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.

Jubilant FoodWorks 400-470
Expected level 580
Support 354

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3875💥💥💥

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6020⚡️⚡️⚡️Long term level hit

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Asahi India Glass Limited Company Details Report

Asahi India Glass Limited is a prominent manufacturer of value-added glass products and has become an integrated glass solutions provider in India. Spanning the entire glass value chain, AIS is engaged in the production of automotive glass, float glass, glass processing, fabrication, and installation. AIS was established as a joint venture between the Labroo Family, AGC Inc., Japan and Maruti Suzuki India Limited, beginning operations in 1987. AIS entered the float glass segment after acquiring Float Glass India Limited with its manufacturing facility at Taloja (Maharashtra) in 2001. The company majorly caters to three business units which include: Automotive Glass, Architectural Glass and Consumer Glass. AIS auto glass products and solutions have attained 75% market share in the passenger car market segment and the product range encompasses laminated glass for car windshields, tempered glass for side windows, backlites, sunroofs and windshields, along with sub-assemblies and a wide array of value-added glass products. The company has ~3,700 stock keeping units under this segment. Its client base includes Maruti Suzuki India, Kia, Hyundai, Toyota, Mahindra & Mahindra, Toyota, Honda, Ashok Leyland, Daimler, Force Motors, Bajaj Auto, Volvo to name a few. It is a sunroof system supplier to Webasto, Aisin, and Golde Group. Additionally, the company also supplies auto glass in white goods segment i.e., refrigerator shelf glass and washing machine lid glass, etc. In the architectural glass industry, its offering include specialised value-added glass products which includes float glass, high performance coated glass, mirror, back painted glass, decorative glass, processed glass, and other value-added glass products. These offerings are designed for both exterior and interior use in modern architecture. In this category the company has a market share of ~16% and has 1,372 stockists across India. Through consumer glass segment, for B2C (business to consumer) segment, the company provides customised solutions in the automotive and architectural glass segments. It leverages its expertise in B2B (business to business) segments and product innovation to provide interface to its customers with in-depth consultancy services. It has presence across 65 cities in India and addresses over 101 dealerships & workshops. Within the automotive segment, OEMs account for over ~75% of AIS’ revenue, while the replacement market contributes ~25%. In this space, AIS plays a significant role through its network of distributors and dealers, and also operates the well-known Windshield Experts chain of standalone repair and replacement workshops. As on 31st March 2024, total installed capacity stood at 4.5 cr pieces for tempered glass, 1,280 TPD (tonne per day) float glass and 0.85 cr pieces for laminated glass.

Revenue

#SALES #GROWTH

In FY25, the net sales increased by 5% YoY and stood at ₹4,594 cr. Automotive glass segment grew by 13% YoY to ₹3,011 cr led by steady demand from auto industry, followed by a decline in float glass segment at 13% YoY at ₹1,332 cr as demand for float glass, primarily used in residential and commercial real estate, typically follows a lag effec and others segment expanded from ₹350 cr to ₹766 cr for the year. In FY24, the net sales grew by 8.4% YoY to ₹4,357 cr driven by automotive glass segment, which grew by 21% YoY, while float glass category saw a decline of 12.6% YoY. The growth was majorly led by auto segment while the float glass segment observed a decline. In FY22 & FY23, the net sales observed significant rise as in the architectural glass segment, as it benefitted from the imposition of anti-dumping duty on imports of float glass from Malaysia from H2 FY21 onwards and rise in real estate & auto demand post Covid.

#EBITDA #GROWTH

In FY25, EBITDA grew moderately by ~4% YoY to ₹766 cr. The expansion was led by better product mix of SUV cars and EV. Gross profit increased by 7% YoY. In FY24, the EBITDA was ₹738 cr and declined by 7.2% on account of rise in cost of raw materials and power & fuel cost. The glass industry is highly energy extensive industry with power and fuel costs constituting a significant portion (~15.9% of revenue in FY24) of the total cost. The key inputs for manufacturing automotive glass are auto-quality float glass and poly vinyl butyral (used for binding glass together). Soda ash, sand, limestone, dolomite, power and fuel are the key inputs for manufacturing float (architectural) glass. The rise from FY22 onwards was on account of rise in sales from auto & architectural segments.

#PAT #GROWTH

In FY25, net profit grew by 15% YoY to ₹365 cr. This was led by operating profit and higher other income. There was an exceptional gain of ₹32 cr from Q3 FY25, pertaining to gain on sale of non current investments. Tax rate for the year was 28.4% v/s 27% in FY24. In FY24, the net profit was ₹317 cr and declined by 8.1% YoY. A portion of the decline can be attributed to rise in finance cost and depreciation expenses.