Synopsis:- Jubilant FoodWorks Q4 FY26 business update revealed a near-complete stall in like-for-like growth for Domino’s India, collapsing to 0.2% from 12.1% a year ago, as LPG supply constraints hobbled operations across its India network triggering a 9 percent single-session selloff even as consolidated revenues grew 110 percent year-on-year.
Shares of India’s largest food services operator fell sharply after the company disclosed a near-complete loss of momentum in same-store sales for Domino’s India in the January–March quarter. The quarterly update, which showed consolidated revenue growth of 19.1 percent year-on-year driven largely by the Turkey operations, failed to offset investor concern over what has become a rapidly deteriorating like-for-like (LFL) trajectory in the domestic business.
With a market capitalization of approximately Rs. 27,667.31 crore, the shares of Jubilant FoodWorks were trading at Rs. 419.20 per share, down around 9 percent from its previous closing price of Rs. 461.10 apiece. It is trading at a P/E of approximately 94.15.
YoY growth for Domino’s India has deteriorated in almost every consecutive quarter since Q3 FY25. The sequence tells the story plainly: 12.5 percent in Q3 FY25, 12.1 percent in Q4 FY25, 11.6 percent in Q1 FY26, 9.1 percent in Q2 FY26, 5.0 percent in Q3 FY26, and now 0.2 percent in Q4 FY26. This is not a one-quarter miss. It is a six-quarter slide that has erased what was a healthy same-store growth run.
The management attributed the Q4 collapse primarily to commercial LPG supply constraints. With over 95 percent of Domino’s India outlets dependent on LPG for operations, any disruption in supply chain availability directly throttles outlet-level throughput and customer experience. The implication is that the weakness is supply-side rather than demand-side
The counter-evidence for that interpretation comes from Turkey: Domino’s Turkey reported LFL growth of 9 percent in Q4, suggesting the underlying brand and format remain viable where supply constraints are absent. India’s weakness, in that framing, is operational rather than structural.
Revenue Growth Masks the Mix
Consolidated revenue from operations for Q4 FY26 came in at Rs. 2,505.8 crore, up 19.1 percent year-on-year. At the full-year level, consolidated revenue for FY26 reached Rs. 9,544.1 crore, up 17.2 percent. Both numbers look reasonable in isolation.
The problem is that standalone India revenue grew only 6.2 percent in Q4, reaching Rs. 1,686 crore, against a consolidated print inflated by Turkey’s contribution. For the full year, standalone revenue was Rs. 6,887.8 crore, up 12.8 percent.
The revenue growth and LFL divergence point to a network expansion effect carrying the top line even as store-level productivity softens. Jubilant added a net 69 stores during the quarter, taking the total group network to 3,663 outlets. Domino’s India alone added 59 stores to reach 2,455, while Domino’s Turkey added 4 to reach 787. Store count growth generating revenue without a corresponding lift in same-store metrics is a pattern that tends to weigh on margin optionality over time.
Business Overview
Jubilant FoodWorks Limited, part of the Jubilant Bhartia Group , holds master franchise rights for Domino’s Pizza across India, Sri Lanka, Bangladesh, Nepal, Turkey, Azerbaijan, and Georgia, along with exclusive rights for Popeyes, Dunkin’, and its own brand Hong’s Kitchen. For Q4 FY26, the company reported consolidated revenue of Rs. 2,505.8 crore, up 19.1 percent year-on-year. Full-year FY26 consolidated revenue stood at Rs. 9,544.1 crore.
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