Jubilant FoodWorks

** Shares of Domino's Pizza India operator Jubilant FoodWorks JUBI.NS rise 1.1% to 520.45 rupees

** Macquarie upgrades stock to "neutral" from "underperform", with a TP of 520 rupees

** Brokerage says stronger performance seen in Popeye's format and the operating leverage gains possible in India business makes it constructive on JUBI

** Says JUBI's relatively smaller share of dine-in sales results in lower EPS upgrades as brokerage expects the recovery to be led by dine-in/takeaway channel

** "Expectations of lower flow-through of demand recovery make us cautious at current valuations," says Macquarie

** JUBI trades at forward 12-month PE of 74.39 vs industry median of 28.73 - LSEG-compiled data

** Nineteen of 29 brokerages rate the stock "buy" or higher; their median PT is 578 rupees

** YTD, stock down 7.8%

(Reporting by Abhinav Parmar in Bengaluru)

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** Shares of Jubilant Foodworks JUBI.NS rise 3.4% to 508.30 rupees

** Domino's India operator posts 6% rise in Q1 profit and says is confident of returning to 5%-7% same-store sales growth

** Posts same-store sales growth of 2.5% in Q1

** Citi says Popeyes is emerging as JUBI's second growth engine, driven by 40%+ same-store sales growth, improving margins and plans to add 35-40 stores annually, with the brand targeted to reach about 10 billion rupees ($104.81 million) revenue in the next 3-4 years

** Avg rating of 29 analysts on JUBI is "buy"; median PT is 570 rupees - LSEG-compiled data

** YTD, stock down 9.1%

($1 = 95.4125 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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Rewrites throughout with management commentary

By Surbhi Misra

Aug 13 (Reuters) - India's Jubilant FoodWorks JUBI.NS said on Thursday its Popeyes fried chicken chain is emerging as a second growth engine, while efforts to revive dine-in traffic at Domino's Pizza are beginning to show early signs of success.

The operator of Domino's Pizza in India reported a 6% rise in first-quarter profit earlier in the day, helped by growth in its core business and continued store expansion.

Analysts had pointed to improving demand trends heading into the quarter, with Jefferies expecting same-store sales growth to improve sequentially.

Chief Executive Sameer Khetarpal said Popeyes' more than 40% like-for-like sales growth was being driven by product innovation, differentiated flavours and strong execution on store openings.

"Popeyes definitely has become a second growth engine," Khetarpal said on a post-earnings call, adding that the company sees significant room for further growth. Jubilant FoodWorks has said it aims to build Popeyes into a 10-billion-rupee brand over the next three to four years.

Khetarpal also said the company was increasingly directing capital towards expanding Domino's and Popeyes outlets after largely completing major supply-chain investments in recent years.

DOMINO'S TURNAROUND

The company is making progress in reviving dine-in and takeaway sales at Domino's, which have lagged the stronger delivery business, according to Khetarpal.

Jubilant has appointed dedicated leadership for the channel, upgraded dine-in-heavy stores and introduced store-specific promotions, including Wednesday offers aimed at driving footfall.

"The first goal is to stop the bleed," Khetarpal said, adding that the company had already seen growth in its Wednesday promotional programme.

Domino's India reported like-for-like sales growth of 2.5% in the June quarter, up from 0.2% in the preceding quarter but below the company's long-term annual target range of 5%-7%.

Khetarpal said delivery order volumes continued to grow despite recent price increases, adding that the company had focused on improving average order values while balancing profitability and demand.

Despite the slower-than-target growth, Khetarpal said the company remained confident of returning to the 5%-7% range over time, citing improving demand trends and a stronger start to the second quarter.

