Jubilant FoodWorks shares surge most in over 15 months after profit nearly triples in Q2; here is what analysts say

Shares of Jubilant FoodWorks, the Domino's Pizza and Popeyes chain operator in India, rose as much as 8.5% to hit an intraday high of ₹622.50 apiece on the BSE on Friday, November 14, posting their best single-day gain in over 15 months, data from BSE showed.

On the National Stock Exchange, Jubilant FoodWorks shares jumped as much as 8.62% to ₹622.95 a day after it reported September quarter earnings.

Jubilant FoodWorks post-market hours on Thursday reported that its net profit in the September quarter nearly tripled or jumped 191% to ₹186 crore from ₹64 crore in the same period last year.

The Domino's pizza chain operator's revenue from operations advanced 20% to ₹2,340 crore in the July-September period as against ₹1,955 crore in the year-ago period.

The company reported stable operational performance, as its EBITDA (earnings before interest, taxes, depreciation and amortisation), also known as operating profit, jumped 19% to ₹476 crore and its operating profit margin came in at 20.33%.

During the quarter Jubilant FoodWorks added 81 Domino's stores, taking the total count to 3,179 stores, and it also added 8 Popeyes stores during the quarter, taking the total count to 68 stores.

In total Jubilant FoodWorks had 3,480 stores at the end of Q2, with net additions at 93 stores.

Domino’s India revenue advanced 15.5% annually on the back of strong order growth of 14.8% YoY, Jubilant FoodWorks said. The pizza chain's like-for-like (LFL) growth, also known as same-store sales (SSS) growth, came in at 9.01%, driven by delivery channel LFL growth of 16.5%, the Delhi-based company added.

“We are delighted with the steady topline growth across all markets. Our India business continues to grow ahead of the market while also witnessing a consistent improvement in operating margin and PAT margin. Our Turkey business is consistently delivering value accretion with robust topline growth and a healthy PAT margin. Sri Lanka and Bangladesh businesses are also witnessing strong growth. Overall, our strong performance and the momentum generated in H1, we believe, have set JFL for a very promising H2,” Shyam S. Bhartia, Chairman, and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited, commented on Q2 earnings.

Here is what global investment firms say on Q2

Jefferies said that while there was a sequential moderation in Q2, it continues to be well ahead of its quick service restaurant (QSR) peers, and delivery growth in the second quarter was comparable to food-tech platforms like Zomato and Swiggy.

A key share price driver going ahead would be growth from the third quarter onwards, given the same store sales (SSS) base will get tough, Jefferies noted.

Citi reiterated its positive stance, highlighting the company's ability to deliver strong growth even in a weak macro backdrop.

The company posted 9.1% like-for-like (LFL) growth, supported by 14.8% order growth and a robust 16.5% delivery LFL, driven largely by accelerated product innovation, Citi said.

Although the LFL base will be high in the coming quarters, Citi expects Jubilant FoodWorks to still deliver mid-single-digit LFL growth, outpacing most QSR peers, supported by continued innovation. With profit growth running ahead of revenue growth, Citi sees potential for valuation re-rating.

On the other hand, CLSA said that the sales miss was largely expected after the company’s quarterly update. While EBITDA margin was 20 bps below consensus, it improved slightly sequentially.

Gross margin saw a modest boost due to price hikes and higher packaging charges. Sales per store rose 4.3% YoY, with Domino’s India delivering 9.1% LFL growth. CLSA added that early festive tailwinds supported second-quarter and October performance but remains cautious on sustainability.

HSBC expects 5% SSS growth in 2HFY26, lower than the first half but still strong relative to the broader consumer sector. The investment firm also sees upside potential from execution and easing competition.

As of 10:21 am, Jubilant FoodWorks shares traded 8.37% higher at ₹621.50, outperforming the NIFTY50 index, which was down 0.31%.