Jubilant FoodWorks Ltd - Stock Valuation and Financial Performance

BSE: 533155 | NSE: JUBLFOOD | Consumer Food | Mid Cap

Jubilant FoodWorks Share Price

672.95 12.75 1.93%
as on 27-Mar'25 16:59

DeciZen - make an informed investing decision on Jubilant FoodWorks

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

Jubilant FoodWorks stock performance -

P/E Ratio (SA):
255.88
Market Cap:
43,563 Cr.
52-wk low:
429.7
52-wk high:
796.8

Is Jubilant FoodWorks Ltd an attractive stock to invest in?

1. Is Jubilant FoodWorks Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Jubilant FoodWorks Ltd is a good quality company.

2. Is Jubilant FoodWorks Ltd undervalued or overvalued?

The key valuation ratios of Jubilant FoodWorks Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Jubilant FoodWorks Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Jubilant FoodWorks Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Jubilant FoodWorks:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Jubilant FoodWorks Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 27.9%21.6%11.9%33%41.8%44.4%35.1%42.4%32.7%23.8%-
Value Creation
Index
1.10.6-0.11.52.13.02.12.81.91.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,0742,4102,5462,9803,5313,8863,2694,3315,0965,3415,849
Sales YoY Gr.-16.2%5.6%17.1%18.5%10.1%-15.9%32.5%17.7%4.8%-
Adj EPS 1.91.61.23.14.94.43.66.863.82.6
YoY Gr.--13.2%-27.4%163.9%56.7%-11%-16.9%86.5%-11.6%-36.2%-
BVPS (₹) 10.21212.715.82017.822.631.132.333.135.3
Adj Net
Profit
12410878.2208325289240448396253170
Cash Flow from Ops. 2832202124154347327479251,0521,010-
Debt/CF from Ops. 0000000000.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.1%8.6%17.8%4.8%
Adj EPS 8.2%-4.9%1.7%-36.2%
BVPS13.9%10.6%13.6%2.4%
Share Price 16.1% 18.9% 8.7% 48%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
20.114.79.521.927.423.117.925.218.811.67.5
Op. Profit
Mgn %
12.711.49.81517.322.823.725.72320.819.3
Net Profit
Mgn %
64.53.179.27.47.310.47.84.72.9
Debt to
Equity
0000000000.1-
Working Cap
Days
33497074819012410810511518
Cash Conv.
Cycle
-40-44-46-49-49-42-52-44-36-32-20

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 17.78%

Sales growth is good in last 4 quarters at 11.05%

Return on Equity has declined versus last 3 years average to 7.50%

Net Profit has been subdued in last 3 years 1.71%

Latest Financials - Jubilant FoodWorks Ltd.

Standalone Consolidated
TTM EPS (₹) 2.6 5.6
TTM Sales (₹ Cr.) 5,849 7,611
BVPS (₹.) 35.3 33.9
Reserves (₹ Cr.) 2,197 2,103
P/BV 18.70 19.49
PE 255.88 117.65
From the Market
52 Week Low / High (₹) 429.65 / 796.75
All Time Low / High (₹) 16.16 / 915.49
Market Cap (₹ Cr.) 43,563
Equity (₹ Cr.) 132
Face Value (₹) 2
Industry PE 59.7

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 1,331 6.31,440 9.91,467 9.11,611 18.9
Adj EPS (₹) 0.5 -44.10.8 -31.60.8 -27.50.9 -4.4
Op. Profit Mgn % 19.10 -104 bps19.32 -178 bps19.38 -149 bps19.41 -146 bps
Net Profit Mgn % 2.56 -235 bps3.58 -216 bps3.55 -181 bps3.62 -88 bps

Management X-Ray of Jubilant FoodWorks:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:41.94%Institutions:51.64%Non-Institutions:6.42%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%
Pledged *1.671.661.660.630.790.794.984.984.984.98
* Pledged shares as % of Promoter's holding (%)

Valuation of Jubilant FoodWorks

MRP
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MOS
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DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Jubilant Foodworks Ltd: Q2FY24 result update - 04 Nov 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

1,369

+5%

Driven by delivery channel sales growth of +8%
EBITDA

277

-11%

 
EBITDA Margin

20%

-400 bps

employee and other expense resulted in margin decline
PAT

97

-27%

 

At par Result. Same-store sales growth declined by -1% YoY but sequential improvement in average daily sales per store.