(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar)

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July 14 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT FOODWORKS - RECEIVES TAX DEPARTMENT SHOW CAUSE NOTICE FOR 469.1 MILLION RUPEES

Source text: ID:nNSE24vFGF

Further company coverage: JUBI.NS

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** India's Nifty 50 .NSEI and Sensex .BSESN rise 0.2% each, on course for a fifth straight session of gains, as positive corporate updates and lower oil prices lift sentiment

** IT stocks .NIFTYIT do the heavy lifting, gaining 2.6%; the beaten-down index, which has lost 26.1% so far in 2026, is up 6.4% in July ahead of TCS' TCS.NS quarterly results on Thursday

** Five of the 16 major sectors advance; broader markets see profit-taking after a recent rally, with small-caps .NIFSMCP100 down 0.7% and mid-caps .NIFMDCP100 losing 0.4%

** Brent crude LCOc1 holds near pre-Iran war levels of $73 a barrel, easing inflation worries for India, the world's third-largest oil importer and consumer

** "24,570-24,600 is the next resistance zone for the Nifty, adds dips toward 24,300-24,280 are likely to attract buying interest" says Sudeep Shah, head of technical and derivatives research at SBI Securities

** Titan TITN.NS and Jubilant Foodworks JUBI.NS gain 2.5% and 3% after upbeat quarterly updates

** Trent TREN.NS falls 11% after softer-than-expected June-quarter standalone revenue growth.

(Reporting by Bharath Rajeswaran in Bengaluru)

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June 15 - Jubilant Foodworks Ltd JUBI.NS:

• TO SUBSCRIBE 95.3 MILLION OCPS IN JUBILANT FOODWORKS LANKA FOR 190 MILLION RUPEES

Source text: [ID:]

Further company coverage: JUBI.NS

May 22 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT FOODWORKS - HARYANA STATE POLLUTION CONTROL BOARD DIRECTED CO TO DEPOSIT ENVIRONMENT COMPENSATION OF 2.3 MILLION RUPEES

Further company coverage: JUBI.NS

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** Shares of India's Jubilant FoodWorks JUBI.NS fall 6.57% to 441.35 rupees

** The domestic operator of Domino's Pizza reported a 66.2% y/y rise in fourth-quarter profit to 797.9 million rupees ($8.24 million)

MARGIN PRESSURE RISKS OFFSET DELIVERY-LED GROWTH

** Jefferies ("buy", PT: 600 rupees) says cautious near-term margin commentary and flat same-store sales growth suggest earnings recovery is still some time away

** Brokerage cuts FY27/FY28 EBITDA estimates by 10%-12%, citing calibrated price hikes amid inflation in wages and energy costs

** Emkay Global ("buy", TP: 550 rupees) says inflation in labour, utility and logistics costs could pressure margins over the next few quarters, despite EBITDA beat in Q4

** BOB Capital Markets ("buy", TP: 590 rupees) says strong delivery-led demand, store expansion and improving international profitability support long-term growth outlook

($1 = 96.8200 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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May 20 (Reuters) - India's Jubilant FoodWorks JUBI.NS reported a 66.2% rise in fourth-quarter profit on Wednesday, helped by steady order volumes for Domino's pizzas and new store additions.

The operator of Domino's Pizza DPZ.O and Popeyes restaurants in India, posted a profit of 797.9 million rupees for the quarter ended March 31, up from 480 million rupees a year earlier.

(Reporting by Surbhi Misra and Anuran Sadhu in Bengaluru; Editing by Sonia Cheema)

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By Bharath Rajeswaran

May 13 (Reuters) - Global index provider MSCI added four Indian stocks and removed four from its widely tracked Global Standard Index in its latest periodic review, announced earlier on Wednesday, with the changes set to take effect on May 29, 2026.

Federal Bank FED.NS, Multi Commodity Exchange of India MCEI.NS, National Aluminium NALU.NS and Indian Bank INBA.NS will enter the index, while Hyundai Motor India HYUN.NS, Jubilant Foodworks JUBI.NS, Kalyan Jewellers KALN.NS and Rail Vikas Nigam RAIV.NS will be excluded.

