#PAT #MARGIN

In FY25, PAT margin was 12.2%, contraction of 55 bps YoY.

#EBITDA #MARGIN

In FY25, EBITDA margin was 17.8%, contraction of 114 bps YoY led by lower operating margin. The company undertook strategic pricing actions, nimble approach in emerging channels and cost savings initiatives to aid the margins. Price hike was taken towards the end of the year in order to counter inflation and sustain margins.

#ROCE

In FY25, ROCE was 53% v/s 49.3% in FY24.

#ROE

In FY25, ROE declined to 52.5% owing to increase in the company’s net worth.

#COMPANY #POTENTIAL

• In Q1 CY25, the FMCG industry reported value growth of 11% YoY. The price led growth was 5.6% YoY. • The growth in Q1 CY25 was led by smaller packs as the unit growth was 6% YoY v/s volume growth of 5.1% YoY. • The rural growth outpaced urban growth for the 5th consecutive quarter. Urban demand growth was 2.6% while rural demand grew 8.4% in Q1 CY25. • Traditional trade volumes grew by 6.2% in Q1 CY25, as compared to 5% in Q1 CY24. Whereas modern trade volumes reduced by 3.3% v/s 15.4% growth in Q1 CY24. • Food consumption growth moderated to 4.9% in Q1 CY25, largely driven by lower volumes in staple categories such as edible oils and palm oil, where price hikes impacted demand. • E-commerce continued to strengthen its presence significantly in 8 metro cities, impacting the share of offline channels. Going forward, channel mix will shift dramatically in favour of e-commerce. The growth in e-commerce channel have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitisation for enabling smooth functioning of its supply and distribution channel. • The per capita consumption of biscuits is India is 2.5 kgs per year, lower as compared to other countries. (Source: Technopak) • The Indian cheese market is expected to reach $1.5 billion by FY26, growing at a CAGR of 18.5% between FY21 to FY26. The market was estimated at ~₹8,900 cr in FY23. (Source: Indian Dairy Association; IMARC) • The wafer market in India was estimated at ~₹1,000 cr in FY24

#COMPANY #OUTLOOK

• The company entered into a joint venture with Bel SA, France, by divesting a 49% stake in its wholly-owned subsidiary, Britannia Dairy Pvt. Ltd., for ₹262 crore, leading to the formation of Britannia Bel Foods Pvt. Ltd. Both partners subscribed to a fresh equity infusion of approximately ₹422 crore in proportion to their respective shareholding, with a 20-year lock-in period under the agreement. The joint venture aims to develop, manufacture, market, and distribute cheese products in India and select international markets, supported by a newly inaugurated 10,000-tonne capacity cheese facility at Ranjangaon. • It continues to focus on its strategic pillars: distribution & marketing; cost leadership; innovation; adjacent business and sustainability. • It is focusing to increase contribution from adjacent businesses at a much faster pace than the base business. The management aims to grow adjacent by at least 50% higher than its base business, which is biscuits. It expects its non-biscuit portfolio to constitute ~35% of the revenue from the current levels of 25%, going forward. • It is looking to increase its presence in weaker markets, which include Gujarat, Madhya Pradesh, Chhattishgarh and Rajasthan. This will help it to garner additional market share. • Itislooking to scale its dairy segment to ₹2,000 cr over the next five years. • The company is rewriting route to market by leveraging data analytics and artificial intelligence. Its pilot was in Q2 FY25 covering 25 cities, 44 distributors and ~50,000 outlets. • For FY26, sustained revenue growth is anticipated, on the back of strong volumes. • Rusk is expected to deliver double-digit growth, going forward, as the product gets launched across the country. • Opportunities in key international regions like the GCC, Americas and Africa shall boost the export segment of the company.

Britannia Industries 5200-5800
Expected level 7000
Support 4600

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Jubilant FoodWorks Limited Company Details

Jubilant FoodWorks Limited, a part of the Jubilant Bhartia Group, is among India’s largest food service companies and holds the master franchise rights for three international brands, Domino’s Pizza, Popeyes and Dunkin' Donuts, addressing three different food market segments. JFL has exclusive rights to develop and operate Domino’s Pizza brand in India, Sri Lanka and Bangladesh. The company also launched its first homegrown brand– Hong’s Kitchen in Chinese cuisine segment. The company also dominates the pizza market in India with ~70% market share. As on 30th September 2024, it had total store count 3,130 stores, with 139 net additions in H1 FY25. JFL bought more stake in DP Eurasia (DPEU) in February 2024 via JF Netherlands BV, taking their total stake in it to 94.33%. DP Eurasia managed the Dominos franchise in countries present in the Eurasia region including Turkey, Azerbaijan and Georgia. It also owned the “Coffy” franchise which is the 8th largest CAFÉ brand in Turkey with 116 stores as on 30th September 2024. In December 2024, the company signed a Memorandum of Understanding (MoU) with Coca-Cola for the supply of purchase sparkling drinks and other products. With a robust business model, an efficient supply chain comprising a strong network of certified supply chain business partners, and countrywide presence, JFL is well-positioned to capitalize on a wide array of growth opportunities in the Food Service Industry (FSI). To stay ahead of competition, the company is constantly working towards transforming processes and leveraging technology to enhance its capabilities and simplify its operations.

