India & Sri Lanka's largest YUM franchisee, operating 1,052 KFC, Pizza Hut and Taco Bell restaurants.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 888 | +19.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 14.3 | +0.5 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | -1.5 | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 0.93 | −3.1 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 6.02 | −2.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 13.32 | −2.7 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 3 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pizza Hut Store Additions | No meaningful additions to the count until SSSG revives. | Q2 FY26 | SSSG turned positive to 1%, meeting the revival condition. However, management reiterated a cautious stance for CY26 and added only 5 stores, which is not 'meaningful', thus continuing to adhere to the promise. | Achieved |
| Pizza Hut Pan-India Strategy Alignment | Alignment with franchisee partners on a pan-India strategy within a 'quarter or two'. | Q1 FY26 | No specific update on pan-India strategy alignment. The issue remains tied to the pending merger with Devyani International, which is still in progress. | Delayed |
| Devyani International Merger Completion | 12 to 15 months process from Jan 1, 2026. | Q4 FY26 | No specific timeline update provided in the Q1 FY27 call. The process is assumed to be proceeding as per the previously disclosed roadmap. Status remains on track. | On Track |
9 of Sapphire Foods India Limited's 12 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 9 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹286.4 on 24 Oct 2025 → ₹195.55. High ₹301.4 (30 Oct 2025), low ₹150.42 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Sapphire Foods is a franchisee operator for Yum! Brands, owning and operating KFC, Pizza Hut and Taco Bell restaurants across India and Sri Lanka (with a legacy presence in the Maldives, since exited). It earns by selling food and beverages directly to consumers through company-owned quick-service restaurants (QSRs) sited in high-traffic, high-visibility metropolitan locations, rather than through sub-franchising. The company began operations in September 2015 through the acquisition of about 270 existing KFC and Pizza Hut stores in India and Sri Lanka, and has since built a multi-brand restaurant platform backed by its own real estate, supply chain, and digital ordering (apps and in-store kiosks) systems. It is recognised as the largest international QSR chain in Sri Lanka by revenue and restaurant count (Technopak Report).
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 3 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pizza Hut Store Additions | No meaningful additions to the count until SSSG revives. | Q2 FY26 | SSSG turned positive to 1%, meeting the revival condition. However, management reiterated a cautious stance for CY26 and added only 5 stores, which is not 'meaningful', thus continuing to adhere to the promise. | Achieved |
| Pizza Hut Pan-India Strategy Alignment | Alignment with franchisee partners on a pan-India strategy within a 'quarter or two'. | Q1 FY26 | No specific update on pan-India strategy alignment. The issue remains tied to the pending merger with Devyani International, which is still in progress. | Delayed |
| Devyani International Merger Completion | 12 to 15 months process from Jan 1, 2026. | Q4 FY26 | No specific timeline update provided in the Q1 FY27 call. The process is assumed to be proceeding as per the previously disclosed roadmap. Status remains on track. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 12 tracked commitments, with each call’s wording and source.
Call summaries
Sapphire Foods India Limited Q1 FY27
Sapphire Foods reported a strong Q1 FY27 with 15% revenue growth and 37% adjusted EBITDA growth, driven by positive SSSG across all brands. KFC led with 5% SSSG and 17% revenue growth, while Pizza Hut turned positive with 1% SSSG. However, profitability challenges persisted for Pizza Hut and Sri Lanka due to higher energy costs and inflationary pressures, respectively, despite careful price hikes.
Read the full callSapphire Foods Q4 FY26
Sapphire Foods reported a strong Q4 FY26, with consolidated revenue up 11% and KFC India showing robust 15% revenue growth and 6% SSSG (ex-Navratri). Consolidated restaurant EBITDA margin expanded by 100 bps. However, Pizza Hut India continued to face challenges with a 6% revenue decline. The company is navigating LPG availability issues and inflation while progressing with the Devyani International merger, expected to complete by FY27 end.
