Whalesbook
Profit toh gira, par margins kaise sudhre?
Jubilant FoodWorks, jo India mein Domino's Pizza chalaate hain, unka Q4 FY26 ka net profit 13.9% saal-dar-saal kam ho kar Rs 42.6 crore ho gaya. Ye profit kam hone ke bawajood, company ka revenue 6.4% badh kar Rs 1,679.7 crore tak pahunch gaya. Company ne operational efficiency dikhai hai, jisme EBITDA 11.5% badh kar Rs 345 crore ho gaya. Aur toh aur, EBITDA margin bhi 19.6% se badh kar 20.5% ho gaya, jo ki cost management aur efficiency ke kaaran hai.
Growth slow hui, aur costs ka pressure?
Total order volume 10.4% badha hai saal-dar-saal, lekin Domino's India ka like-for-like (LFL) growth kafi slow ho gaya, sirf 0.2% is quarter mein, jo pichhle quarter ke 5% se kaafi kam hai. Analysts bol rahe hain ki average bill value kam hui hai, shayad isliye kyunki free delivery ka threshold Rs 99 kar diya gaya hai. Energy, wages aur raw material ke daamo mein lagatar badhotri QSR sector ko impact kar rahi hai.
Analyst kya bol rahe hain aur targets mein change?
Result aane ke baad, kaafi brokerages ne apne price targets adjust kiye hain. Goldman Sachs ne 'Neutral' rating rakhi hai par target Rs 480 se Rs 460 kar diya, kyunki aane waale samay mein margin pe pressure dekh rahe hain. Morgan Stanley ne 'Equal-weight' rating ke saath target Rs 486 rakha hai, aur subdued results aur margin pressure ko note kiya hai. Emkay Global ne 'BUY' rating rakhi hai par target Rs 600 se Rs 550 kar diya, India ke liye EBITDA estimates kam kiye hain par Popeyes mein strength dekh rahe hain.
Competitive market aur future plans?
Jubilant FoodWorks Devyani International aur Sapphire Foods India jaise competitors ke saath QSR market mein compete karti hai. Dono competitors ne revenue growth dikhaya par Q4 FY26 mein net loss kiya. Jubilant ka management expect karta hai ki average bill value Q1 FY27 ki shuruaat mein stabilize hogi aur fiscal year mein dre dre badhegi. Company ka plan hai ki woh saal mein around 300 naye stores khole, aur Popeyes brand pe bhi focus badha rahi hai. Indian QSR market 2026-2031 tak 9.26% CAGR se grow hone ka estimate hai.