Jubilant FoodWorks (JUBI IN) – Q4FY26 Result Update – Steady demand outlook, higher inflation key headwind – BUY
Published on 20 May 2026
4Q26 LFL came broadly in-line with our estimates, while healthy GM expansion driven by superior SKU mix and lower overheads led to EBITDA/PAT beat. Popeyes continued to witness strong traction with FY26 SSG growth of 28%, with momentum sustaining into Q1FY27. DP Eurasia performance is also improving, with the business now fully servicing acquisition-related debt through internal cash flows. However, healthy performance in Domino’s continues to be partially offset by softer trends in Coffy amidst stiff competition. We estimate 33.1% standalone EPS CAGR over FY26-28 on a low base. We have assigned 26x FY28 EV/EBIDTA to standalone nos and arrive at value of Rs508/share and 22x PAT to dp eurraisa (Rs 68/share) on its CY26 earnings. We assign an SOTP based target price of Rs576 (Rs584 earlier). JUBI seems best placed in QSR space to gain from expected improvement in consumer demand. Retain Buy.
