SAPPHIRE
Sapphire Foods India share price & financials
- Price
- ₹187.87
- Market cap
- ₹6.3k Cr
- Sector
- Consumer Services
- Calls analysed
- 6
Sapphire Foods India Limited Q1 FY27
What went well
- Revenue grew 15% YoY to ₹888 crores, marking the second consecutive quarter of strong performance.
- Consolidated adjusted EBITDA increased 37% YoY to ₹75 crores, with margin at 8.4%.
- KFC delivered 5% SSSG and 17% system growth, driven by strong dine-in and takeaway contribution.
What to watch
- Pizza Hut restaurant EBITDA was a loss of 3.6%, down 110 basis points due to higher energy costs.
- Sri Lanka profitability remained an issue due to inflationary pressures, rupee depreciation, wage increases, and higher utility/fuel costs.
What Sapphire Foods India Limited does
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
- KFC India
- Pizza Hut India
- Sri Lanka Business
- Total restaurants operated
- 1,052 (as of 31 Mar 2026)
- KFC restaurants (India)
- 575
- Pizza Hut restaurants (India)
- 341
- Pizza Hut restaurants (Sri Lanka)
- 125
- Taco Bell restaurants (Sri Lanka)
- 11
- Countries of operation
- India and Sri Lanka
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 3 delivered 0 missed 9 open- Pizza Hut Store Additions delivered said Q2 FY26 Promised: No meaningful additions to the count until SSSG revives. Q1 FY27: 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.
- Pizza Hut Pan-India Strategy Alignment delayed said Q1 FY26 Promised: Alignment with franchisee partners on a pan-India strategy within a 'quarter or two'. Q1 FY27: No specific update on pan-India strategy alignment. The issue remains tied to the pending merger with Devyani International, which is still in progress.
- Devyani International Merger Completion on track said Q4 FY26 Promised: 12 to 15 months process from Jan 1, 2026. Q1 FY27: 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.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.5%, net profit up 533.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 591 | 638 | 605 | 660 | 616 +4% | 680 +7% | 668 +10% | 756 +15% |
| EBITDA | 98 | 115 | 90 | 98 | 82 −16% | 112 −3% | 105 +17% | 125 +28% |
| Net profit | -15 | 3 | -4 | -3 | -17 −13% | -11 −467% | -17 −325% | 13 +533% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −32.0% 1Y
1Y: ₹332.2 on 10 Sept 2025 → ₹225.74. High ₹332.2 (10 Sept 2025), low ₹150.42 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 24 Jul
- Q4 FY26
- −0.9%
- 28 Apr
- Q3 FY26
- −1.1%
- 6 Feb
- Q2 FY26
- +0.2%
- 17 Oct
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.
Financials, as filed
Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.2k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.6k Cr |
| Operating profit | ₹420 Cr | ₹417 Cr | ₹417 Cr | ₹397 Cr |
| Operating margin | 19.1% | 18.7% | 17.0% | 15.1% |
| Interest | ₹85 Cr | ₹95 Cr | ₹106 Cr | ₹115 Cr |
| Depreciation | ₹257 Cr | ₹292 Cr | ₹326 Cr | ₹349 Cr |
| Net profit | ₹233 Cr | ₹51 Cr | ₹-7 Cr | ₹-48 Cr |
| Net margin | 10.6% | 2.3% | -0.3% | -1.8% |
| ROCE | 10.0% | 7.0% | 5.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹53 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr | ₹64 Cr |
| Reserves | ₹462 Cr | ₹978 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.2k Cr |
| Borrowings | ₹570 Cr | ₹726 Cr | ₹908 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.3k Cr |
| Other liabilities | ₹170 Cr | ₹313 Cr | ₹330 Cr | ₹278 Cr | ₹434 Cr | ₹374 Cr |
| Total liabilities | ₹1.3k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹3.2k Cr | ₹2.9k Cr |
| Fixed assets | ₹871 Cr | ₹1.2k Cr | ₹1.6k Cr | ₹2.0k Cr | ₹2.5k Cr | ₹2.3k Cr |
| Capital work in progress | ₹25 Cr | ₹27 Cr | ₹50 Cr | ₹60 Cr | ₹59 Cr | ₹53 Cr |
| Investments | ₹187 Cr | ₹321 Cr | ₹104 Cr | ₹40 Cr | ₹82 Cr | ₹34 Cr |
| Other assets | ₹171 Cr | ₹543 Cr | ₹657 Cr | ₹558 Cr | ₹597 Cr | ₹542 Cr |
| Total assets | ₹1.3k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹3.2k Cr | ₹2.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −6.30 pp while DIIs added +4.06 pp. The shareholder count grew 13% to 58,178.
