Jubilant FoodWorks Limited

JUBLFOOD.BO•restaurants

Current Price

664.30INR

per share

Fair Value

88.80INR

Overvalued

648.1%

Valuation Overview

Growth Story

Over the next few years, revenue is expected to grow by 11.60%, higher than industry average of 3.46%.

Growth Trajectory

Profitability

In the growth phase company makes 10.61% profit on every dollar of sales, higher than industry average of 10.40%.

Profitability Trajectory

Risk Profile

Investors expect at least 11.82% return to justify the risk of holding stock.

Risk vs Return

Required Return (Cost of Capital) (%)

Return on Invested Capital (%)

Financial Health Overview

Enterprise Value

100.73B INR

Equity Value

58.39B INR

FCF Yield

18.09%

Average ROIC

14.03%

Cost of Capital

10.75%

P/E Ratio

58.99x

Financial Metric	Most Recent 12 months (INR)	Previous Year (INR)
Revenues	80.34B INR	55.88B INR
Operating Income or EBIT	8.92B INR	9.22B INR
Interest Expense	4.99B INR	2.88B INR
Book Value Of Equity	21.03B INR	21.71B INR
Book Value Of Debt	43.72B INR	42.07B INR
Cash and Marketable Securities	2.11B INR	2.55B INR
Number of Shares Outstanding	657.63M	--
Minority interests	725.91M INR	0 INR
Current Stock Price	664.30 INR	--
Effective Tax Rate	17.00%	--
Marginal Tax Rate	30.00%	--

Performance vs Industry

Revenue Growth

+40.31%

43.76%Company

3.45%Industry

Above Industry

Operating Margin

+0.70%

11.10%Company

10.40%Industry

At Industry Level

Jubilant FoodWorks Limited shows above-average growth compared to industry peers, suggesting strong market position and growth opportunities.

Terminal Value Analysis

Growth Rate

4.65%

Cost of Capital

8.88%

Return on Capital

8.88%

Reinvestment Rate

52.36%

Terminal value represents 61% of total enterprise value, based on 4.65% perpetual growth and 8.88% discount rate.

Equity Value Breakdown

Component	Value	Type
Present Value (Terminal Value)	61.24B INR	Add
Present Value (Cash Flow Over Next 10 Years)	39.49B INR	Add
Value of Operating Assets	100.73B INR	Sub-total
Debt	43.71B INR	Subtract
Minority Interests	725.91M INR	Subtract
Cash	2.10B INR	Add
Value of Equity	58.39B INR	Sub-total
Number of Shares	657.63M shares	Divisor
Estimated Value per Share (Fair Value)	88.80 INR	Total
Current Market Price	664.30 INR	Reference

Financial Projections

Total FCF Present Value

39.49B INR

Avg Revenue Growth

8.54%

Avg Operating Margin

10.50%

Avg ROIC

14.03%

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal Year
REVENUE
Revenue	91.84B INR	102.49B INR	114.38B INR	127.66B INR	142.47B INR	157.01B INR	170.86B INR	183.56B INR	194.65B INR	203.70B INR	213.17B INR
Growth Rate	14.32%	11.60%	11.60%	11.60%	11.60%	10.21%	8.82%	7.43%	6.04%	4.65%	4.65%
PROFITABILITY
Operating Income	10.20B INR	11.04B INR	12.14B INR	13.33B INR	14.65B INR	16.15B INR	17.57B INR	18.88B INR	20.02B INR	20.95B INR	21.92B INR
Operating Margin	11.10%	10.77%	10.61%	10.44%	10.28%	10.28%	10.28%	10.28%	10.28%	10.28%	10.28%
EBIT (1-tax)	8.46B INR	9.16B INR	10.07B INR	11.07B INR	12.16B INR	12.98B INR	13.67B INR	14.19B INR	14.53B INR	14.66B INR	15.34B INR
CASH FLOW
Reinvestment	2.95B INR	3.30B INR	3.68B INR	4.11B INR	4.03B INR	7.68B INR	7.04B INR	6.15B INR	5.02B INR	5.25B INR	8.03B INR
Free Cash Flow	5.50B INR	5.86B INR	6.39B INR	6.96B INR	8.12B INR	5.29B INR	6.62B INR	8.04B INR	9.51B INR	9.40B INR	7.31B INR
Terminal Value	--	--	--	--	--	--	--	--	--	--	172.84B INR
Present Value	4.92B INR	4.69B INR	4.57B INR	4.45B INR	4.64B INR	2.72B INR	3.07B INR	3.39B INR	3.66B INR	3.33B INR	—
EFFICIENCY
ROIC	13.51%	13.97%	14.62%	15.25%	15.85%	16.08%	15.46%	14.87%	14.30%	13.75%	8.88%
Cost of Capital	11.82%	11.82%	11.82%	11.82%	11.82%	11.23%	10.64%	10.05%	9.46%	8.88%	8.88%
Sales/Capital	3.60x	3.60x	3.60x	3.60x	3.60x	1.80x	1.80x	1.80x	1.80x	1.80x	—

Profitability & Efficiency

Operating Margin (%)

ROIC (%)

Value Creation Analysis

ROIC (%)

Cost of Capital (%)

Operational Cash Flow Analysis

Free Cash Flow (₹B)

Reinvestment (₹B)