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Restaurant Brands Asia (RBA) posted a 12% YoY India revenue growth (inline), led by a 13% YoY increase in store additions. The same-store sales rose 5%, led by dine-in traffic growth and value offerings.

Restaurant Brands Asia (RBA) posted India revenue growth of 13% YoY (inline), led by a 14% YoY rise in store additions.

Restaurant Brands Asia (RBA) posted revenue growth of 16% YoY for its Indian business (in line), led by a 15% YoY rise in store additions. Same-store sales rose 2.8%, led by healthy traction across both the channels and value offerings.

Sapphire Foods India (SAPPHIRE) reported revenue growth of 8% YoY (in line) in 1QFY26, driven by a 10% YoY increase in store count. KFC’s revenue grew 11% YoY, supported by 15% store expansion.

With a 13% upside potential from the CMP, we maintain our BUY rating on the stock.

JFL delivered 12.1% LFL growth (delivery LFL growth of 21.9%) in Domino’s’ India in Q4FY25 amid subdued demand, beating peers for another quarter. Standalone performance was good, with revenues growing by 19.2% y-o-y to Rs. 1,587 crore on strong delivery-led growth in Domino’s.

Sapphire Foods India (SAPPHIRE) reported revenue growth of 7% YoY (in line) in 2QFY26, backed by a 10% YoY increase in store count. KFC sales grew 7% YoY and same-store sales declined 3% (in line).

We have revised our FY26E/FY27E EBITDA estimates by -9.3%/-3.3%, as we factor in more gradual pick-up in consumer demand and higher input costs in FY26, led by online marketing projects undertaken by the Company.

JFL clocked an 11.6% LFL growth (delivery LFL growth of 20.1%) in Domino’s’ India in Q1FY26 amid subdued demand.

JFL delivered robust financial results in Q1FY26, marked by healthy top-line growth and disciplined profitability, despite navigating a challenging demand environment. The demand environment is expected to improve on a QoQ basis. The company has accelerated key initiatives, including menu innovation, expansion of digital assets and enhancements to delivery capabilities, with a focus on achieving 20-minute delivery. Concurrently, Popeyes is being scaled up with the aim to establish it as...

Demand has remained steady but has yet to show material pickup. JUBI expects demand recovery to begin from 3QFY26, supported by GST reforms.

Westlife Foodworld (WESTLIFE) reported revenue growth of 4% YoY to INR6.4b in 2QFY26. Same-store sales growth (SSSG) declined 2.8% YoY (estimate -1.5%) even on a favorable base (-6.5% in 2QFY25), with demand remaining muted in August and September.

JUBI is sustaining focus on aggressive growth through store expansion, digital investment and calibrated price hikes product innovations and digital investments. We expect healthy double digit earnings growth in coming quarters led by 1) improving demand scenario and 2) robust innovation and 3) sustained efforts on providing superior value to...

With an 11% upside potential from the CMP, we maintain our BUY rating on the stock.

Travel Food Services Ltd (TFS) is a leading player in the Indian Airport Travel QSR and Lounge industry. As of FY25, the company accounted for ~26%/45% market share in the Indian Airport Travel QSR and the Indian Airport Lounge sectors respectively in terms of revenue. The company's Travel QSRs are predominantly situated within airports while, the Lounge business comprises of designated areas within airport terminals. As of Mar'25, TFS operated 442 Travel QSRs across India & Malaysia and 37...

IPO NOTE

We expect the Company to continue expanding its presence over the country and overseas both into QSR outlets and lounges. We assign a “SUBSCRIBE” rating to the issue and advice the investors to remain invested for the long-term.