India's weight in the MSCI Global Standard Index remains broadly steady at 12.3%, compared with 12.4% after the February review, while the number of Indian constituents is unchanged at 165.

Adani Energy Solutions ADAI.NS, initially seen as a provisional addition, has been left out after being placed under the NSE's additional surveillance mechanism framework, a watchlist for unusual trading activity that makes the stock ineligible for inclusion.

MSCI indexes are key global benchmarks tracked by large passive funds, making index changes a significant driver of stock-specific flows.

Inclusions typically attract fresh passive capital, while deletions often trigger outflows as funds rebalance portfolios.

Nuvama Quantitative and Alternative Research expects passive inflows of $491 million into Federal Bank, $373 million into MCX, $308 million into National Aluminium and $209 million into Indian Bank.

On the other side, Hyundai Motor India, Jubilant Foodworks, Kalyan Jewellers and Rail Vikas Nigam are projected to see outflows of $281 million, $161 million, $137 million and $136 million, respectively.

Adani Power ADAN.NS, BPCL BPCL.NS, FSN E-Commerce FSNE.NS, Trent TREN.NS and Oracle Financial Services ORCL.NS are also expected to draw inflows due to higher weightages, while weights for HUL HLL.NS, Bajaj Finance BJFN.NS, TCS TCS.NS, ONGC ONGC.NS and Ultratech Cement ULTC.NS, among others, were trimmed.

While the Global Standard Index saw balanced additions and deletions, MSCI's small-cap index had heavier exclusions, reducing India's small-cap count to 459 from 474.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)

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Adds details related to impairment charges, background throughout

April 28 (Reuters) - India's Sapphire Foods SAPI.NS logged a second straight quarterly loss as one-time charges tied to its merger with Devyani International DEVY.NS and changes to labour codes, along with weak urban demand and higher costs, weighed on earnings.

The results for the Indian operator of KFC and Pizza Hut come against a tough backdrop for India's quick-service restaurant sector, where fast-food chains have struggled to revive same-store sales, a key metric to gauge underlying sales growth, amid slowing urban demand.

Near-term pressures have intensified as a cooking gas shortage linked to Middle East tensions has strained household budgets despite firms stepping up promotions and deep discounts.

The franchisee for U.S.-based Yum Brands YUM.N reported a consolidated net loss of 126.1 million rupees ($1.33 million) for the March quarter, wider than the 47.9 million loss it posted in the previous quarter.

It booked another one-time charge in the reporting quarter, including 62.27 million rupees linked to new labour codes and 65.69 million rupees tied to the $934 million merger.

Sapphire merged with Devyani in a deal in January, creating a business that operates more than 3,000 KFC and Pizza Hut outlets globally, competing with market leader Jubilant Foodworks JUBI.NS.

It had logged a similar one-time charge of roughly 110 million in the previous quarter related to the merger and code changes.

Same-store sales grew 4% at KFC and declined 7% at Pizza Hut chains year-on-year. Post-merger momentum at KFC was offset by weaker Pizza Hut sales, as one-time charges added to pressures from weak urban demand and rising costs.

Sapphire added 24 new restaurants in the reported quarter, bringing the total to 1,052 stores as of March end.

Revenue from operations rose 11.4% year-on-year to 7.92 billion rupees, while expenses also climbed at about the same pace.

($1 = 94.5200 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

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April 8 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• IMPACT FROM LPG SUPPLY CONSTRAINTS LIMITED DURING Q4 FY26; OPERATIONS BACK TO NORMAL

• PROPORTION OF STORES DEPENDENT ON LPG FOR OPERATIONS IS LOWER

Source text: ID:nNSE7GxBDH

Further company coverage: JUBI.NS

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** Shares of Domino's India operator Jubilant Foodworks JUBI.NS fall 6% to 431 rupees, snapping three day winning run

