Crisil Ratings stated that the rating continues to reflect the established position of JFL in the food service market, robust supply chain network, longstanding industry experience of 28 years, supportive operating environment with rising disposable income and a younger population, and strong financial risk profile.

These strengths are partially offset by concentration of revenue and profitability, which is driven by Domino’s Pizza and its susceptibility to competitive intensity and cost pressures.

While the rating has no positive triggers, factors like substantial decline in revenue with operating margin falling to below 7-8% (pre IndAS basis), impacting cash generation; and any large, debt-funded capital expenditure or acquisition, weakening the financial risk profile substantially on sustained basis could lead to a downward rating action.

Jubilant FoodWorks group ranks among the leading food service companies in emerging markets. Its group network comprises 3,480 stores (as of September 2025) across six markets – India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. The group has a strong portfolio of brands in emerging markets with franchise rights for three global brands - Domino’s, Popeyes and Dunkin’ – and two of its own brands, Hong’s Kitchen, an Indo-Chinese QSR brand in India, and a café brand - COFFY in Turkey.

The scrip fell 2.47% to currently trade at Rs 563.15 on the BSE.