Jubilant Foodworks Q1 FY27 Results Analysis: Revenue Grows 14%, Margin Compresses 60 bps (JUBLFOOD)

Jubilant Foodworks Ltd's Q1 FY27 numbers came in mixed, with revenue of Rs. 2,569.65 Cr (+14.10% YoY) and PAT growth of +6.04% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

JUBLFOOD posted 14.1% revenue growth with LFL recovering to 2.5% from a trough, but PAT from continuing ops fell 0.77% due to a tax rate spike. Standalone EBITDA margin compressed 60 bps YoY as other expenses outpaced revenue. Store additions are ahead of guidance, but medium-term LFL and margin targets remain out of reach for now.

Key Investment Insights

Key Positives

• Consolidated revenue grew 14.1% YoY to Rs.2,569.65 Cr
• Consolidated EBITDA margin expanded 34 bps QoQ to 19.77% and 4 bps YoY
• Domino's India LFL recovered from 0.2% to 2.5% sequentially
• Net store additions of 76 in Q1, annualizing above the 230-250 guided pace
• Subsidiary contribution to PAT increased 10.2% YoY to Rs.27.62 Cr, driven by Turkey
• Dunkin' discontinued operations loss narrowed to Rs.3.17 Cr from Rs.6.81 Cr YoY

Risk Factors

• PAT from continuing operations declined 0.77% YoY despite revenue growth, due to a 719 bps surge in effective tax rate to 31.80%
• Standalone EBITDA margin compressed 60 bps YoY to 19.46%
• Other expenses grew 16.19% YoY (64 bps ratio increase), outpacing revenue, driven by LPG cost surge
• Domino's India LFL of 2.5% remains well below the medium-term target of 5-7%
• EPS from continuing operations fell 0.65% YoY to Rs.1.52