Jubilant’s Dunkin’ network in India shrank from 27 restaurants to nine

Jubilant FoodWorks had nine Dunkin’ restaurants operating in India on September 30, down from 27 at the end of March. Its November 6 shareholder letter listed the nine in a footnote. Jubilant’s other brands added a net 108 restaurants that quarter, bringing their worldwide total to 3,820. May presentation · November shareholder letter

Jubilant is Dunkin’s master franchisee in India. On March 30, its board decided to let the rights to develop new restaurants expire on December 31. The decision left several options open for the existing restaurants. Franchise agreement announcement · Board decision

How Jubilant counted its restaurants#

Jubilant’s March 31 network table showed 2,562 restaurants in India and 3,636 worldwide. When the company classified Dunkin’ as a discontinued business, it excluded the brand from both totals and revised the earlier counts on the same basis. A note below the table listed the 27 Dunkin’ restaurants still operating. March network table

By June 30, the worldwide count had reached 3,712, up a net 76 restaurants in three months. A separate footnote put the Dunkin’ count at 15. August shareholder letter

Jubilant’s Dunkin’ count fell by 12 from March to June and by six more from June to September. Over six months the network shrank by 18 restaurants, or two-thirds. The three counts do not identify what happened at any individual address. March · June · September

A smaller quarterly loss#

Jubilant’s standalone accounts give figures for the entire Dunkin’ business. They do not itemize any cash cost of closing restaurants. For the September quarter, expenses of 56.78 million rupees exceeded total income of 36.06 million by 20.72 million. A 10.25 million rupee fair-value charge took the pretax loss to 30.97 million. A tax credit of 7.79 million left a net loss of 23.18 million rupees. Standalone results, note 6

In the June quarter, income was 53.03 million rupees and expenses were 95.35 million. The Dunkin’ business lost 31.67 million after tax that quarter, with no fair-value adjustment. From June to September, expenses fell 38.57 million rupees while income fell 16.97 million. Quarterly comparison

In fiscal 2024–25, Jubilant’s Dunkin’ business generated 372.37 million rupees in revenue, or 0.61% of the company’s standalone revenue. It lost 191.24 million rupees after tax that year. In March, Jubilant said it expected the decision to have no material effect on its finances or operations. March disclosure

The franchise agreement and the remaining restaurants#

Under the 2011 agreement, Jubilant could open and run Dunkin’ restaurants or grant franchises to other operators. It already held the Indian master franchise for Domino’s. Dunkin’ described the plan for more than 500 restaurants over 15 years as its largest international commitment to develop stores. 2011 franchise announcement

The first restaurants opened in New Delhi in 2012. When a flagship opened in Bangalore in September 2014, Dunkin’ said it had reached 12 cities. It counted 36 openings since launch and still described 500 restaurants as a long-term goal. 2014 opening report

In March 2026, Jubilant estimated it would wind up the Dunkin’ business by December 31. It said it would consult the brand owners as it considered its options under the franchise agreement. Those included scaling back or ending some operations, selling or transferring assets, and assigning franchise rights to another operator. It reported no binding sale agreement. Board filing and annexure

In its November results, Jubilant still classified the Dunkin’ assets and liabilities as held for sale. Neither those results nor the shareholder letter named a buyer or successor for the restaurants operating in September. Standalone results · Shareholder letter