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Jubilant FoodWorks Stock Price: Shares of Jubilant FoodWorks rose nearly 4 per cent on Wednesday after global brokerage Morgan Stanley maintained its Overweight rating on the stock, a day after the company decided to exit the Dunkin’ franchise in India. The brokerage reiterated the company’s take saying the move would have no material financial impact, noting that Dunkin’ contributes less than 1 per cent of consolidated revenue and has been a loss-making operation. At the same time, Jubilant sharpens its strategic focus on Domino’s and Popeyes, its key growth engines.
Morgan Stanley on Jubilant FoodWorks
- The brokerage maintain ‘Overweight’ call on the stock with a target price of Rs 693
- Exiting Dunkin franchise by Dec 2026
- Dunkin contributes only 0.6 per cent of revenue
- Loss-making business (Rs 191mn PAT loss in F25)
- 27 Dunkin stores as of Dec 2025
- No material financial impact expected
- Strategic focus on Domino’s and Popeyes
Jubilant FoodWorks share price gained 3.9 per cent to hit an intraday high of Rs 451 apiece on Wednesday, the stock later pared some gain to trade 3.02 per cent higher at Rs 447 apiece as of 09:35 AM.
On a year‑to‑date basis, the stock is down 18.76 per cent, underperforming the Nifty 200’s 11.95 per cent decline. Over the past year, Jubilant FoodWorks has lost 32 per cent, while the index has remained broadly flat with a 0.09 per cent gain. However, the stock’s performance improves over longer horizons, posting a 2.11 per cent return over three years, though still trailing the Nifty 200’s 42.33 per cent rise, and delivering a 23.85 per cent decline over five years, compared with a strong 64.94 per cent gain for the benchmark.
Jubilant FoodWorks’ announcement
Jubilant FoodWorks will not renew its franchise agreement with the US-based Dunkin’ to develop and operate stores across India after the pact expires on December 31, 2026, Reuters reported. The company said it will consult with Dunkin’ to navigate options for the stores, including sale and transfer of franchise rights.
The Multiple Unit Development Franchise Agreement dated February 24, 2011 (MUDFA) between JFL and Dunkin’ is coming to an end on December 31, 2026, according to a regulatory filing by the Bhartia family-promoted entity.
The board of Jubilant FoodWorks Ltd (JFL) has decided for “non-renewal of the development rights granted in MUDFA, entered into for development and operation of Dunkin’ brand in India, upon expiry of its current development term,” said JFL.
JFL will, in a “phased manner”, evaluate and undertake such actions as may be considered appropriate in respect of its existing Dunkin’ brand operations, including “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights”, in consultation with owners of the Dunkin’ brand. This will be done strictly in accordance with the terms of the MUDFA, applicable laws, regulatory requirements and contractual obligations, it said.
According to Jubilant, its partnership exit move will not have any material operational or financial impact. The brand contributed about 0.61 per cent of the company’s revenue and a loss of roughly 191 million rupees in fiscal year 2025, according to an exchange filing.
Incorporated in 1995, the JFL network comprises over 3,500 stores across six markets – India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. The group has a portfolio of global brands — Domino’s and Popeyes — and two own-brands — Hong’s Kitchen and a CAFÉ brand — COFFY in Turkey.
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