** Co's Q4 consol rev from ops rises 19.1% yoy; Domino's India Q4 like-for-like (LFL) growth at 0.2%

** Brokerage Morgan Stanley ("overweight", PT at 693 rupees)calls it a "big miss"

** Brokerage Goldman Sachs ("neutral" cuts PT to 480 rupees from 510 rupees earlier) says large miss on LFL growth, to result in weak margins

** Brokerage Macquarie ("underperform", PT at 460 rupees)says co posted weaker than expected LFL growth for Domino's India

** Expects Indian margin to come under pressure- Macquarie

** JUBI rated "buy" on avg by 29 analysts covering it; median PT at 660 rupees- data compiled by LSEG

** YTD, JUBI down 17.5%

(Reporting by Komal Salecha in Bengaluru)

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April 6 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT FOODWORKS - Q4FY26 CONSOLIDATED REVENUE FROM OPERATIONS AT 25,058 MILLION RUPEES, UP 19.1% YOY

Source text: ID:nBSE4cCd5V

Further company coverage: JUBI.NS

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April 1 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT FOODWORKS - RENEWS 15-YEAR EXCLUSIVE DOMINO'S FRANCHISE AGREEMENT FOR INDIA WITH 10-YEAR OPTION

• JUBILANT FOODWORKS - RENEWS EXCLUSIVE DOMINO'S FRANCHISE RIGHTS FOR SRI LANKA AND BANGLADESH

Source text: ID:nNSE4bMQgL

Further company coverage: JUBI.NS

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March 30 (Reuters) - India's Jubilant FoodWorks JUBI.NS said on Monday it will not renew its franchise agreement to develop and operate Dunkin' stores in India after the agreement expires at the end of 2026.

The company will evaluate options including rationalisation of operations or the sale and transfer of franchise rights in consultation with the brand's owners, it said in an exchange filing.

(Reporting by Surbhi Misra in Bengaluru; Editing by Sonia Cheema)

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March 27 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• GETS TAX AND PENALTY ORDER OF 153.6 MILLION RUPEES EACH

Source text: ID:nBSEBVt0v

Further company coverage: JUBI.NS

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** Indian quick service restaurants fall 0.4%-4.5%

** Middle East conflict-driven commercial LPG shortage expected to disrupt ops, may hit delivery volumes

** Pizza Hut operator Devyani DEVY.NS down 4%, KFC operator Sapphire Foods SAPI.NS dips ~4.5%

** Market leader Jubilant Foodworks JUBI.NS eases 0.4%

** However, oil minister says India securing more LPG from new sources like U.S., Norway, Canada, Russia

** YTD, SAPI down ~37%; JUBI, DEVY falls 17% and 24%, respectively

(Reporting by Urvi Dugar in Bengaluru)

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March 11 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• COMMENCEMENT OF COMMERCIAL PRODUCTION FROM COMMISSARY AT RAIGAD

Source text: ID:nnAZN4SKN0U

Further company coverage: JUBI.NS

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Feb 10 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• Q3 CONSOL NET PROFIT 709 MILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 24.37 BILLION RUPEES

• Q3 RESULTS INCLUDE ONE TIME CHARGE OF 337 MLN RUPEES INCLUDING IMAPCT OF NEW LABOUR CODES

Further company coverage: JUBI.NS

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Feb 6 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• TAX DEMAND REDUCED FROM 2.16 BILLION RUPEES TO 1.90 BILLION RUPEES

Source text: ID:nNSE16vVfs

Further company coverage: JUBI.NS

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** Shares of India's Jubilant Foodworks JUBI.NS and Westlife Foodworld WEST.NS jump 1.11% and 2.57% to 493.80 rupees and 495.20 rupees, respectively

** Brokerage CLSA upgrades both stocks to "buy" from "hold", saying risk-reward is now balanced after recent corrections

** CLSA says slower store growth is now priced in and expects sales acceleration with margin expansion driven by operating leverage

** Analysts on average rate Jubilant "buy" and Westlife "hold", with median PTs of 715 rupees and 627.50 rupees, respectively – data complied by LSEG

