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Sapphire Foods India

SAPPHIRE NSE
₹193.41 No trade today
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹193.41 −85.59 −30.7% 1Y
Start ₹279.00

Key Fundamentals

MicrocapLeisure ServicesConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
3.98%
Debt to Equity
1.02
EPS (TTM)
−₹0.50
Book Value
₹43.61
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
4.43
ROE
−1.03%
Dividend Yield
0.00%
EBITDA
₹502 Cr
52W High
₹284.85
52W Low
₹139.91
Volume
0

Peer Comparison

Consumer Discretionary › Leisure Services › Quick Service Restaurant › Restaurants

Sapphire Foods peer comparison
Jubilant FoodWorks
₹434.7066.16₹28,278 Cr12.510.28%21.00%14.80%₹9,838 Cr₹450 Cr
Travel Food Services
₹1,166.2032.27₹15,369 Cr10.650.89%35.30%42.40%₹1,725 Cr₹487 Cr
Devyani International
₹118.68—₹14,692 Cr9.470.00%−1.56%4.75%₹5,835 Cr−₹28 Cr
Westlife Foodworld
₹631.05—₹9,659 Cr16.160.07%−3.79%6.34%₹2,704 Cr₹32 Cr
Restaurant Brands Asia
₹89.63—₹6,418 Cr3.770.00%−22.70%−0.47%₹2,948 Cr−₹191 Cr
Sapphire Foods (this company)
₹193.41—₹6,303 Cr4.430.00%−1.03%3.98%₹3,239 Cr−₹17 Cr
United Foodbrands
₹546.40—₹2,163 Cr6.820.00%−17.60%1.52%₹1,468 Cr−₹43 Cr
Median 7 companies₹434.7049.22₹9,659 Cr9.470.00%−1.56%4.75%₹2,948 Cr−₹17 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 93/100

Category scores

Quality
41
Weak
Returns, margins, earnings quality 22% weight
Valuation
50
Average
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
23
Poor
Solvency, leverage, coverage 9% weight
Momentum
41
Weak
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 4.46 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding is low: 26.1%
  • Company has a low return on equity of 1.65% over last 3 years.
  • Promoter holding has decreased over last 3 years: -15.6%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBullish162
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
37.23
Neutral
MACD (12,26,9)
−5.42
Bullish
SMA (50)
216.40
Bearish
SMA (200)
195.90
Bearish

As of

Analyst Rating

Based on 18 analysts
BUY72%

13 of 18 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
13
72%
HOLD
2
11%
SELL
3
17%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+25.10%
3Y+11.31%
1Y+8.43%
TTM+10.13%

Net profit

Net profit growth by window
5YLoss narrowed by ₹68 Cr
3YTurned to loss
1YTurned to loss
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
5Y+26.91%
3Y+9.90%
1Y−0.20%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+2.92 pp
3Y−3.81 pp
1Y−1.38 pp
TTM−0.37 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2018₹957 Cr
Mar 2019₹1,194 Cr
Mar 2020₹1,340 Cr
Mar 2021₹1,020 Cr
Mar 2022₹1,722 Cr
Mar 2023₹2,266 Cr
Mar 2024₹2,594 Cr
Mar 2025₹2,882 Cr
Mar 2026₹3,125 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2018−₹41.00 Cr
Mar 2019−₹45.00 Cr
Mar 2020−₹159 Cr
Mar 2021−₹100 Cr
Mar 2022₹46.00 Cr
Mar 2023₹233 Cr
Mar 2024₹52.00 Cr
Mar 2025₹17.00 Cr
Mar 2026−₹32.00 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹135 Cr +2.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Sapphire Foods India, the largest KFC and Pizza Hut franchisee in India and parts of South Asia, reported FY26 consolidated revenue of ₹3,125 crore (up 8% YoY) but swung to a net loss of ₹32 crore versus a net profit of ₹16.7 crore in FY25. The stock trades at a market cap of ~₹5,974 crore with a negative P/E of -187.7x, P/B of 4.29x, and has declined 45% over the past year while the company expanded its restaurant count to 1,052 stores.

