Imagine a company that consistently maintains a robust 75% gross margin while growing its sales at a steady 10% compounded annual growth rate (CAGR) over the past decade. Sounds intriguing, doesn’t it? You’d definitely want to know more. The company in question is none other than Jubilant FoodWorks, the master franchisee for Domino’s Pizza, along with Popeyes and Dunkin’, across six markets: India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia. Now, let’s rewind to 2010, the year Jubilant FoodWorks went public. Its IPO was a blockbuster, oversubscribed by 31x, but retail participation was surprisingly muted. Even today, retail investors hold just ~6% of Jubilant’s stock — among the lowest for any company in India with a market cap of over Rs 50,000 crore. Jubilant FoodWorks Ltd Shareholding over the years. (Source: TIjori Finance) Why so low? Some reports at the time suggested the company was too richly valued, deterring retail investors. Here’s the kicker, though: over the last 15 years, Jubilant FoodWorks has always been richly valued. Yet, despite the high price tags, the stock …