Jubilant FoodWorks Limited, operator of Domino’s, Popeyes, Hong’s Kitchen, and Coffy, reported a 10.3% growth in its Domino’s delivery channel revenue for Q4FY26, marking a slowdown after five consecutive quarters of over 20% growth, according to its May 20 earnings call and investor presentation (medianama.com).
During the call, CEO Sameer Khetarpal acknowledged that food aggregators like Swiggy and Zomato are growing faster than Domino’s own delivery channel. He attributed this to aggregators expanding their reach beyond quick-service restaurants (QSR) to premium and non-QSR players. Khetarpal also reiterated the company’s stance against charging platform fees on its own app, citing the importance of maintaining simple and transparent pricing.
The slower growth in Domino’s delivery contrasts with the rapid expansion of aggregators, highlighting a shift in the food delivery market dynamics in India. While Domino’s delivery revenue had benefited from a free delivery initiative for five quarters, the recent deceleration suggests increased competition from aggregators. Jubilant’s refusal to adopt platform fees differentiates its direct app channel from aggregator platforms, which typically charge such fees.
Jubilant FoodWorks’ Q4FY26 earnings call on May 20 provided these insights, with the company continuing to focus on its direct delivery model amid evolving market conditions and aggregator competition.