Jubilant Foodworks: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

1,310

6%

Same store sales growth (SSSG) decline by 1.3%

EBITDA

276

-9%

 

EBITDA Margin

21%

-400bps

On account of increase in employee cost

PAT

75

-41%

Driven by increase in depreciation expenses

At par result on account of negative SSSG and flat dine-in and take away.

 

Jubilant Foodworks: Q4FY23 Result Update - 02 Jun 2023

Particulars

Q4FY23

YoY Growth

Comment

Revenue

1,270

8%

Like-for-like sales growth stood flat at 0.6%

EBITDA

218

-20%

 

EBITDA Margin

17%

-600 bps

 

PAT

29

-70%

 

Weak numbers, Margin contraction on account of Agri inflation. Company reluctant to pass on full inflation in order to secure volumes.

 

Jubilant Foodworks: Result Snapshot - 23 Jul 2021

Results: Jubilant Foodworks reported 130% growth in sales over same quarter previous year and 14% decline in sales over previous quarter. Profit before tax margin was 10% versus 13% in previous quarter.

Our Opinion: Dominos has a strong brand appeal and trust which helps it with repeat sales and growth. Covid was very beneficial for branded players as they managed to grab market share in restaurant industry and recovered back to pre-covid level faster than unorganized peers.

Our earlier take on Jubilant pre-covid was that its dependence on online sales is facing competition with many restaurants coming onboard with Swiggy and Zomato. But thanks to Covid, customers preferred flocking to known brands like Dominos during lockdown and in the interim. Our view has changed with new evidence that for few years branded players will continue to take away market share.

Jubilant is entering into new segments like Biryani, Chinese and Chicken with brand names of Ek Dum!, Hong, and Popeyes. We have increased valuation to an extent of new store addition target.

This can have a hockey stick rise in sales growth in initial years. So even if valuation look quite stretched ~60x FY23, we would not recommend SELL for now. We have observed in US that restaurant chain can scale up fast and with existing track record, Jubilant is worth holding on. We may have more IPO in this space like Devyani which operates Yum Brands like Pizza hut and KFC.

*For fresh purchase, we look for margin of safety. Long term investors are advised to look for margin of safety/Reasonable price because contrary to current momentum, long term returns are governed only by long term growth rate and purhcase price. We have seen several stocks expensive stocks, including consumer facing stocks like Eicher, Maruti, Page Industries haven't recovered back to their previous highs yet. 

Jubilant Foodworks: Quarterly Result update - 30 Jan 2020

Results: Jubilant FoodWorks (JUBI) known for its restaurant chain “Dominos” reported year on year 14.3% growth in sales of which 5.9% came from same store sales, a surprise. The operating profit margin grew to 24% (vs 18.4% in Q3FY19). 

 

Key highlights during the quarter:-

  • JUBI opened 44 new Dominos stores and closed 2 stores taking the total number of Dominos store to 1,325.
  • Average online order contribution to delivery sales was 87% (vs 73% in Q3FY19). Out of which 95% comes from mobile ordering. 
  • Employee costs grew by 17% due to store expansion and investments in building core team. Other expense spiked due to higher delivery mix, investment in digital infrastructure and new marketing campaign.

Outlook:  Despite of challenging demand environment and slowdown in consumption trends, JUBI has been able to deliver growth. The management maintained a positive stance on sustained growth going forward. There are multiple levers of growth in Domino’s such as, new products, shorter delivery time, reimaging stores to combat slowdown in dine-in. JUBI has been experiencing slowdown in dine-in. 

