Jubilant Q2 sales rise 11.9% as India same-store growth picks up to 4.1%

Jubilant FoodWorks runs Domino's pizza stores in India, the chain many families use to order pizza to the door. On October 7, 2026, it said consolidated revenue was Rs 2,608.7 crore for the quarter ended September 30, 2026, up 11.9% from a year ago, with standalone revenue at Rs 1,885.8 crore, up 11.6% . India stores grew 4.1% while Eurasia stores shrank 2.1%, so new openings carried much of the quarter .

India stores grew faster after two soft quarters

Like-for-like growth recovered to 4.1% on a softer base

Like-for-like growth means year-on-year revenue growth for mature non-split restaurants opened before the previous financial year .

Sources: Q2FY26 — ; Q3FY26 — ; Q4FY26 — ; Q1FY27 — ; Q2FY27 — .

Period	Domino's India like-for-like growth
Q2FY26	9.1%
Q3FY26	5.0%
Q4FY26	0.2%
Q1FY27	2.5%
Q2FY27	4.1%

The dip and rebound reflect very high bases. Management said Q1FY27 growth of 2.5% came against 11.6% in Q1FY26, making a two-year total of about 14.1% .

Management described Q4FY26 and Q1FY27 as both on a high base. It said it is building toward 5% to 7% growth as bases correct . It had already said the 5% to 7% annual same-store view remains and Q1FY27 was tracking better than Q4FY26 .

Delivery held up after minimum order was cut to Rs 99

Management calls delivery the engine and dine-in and takeaway the drag . In Q1FY27 it estimated delivery growth at 8%-9%. It argued holding dine-in and takeaway flat would let overall growth beat guidance .

Delivery order volume grew in Q1FY27 and was not hit by price increases taken in the quarter . The trade-off was ticket size. Jubilant had led with free delivery at Rs 149 when market levels were Rs 200 to Rs 250, then followed aggregators down to Rs 99 .

That follow-on move was described as lagging and corrective. It kept a level playing field but came at lower average order value and higher cost per order . In Q4FY26 management had already said the drop in average ticket size was conscious, to gain share and acquire new customers .

Dine-in fix centres on Wednesday offer and solo menu

The company split stores into dine-in clusters, High Street, mall, food court and campus stores versus delivery-first stores. It created a dedicated dining takeaway team .

The playbook focuses on speed of service, product quality, accuracy and store experience checked through mystery audits. It adds a Wednesday-only in-store value offer and payment tie-ups to bring footfalls .

Early read was that Wednesday trends had reversed. Management said the first goal was only to stop the decline .

New stores carried much of the quarter

Group added 108 stores to reach 3,820 outlets

The group network includes corporate and franchisee stores across all brands and markets .

Sources: Q2FY26 — ; Q3FY26 — ; Q4FY26 — ; Q2FY27 — .

Period	JFL group stores	Domino's India stores
Q2FY26	3,480	2,321
Q3FY26	3,594	2,396
Q4FY26	3,636	2,455
Q2FY27	3,820	2,601

In Q2FY27 the group added 108 stores net to reach 3,820, against 76 net in Q1FY27 to reach 3,712 . Domino's India added 88 stores in Q2FY27 to end at 2,601 .

That pace extends city expansion. Additions took Domino's India to 500 cities in Q2FY26 , 511 cities in Q3FY26 and 521 cities in Q4FY26 .

New capital favours small delivery stores and Popeyes

Management guided FY27 capital spending of Rs 750 crore to Rs 900 crore, similar to the prior couple of years, but now more indexed to new Domino's and Popeyes stores . It said supply chain investment is past peak after commissioning the Mumbai food factory in March with has the capacity to supply for almost 5,000 stores .

The store model has shrunk. The go-to format in large metros is now a 600 to 700 square feet delivery carry-out store, against 1,500 to 1,600 square feet approvals four years ago . Management guides about 230 to 250 restaurants in FY27 .