** JUBI shares down about 12.5% in Jan, while WEST down about 14%

(Reporting by Surbhi Misra in Bengaluru)

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Jan 6 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT FOODWORKS - Q3 CONSOLIDATED REVENUE FROM OPERATIONS UP 13.4% YOY

• JUBILANT FOODWORKS- Q3 STANDALONE REVENUE FROM OPERATIONS UP 11.8% YOY

Source text: ID:nnAZN4RRQIN

Further company coverage: JUBI.NS

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Adds details and analyst comments throughout; updates shares

Jan 2 (Reuters) - India's KFC, Pizza Hut operator Devyani International jumped as much as 8.3% on Friday after announcing the long-anticipated $934 million merger with smaller peer Sapphire Foods, creating a fast-food major poised to challenge market leader Jubilant Foodworks.

The combined entity will operate more than 3,000 KFC and Pizza Hut outlets, franchises of Yum Brands YUM.N, in India and overseas, going up against the Domino's Pizza operator Jubilant's 3,480 outlets in the country.

Devyani's DEVY.NS stock was last trading 2.8% higher at 151.39 rupees.

The merger was a "welcome strategic move", said analysts at JP Morgan, as it meant a simplified structure, potential for meaningful cost savings and quicker decision making, helping Devyani compete more effectively with peers and food delivery platforms.

The merger comes as India's fast‑food franchisees contend with higher operating costs, slowing same‑store sales and margin pressures, while consumers trim discretionary spending. Both Devyani and Sapphire logged losses in the September 2025 quarter.

The combined business could deliver revenue and operating profit 50%–60% above current levels, with a scale and growth trajectory approaching Jubilant's, though margins are expected to remain comparatively weaker for now, added Emkay Global.

Devyani will issue 177 shares for every 100 Sapphire shares under the deal.

Sapphire Foods slipped about 3% to 254.25 rupees, while Jubilant's shares were trading 0.2% lower at 552.20 rupees.

The merger ratio is very close to where the stock prices closed on January 1 and so there is no major price adjustment that can arise out of this deal, said Jefferies analysts.

(Reporting by Urvi Dugar and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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Rewrites throughout, adds deal value in paragraph 1, consultant comment in paragraph 5

By Hritam Mukherjee and Nishit Navin

Jan 1 (Reuters) - India's KFC and Pizza Hut operators Sapphire Foods SAPI.NS and Devyani International DEVY.NS said on Thursday they will merge in a $934 million deal, creating a fast-food franchisee powerhouse in the world's most populous country.

The deal comes as India's fast-food franchisees grapple with higher costs, slowing same-store sales and margin pressure, while facing stiff competition from McDonald's MCD.N and Domino's Pizza DPZ.O operators in a market where consumers are cutting back on non-essential spending.

Devyani will issue 177 shares for every 100 shares of Sapphire as part of the deal and it expects annual synergies of 2.1 billion to 2.25 billion rupees ($23.34 million to $25.01 million) from the second full year of operations of the combined entity.

The companies, partners of Yum Brands YUM.N, run more than 3,000 outlets across India and overseas, including KFC and Pizza Hut dine-in restaurants and compete with the Indian operators of McDonald's and Domino's Pizza chains - Westlife Foodworld WEST.NS and Jubilant Foodworks JUBI.NS.

Both the KFC and Pizza Hut franchisees in India operate at a net loss, making scalability a challenge, said Akshay D'Souza, an independent consumer goods consultant.

"With the single entity, if they are able to unlock even half of the expected synergies, we will be seeing a profitable enterprise... where they can control costs better."

In the quarter ended September, Sapphire's consolidated total costs rose 10% on-year to 7.68 billion rupees, while Devyani's spends rose 14.4% to 14.08 billion rupees.