Domino's branches All over world

Domino's Shop in India

Total Revenue

#SALES #GROWTH 5 Year CAGR 15.7%

In FY25, sales grew by 44% YoY to ₹8,142 cr. This was partly on account of consolidation of DP Eurasia (DPEU) which began from February 2024. Sales growth from international business were as: Sri Lanka ~46% YoY and Bangladesh ~25% YoY. Revenue from DP Eurasia was ₹1,906 cr. The average daily sales from mature stores was ~₹81,749 v/s ~₹75,913 in FY24. Mature store count as on 31st March 2025 was 1,537. During the year, dine-in business faced tailwinds in India. In Q1 FY26, the revenue grew by 17% on a YoY basis to ₹2,261 cr. This was on account of healthy growth in the India business due to a deliberate value-led pricing strategy, mix shifts and the extended IPL (Indian Premier League) season. The average daily sales from mature stores was ~₹85,396 v/s ~₹78,588 in Q1 FY25.

#EBITDA #GROWTH 5 Year CAGR 13.8%

In FY25, EBITDA grew by 37% YoY and stood at ₹1,572 cr. Consolidation of DPEU contributed to the EBITDA growth. Gross profit saw an uptick of ~36% YoY to ₹5,874 cr. In Q1 FY26, the EBITDA stood at ₹438 cr, recording a growth of 14.3%.

#PAT #GROWTH 5 Year CAGR 3.9%

Net profit in FY25 stood at ₹237 cr v/s ₹385 cr in FY24. Finance cost increased by 82% to ₹523 cr and depreciation & amortization cost increased by 35% YoY to ₹807 cr, owing to the consolidation of DP Eurasia. In Q1 FY26, the PAT stood at ₹94 cr, recording a growth of 48% on a YoY basis. This was on account reduction in finance cost of the company. However, depreciation & amortization cost increased on account of investments done towards building supply chain assets.

#EBITDA #MARGIN

In FY25, EBITDA margin contracted by 93 bps to 19.3%. DP Eurasia recorded EBITDA margin of 21.8%. Gross margin (consolidated) in FY25 was 72%. It is lower in DP Eurasia (~64%-65%) than in JFL (standalone) due to it being more franchise driven. Thus, margins on a consolidated basis are affected. In Q1 FY26, the margins contracted by 45 bps on a YoY basis to 19.4%, on account of gross margin impact as the company focused on value led pricing strategy.

#PAT #MARGIN

In FY25, the PAT margin declined by 424 bps YoY to 2.9%, driven by higher finance cost. As a % of revenue, finance cost expanded by 133 bps to 6.4%. PAT margin of DP Eurasia was 6.6%. In Q1 FY26, the PAT margin improved by 88 bps on a YoY basis to 4.16%.

#ROCE

In FY25, the ratio was 22.9% v/s 26.3% in FY24 on account of higher increase in capital employed. DP Eurasia plans to increase the number of domino’s store to 1,000, going forward. Domino’s is expected to be present in 700 cities in India with a store count of 3,000 by FY28.

#ROE

In FY25, ROE declined to 11.1% due to decline in net profit.

#COMPANY #POTENTIAL

• The total Foodservice Market in India was estimated at ~₹6,12,600 cr in FY25, of which the organised segment was ~₹2,81,900. (Source: CRISIL) • The food service industry has witnessed significant increase in the spending by the consumers due to factors like increase in disposable income, increase in delivery-based services, reduction in the GST rates from 18% to 5% and increase in ease of online ordering. • The organized QSR segment had a market size of ~₹79,400 cr and represents a small portion of India's food services industry. (Source: CRISIL) is the enabler making it happen. • In the current scenario, the food service industry is expected to see a significant shift from the unorganized segment towards the organized segment due to the increase in the awareness of hygienic products which is absent in most of the unorganized segment. This would bode well for the Quick Service Restaurant (QSR) food chains like Domino’s to gain market share in the long term. • Ordering in has been an integral part of the eating experience as customers do not have to travel, wait-in line or compromise on the food quality. While speed and convenience are the two major driving forces behind this shift in consumer behavior, technology • An increasing number of fast-food franchises in untapped areas and expansion of tier II and tier III cities have also led to the rise in the number of quick service restaurants. • While the long-term prospects for the food service industry remains robust, in the near term there may be few restaurant closures in the unorganized segment due to significant loss of sales for a prolonged period. In this situation, QSRs may gain more market share due to quick and convenient delivery system and better brand penetration.

#COMPANY #OUTLOOK

• DP Eurasia plans to expand the number of Domino’s stores to 1,000 in the coming years. Additionally, Domino’s is projected to establish a presence in 700 cities across India, reaching a total of 3,000 stores by FY28. In FY26, 250 new additions is planned for Domino’s India, 30 for popeyes in India, 30 for Domino’s Turkey and 50 for Coffy. • Going forward, the company anticipates a double-digit revenue CAGR and a double-digit profit CAGR, along with a margin improvement of over 200 basis points. • By FY28, it aims to make Popeyes the 2nd largest chicken brand in India and Coffy in the top 3 coffee chains in Turkey. It also plans to expand Coffy to international markets. store boosting employee productivity. • Elate, India’s first android-based point of system sales and a cloud native was launched by the company. This was developed by the company’s in-house team. It is expected to streamline operations, personalize customer journey and reduce training time in • Losses from emerging formats are projected to reduce by at least half within the next 12-18 months, as the company improves unit economics and manages expansion for other brands. • Overall capex will moderate to some extent as the high cycle of supply chain commissary capex is behind, but the company plans to accelerate store openings, shifting capex towards faster and higher revenue and return-generating investments. • Store capex per store has been consistently reducing by 10%-15% annually due to scale and negotiations with landlords for investment. The company calibrates store sizes based on location, opening smaller stores in urban centres that are more deliverycentric, and larger ones in tier 2-4 cities where dining-in demand is higher. • On pricing, the company is taking calibrated price increases in a few places. However, the primary focus shall be on penetrating more and growing the 5,000-store franchise.