Mumbai, Sept. 20 -- India Ratings and Research stated that the affirmation reflects JFL's dominant market position in the quick service restaurant segment, strong business model with its presence in multiple brands and geographies, and the acquisition of Netherlands-based DP Eurasia B.V. in FY24 to expand business presence and diversify revenue base. The acquisition had resulted in a moderate credit profile in FY24, which improved in FY25.

India Ratings expects JFL to sustain the improvement in credit profile, while maintaining a strong operational performance, by close of FY26.

However, the ratings are constrained by concentration risk, mainly in Dominos, as well as execution risk, competitive pressure and raw material cost inflation....