Nature of the Event

This document is the transcript of the Q2 FY27 Earnings Conference Call for Jubilant FoodWorks Limited (JFL), held on November 6, 2026, and submitted to the stock exchanges (BSE, NSE) on November 13, 2026, pursuant to Regulation 30 of the SEBI Listing Regulations. The call was led by senior management, including CEO Sameer Khetarpal and CFO Suman Hegde, to discuss quarterly results and strategic updates.

Key Quantitative Figures and Performance Metrics

  • Price Increases: The company has taken calibrated price increases of 140-200 basis points (bps) to mitigate inflation, using machine learning models to target specific day parts and channels.
  • Like-for-Like (LFL) Growth: Management reiterated the full-year guidance for Domino's India LFL growth to be in the range of 5%-7%. The trajectory has improved from Q4 to Q1 to Q2, with Q3 expected to be within this target range.
  • Gross Margin: Initiatives around pricing, discount management, and product mix are focused on protecting gross margins. Popeyes is seen to have a further 200 bps opportunity for gross margin improvement.
  • Popeyes Scale: The Popeyes brand now has a network of 100 stores. The target is to reach a run-rate business of over Rs 1,000 crores.
  • Innovation Contribution: Innovations across platforms (cheese, chicken, beverages) over the last year now contribute a double-digit percentage to the overall top-line growth and are mix-accretive.
  • User Metrics: The company's Monthly Active Users (MAU) are growing at 25%, while Monthly Transacting Users (MTU) are growing at 9%, attributed to a strategy focused on new customer acquisition.

Strategic and Operational Updates

  • Input Cost Inflation: Significant inflation is noted in key commodities, including dairy (cheese), chicken, and vegetables. The company states it is "fairly covered" for cheese supplies for the current financial year but will continue to take calibrated pricing actions to manage gross margins.
  • Dine-In & Take-Away (DITA) Channel: The company is focused on improving the DITA channel, which saw negative growth arrested in Q2. A program is underway to refurbish the "front of the house" in about 400 stores over the next three quarters, with 100+ stores already completed.
  • Popeyes Expansion Plan: The guidance for Popeyes store openings remains 40-45 for the year. The expansion is not capital-starved but is focused on quality, building customer love, and achieving the right unit economics before accelerating. The target ADS is closer to Rs 1 lakh.
  • Store Synergies (Domino's & Popeyes): Co-location of Domino's and Popeyes stores with common seating is done opportunistically (e.g., in Bangalore, Coimbatore) where real estate terms are favorable. This is ROI-accretive due to shared infrastructure (bikes, seating, commissary) but is not yet a programmatic strategy as customer perception is still being evaluated.
  • Cafe Domino's: This venture is small, with 15-20 stores. It is early days, but there are "no negative surprises" so far. The focus is on value and targeting a Gen-Z audience.

Management Commentary and Forward-Looking Statements

  • The company expressed confidence in its ability to manage margin profiles through various levers, despite unforeseen cost pressures like LPG pricing and wage inflation.
  • The Turkish operation (Coffy) was discussed. For Domino's Turkey, transaction growth is positive and costs have been passed on, but reported LFL is negative due to accounting treatments related to high headline inflation. The business is described as fundamentally sound with a strong market opportunity. The Coffy brand is correcting its value proposition and focusing on stores near universities.
  • Management believes the QSR sector in India remains under-penetrated (citing 5-6 million daily deliveries in India vs. 90 million in China) and is not significantly impacted by broader macroeconomic consumption trends discussed in other sectors, as it is predominantly urban.