Jubilant FoodWorks sees the fourth quarter of FY25 sustaining the sales momentum achieved in the third quarter. The company, which is the master franchisee for brands such as Domino’s Pizza and Dunkin Donuts in India, said its like-for-like sales growth (or same-store sales growth) was 12.1% (for Domino’s) in the March quarter, in line with the 12.5% reported in Q3. The disclosure was made in its latest business update.

The company also said that its consolidated and standalone revenue growth for Q4 was 33.9% and 19.1%, respectively, versus the year-ago period, while the full year of FY25 saw consolidated and standalone revenue growth at 44% and 14.3%, respectively, versus the previous year.

Sector analysts say that Jubilant FoodWorks will not be the only company to be reporting good numbers for Q4. Analysts at Goldman Sachs say that firms such as Westlife FoodWorld, which runs McDonald’s restaurants in the west and south of India, and Sapphire Foods, which is the franchisee for Pizza Hut and KFC, are also likely to see an uptick in Q4.“There is a positive shift in demand for fast-food chains driven by improved affordability and a recovery in dine-in sales. This trend is expected to get stronger in FY26 as discretionary incomes improve following the cut in personal income tax rates,” Goldman Sachs said in its note on the QSR market.

The brokerage also said QSRs have reduced store additions over the last few quarters to focus on demand generation. This was endorsed by Manish Dawar, CFO and whole-time director at Devyani International, which is the franchisee for KFC and Pizza Hut and runs Costa Coffee outlets in the country.

While the company crossed the 2,000-store mark at a consolidated level in the December quarter, Dawar said the focus was on smaller stores where payback periods were higher. The company was also not as aggressive with store expansion right now as it was right after Covid-19 in 2022-23.

In contrast, Jubilant FoodWorks said it had added 56 stores during the January-March quarter, taking the total to 3,316 stores. Yet, experts said this was lower than the average of around 60-80 stores the firm was adding per quarter in previous years.Domino’s India opened 52 new shops, while it closed 12 stores, ending the fourth quarter with 2,179 stores. Its Turkey branch rolled out eight new stores, finishing the quarter with 746 stores.

Brokerage Motilal Oswal said QSR players were better positioned today on the affordability front for consumers, owing to an increased focus on value offerings and the strategy of taking no price hikes.

In a recent media interaction, Sameer Khetarpal, MD & CEO, Jubilant FoodWorks, said the company had taken no price hikes for the last 10 quarters and said this was expected to continue in FY26.