Demand from Tax Authority

Jubilant FoodWorks has disclosed that the Additional Commissioner of CGST & CX, Thane, has issued an order alleging incorrect classification of certain services under restaurant services, leading to a purported short payment of GST. The order raises a demand for GST of about INR 47.5 crore, an equivalent penalty, and applicable interest, though the company maintains there will be no material impact on its finances or operations.

The company contests the order as incorrect and says its arguments were not adequately considered by the authority. It is in the process of filing an appeal, and management believes that, following the redressal process, the disputed tax demand is likely to be dropped, limiting any broader implications for stakeholders beyond ongoing regulatory litigation.

Jubilant FoodWorks Shares Investor Presentation for Institutional Conference

Jubilant FoodWorks Limited has released an investor presentation ahead of an institutional investor conference scheduled for February 24, 2026. The presentation, positioned under the theme of pioneering food tech, will be discussed with institutional investors and has been made available through the company’s disclosure channels and website to ensure transparency and regulatory compliance.

CRISIL Reaffirms Jubilant FoodWorks’ A1+ Rating as Commercial Paper Limit Doubles

Jubilant FoodWorks Limited announced that credit rating agency CRISIL has reaffirmed its highest short-term rating of CRISIL A1+ on the company’s commercial paper programme. The rated amount has been increased to INR 200 crore from INR 100 crore, signaling continued confidence from the rating agency in the company’s liquidity profile and short-term creditworthiness.

The reaffirmation and enhancement of the commercial paper limit may improve Jubilant FoodWorks’ access to short-term funding at competitive costs. This development supports the company’s financial flexibility and could positively influence stakeholder perception regarding its balance sheet strength and ability to fund ongoing operational and strategic requirements.

Jubilant FoodWorks Faces Rs 169.6 Crore Tax Demand, Plans to Contest Order

Jubilant FoodWorks Limited has disclosed that it received an income tax assessment order for financial year 2021-22, raising a tax demand of Rs 169.59 crore based on alleged mistakes apparent from records, disallowance of certain expenses and transfer pricing adjustments. The company contends that the order overlooks its submissions and is filing a rectification application and/or appeal before the appropriate authorities, while stating it does not expect any material financial implications from the demand, suggesting limited anticipated impact on its operations and financial position at this stage.

Jubilant FoodWorks Exits Hashtag Loyalty with Sale of Entire 31.66% Stake

Jubilant FoodWorks has agreed to sell its entire 31.66% stake in Hashtag Loyalty Private Limited, an associate company whose business operations had already been discontinued, to one of Hashtag’s founders, Karan Chechani. The company had fully impaired its investment in Hashtag in the previous financial year, and Hashtag contributed negligibly to Jubilant’s consolidated income and net worth, indicating minimal financial impact from the exit. The share purchase agreement, signed on 29 December 2025, values the stake at Rs 6,415.94 and is expected to close by 12 February 2026, after which Hashtag will cease to be an associate, underscoring Jubilant’s move to streamline its portfolio around core operations while avoiding related-party concerns as the buyer is outside its promoter and group entities.

Jubilant FoodWorks to Appeal GST Demand Order from Mohali Tax Authority

Jubilant FoodWorks Limited has disclosed that the Assistant Commissioner, CGST Division I, Mohali has issued an order demanding goods and services tax (GST) of ₹81.16 lakh, an equivalent penalty, and applicable interest linked to allegedly excess input tax credit claimed under the Input Service Distribution mechanism. The company contends the order is incorrect and does not adequately consider its arguments, and it plans to challenge the demand through an appeal, while emphasizing that the matter is not expected to have a material impact on its financials, operations, or other activities.