Overview

Detailed Summary

Westlife Foodworld Limited, part of the B.L. Jatia Group, is a major player in India's QSR sector, operating through its subsidiary Hardcastle Restaurants Private Limited. The company manages McDonald's restaurants across West and South India.
For Q3 FY26, Westlife Foodworld reported a slight year-on-year revenue growth of 2.6%, reaching INR 6.71 billion, with a diversified model focusing on dine-in, takeaway, and delivery channels.
Digital sales are robust, contributing to about 74% of total sales, underscoring a successful strategy of engaging customers through McDonald's app and self-ordering kiosks.
Despite challenging market conditions, the company maintained profitability by optimizing costs and launching value-based offerings, ensuring the EBITDA margin grew to 14.7% for Q3 FY26.
The company's strategic focus on expanding its restaurant network aims to reach 580-630 stores by 2027, enhancing its presence across current and new geographies.

Sector: Leisure Services
Industry: Restaurants
Market Cap: 6,760 Cr
Volatility: Low Risk
P/E Ratio: 216.3
Industry P/E: 36.7
PEG Ratio: 5.3
P/B Ratio: 10.9
52W High: 814.60
52W Low: 425.90

Sales CAGR

1Y: 4.16%
3Y: 32.10%
5Y: 15.90%
10Y: 14.34%

Profit CAGR

1Y: -82.44%
3Y: —
5Y: —
10Y: —

ROE

TTM: -0.73%
3Y: 10.98%
5Y: 3.40%
10Y: 2.00%

ROCE

TTM: 5.64%
3Y: 30.97%
5Y: 21.97%
10Y: 14.16%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Consumer Discretionary Consumer Services Leisure Services Restaurants

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WESTLIFE		433.50	6,760 Cr	213.55	10.85	0.17	-0.73	5.64	1.18
SAPPHIRE		163.95	5,237 Cr	-298.07	3.76	0.00	0.18	4.34	-0.54
RBA		61.09	3,567 Cr	-16.94	4.44	0.00	-25.78	-1.70	-6.52
SAGL		28.23	1,968 Cr	348.52	17.72	0.00	6.36	5.60	0.42
UFBL		201.00	794 Cr	-11.90	2.42	0.00	-16.58	2.54	-4.95
COFFEEDAY		24.52	518 Cr	13.62	0.20	0.00	0.72	1.10	-0.77
SPECIALITY		94.00	453 Cr	21.96	1.36	1.06	6.48	8.85	3.70
Median: 7 Co.	—	94.00	1,968 Cr	13.62	3.76	0.00	0.18	4.34	-0.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	615	600	562	616	618	654	603	658	642	671
Expenses	517	508	487	538	542	566	526	572	575	573
Operating Profit	98	92	75	79	76	88	77	85	67	98
OPM %	15.98	15.33	13.32	12.75	12.30	13.48	12.77	12.97	10.46	14.54
Other Income	3.30	4.70	5.18	5.11	6.47	2.94	9.95	6.80	64	-2.27
Interest	27	28	28	30	32	33	33	35	36	37
Depreciation	44	46	50	49	50	52	53	55	57	56
Profit Before Tax	30	23	1.95	4.52	0.70	6.49	1.34	1.66	37	2.01
Tax %	25.95	25.32	61.03	27.88	50.00	-8.01	-14.18	25.90	25.01	49.25
Net Profit	22	17	0.76	3.25	0.36	7.01	1.52	1.23	28	1.02
EPS in Rs	1.41	1.10	0.05	0.21	0.02	0.45	0.10	0.08	1.78	0.07

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	931	1,135	1,402	1,548	986	1,576	2,278	2,392	2,491	2,533
Expenses	884	1,058	1,283	1,334	939	1,387	1,904	2,022	2,171	2,206
Operating Profit	47	77	119	214	47	189	374	369	320	327
OPM %	5.04	6.82	8.49	13.83	4.76	12.00	16.42	15.44	12.84	12.89
Other Income	20	18	14	-3.63	48	28	20	18	24	26
Interest	15	15	18	81	85	83	93	110	127	133
Depreciation	64	67	80	138	140	136	152	182	204	210
Profit Before Tax	-12	13	35	-8.77	-129	-2.07	149	96	13	10
Tax %	0.00	0.00	39.47	16.25	22.77	19.36	25.34	27.79	6.88	0.69
Net Profit	-12	13	21	-7.35	-99	-1.67	112	69	12	10
EPS in Rs	-0.78	0.84	1.27	-0.54	-6.37	-0.11	7.15	4.41	0.78	2.03
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	48.18	77.70	96.15	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	31	31	31	31	31	31	31	31	31	31
Reserves	507	496	511	553	546	450	431	535	557	572
Borrowings	131	183	184	234	966	968	1,055	1,203	1,363	1,623
Other Liabilities	169	170	203	206	220	274	281	330	335	381
Total Liabilities	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608
Fixed Assets	502	531	554	595	1,408	1,284	1,362	1,623	1,817	2,051
CWIP	18	17	20	28	23	26	36	57	45	26
Investments	156	170	184	205	158	198	150	130	138	159
Other Assets	161	162	171	196	175	215	249	289	286	372
Total Assets	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	80	66	137	112	200	129	171	349	340	345
Cash from Investing Activity	-80	-91	-111	-145	-68	-74	-56	-265	-185	-221
Cash from Financing Activity	-0.25	26	-22	32	-139	-45	-102	-98	-149	-79
Net Cash Flow	-0.52	0.20	3.99	-1.24	-6.67	9.73	12	-15	5.86	45

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.40%	56.40%	56.40%	56.41%	56.47%	56.44%	56.44%	56.44%	56.45%	56.45%	56.45%	56.52%
FIIs	9.64%	9.73%	10.47%	10.51%	11.64%	13.88%	13.76%	13.95%	12.90%	11.29%	10.45%	9.32%
DIIs	24.22%	24.21%	23.74%	24.06%	23.09%	21.06%	21.38%	21.30%	22.41%	24.11%	24.87%	25.62%
Public	9.74%	9.66%	9.39%	9.02%	8.81%	8.62%	8.41%	8.31%	8.24%	8.16%	8.24%	8.53%
Total Shareholders	34,124	35,382	36,381	37,407	35,508	33,019	31,872	31,058	30,140	31,054	30,870	32,496

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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