- Promoters
- 26.1%
- FIIs
- 25.3%
- DIIs
- 41.9%
- Public
- 6.8%
Since Jun 2025
- FIIs −6.30 pp
- DIIs +4.06 pp
- Public +2.23 pp
How it drifted, 12 quarters
Over this window promoters fell from 41.7% to 26.1% — −15.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 41.7%, FIIs 23.6%, DIIs 28.0%, Public 6.6%.Dec '23: Promoters 31.3%, FIIs 30.0%, DIIs 31.7%, Public 7.0%.Mar '24: Promoters 30.8%, FIIs 29.9%, DIIs 32.4%, Public 6.8%.Jun '24: Promoters 30.8%, FIIs 31.5%, DIIs 31.5%, Public 6.2%.Sep '24: Promoters 26.2%, FIIs 31.5%, DIIs 37.1%, Public 5.2%.Dec '24: Promoters 26.1%, FIIs 30.7%, DIIs 38.3%, Public 4.9%.Mar '25: Promoters 26.1%, FIIs 30.4%, DIIs 38.5%, Public 5.0%.Jun '25: Promoters 26.1%, FIIs 31.6%, DIIs 37.9%, Public 4.5%.Sep '25: Promoters 26.1%, FIIs 31.3%, DIIs 37.3%, Public 5.4%.Dec '25: Promoters 26.1%, FIIs 29.2%, DIIs 37.5%, Public 7.2%.Mar '26: Promoters 26.1%, FIIs 29.0%, DIIs 37.5%, Public 7.5%.Jun '26: Promoters 26.1%, FIIs 25.3%, DIIs 41.9%, Public 6.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Great Consumer Fund Mutual fund newly disclosed 6.34% held
- ICICI Prudential ELSS Tax Saver Fund Mutual fund newly disclosed 1.78% held
- Axis Mutual Fund Trustee Limited A/C Axis Multicap Fund Mutual fund newly disclosed 1.15% held
- HSBC mutual fund- HSBC value fund Mutual fund newly disclosed 1.05% held
- Vanguard Emerging Markets Stock Index Fund Global fund house newly disclosed 1.01% held
- Sundaram Mutual Fund A/C Sundaram Services Fund Mutual fund +0.88 pp 2.13% held
- T. Rowe Price International Discovery Fund Global fund house +0.76 pp 2.75% held
- Franklin India Small Cap Fund Mutual fund +0.47 pp 2.38% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Sapphire Foods India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sapphire Foods Mauritius Limited | 23.81% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 8.56% | +0.34 pp |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 6.66% | −2.92 pp |
| Mirae Asset Great Consumer Fund Mutual fund | 6.34% | newly disclosed |
| Government Of Singapore - E Sovereign | 3.75% | −2.97 pp |
| Kotak Funds - India Midcap Fund Global fund house | 3.68% | unchanged |
| Fidelity Funds - India Focus Fund Global fund house | 3.15% | −0.31 pp |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Multi Asset Allocation Fund Mutual fund | 2.86% | unchanged |
| T. Rowe Price International Discovery Fund Global fund house | 2.75% | +0.76 pp |
| Franklin India Small Cap Fund Mutual fund | 2.38% | +0.47 pp |
| Sagista Realty Advisors Private Limited (Trustee of QSR Management Trust) | 2.25% | unchanged |
| Sundaram Mutual Fund A/C Sundaram Services Fund Mutual fund | 2.13% | +0.88 pp |
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.
Mutual funds in SAPPHIRE
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net +9.31 L shares (+1.9%).
- Held by funds
- ₹1.1k Cr
- 12 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹370 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹370 Cr | held | Dec '23 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹253 Cr | held | Mar '22 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹176 Cr | +10.00 L | Jun '23 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹159 Cr | −0.76 L | Jun '22 |
| Nippon India Consumption Fund Nippon India Mutual Fund | ₹50 Cr | held | Feb '22 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹18 Cr | held | Aug '23 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹13 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.05 L | Mar '22 |
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 Aug 2026
5 added, 2 trimmed — net +9.31 L shares (+1.9%)
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 12 schemes · ≈ 15% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹370 Cr · 0.3% of that fund
- Longest holder
- Nippon India Consumption Fund
- 4y 7m · since Feb '22
Shares held by these funds +84%
Aug '23 4.84 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Sapphire Foods India Limited
Guides on how to read this kind of business and the numbers that matter.