Jubilant FoodWorks, which operates Domino’s Pizza in India and several neighbouring and Eurasian markets, issued a business update on 7 October 2026 for the quarter ended 30 September. The company reported consolidated revenue from operations of Rs 2,608.7 crore for the second quarter of its 2027 financial year, up 11.9% on the same quarter a year earlier. It added 108 net stores in the three months, taking the group network to 3,820.

The numbers

Standalone revenue from operations, which covers the India business, rose 11.6% year on year to Rs 1,885.8 crore, according to reports of the filing by Restaurant India and exchange4media.

Domino’s India recorded like-for-like growth of 4.1%. Financial news site Sahi noted that this compares with 2.5% in the first quarter. Domino’s India opened 88 net new stores in the quarter and ended September with 2,601 outlets.

The picture outside India was weaker. Domino’s Eurasia reported like-for-like growth of minus 2.1% after the impact of Ind AS 29, the accounting standard for hyperinflationary economies. It added three stores to reach 798.

  • Consolidated revenue from operations: Rs 2,608.7 crore, up 11.9%
  • Standalone revenue from operations: Rs 1,885.8 crore, up 11.6%
  • Domino’s India like-for-like growth: 4.1%
  • Domino’s Eurasia like-for-like growth: minus 2.1%
  • Net store additions: 108, of which 88 were Domino’s India
  • Group network: 3,820 stores

What the update leaves out

The update is provisional and subject to limited review by the company’s statutory auditors. It does not include profit, EBITDA or margin figures. Sahi reported that full results are expected in November.

The reports itemise store movements only for Domino’s India and Domino’s Eurasia, which together account for 91 of the 108 net additions. The remaining 17 are not broken down by brand in the reports THD has read. The group’s portfolio also includes Popeyes and Hong’s Kitchen.

The figures treat the Dunkin’ business as discontinued operations in both the current and prior-year periods, so the growth rates are calculated on that restated basis.

Market reaction

The update was released on Wednesday 7 October, when the shares closed up about 2.4% at Rs 460.60 on the National Stock Exchange. Restaurant India reported that the stock fell 4.4% to Rs 440.35 the following day. Market capitalisation was around Rs 30,392 crore on 7 October. Upstox reported that the shares were down about 16% for the year to date at Wednesday’s close.

Sahi reported that the company’s capital expenditure guidance for the financial year remains Rs 750 crore to Rs 900 crore.

THD’s reading

The following points are THD analysis.

  • Analysis: growth is being bought with new stores. Revenue grew 11.6% in India while like-for-like sales grew 4.1%. Most of the increase comes from the 88 new outlets and those opened in previous quarters, not from existing stores selling more. That pattern holds as long as new sites keep meeting return thresholds.
  • Analysis: a pace of nearly one new Domino’s a day matters to landlords and suppliers. For mall owners, highway and transit developers and hotel owners with leasable frontage, Jubilant remains one of the most active takers of small-format space in India. Equipment, packaging and cold chain suppliers should plan for continued volume.
  • Analysis: the share price fall suggests investors wanted more. A 4.4% drop the day after an 11.9% revenue print points to concern over margins, which the update does not address. November’s results will show what the growth cost.
  • Analysis: international remains a drag. Negative like-for-like sales in Eurasia, even after inflation accounting, show that India is carrying the group.