Consumer (QSR) – Sector Update – 3Q recovery lower than expected
Published on 29 Dec 2025
Jubilant FoodWorks (JFL) witnessed a muted start to the quarter; however, momentum improved meaningfully in November and December, driven by a strong MoM bound. The recovery was led by 1) higher order volumes from urban catchments supported by college festivals and localized events, 2) lower competitive intensity and 3) improving consumer perception of Domino’s as offering superior value-for-money relative to others.
Westlife Foodworld (WFL) demand is muted even as core offerings of McVeggie and McChicken continue to see healthy traction. West continue to recover while South remains a drag to overall performance. Premium and gourmet burger categories remain under pressure, as consumers increasingly prefer regional and local burger chains offering more value. Notably, select high-density urban catchments in western India continue to record healthy footfalls in December with higher ticket sizes.