Bull Case 7
  • Revenue grew at an 11% CAGR over 3 years and 25% CAGR over 5 years, demonstrating consistent topline expansion from ₹1,722 crore in FY22 to ₹3,125 crore in FY26
  • Restaurant network expanded 10% YoY in FY25 with 91 net new additions, reaching 963 stores by FY25-end and further growing to 1,052 by March 2026, indicating continued unit economics confidence by management
  • Q4 FY26 EBITDA improved 10% YoY to ₹1,249 million with margin of 15.8%, showing sequential recovery in profitability after weak earlier quarters
  • Sri Lanka operations delivered a strong turnaround with double-digit growth and improved margins, diversifying geographic risk beyond India
  • FY26 consolidated EBITDA was ₹4,804 million (15.4% margin), demonstrating the business generates meaningful operating cash flow despite bottom-line losses driven by high depreciation of ₹392 crore
  • Stock has corrected 45% in 1 year from its 52-week highs, potentially compressing valuations relative to the underlying store expansion trajectory
  • Company achieved 100% eco-friendly packaging and expanded solar installations to 121 restaurants, positioning for long-term ESG compliance and cost savings
Bear Case 8
  • Company swung to a net loss of ₹32 crore in FY26 from a net profit of ₹16.7 crore in FY25, with TTM profit declining 151% — profitability is deteriorating
  • Return on equity averaged just 1.65% over the last 3 years and turned negative at -1% in the latest year, indicating poor capital efficiency relative to the 4.29x P/B valuation
  • Promoter holding is low at 26.1% and has declined by 18.8 percentage points over the last 3 years, signaling reduced promoter commitment
  • Adjusted EBITDA margin contracted from 9.1% in FY25 to 7.6% in Q4 FY26 (down 150 bps YoY), with full-year FY26 EBITDA declining 2% YoY despite revenue growth — indicating negative operating leverage
  • High depreciation burden of ₹392 crore in FY26 (up from ₹364 crore in FY25) due to aggressive store expansion under Ind AS 116 lease accounting, suppressing bottom-line visibility
  • Interest costs rose to ₹123 crore in FY26 from ₹112 crore in FY25, with the company flagged for low interest coverage ratio, raising concerns about debt serviceability
  • Same-store sales growth (SSSG) for KFC remained negative during FY25-FY26, suggesting demand weakness in the core brand despite new store additions
  • Zero dividend yield with no near-term prospect of payout given the net loss position, offering no income support to shareholders

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Sapphire Foods secured a major positive with the ₹977 crore GST case dismissal removing contingent liability risk, and the Devyani merger is progressing with exchange clearances. However, notable stake reductions by GIC and HDFC MF suggest some institutional investors are taking profits or rebalancing. The merger trajectory and continued store-level execution will be key catalysts to watch in coming quarters.

Headwinds 2
  • HDFC MF cuts stake 2.84% Jun 19

    HDFC Mutual Fund reduced its holding in Sapphire Foods by 2.84% to 6.76% as of June 16, 2026, signaling reduced institutional confidence.

  • GIC sells 40 lakh shares Jun 12

    GIC Private Limited sold 4,002,532 shares on June 10, 2026, reducing its stake to 5.003% of paid-up capital via open market transaction.

Positives 2
  • ₹977 crore GST case won Jun 26

    Tamil Nadu GST department dismissed a ₹977.06 million demand, ruling Sapphire Foods correctly availed input tax credit for FY23 and FY24. This removes a significant contingent liability.

  • Exchanges clear Devyani merger Jun 15

    NSE and BSE issued no-objection and no-adverse-observations letters respectively for the proposed merger with Devyani International, subject to further regulatory approvals.

Neutral 4
  • BRSR filed for FY 2025-26 Jun 27

    Sapphire Foods filed its Business Responsibility and Sustainability Report for FY 2025-26, disclosing ESG performance and operational metrics.

  • AGM scheduled for July 21 Jun 26

    The 17th AGM will be held on July 21, 2026 via video conferencing, with notice and annual report to be sent electronically.

  • New nominee director appointed Jun 19

    Vikram Agarwal appointed as Non-Executive Nominee Director effective June 19, 2026, replacing Vinod Nambiar who resigned due to professional engagements.

Quarterly Results

₹ Cr
SAPPHIRE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
654
643
666
632
718
696
757
711
777
742
814
792
891
888
Expenses
533
528
544
529
594
584
622
605
664
640
680
668
751
761
Operating Profit
121
115
122
103
124
112
134
106
113
102
134
124
140
—
OPM %
19%
18%
18%
16%
17%
16%
18%
15%
15%
14%
16%
16%
16%
—
Other Income
8
8
6
12
5
−3
10
9
7
9
−4
−8
6
—
Interest
23
24
26
28
27
27
28
30
30
31
32
31
32
33
Depreciation
73
77
87
87
90
88
100
85
92
97
102
101
97
101
PBT
34
21
14
1
12
−6
17
1
−2
−17
−3
−15
16
−2
Tax %
26%
29%
30%
−143%
31%
2%
24%
−237%
−6%
−23%
43%
−18%
13%
−21%
Net Profit
25
15
10
2
8
−6
13
2
−2
−13
−5
−13
14
−2
EPS (₹)
0.78
0.48
0.32
0.08
0.27
−0.1
0.37
0.06
−0.06
−0.4
−0.15
−0.39
0.44
—

Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SAPPHIRE profit and loss, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
957
1,194
1,340
1,020
1,722
2,266
2,594
2,882
3,125
3,239
Expenses
942
1,155
1,155
894
1,417
1,836
2,132
2,405
2,652
2,739
Operating Profit
15
39
186
125
305
430
462
477
474
501
OPM %
1.6%
3.3%
14%
12%
18%
19%
18%
17%
15%
15%
Other Income
2
9
−83
61
38
30
33
22
4
3
Interest
2
18
72
76
78
87
101
112
123
125
Depreciation
55
74
191
209
214
264
324
364
392
398
PBT
−40
−44
−161
−99
51
108
70
23
−37
−19
Tax %
3%
3%
−1%
1%
11%
−115%
26%
28%
−14%
—
Net Profit
−41
−45
−159
−100
46
233
52
17
−32
−16
EPS (₹)
−1.97
−2.07
−6.27
−3.73
1.46
7.35
1.66
0.6
−0.99
−0.5
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
SAPPHIRE balance sheet, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
42
43
50
53
64
64
64
64
64
Reserves
436
429
474
427
944
1,192
1,275
1,334
1,326
Borrowings
31
96
646
645
789
963
1,164
1,292
1,417
Other Liabilities
326
527
214
225
368
372
334
350
447
Total Liabilities
834
1,095
1,384
1,349
2,165
2,591
2,837
3,040
3,255
Fixed Assets
628
719
1,161
1,084
1,390
1,789
2,178
2,338
2,569
CWIP
16
21
21
30
33
56
68
57
60
Investments
0
0
16
27
153
66
0
144
3
Other Assets
190
355
186
208
590
679
591
501
622
Total Assets
834
1,095
1,384
1,349
2,165
2,591
2,837
3,040
3,255

Cash Flow

₹ Cr
SAPPHIRE cash flow, annual, ₹ crore
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3
47
213
154
395
382
449
508
507
Investing
−54
−335
−2
−78
−692
−204
−187
−337
−233
Financing
19
281
−208
−52
313
−195
−213
−211
−260
Net Cash Flow
−32
−7
3
25
16
−17
49
−39
14
Free Cash Flow
−101
−128
72
81
110
−1
64
245
189
CFO/EBITDA
38
130
116
125
132
89
98
107
108

Ratios

SAPPHIRE financial ratios, annual
Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
2
7
1
3
3
3
5
5
4
Inventory Days
39
35
40
56
46
49
44
39
41
Days Payable
128
106
110
170
138
107
104
98
104
Cash Conversion Cycle
−87
−63
−69
−110
−89
−55
−55
−54
−59
Working Capital Days
−101
−139
−42
−87
−56
−53
−35
−33
−32
ROCE %
—
−5%
1%
−2%
9%
10%
7%
6%
4%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Sapphire Foods insights

63 extracted metrics across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 43.14%
  • Promoters 26.07%
  • FIIs 24.02%
  • Public 3.83%
  • Others 2.94%

No promoter shares pledged as of 14 Oct 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Sapphire Foods India

What does Sapphire Foods India Ltd do?
Sapphire Foods is one of the largest franchisees of Yum! Brands Inc. in the subcontinent, and operates more than 400 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.
Where is Sapphire Foods India Ltd (SAPPHIRE) listed?
Sapphire Foods India Ltd trades as SAPPHIRE on the NSE and under code 543397 on the BSE.
Which sector does Sapphire Foods India Ltd belong to?
Sapphire Foods India Ltd is classified under the Leisure Services sector, in the Quick Service Restaurant industry.
What is the 52-week high and low of Sapphire Foods India Ltd?
Over the last 52 weeks Sapphire Foods India Ltd has traded between ₹139.91 and ₹284.85 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Sapphire Foods India Ltd?
Sapphire Foods India Ltd reported a return on equity of -1.03%. Its debt-to-equity ratio is 1.02.

Company Information

Sapphire Foods is one of the largest franchisees of Yum! Brands Inc. in the subcontinent, and operates more than 400 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.

Website sapphirefoods.in
Listed 18 Nov 2021
Face Value ₹2

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