Jubilant FoodWorks Limited

Consumer Cyclical — Restaurants · NSE

₹417.95−₹4.85 (−1.15%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Jubilant FoodWorks Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jubilant FoodWorks Limited, together with its subsidiaries, engages in food service business in India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia. The company operates quick service restaurants under the Domino's, Dunkin', Popeyes, Hong's Kitchen, and COFFY brands.

IndustryRestaurants

SectorConsumer Cyclical

Employees11,504

Annual revenue₹8,924 Cr

How does it make money?

Turns over ₹8,924 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 11,504 employees supports ₹77.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹77.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 16.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

What is the outlook?

13 analysts covering the stock expect revenue to grow about 54.4% and earnings to grow about 22.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+54.4%

Est. earnings growth+22.9%

Analysts13

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +74% while net margin moved -30% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+74%

Margin effect-30%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 2.05x is high — earnings must service borrowings before shareholders see anything
✗ Current ratio of 0.37 — short-term liabilities exceed short-term assets
✓ Free cash flow is positive — the business funds its own capex
✗ Interest cover of only 2.2x — little room if profits dip
✗ Debt has grown 24.3% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

74.9x

3Y Median

105.6x

40 monthly readings · mean 106.3x · range 64.4x–150.5x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 3y median of 105.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 69.2x.

vs. its own history

Cheap

105.6x median over 40 months · -29%

vs. sector peers

Fair

69.2x median of 4 peers · +8%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

16.2x

PEG

11.26

What's Good / What's Bad

🟢 What's Going Well2

Cash generation is improving
Free cash flow is up 380% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 92% over 3 years, from ₹2,554 Cr to ₹4,902 Cr.
🔴High leverageFinancial
Debt/Equity of 2.05x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 1204% against revenue up 74% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.37 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.05x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 1204% against revenue up 74%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 15% a year✓ 20.2% CAGR
Latest reported year was 13.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 20%✓ 22.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹884 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹27,488 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

74.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

11.99x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹5.58

Profitable

Profitable on a per-share basis

ROE

18.7%

Strong

Strong capital efficiency

ROCE

16.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

2.05x

High

High leverage

Revenue Growth (YoY)

13.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.0%

Modest

Slow profit growth

Dividend Yield

0.29%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹884 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

47.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

9.7%

Average

Average margins

Net Margin

4.4%

Average

Average bottom-line conversion

Current Ratio

0.37

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

454.0 / 475.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

22.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,138 Cr	₹5,588 Cr	₹7,669 Cr	₹8,924 Cr	+20.2%
EBITDA	₹1,179 Cr	₹1,218 Cr	₹1,677 Cr	₹1,990 Cr	+19.1%
EBITDA Margin	23.0%	21.8%	21.9%	22.3%	—
PAT (Net Profit)	₹353 Cr	₹399 Cr	₹211 Cr	₹428 Cr	+6.7%
EPS	₹5.35	₹6.05	₹4.17	₹6.49	+6.7%
ROE	17.3%	18.4%	10.0%	18.7%	—
ROCE	15.8%	12.5%	13.2%	16.2%	—
Total Debt	₹2,554 Cr	₹4,207 Cr	₹4,372 Cr	₹4,902 Cr	+24.3%
Free Cash Flow	₹184 Cr	₹157 Cr	₹782 Cr	₹884 Cr	+68.7%

🟢 Revenue has grown at 20.2% a year over 3 years.

🟢 EBITDA has grown at 19.1% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 22.3% over 3 years.

🟢 PAT (Net Profit) has grown at 6.7% a year over 3 years.

🟢 EPS has grown at 6.7% a year over 3 years.

🟢 ROE has risen from 17.3% to 18.7% over 3 years (+1.4 pts).

🟡 ROCE has held roughly flat at 16.2% over 3 years.

🔴 Total Debt has grown at 24.3% a year over 3 years.

🟢 Free Cash Flow has grown at 68.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9,561 Cr

Total Liabilities

₹7,173 Cr

Cash & Equivalents

₹129 Cr

Operating Cash Flow

₹1,894 Cr

Capex

-₹1,010 Cr

Shareholding (proxy)

Institutional Holding

45.1%

Insider Holding

40.7%

Corporate Actions

Next Earnings

19 Nov 2026

Dividend Rate

₹1.2

Ex-Dividend Date

17 Jul 2026

Analyst Consensus

Recommendations

20 Buy · 5 Hold · 3 Sell

Target Price (Mean)

₹561.46

+34.3% vs CMP

Target Range

₹417 – ₹680

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive4 mixed1 general

Jubilant Foodworks Shares May Rally Up To 47%, Says Motilal Oswal On Attractive Valuation; Check Target Price

NDTV Profit, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Jubilant FoodWorks (JUBLFOOD) Share Price near 52-week low as stock trades lower

Univest, 12 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Jubilant FoodWorks Limited (NSE:JUBLFOOD) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Simply Wall Street, 14 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Jubilant FoodWorks registers nearly 12% growth in revenue from operations for Q2 FY27; check all updates

Upstox, 07 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Jubilant FoodWorks Shares Fall 6%: Why Is The Stock Under Pressure?

Dalal Street Investment Journal, 08 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Jubilant FoodWorks Share Price: Why Domino’s India operator stock crashed 5% and what Morgan Stanley, CLSA said

Zee Business, 08 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality

MiddlingGrowth · Profitability · Risk

WeakFinancial Health · Valuation

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x · see Key things to watch ↑