Read the full callSapphire Foods Q3 FY26
Sapphire Foods reported a mixed Q3 FY26, with overall revenue growing 7% to INR 811 crores. Profitability saw improvement, particularly in KFC, which achieved an 18.8% restaurant EBITDA margin and 1% SSSG. However, the Pizza Hut segment continued to struggle with an 11% revenue decline and negative EBITDA, while Sri Lanka's strong revenue growth was offset by margin compression from rising costs.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +88% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 757 | 711 | 777 | 742 | 814 | 792 | 891 | 888 |
| Expenses | 622 | 605 | 664 | 640 | 680 | 668 | 751 | 761 |
| Operating profit | 134 | 106 | 113 | 102 | 134 | 124 | 140 | 127 |
| Operating margin | 17.8% | 14.9% | 14.5% | 13.8% | 16.5% | 15.7% | 15.7% | 14.3% |
| Other income | 11 | 9 | 7 | 9 | -4 | -8 | 6 | 6 |
| Interest | 28 | 30 | 30 | 31 | 32 | 31 | 32 | 33 |
| Depreciation | 101 | 85 | 92 | 97 | 102 | 101 | 97 | 101 |
| Profit before tax | 17 | 1 | -2 | -17 | -3 | -15 | 16 | -2 |
| Tax rate | 24.3% | −236.7% | −6.0% | −22.9% | 43.3% | −18.5% | 13.3% | −20.5% |
| Net profit | 13 | 2 | -2 | -13 | -5 | -13 | 14 | -2 |
| EPS (₹ per share) | 0.37 | 0.06 | -0.06 | -0.40 | -0.15 | -0.39 | 0.44 | -0.05 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,197 | 2,505 | 2,882 | 3,125 |
| Expenses | 1,777 | 2,054 | 2,405 | 2,652 |
| Operating profit | 420 | 451 | 477 | 474 |
| Other income | 28 | 33 | 22 | 4 |
| Interest | 85 | 99 | 112 | 123 |
| Depreciation | 257 | 316 | 364 | 392 |
| Profit before tax | 106 | 69 | 23 | -37 |
| Net profit | 233 | 51 | 17 | -32 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 1,192 | 1,275 | 1,334 | 1,328 | 1,326 | 1,337 |
| Borrowings | 963 | 1,164 | 1,292 | 1,380 | 1,417 | 1,517 |
| Other liabilities | 372 | 334 | 350 | 434 | 447 | 520 |
| Total liabilities | 2,591 | 2,837 | 3,040 | 3,207 | 3,255 | 3,439 |
| Fixed assets | 1,789 | 2,178 | 2,338 | 2,468 | 2,569 | 2,629 |
| Capital work in progress | 56 | 68 | 57 | 59 | 60 | 66 |
| Investments | 66 | 0 | 144 | 82 | 3 | 133 |
| Other assets | 679 | 591 | 501 | 597 | 622 | 610 |
| Total assets | 2,591 | 2,837 | 3,040 | 3,207 | 3,255 | 3,439 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 3 | 3 | 3 | 5 | 5 | 4 |
| Inventory days | 56 | 46 | 49 | 44 | 39 | 41 |
| Days payable | 170 | 138 | 107 | 104 | 98 | 104 |
| Cash conversion cycle | -110 | -89 | -55 | -55 | -54 | -59 |
| Working capital days | -87 | -56 | -53 | -35 | -33 | -32 |
| Return on capital employed | −2.0% | 9.0% | 10.0% | 7.0% | 6.0% | 4.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Domestic institutions hold 43.14% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 3 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Sapphire Foods India Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 23.81% | unchanged | |
| Mutual fund | 8.60% | unchanged |
| Mutual fund | 7.25% | +0.91 pp |
| Mutual fund | 6.52% | −0.14 pp |
| Global fund house | 3.68% | unchanged |
| Global fund house | 3.65% | +0.50 pp |
| Mutual fund | 3.47% | +1.34 pp |
| Mutual fund | 2.93% | +0.07 pp |
| Global fund house | 2.61% | −0.14 pp |
| Mutual fund | 2.38% | unchanged |
| 2.25% | unchanged | |
| Sovereign | 1.88% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 1 trimmed, 5 sold out — net −10.03 L shares (−2.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹424 Cr | held | Dec '23 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹229 Cr | held | Mar '22 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹159 Cr | held | Jun '23 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹144 Cr | held | Jun '22 |
| Nippon India Consumption Fund Nippon India Mutual Fund | ₹38 Cr | −3.66 L | Feb '22 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹16 Cr | held | Aug '23 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹15 Cr | held | Dec '22 |
| HDFC Consumption Fund HDFC Mutual Fund | ₹5 Cr | held | Jul '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 1 trimmed — net −10.03 L shares (−2.0%)
Shares held by these funds +86%
Oct '23 4.86 cr shares Sep '26
Your own record
Free account: one company. Everything above stays public.
Write why you follow Sapphire Foods India Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Guides on how to read this kind of business and the numbers that matter.
