Jubilant FoodWorks (NSE: JUBLFOOD / BOM: 533155): Inflation Bites as They Aggressively Expand Domino’s Pizza

Jubilant FoodWorks (NSE: JUBLFOOD / BOM: 533155is India’s largest foodservice company and holds the exclusive master franchise rights from Domino’s Pizza Inc. to develop and operate the Domino’s Pizza brand in India, Sri Lanka, Bangladesh and Nepal. The Company also has exclusive rights to develop and operate Dunkin’ restaurants in India and Popeyes restaurants in India, Bangladesh, Nepal and Bhutan; plus has created it’s own Chinese concept.

In the most recent earnings report, Jubilant Foodworks reported a near-71% slump in quarterly profit as the Domino’s Pizza’s Indian franchisee incurred higher expenses and inflation-hit consumers cut back on discretionary spending. Nevertheless, the Company is expanding aggressively to new cities – opening 250 new stores for Domino’s during fiscal 2023.


  • Jubilant FoodWorks Limited is India’s largest foodservice company and is part of the Jubilant Bhartia Group. Incorporated in 1995, the Company holds the exclusive master franchise rights from Domino’s Pizza Inc. to develop and operate the Domino’s Pizza brand in India, Sri Lanka, Bangladesh and Nepal.
  • In India, it has a strong and extensive network of 1,816 Domino’s restaurants across 393 cities. In Sri Lanka and Bangladesh, the Company operates through its wholly-owned owned subsidiaries which currently has 48 and 17 restaurants respectively.
  • Jubilant FoodWorks also has exclusive rights to develop and operate Dunkin’ restaurants in India and Popeyes restaurants in India, Bangladesh, Nepal and Bhutan. The Company currently operates 21 Dunkin’ restaurants across six Indian cities and 13 Popeyes restaurants in two cities.
  • In 2019, Jubilant FoodWorks launched its first owned-restaurant brand ‘Hong’s Kitchen’ in the Chinese cuisine segment which now has 13 restaurants across three cities (All store counts as on March 31, 2023).
  • The Jubilant Bhartia Group, has a strong presence in diverse sectors like Pharmaceuticals, Contract Research and Development Services, Proprietary Novel Drugs, Life Science Ingredients, Agri Products, Performance Polymers, Food Service (QSR), Food, Auto, Consulting in Aerospace and Oilfield Services. Jubilant Bhartia Group has four flagships Companies- Jubilant Pharmova Limited, Jubilant Ingrevia Limited, Jubilant FoodWorks Limited and Jubilant Industries Limited. Currently the group has a global workforce of around 42,000 employees.


  • Press Release – Financial Results for Q4FY23 and FY23
    • FY23: Revenue crosses 5,000 crore, up by 17.7%; EBITDA margin at 22.7%; PAT(bei*) margin at 7.9%
    • Q4FY23: Revenue up by 8.2%; EBITDA margin at 20.1%; PAT(bei*) margin at 5.4%
    • 56 new Domino’s stores opened in Q4FY23 and record 250 new stores in FY23;
    • Entered 6 new cities in Q4FY23 and 56 new cities in FY23
    • 13.6 mn customers enrolled for Domino’s Cheesy Rewards and its Order Contribution reached 45% in March ‘23
  • Jubilant FoodWorks plans to open 300 outlets in a year (TH) January 2023
    • “Our mid-term plan is to have about 3,000 Dominos restaurants in India in the next four to five years,” Mr. Khetarpal said. “Every year, we plan to open about 240-250 outlets,” he said after opening the first outlet of U.S. fried chicken brand Popeyes restaurant in Chennai.
    • “Plans are also on to open about 50 Popeyes restaurants in the next 12 months. We opened the first outlet about eight months ago and currently we have 12 in Bengaluru,” the CEO said. “The total investment for setting up multi-brand company owned restaurants is ₹600 crore and this will be met from internal accruals,” he added.
    • Mr. Khetarpal also said that the group was planning to set up its second state-of-the-art multi-brand food factories in Bengaluru, Mumbai and Kolkata with supply chain facilities.
  • What’s Cooking At Domino’s? Jubilant Foodworks’ Sameer Khetarpal & Domino’s Russell Weiner EXCLUSIVE (YouTube) 22:47 (CNBC-TV18) December 2022
    • What’s cooking at Domino’s Pizza? Catch Mangalam Maloo talk to Sameer Khetarpal, CEO of Jubilant Foodworks & Russell Weiner, Global CEO of Domino’s on CNBC-TV18’s Weekender.






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