Zappfresh in FY26: Growth at scale, margin pressure in H2, and a broader food platform strategy

FY26 revenue from operations was INR 220.8 crore, EBITDA was INR 31.1 crore (14.1% margin), and PAT was INR 14.3 crore (6.5% margin).

The investor deck reports FY26 core non-vegetarian revenue split as Mutton 50%, Chicken 27%, and Fish/Seafood 23%.

The deck reports a FY26 B2C/B2B revenue split of 32%/68%. Management stated B2B HoReCa was about 68% in FY26.

Management guided for 70-80% revenue growth in FY27 and stated Meevaa Foods is expected to contribute about 15-20% of overall revenues in FY27.

FY26 cash flow from operations was negative (INR -47.8 crore). Management attributed this to working capital investments required to scale revenues.

The investor deck states an expected 200-300 bps gross margin uplift in the seafood vertical, supported by an FPO sourcing model and aquaculture platform.

The investor deck indicates about 100 partner stores identified/onboarded in FY26 and a target of about 500 stores over the next two years; management also mentioned targeting 300-400 partner stores by year end on the call.