Jubilant Food. Q1 FY27 Results (NSE: JUBLFOOD)
Signal: Growth decelerated
The read
The key trajectory is reported growth without equivalent core earnings acceleration: consolidated revenue rose 14.09% YoY and pre-tax operating profit before associates rose 9.27%, but continuing PAT fell 0.77% as tax expense increased 41.76%; the narrowing Dunkin' loss lifted reported PAT, while recent history shows Q1FY26's 19% OPM had not yet clearly re-established the earlier 20% margin level.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,569.65 Cr | +14.09% | +2.81% |
| Net profit | ₹100.03 Cr | +6.03% | |
| EPS | ₹1.47 | +5.76% |
P&L walk
Consolidated revenue grew to ₹25696.54 million, +14.09% YoY and +2.81% QoQ; gross margin expanded to 72.31%, but employee and other expenses grew faster than revenue, while continuing PAT fell 0.77% YoY to ₹1031.95 million because total tax expense rose 41.76% to ₹481.24 million.
Key positives
- Revenue from operations reached ₹25696.54 million, +14.09% YoY, with sequential growth of 2.81%.
- Gross margin expanded 89bps YoY to 72.31%, as disclosed input-cost categories fell to 27.69% of revenue from 28.58%.
- Discontinued-operations loss narrowed to ₹31.67 million from ₹96.63 million YoY, improving reported PAT by ₹64.96 million.
- EPS of ₹1.47 rose 5.76% YoY and tracked attributable-owner PAT growth of 5.98%, with no material dilution signal.
Key concerns
- Continuing-operations PAT declined 0.77% YoY to ₹1031.95 million despite revenue growth of 14.09%, showing weak conversion of sales growth into core earnings.
- Total tax expense increased 41.76% YoY to ₹481.24 million, materially outpacing the 9.70% growth in profit before tax.
- Employee benefits and other expenses grew 15.99% YoY, faster than revenue growth of 14.09%, while depreciation rose 18.82%.
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