14 Aug , 2026 By : Debdeep Gupta
Shares of Jubilant FoodWorks jumped 4 percent in Friday morning trade after its fiscal first quarter earnings. Brokerages largely pointed to prospects of an improvement in Domino’s India growth while highlighting continued momentum at Popeyes.
The Jubilant FoodWorks stock was trading at Rs 511, making it one of the top midcap gainers for the day. At current levels, the stock is down 8.1 percent so far in 2026, compared with a 6.7 percent decline in the Nifty 50. The company’s market capitalisation stood at more than Rs 33,500 crore.
Jefferies maintained its ‘Buy’ rating on Jubilant FoodWorks with a target price of Rs 650, implying more than 32 percent upside from Thursday’s close. The brokerage said the company’s first-quarter performance was broadly in line with estimates, although Domino’s India like-for-like (LFL) growth remained weak.
Jefferies expects growth to accelerate, aided by internal and external factors as well as a favourable base. It said the decline in EBITDA margin was contained despite cost inflation, helped by price increases and savings initiatives. The brokerage also highlighted Popeyes, where average daily sales crossed Rs 95,000.
CLSA retained its ‘Outperform’ rating with a target price of Rs 554. The brokerage said standalone sales rose 9.2 percent, while Domino’s India LFL growth was 2.5 percent. Management expects LFL growth of 5-7 percent in FY27, with an improvement beginning in the second quarter, according to CLSA.
The brokerage said Popeyes continued to maintain its LFL momentum, with store additions expected to accelerate in FY27. Gross margin was 46 basis points above CLSA's estimate and 40 basis points ahead of consensus, while EBITDA margin expanded 18 basis points year-on-year. CLSA raised its FY27-FY29 estimates by 12-14 percent.
HSBC maintained a more cautious stance with a ‘Hold’ rating and a target price of Rs 500, below the stock’s Friday morning price. It described Domino’s India LFL growth of 2.5 percent as muted, although margins were managed well despite inflationary pressures.
HSBC identified Popeyes as the key standout but expects the broader recovery to remain gradual. It has factored in 5 percent LFL growth for Domino’s India in the second quarter of FY27 and flagged commodity inflation as a key monitorable.
Jubilant FoodWorks on Thursday reported a 4.3 percent year-on-year rise in Q1 FY27 profit after tax to Rs 70 crore from Rs 66.7 crore. Revenue from operations increased 9.2 percent to Rs 1,848.85 crore from Rs 1,692.91 crore. EBITDA rose to Rs 360 crore from Rs 323.3 crore in the year-ago quarter, while EBITDA margin improved to 19.5 percent from 19 percent.
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