Archive · 11 Jan 2026
Jubilant Foodworks Faces Tough QSR Competition
Jubilant Foodworks, which runs Domino's Pizza and Dunkin' Donuts in India, has been the leader in the quick-service restaurant (QSR) market for a long time.
However, a new challenge is coming from the merger of Devyani International and Sapphire Foods, which run KFC and Pizza Hut.
Together, they will be almost as big as Jubilant, with over 3,000 stores and big plans to grow.
Jubilant's recent growth has slowed down, and now it needs to find ways to stay ahead in this more competitive market.
Jubilant Foodworks, the operator of Domino's Pizza and Dunkin' Donuts, faces its toughest competition yet from the merger of Devyani International and Sapphire Foods.
The merged entity will have over 3,000 stores and aim for $1 billion in annual revenues, challenging Jubilant's leadership in the QSR market.
Jubilant's same-store sales growth has slowed to about 5% in Q3FY26, down from 9.1% in the previous quarter.
Analysts suggest Jubilant may explore acquisitions to maintain its market lead as rivals close in.
The domestic QSR market is slowing, making acquisitions a potential defensive and offensive strategy for Jubilant.
- Who
- Jubilant Foodworks, Devyani International, Sapphire Foods
- What
- Consolidation of Yum! Brands franchisees challenging Jubilant's QSR leadership
- When
- Merger expected to complete in 12-15 months
- Where
- India and Sri Lanka
- Why
- To create a larger F&B platform and compete with Jubilant Foodworks
- Jubilant Foodworks FY25 Revenue
- ₹8,142 crore
- Expected FY26 Revenue
- ₹9,200 crore
- Jubilant Foodworks Stores
- Approaching 4,000
- Devyani International FY25 Revenue
- ₹4,951 crore
- Sapphire Foods FY25 Revenue
- ₹2,882 crore
- Post-Merger Revenue Target
- ₹8,600 crore
- Expected Synergies
- ₹210-225 crore within two years
- Jubilant Q3FY26 Revenue Growth
- 13.4% year-on-year