Although we are certain of growth prospects, we suspect that current growth rate factored in stock price would pan out. Delivery services like Swiggy, Zomato have reduced the attractiveness of its unique offering of home delivery (less than 30min delivery). We will wait for a better price to ensure margin of safety to earn at least 15% CAGR.

 

 

Jubilant Foodworks: Quarterly Result Update - 24 Oct 2019

Results: Jubilant FoodWorks known for its restaurant chain “Dominos” reported year on year 12.1% growth in sales of which 4.9% came from same store sales, a surprise. The operating profit growth was flat during the quarter. 

Key highlights during the quarter:-

  • Company opened 40 new Dominos stores and closed 6 stores taking the total number of Dominos store to 1,283.
  • The operating profit was flat due to increase in the manpower cost as compared to last year in same quarter.
  • For Dunkin Donuts, the operating profitability has been flat. The company has not yet cracked right business model for Dunkin Donuts. Dunkin Donuts find it hard to position themselves as Indians haven’t hooked on Donuts and Coffee concept yet.

Outlook: Jubilant FoodWorks has been experiencing slowdown in dine-in and slower growth in online business. Delivery services like Swiggy, Zomato have reduced the attractiveness of its offering of home delivery (under 30min delivery).

 

Although we are certain of growth prospects, we suspect that current growth rate factored in stock price would pan out. If we see fall in growth rate, we will recommend a sell on high valuations.

Key Ratios of Jubilant FoodWorks

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Marico 649.1 9.6 (1.5%) Mid Cap 9,653 12.4 15.7 51.7 16.3
Jubilant FoodWorks 673 12.8 (1.9%) Mid Cap 5,341 2.6 4.7 255.9 18.7

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,0742,4102,5462,9803,5313,8863,2694,3315,0965,341
Operating Expenses 1,8122,1382,2992,5342,9233,0092,5023,2273,9374,247
Manufacturing Costs323370398440519547485648801846
Material Costs5215706167518769717159741,2271,259
Employee Cost 439568585604672785736751890991
Other Costs 5296307017388557065678521,0191,151
Operating Profit 2632722474466088777671,1051,1591,094
Operating Profit Margin (%) 12.7%11.3%9.7%15.0%17.2%22.6%23.5%25.5%22.7%20.5%
Other Income 7111423476970415028
Interest 00000163161173195224
Depreciation 98124151156152344367383475568
Exceptional Items 00-120-8-450-7-47-12
Profit Before Tax 17215998313494394309582492318
Tax 4952301071721187514413684
Profit After Tax 12310767206323275234438356234
PAT Margin (%) 5.9%4.4%2.6%6.9%9.1%7.1%7.1%10.1%7.0%4.4%
Adjusted EPS (₹)1.91.61.03.14.94.23.56.65.43.5
Dividend Payout Ratio (%)13%15%25%16%20%29%34%18%22%34%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 6717878401,0401,3191,1771,4902,0512,1332,185
Share Capital 66666666132132132132132132
Reserves 6067217749741,1871,0451,3581,9192,0012,053
Minority Interest0000000000
Debt000000000198
Long Term Debt000000000198
Short Term Debt0000000000
Trade Payables240293312387417444529530550642
Others Liabilities 1833824225067182,3562,4452,9933,5153,839
Total Liabilities 1,0941,4611,5741,9332,4543,9774,4645,5736,1986,864

Fixed Assets

Gross Block1,0549201,0321,1411,2713,6813,8194,5725,5796,692
Accumulated Depreciation3371152533734861,5331,7151,8892,1722,575
Net Fixed Assets7168067787687852,1492,1032,6833,4074,117
CWIP 1825601315392746182116
Investments 130152168345270135614954803762
Inventories425459637392130157170263
Trade Receivables12121615331918273358
Cash Equivalents 30313212948963951754123372
Others Assets1453814626017899031,0541,1661,3691,477
Total Assets 1,0941,4611,5741,9332,4543,9774,4645,5736,1986,864