Devyani reported a net loss of 219 million rupees for the quarter ended September 30, reversing a profit of 170,000 rupees a year earlier, while Sapphire posted a wider consolidated net loss of 127.7 million rupees, compared with a loss of 30.4 million rupees a year ago.

($1 = 89.9625 Indian rupees)

(Reporting by Hritam Mukherjee, Nishit Navin and Nandan Mandayam, writing by Chandini Monnappa; Editing by Howard Goller and Ros Russell)

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Nov 13 (Reuters) - Domino's India operator JUBI.NS posted a consolidated quarterly profit that almost tripled on Thursday, as demand for its affordable pizzas and combo deals stayed strong, bucking the broader slowdown seen across quick-service restaurant peers.

Jubilant Foodworks reported profit of 1.86 billion rupees ($21.16 million) for the quarter ended September 30, compared to a profit a year ago of 640.5 million rupees.

($1 = 87.8950 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)

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By Praveen Paramasivam

Aug 26 (Reuters) - U.S. pizza chain Papa John's International PZZA.O plans to return to India by October, said a master franchisee executive, aiming to open 650 stores over the next decade in a market where fast-food chains have been struggling to sustain sales growth.

The world's third-largest pizza delivery company, which exited India in 2017 citing underperformance, follows U.S. rival Little Caesars, which opened in India earlier this year with a target of 100 stores by the decade-end.

Papa John's will open its first store in the southern city of Bengaluru, Vish Narain, managing partner at Pulsar Capital, told Reuters. The Indian investment house and UAE-based PJP Investments Group are Papa John's joint master franchisees in India.

The pizza chain had revealed plans in April 2023 to re-enter the "complex market".

Its return comes as fast-food chains grapple with weakening sales in the country, as cash-strapped urban consumers - the key customer base - cut back due to slow wage growth and as rising competition bites.

One of India's two Pizza Hut YUM.N franchisees, Devyani International DEVY.NS, has been closing underperforming stores, while the smaller operator, Sapphire Foods India SAPI.NS, has been cautious with its expansion plans.

The company will also face stiff competition from Domino's Pizza DPZ.O, which has more than 2,200 outlets in India, Pizza Hut with about 950 stores, and smaller upscale chains such as Pizza Bakery and PizzaExpress.

Pulsar Capital is betting on India's long-term potential, mirroring consumer-facing companies such as Dove soapmaker Hindustan Unilever HLL.NS and brewer Heineken HEIN.AS that are continuing to invest in the country with an eye on its population of 1.4 billion.

The fast-food "category is under-penetrated, so we are many years away from saturation," said Narain.

Papa John's plans to tailor its pizza to local palates while also offering its signature pies, joining fast-food rivals offering similar fare. KFC sells a paneer zinger burger, Domino's offers a chicken tikka pie, and Subway serves a potato-patty sandwich.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Janane Venkatraman)

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Aug 13 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• Q1 CONSOL NET PROFIT 917.6 MILLION RUPEES; IBES EST. 645.6 MILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 22.61 BILLION RUPEES; IBES EST. 18.71 BILLION RUPEES

Source text: ID:nBSE3PkXX6

Further company coverage: JUBI.NS

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June 13 (Reuters) - Jubilant Foodworks Ltd JUBI.NS:

• JUBILANT CONSUMER SELLS 10.6 MILLION SHARES IN JUBILANT FOODWORKS VIA BULK DEAL - NSE DATA

Source text: [ID:]

Further company coverage: JUBI.NS

(([email protected];;))

May 7 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a quarterly revenue that missed estimates on Wednesday, as demand failed to pick up despite discounts.

The restaurant operator posted revenue from operations of 7.11 billion rupees ($83.98 million) for the fourth-quarter ended March 31, compared to 6.32 billion rupees a year earlier, according to a regulatory filing.

Analysts had expected 7.14 billion rupees, according to data compiled by LSEG.

($1 = 84.6600 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ananta Agarwal in Bengaluru)

(([email protected]; +91 867-525-3569;))