Jubilant Foodworks Ltd.Domino's LFL +2.5%, Popeyes up 40-45%

Jubilant FoodWorks held a Q&A-only Q1 FY27 call, with the results letter carrying the outlook.

Management said Domino's like-for-like growth was 2.5% on a prior-year base of 11.6%, that Q2 should be better than Q1, and that it is building toward 5% to 7% as bases normalise. Popeyes, at about 90 stores, is growing 40% to 45% on a better product, brand building and store execution, with seven cities above ₹100K average daily sales and a goal of a ₹1,000 Cr profitable brand. Cost pressure is the watchpoint: LPG alone hit margin by about 120 bps within a total headwind near 200 bps, which pricing, efficiency and lower wastage cut to about 20 bps, while cheese, oil, chicken and wages are still rising.

Personnel cost rose 12% on a standalone basis. Aggregators lowering minimum order values to ₹99 and ₹49 hurt dine-in and solo orders and prompted a dedicated channel team. Capex stays at ₹750 Cr to ₹900 Cr and the 200 bps EBITDA margin expansion target is held.