Popeyes is positioned as the second growth engine . It reached 90 stores in Q1FY27 with about Rs 100 crore of revenue and a team built to reach Rs 1,000 crore . In FY26 same-store growth was 28% with 78 stores . The stated path is about 250 stores and Rs 1,000 crore in three to four years .

Overseas stores shrank on inflation-adjusted basis

Eurasia same-store sales fell 2.1% after adjustment

Domino's Eurasia recorded like-for-like growth of minus 2.1% post Ind AS 29 in Q2FY27 . That was weaker than minus 1.3% in Q1FY27 . Ind AS 29 is the Indian equivalent of IAS 29 hyperinflation accounting used for Turkey, where like-for-like is computed in Turkish lira on both a pre-inflation and inflation-adjusted basis .

Sources: Q2FY26 — ; Q3FY26 — ; Q4FY26 — .

Period	Domino's Turkey adjusted like-for-like	Domino's Turkey pre-inflation like-for-like
Q2FY26	5.6%	40.7%
Q3FY26	6.3%	39.9%
Q4FY26	9.0%	42.8%

The gap shows how inflation flatters the headline. Coffy was negative on the adjusted basis in all three quarters, at minus 1.7% in Q2FY26 , minus 6.4% in Q3FY26 and minus 9.7% in Q4FY26 .

Turkey still brings scale and cash despite weak quarter

Turkey is defined to include Azerbaijan and Georgia . It remains the largest overseas contributor.

In Q4FY26 Turkey revenue was Rs 764.4 crore, up 59.2% year-on-year, with full-year revenue of Rs 2,456.0 crore, up 28.8% . Profit after tax from continued operations before exceptional items was Rs 57.6 crore in Q4FY26 at a 7.5% margin, helped by refinancing debt from lira to euro .

Management said the business generates strong cash flows and repatriates dividend . Domino's Eurasia ended Q2FY27 with 798 stores after adding three in the quarter .

Double-digit revenue growth faces cost pressure

Group growth slowed while India growth quickened

Source: .

Period	Consolidated revenue in Rs crore	Standalone revenue in Rs crore
Q2FY26	2,340.15	1,698.67
Q3FY26	2,437.22	1,801.51
Q4FY26	2,499.47	1,679.65
Q1FY27	2,569.65	1,848.85
Q2FY27	2,608.7	1,885.8

Source: .

Period	Consolidated growth year-on-year	Standalone growth year-on-year
Q2FY26	19.7%	15.8%
Q3FY26	13.3%	11.8%
Q4FY26	18.8%	5.8%
Q1FY27	13.7%	8.7%
Q2FY27	11.9%	11.6%

Group growth in Q2FY27 was slower than 14.1% in Q1FY27, while India-only growth accelerated from 9.2% in Q1FY27 . Full-year consolidated revenue was Rs 9,512.51 crore in FY26 against Rs 8,141.73 crore in FY25, while standalone revenue was Rs 6,856.22 crore against Rs 6,104.67 crore .

Dunkin exit makes growth comparable and Q2 numbers remain provisional

Dunkin brand business is now shown as discontinued operations in current and prior periods . That means Dunkin sales are removed from both the new quarter and the year-ago quarter, so growth is on a like basis .

The Q2FY27 figures are provisional and subject to limited review by statutory auditors .

Pricing offsets gas and wage pressure as margin goal stays

Gross margin was 75.5% in Q1FY27 despite headwinds . Management quantified about 200 basis points of cost pressure including about 120 basis points from cooking gas, plus minimum wage hikes across 14 to 15 states and pressure from fuel, cheese and imported oil .

Pricing of 1.5% to 2% plus wastage reduction and mix toward margin-accretive products limited the hit in Q1FY27 . The longer ambition for about 200 basis points of EBITDA margin expansion, half from Domino's and half from emerging brands with Popeyes ahead of track, was reiterated .

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