Jubilant FoodWorks Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jubilant FoodWorks Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jubilant FoodWorks management discussed Q4 FY26 performance, noting like-for-like growth of 0.2% for the quarter and a two-year CAGR closer to 7% on an annual basis, with dine-in and takeaway cited as the primary weak spot. Management attributed part of the average order value decline to a deliberate reduction in minimum order value from Rs 149 to Rs 99 to match competitors and gain market share. Executives also detailed cost pressures from energy, labor and commodity inflation, alongside a 100 basis point gross margin improvement to 75.5% driven by wastage reduction, premium product launches and calibrated price increases.
Numbers mentioned
Minimum order value (previous): Rs. 149
p. 4
“our minimum order value was Rs. 149”
Sameer Khetarpal, page 4 of the filed PDF · View the filing
Minimum order value (current): Rs. 99
p. 4
“We have very consciously taken a call to reduce minimum order value from Rs.149 to Rs. 99”
Sameer Khetarpal, page 4 of the filed PDF · View the filing
Store additions planned: 230 to 250 restaurants (FY27)
p. 4
“we would open similar to about 230 to 250 kind of restaurants this year”
Sameer Khetarpal, page 4 of the filed PDF · View the filing
Capex per store reduction: 20% per year for nearly 3 years
p. 5
“our capex per store has actually reduced year-on-year, and almost nearly 3 years in a row by 20%”
Sameer Khetarpal, page 5 of the filed PDF · View the filing
Energy cost impact on margin: 100 to 120 basis points
p. 6
“the energy is definitely the tune of 100 to 120 basis points, that hit we are already beginning to see come into the P&L”
Sameer Khetarpal, page 6 of the filed PDF · View the filing
Price increase passed to consumer for LPG impact: 1.2%
p. 10
“we have already mentioned in our newsletter, we have passed back to the consumer to tune of 1.2%”
Sameer Khetarpal, page 10 of the filed PDF · View the filing
Labour Code cost impact: about 20-odd bps
p. 7
“Labour Code is absolutely write-up of about 20-odd bps”
Suman Hegde, page 7 of the filed PDF · View the filing
Minimum wage increase impact: 20 to 30 bps
p. 7
“the minimum wage increases that we have seen across some of the states that have already gone live over 11 states out of 29 have already announced, and we'll wait and see some more, but that's another 20, 30 bps, which is there”
Suman Hegde, page 7 of the filed PDF · View the filing
Delivery mix: 76%
p. 7
“We've had a 76% delivery mix, and that is another inflation headwind on the labor cost”
Suman Hegde, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Same-store sales growth — 5% to 7% · long term/annual
stated firmly by Sameer Khetarpal
p. 7
“So SSSG, we've given a commentary already, right, on Q1 and the longer term or the annual number, 5% to 7% remains”
Sameer Khetarpal, page 7 of the filed PDF · View the filing
EBITDA margin improvement — 200 basis points
stated as an aspiration by Suman Hegde
p. 9
“In the letter also we have said the long-term margin guidance on 200 bps holds and we'll try as quickly to get to that elevated number”
Suman Hegde, page 9 of the filed PDF · View the filing
Store additions — 230 to 250 restaurants · this year
stated firmly by Sameer Khetarpal
p. 4
“we would open similar to about 230 to 250 kind of restaurants this year”
Sameer Khetarpal, page 4 of the filed PDF · View the filing
Margin pressure duration — a couple of quarters
stated conditionally by Suman Hegde
p. 8
“We do hope that it will stay only for the next couple of quarters”
Suman Hegde, page 8 of the filed PDF · View the filing
Major price increases
stated firmly by Sameer Khetarpal
p. 10
“We will not do major price increases that is out of the table”
Sameer Khetarpal, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said quarterly comparisons are noisy and pointed to the minimum order value reduction from Rs 149 to Rs 99 as the driver of lower average order value, alongside dine-in/takeaway weakness.
Answered by Sameer Khetarpal
Asked by Nihal Jham: Why did like-for-like growth decelerate sequentially from Q3 to Q4, in both dine-in and delivery?
p. 3
“There are two underlying headwinds, which are there, which we've called out in dine-in takeaway. And second was the average order volume drop.”
Sameer Khetarpal, page 3 of the filed PDF · View the filing
Management said the company is continuously calibrating store formats toward smaller delivery carry-out stores rather than changing overall capex plans.
