Jubilant FoodWorks is a multi-country food-tech company built on a single, recurring idea: take a global quick-service restaurant brand, win exclusive rights for an under-penetrated emerging market, and then out-execute everyone else on delivery, supply chain and digital reach until you are the undisputed leader. It began in 1996 with one Domino’s Pizza store in Delhi and has since expanded across six countries - India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia - to become the largest food-service player in its markets, roughly 1.7 times the size of the next competitor. That same playbook of deep back-end control, proprietary technology and a delivery fleet measured in tens of thousands of bikes now powers a group of brands serving over 5 crore customers across more than 650 cities. # Business segments One flagship engine - Domino’s Pizza - operating across six countries, flanked by three younger brands at different stages of rollout, all riding the same commissary, technology and last-mile infrastructure. ## 1. Domino’s Pizza: the group’s economic engine and the #1 pizza brand in its largest markets **Domino’s is the exclusive master franchise across six countries, holds nearly two-thirds of India’s pizza segment, and runs the highest-throughput stores in the global Domino’s system - a delivery-first machine built on a 30-year franchise relationship.** - **A store network with room to double** - the group ran 3,031 Domino’s stores as of FY25, with India alone at 2,179 stores and a medium-term potential of 4,000 stores in India and 5,500-plus across all territories. - **Delivery speed as a moat** - JFL pioneered the 30-minute promise in 2004 and now delivers over 70% of orders in under 20 minutes through a “fortressing” strategy that splits mature stores once demand crosses a threshold, shrinking delivery radii and lifting combined store economics. - **Turkey adds a franchised, asset-light leg** - Domino’s Turkey is the #1 pizza brand in the country, operates with 89.6% of stores sub-franchised, and sits in the top quartile of the global Domino’s system for throughput per store. ## 2. Popeyes: the fried-chicken challenger scaling on the same backbone **Popeyes brings Louisiana-style fried chicken to India under exclusive rights from Restaurant Brands International, using JFL’s commissaries and an all-electric delivery fleet to expand rapidly from a standing start in 2022.** - **Fresh chicken with a no-antibiotics-ever guarantee** - the chicken is marinated for 12 hours in Cajun seasonings at the Bangalore commissary, then hand-battered and slow-cooked, with the signature brioche bun developed in-house. - **Adapted from a US playbook to Indian economics** - the brand started with large-format stores and heavy capex, then shifted to a leaner model with Indian-flavoured variants, six wing sauces and seven Flavor Burst chicken sandwiches. - **A dedicated electric delivery fleet** - 100% of Popeyes delivery runs on e-bikes, giving the brand a zero-emission last mile while keeping delivery in-house. - **Early scale with a clear expansion path** - from its first store in Bengaluru in January 2022, Popeyes reached 78 restaurants by Q4 FY26, with an initial medium-term target of 250-300 stores. ## 3. COFFY: Turkey’s in-house café chain built on a single-price model **COFFY is a value-focused café brand that has become the fifth-largest coffee chain in Turkey by store count, using a simple single-price-per-size model and a predominantly franchised network.** - **One price per size, not per drink** - the model charges the same for any beverage in a given cup size, removing complexity and positioning the brand as affordable quality coffee. - **Riding Turkey’s coffee boom** - the Turkish coffee market is estimated at roughly $1.1 billion and expected to double by the end of 2028, with chained cafés growing their foodservice value by 382% between 2019 and 2024 while independent cafés shed stores. - **Franchised and already profitable** - 74% of COFFY’s 194 cafés are franchised, and the brand contributed nearly 10% of DP Eurasia’s system sales in FY25. ## 4. Hong’s Kitchen: the Indo-Chinese QSR filling a gap in India’s second-largest cuisine category **Hong’s Kitchen targets the space between street vendors and fine-dining Chinese restaurants with a central-kitchen model that standardises quality and keeps costs in check.