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 2832202124154347327479251,0521,010
PBT 17215998313494394309582492318
Adjustment 98131144137121484474531694819
Changes in Working Capital 48-11791-4-650-48-8-38
Tax Paid -35-58-37-126-177-139-87-141-125-90
Cash Flow From Investing Activity -277-201-197-352-446-98-614-534-600-629
Capex -280-222-196-111-158-282-237-443-818-817
Net Investments 18213-226-312160-146-74297223
Others -150-4-152424-232-17-79-35
Cash Flow From Financing Activity 1-18-15-18-40-469-280-424-447-348
Net Proceeds from Shares 1252000000
Net Proceeds from Borrowing 000000000208
Interest Paid 000000000-3
Dividend Paid 0-16-16-16-33-1450-79-79-79
Others 0-3-3-3-7-323-280-345-368-473
Net Cash Flow 81045-52166-148-33534
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)19.9714.638.2721.9627.3722.0717.5224.7117.0310.83
ROCE (%)27.8721.6311.8533.0441.7744.4435.0542.4432.6623.76
Asset Turnover Ratio2.111.891.681.71.611.210.770.860.870.82
PAT to CFO Conversion(x)2.32.063.162.011.342.663.192.112.964.32
Working Capital Days
Receivable Days2222222223
Inventory Days77877812121215
Payable Days144171179170167162248198161173

Jubilant FoodWorks Ltd Stock News

Jubilant FoodWorks Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Jubilant FoodWorks on 27-Mar-2025 16:59 is ₹673.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 27-Mar-2025 16:59 the market cap of Jubilant FoodWorks stood at ₹43,563.
The latest P/E ratio of Jubilant FoodWorks as of 27-Mar-2025 16:59 is 255.9.
The latest P/B ratio of Jubilant FoodWorks as of 27-Mar-2025 16:59 is 18.70.
The 52-week high of Jubilant FoodWorks is ₹796.8 and the 52-week low is ₹429.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jubilant FoodWorks is ₹5,849 ( Cr.) .

About Jubilant FoodWorks Ltd

Jubilant FoodWorks Limited (JFL) is part of the Jubilant Bhartia Group and is one of the India’s largest food service Company. The company was incorporated in 1995 and initiated operations in 1996. The company’s share is listed on National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The company holds the master franchise rights for two international brands, Domino’s Pizza and Dunkin' Donuts addressing two different food market segments. The company has also entered into the Chinese cuisine segment through its indigenous brand Hong’s Kitchen and launched its first homegrown brand - Hong’s Kitchen in Chinese cuisine segment.

Business area of the company

Jubilant FoodWorks is India’s largest and fastest growing food service company. The company is a food service company and engaged in retail sales of food through two strong international brands, Domino’s Pizza and Dunkin’ Donuts addressing different food market segments.
Products offered by the company

Domino's

The company has the exclusive rights to develop and operate Domino's Pizza Restaurants in India, Sri Lanka, Bangladesh and Nepal. The Company launched its first Domino’s Pizza restaurant in Delhi in January 1996. The company is the largest franchisee for Domino’s brand outside U.S. At present, it operates in India, and through its subsidiary companies in Sri Lanka and Bangladesh.

Dunkin' Donuts

The company has the exclusive rights to develop and operate Dunkin' Donuts Restaurants in India. The company launched first Dunkin' restaurant in Delhi in April 2012. Dunkin serves wide variety of donuts, coffee, beverages, sandwiches and other goods.

Hong’s Kitchen

Jubilant FoodWorks marked its entry into the Chinese cuisine segment with the launch of its first home-grown brand - Hong’s Kitchen. The company launched first restaurant in Gurugram in March 2019. The restaurant has young, international-looking and trendy design inspired by the colours and the hustle of Asian street markets.

