Jubilant FoodWorks Limited (JFL), the parent company of Domino's Pizza in India, remains confident that its operations in Turkey will be unaffected by the recent tensions between India and Turkey. This reassurance comes amid strained diplomatic relations between New Delhi and Ankara following "Operation Sindoor" and calls for a travel ban to Turkey.
Sameer Khetarpal, CEO and MD of Jubilant FoodWorks, addressed concerns about potential impacts on the company's Turkish business. "I will not worry too much about macroeconomic factors or any geopolitical risk impacting Turkey," Khetarpal stated. He emphasized that the company views its markets separately and that consumers in Turkey are generally "oblivious to any political changes". He noted that this perspective applies to both Domino's and COFFY, a Turkish coffee brand operated by Jubilant.
Jubilant FoodWorks acquired DP Eurasia, the master franchisee of Domino's Pizza in Turkey, Azerbaijan, and Georgia, in early 2024. As of March 2025, Domino's Pizza operates 746 stores in Turkey, representing over 90% of DP Eurasia's stores. Turkey is a significant market for Jubilant, with DP Eurasia contributing 31% of the group's system sales in Q3FY25. In Q4FY25, Jubilant Foodworks' consolidated revenues grew 33.64 per cent to ₹2,103.18 crore.
Despite the positive outlook from Jubilant's CEO, some analysts have expressed concerns about the potential impact of India-Turkey tensions on the company's business. These concerns stem from Turkey's support for Pakistan in the ongoing conflict, which has led to calls for boycotts of Turkish products and strained trade ties.
The relationship between India and Turkey has historically been characterized by warmth and cordiality since the establishment of diplomatic relations in 1948. However, some tensions have arisen due to Turkey's support for Pakistan and India's support for Armenia, Greece, and Cyprus against Turkey. In recent years, trade between India and Turkey has shown resilience, with total bilateral trade reaching US$13.8 billion in FY 2022-23, although it declined to US$10.4 billion in FY 2023-24.
Despite diplomatic challenges, economic cooperation between India and Turkey continues through various agreements and initiatives. These include the Agreement on the Avoidance of Double Taxation (1996) and the Agreement on Mutual Assistance in Customs Matters (2015). In June 2024, India and Turkey launched a Memorandum of Understanding (MoU) between the Asia-Pacific Centre for Arbitration & Mediation (APCAM) and the Union of Chambers and Commodity Exchanges of Türkiye's Arbitration Center (TOBBUYUM) to revitalize economic relations through an Alternative Dispute Resolution (ADR) partnership.
Jubilant FoodWorks remains optimistic about its Turkey operations, citing the country's large and young consumer base, as well as a higher per capita GDP compared to India. The company is also focused on strategic decisions such as free delivery, 20-minute delivery, menu innovation, and store expansion to drive growth and profitability. Jubilant is expected to add around 180 new Domino's stores in fiscal year 2025 and maintain this momentum in the coming years.