** - **A live-kitchen format with separate veg and non-veg prep** - the open-kitchen design and segregated preparation areas address a trust gap in the category, while all ingredients come from FSSAI-licensed suppliers at Hong's Kitchen. - **Central-kitchen economics** - operations run out of the Greater Noida commissary, which enables quick menu standardisation, consistent quality through automation, and cost efficiency. - **Small but proven** - with 29 stores as of Q4 FY26, it is described as India’s only Chinese QSR brand and was already the largest chain in its segment within Delhi NCR as of FY22. # Supply chain and commissary infrastructure **JFL controls a significant part of its back-end - dough, cheese, sauces, marinated chicken - through company-owned commissaries, which it says delivers the lowest recipe cost and an industry-leading fill rate above 99.5% for Domino’s India.** - **Commissaries as a cost moat** - eight commissaries and four distribution centres in India manufacture food intermediaries and act as fulfilment warehouses, with management citing a four-year payback on these investments because they enable the highest quality at the lowest cost. - **The Bengaluru food park is the group’s flagship** - commissioned in late 2023, it is designed to serve over 750 Domino’s stores and 300 stores of Popeyes, Hong’s Kitchen and Dunkin’, housing factories for chicken toppings, bakery products and seasoning, plus a central kitchen. - **Cold-chain control from commissary to store** - a dedicated fleet of refrigerated trucks with GPS and IoT sensors monitors temperature, speed and door status in transit, while a warehouse management system guides picking routes and an auto-indenting tool forecasts daily ingredient needs store by store. - **Ingredient sourcing with full traceability** - the company runs a no-antibiotics-ever poultry programme audited by veterinarians, supports over 7,000 dairy farmers through cattle development centres, and has 100% farm traceability for chicken, oregano, chilli, basil and tomato paste. # Technology and digital platform **A 250-member in-house team has built a proprietary tech stack - from AI that picks store locations to a point-of-sale system developed entirely in-house - which JFL calls a “formidable competitive advantage.”** - **Location.AI decides where to open next** - a proprietary engine analyses thousands of demand signals down to specific streets and malls, guiding network expansion and hyperlocal marketing. - **Elate, an Android POS built from scratch** - India’s first Android-based point-of-sale system for food service, it is cloud-first, integrates with direct-to-consumer apps and machine-learning models, and cuts store training times. - **A loyalty and personalisation engine** - the Customer Science Engine tracks order history, browsing behaviour and feedback to generate personalised offers, while the Domino’s app shows a tailored menu to reduce ordering time. - **An ad platform on top of the traffic** - with 17.1 million monthly active users, JFL monetises its app audience by selling advertising to brands such as Apple, Tata Neu and Flipkart. # Group structure and partners **JFL is the listed Indian parent, holding exclusive franchise rights from Domino’s and Restaurant Brands International, and operating international markets through a chain of wholly owned subsidiaries topped by a Netherlands holding company.** - **India is the standalone engine** - the India operations house Domino’s, Popeyes and Hong’s Kitchen, while Dunkin’ is classified as discontinued operations after a March 2026 board decision not to renew the franchise rights beyond December 2026. - **DP Eurasia sits under a Dutch subsidiary** - Jubilant Foodworks Netherlands B.V. held 94.06% of DP Eurasia B.V. as of March 2025, following a mandatory offer that delisted it from the London Stock Exchange in early 2024; DP Eurasia holds the Domino’s franchise for Turkey, Azerbaijan and Georgia, plus the COFFY brand. - **Bangladesh, Sri Lanka and Nepal are direct subsidiaries** - wholly owned units hold exclusive Domino’s rights in each market, with the Sri Lankan subsidiary receiving a fresh capital infusion in June 2026. - **Franchise partnerships are the foundation** - the Domino’s India agreement was renewed in March 2026 for 15 years with a 10-year extension option, while Popeyes rights cover India, Bangladesh, Nepal and Bhutan under an agreement with RBI.