Awards

Jubilant FoodWorks has won

  • Jubilant FoodWorks Limited has won the ‘Recognition for Customer Centricity’ - (Service), (Large Business Organization) award based on the assessment outcome of the ‘CII Awards for Customer Obsession - 2016’.
  • Jubilant FoodWorks has won the 3rd Edition of ‘Indian Risk Management Award’ by CNBC TV-18.
  • Jubilant FoodWorks has won CSR Initiative of the year Award in 2016 at Annual Indian Retail Awards.
  • Jubilant FoodWorks has won 7 CII Awards for Food Safety - 2016 for outstanding performance, significant achievement, strong commitment, letter of appreciation in Food Safety in the Category of 'Small & Medium Food Service: Rising Star: QSR'.
  • Jubilant FoodWorks has won the Golden Peacock award in FY16 for National Quality Award, National Training Award and Risk Management.
  • Jubilant FoodWorks has been certified as Great Place to Work for building a high trust & performance culture in 2017.

Domino’s Pizza has won

  • Star Retailer of the Year Award- Domino’s won Star Retailer of the Year Award at Franchisee India Awards.
  • Coca Cola Golden Spoon Award- Most Admired Food Service Chain of the Year -QSR Foreign Origin.
  • National Award - Excellence in Customer Service- Domino’s Pizza won the National Award - Excellence in Customer Service, organised by World HRD Congress.
  • Food Service Retailer of the Year- Most Admired Food Service Retailer of the Year - Retail Expansion.
  • Golden Peacock National Training Award- Domino's Pizza India has won the ‘Golden Peacock National Training Award’ by the Institute of Directors (IOD).

Dunkin’ Donuts has won

  • National Award - Excellence In Customer Service & Loyalty - in the Category of Café Restaurant at Global Awards for Excellence in Quality Management & Leadership organized by World Quality Congress.
  • ‘Asian Award for Best in Quality Service’ at 7th Asian Best Employer Brand Award 2016 organized jointly by World HRD Congress.
  • ‘National Award - Best Customer Service by a Café Restaurant’ at Indian Restaurants Awards 2016 organized by Franchise India.
  • Food Safety Excellence Award at the Dunkin’ International Middle East Rally Awards 2016 organized by Dunkin’ International.
  • Dunkin’ won Delhi NCR Hot 50 Brands Award in FY16 presented by One India Best Marketing and Promotions Award at Images Retail Award by India Retail Forum.

Milestones

  • 1995: Domino's Pizza India Pvt. Ltd. was incorporated. Entered into a master franchise agreement with Domino's International for India (north and west regions).
  • 1996: 1st Domino’s Pizza Store was opened in New Delhi. Converted to Public Company - Domino’s Pizza India Limited.
  • 1998: Franchise rights for Domino's extended to whole of India and Nepal.
  • 2000: Entered into an agreement with IPEF and Indocean, pursuant to which IPEF and Indocean invested in the Company.
  • 2004: Launch of the ‘30 minutes or free’ campaign for Domino's
  • 2006: Total number of Restaurants crossed 100
  • 2008: Achieved monthly sales of one million pizzas.
  • 2009: Name changed to Jubilant FoodWorks Ltd. Total number of Restaurants crossed 200.
  • 2010: IPO Launched. Listed on Bombay Stock Exchange and National Stock Exchange of India Ltd.
  • 2011: Entered into a multiple unit development and franchise agreement with Dunkin' Donuts for India.
  • 2012: Opened 500th Dominos Pizza Restaurant. Became 1st brand in Food Service to launch an Online Ordering platform in India.
  • 2013: Launch of 'Dunkin' Donuts & More' Restaurants chain in India.
  • 2014: Opened 700th Restaurant. Domino’s India becomes biggest business outside USA beating UK.
  • 2016: Opened 1000th Restaurant.
  • 2017: Launch of Every Day Value Offer and All New Domino's Campaign.
  • 2018: Commercial production commenced from Mega Commissary at Greater Noida.
  • 2019: Launch of Hong’s Kitchen. Opened first Restaurant in Bangladesh.
  • 2020: Jubilant FoodWorks launches new brand 'ChefBoss'.
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