Answered by Sameer Khetarpal
Asked by Avi Mehta: Should store addition strategy change given delivery is driving growth versus dine-in?
p. 5
“So we are opening more delivery carryout stores, which are about 600,700 square feet.”
Sameer Khetarpal, page 5 of the filed PDF · View the filing
Management attributed the margin gain to wastage reduction, premium launches and calibrated price increases, and flagged energy cost inflation of 100-120 bps as a key near-term pressure.
Answered by Sameer Khetarpal
Asked by Avi Mehta: Is 75.5% gross margin a sustainable steady-state and what is the inflation outlook?
p. 5
“by conscious effort of wastage reduction, launch of premium products, mix changes and calibrated price increases, we have increased the margin, that bit has happened”
Sameer Khetarpal, page 5 of the filed PDF · View the filing
Management denied any broad rollback, saying observed differences would be store-specific.
Answered by Suman Hegde
Asked by Dhruv Luthra: Were price increases taken in April rolled back?
p. 7
“That will be very store specific and discount specific variation. We do a lot of this recalibration of prices.”
Suman Hegde, page 7 of the filed PDF · View the filing
Management said it was difficult to predict duration of margin pressure given rapidly changing inflation dynamics, but reaffirmed the long-term 200 bps target.
Answered by Suman Hegde
Asked by Aditya Vikram: How long will margin pressure last and can the company give clearer guidance?
p. 8
“Very difficult to predict. I can't really give you a guidance of that sort at this time.”
Suman Hegde, page 8 of the filed PDF · View the filing
Management said the electric fleet and LPG-to-electric conversion give an advantage and that LPG cost impact has already been partly passed to consumers.
Answered by Sameer Khetarpal
Asked by Karan Taurani: Will Jubilant see a disproportionately higher negative margin impact than peers due to LPG and delivery fleet exposure?
p. 10
“the large part of our fleet is actually electric right? I think, therefore, we believe we have an advantage versus the rest of the market”
Sameer Khetarpal, page 10 of the filed PDF · View the filing
Management denied a 6-hour outage, saying only a minor app downtime occurred with no notable sales impact.
Answered by Sameer Khetarpal
Asked by Vishal Gutka: Did a system outage during the World Cup final impact sales, and what steps are being taken?
p. 11
“The systems were not down for 6 hours. The systems were not down. There was a minor downtime on our app, but rest of the systems were working and we recovered very quickly.”
Sameer Khetarpal, page 11 of the filed PDF · View the filing
Management said aggregators are growing faster because they are capturing growth from non-QSR or premium players, not because Domino's is losing share among QSRs it tracks.
Answered by Sameer Khetarpal
Asked by Nihal Jham: Why has Domino's delivery growth diverged from aggregator growth this quarter?
p. 11
“the aggregators have grown faster than the delivery of Domino's, that bit I agree, which would only indicate that the QSR as a basket has not grown as fast”
Sameer Khetarpal, page 11 of the filed PDF · View the filing
Management deferred detailed reconciliation to an offline discussion with investor relations.
Answered by Sameer Khetarpal
Asked by Avi Mehta: How does a decline in realizations reconcile with gross margin expansion?
p. 12
“Maybe it is a more nuance question. Can I suggest we take it offline?”
Sameer Khetarpal, page 12 of the filed PDF · View the filing
Risks flagged
Energy cost inflation from LPG and PNG price increases
p. 5
“We've been hit the most in the energy cost, right, which is very real, where the cost of LPG has increased, cost of PNG has increased.”
Sameer Khetarpal, page 5 of the filed PDF · View the filing
Wage inflation from state minimum wage hikes and the Labour Code
p. 6
“About 11 states have already increased minimum wages as the fiscal year started, plus the Labour Code also brought in further headwinds on labor inflation.”
Suman Hegde, page 6 of the filed PDF · View the filing
Commodity cost inflation linked to broader logistics and fuel price increases
p. 6
“if petrol diesel prices go up and as logistics cost goes up across the board, commodities will see further inflation”
Suman Hegde, page 6 of the filed PDF · View the filing
Dine-in and takeaway sales weakness
p. 4
“The real challenge to solve over there is the Dine-in and Takeaway sales.”
Sameer Khetarpal, page 4 of the filed PDF · View the filing
Uncertain duration of near-term margin pressure
p. 9
“Now will it be for a quarter, 2 quarters, 3 quarters, I think, at this stage, is anybody's guess, right?”
Suman Hegde, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.