Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Sapphire Foods India Ltd.
NSE: SAPPHIREConsumer CyclicalRestaurants
- Last close
- ₹199.05
- Day change
- −₹1.98 (−0.98%)vs
- Market cap
- ₹6,209 crIndian rupees
- Research updated
- 2 reports
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About Sapphire Foods India
Sapphire Foods India Ltd. operates as a prominent franchisee in the food and beverage sector, particularly known for managing well-renowned quick-service restaurant brands such as KFC and Pizza Hut in India and neighboring regions like Sri Lanka and the Maldives. The primary function of Sapphire Foods is to deliver high-quality dining experiences through its expansive network of outlets, which focus on providing popular fast-food options to a diverse consumer base. The company is integral to the retail and consumer services industry, influencing dining trends and consumer preferences in the Asian markets it serves. By leveraging brand reputation and strategic market positioning, Sapphire Foods plays a crucial role in the proliferation and operational success of globally recognized fast-food brands in the region. The company's business model centers around effective franchising operations, which contributes significantly to the economic dynamism and competitive landscape of the food and beverage industry in these markets.
- Sector
- Consumer Cyclical
- Industry
- Restaurants
- Listing
- NSE: SAPPHIRE
- Chief executive
- Mr. Sanjay Purohit
- Employees
- 13,817
- Headquarters
- Mumbai, India
- ISIN
- INE806T01020
- Website
- sapphirefoods.in
Public research · Report of
Business model & financial foundation
Sapphire Foods (NSE: SAPPHIRE), Quick-service restaurant franchise operators: revenue of ₹3,125 crore in FY26 (+8.4% on FY25), an EBITDA margin of 15.2%, net profit of ₹-32.0 crore and net cash of ₹193.4 crore.
- Revenue, FY26 (₹ crore)
- 3,125
- consolidated
- Revenue growth, FY26
- +8.4%
- on FY25
- EBITDA margin, FY26
- 15.2%
- EBITDA statutory (revenue less cost stack, post Ind AS 116) / revenue
- Net profit, FY26 (₹ crore)
- -32.0
- to owners
- Return on equity, FY26
- -2.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -193.4
- Net financial debt negative net cash incl deposits investments
- Market capitalisation (₹ crore)
- 6,343
- at the close of 22 Oct 2026
Company profile
Yum franchise partner operating KFC and Pizza Hut in India and Pizza Hut/Taco Bell operations in Sri Lanka. Revenue derives primarily from restaurant sales; royalties, employee costs, rent and aggregator commissions drive economics. Maldives operating restaurants exited in FY25, while the subsidiary remains consolidated. Board approved merger into Devyani International on1January2026; approval and effectiveness must not be assumed from the annual report.
| Item | Value |
|---|---|
| Legal name | Sapphire Foods India Limited (formerly Samarjit Advisors Private Limited, Sapphire Foods India Private Limited) |
| Exchange and ticker | NSE: SAPPHIRE; BSE: 543397 |
| ISIN | INE806T01020 |
| CIN | L55204HR2009PLC145722 |
| Sector | Consumer Discretionary |
| Industry | Quick-service restaurant franchise operators |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells (since 2025-08-08) |
| Market capitalisation | ₹6,343 crore (22 Oct 2026) |
| Shares outstanding | 32.14 crore shares (FY26) |
| Price | ₹193.0 (close, 22 Oct 2026) |
| 52-week range | ₹139.9 - ₹310.5 (to 22 Oct 2026) |
| Website | https://www.sapphirefoods.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Gamma Pizzakraft Lanka Private Limited | 100% | Sri Lankan QSR operations; entity-specific brand assignment not retrieved. |
| French Restaurants Private Limited | 100% | Sri Lankan restaurant entity; entity-specific brand assignment not retrieved. |
| Gamma Island Food Private Limited | 74.74% | Maldives restaurant legal entity retained in consolidation; operating restaurants exited FY25. |
Promoted by Sapphire Foods Mauritius and QSR Management Trust, not a single identified corporate parent. GPPL/GPOPL absorbed effective31March2024. Haryana CIN/address on June2026 cover supersedes inner-report Maharashtra CIN L55204MH2009PLC197005; final ROC effective date not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 26.07% | 26.07% | ||
| Promoter holding pledged | 0.00% | |||
| Foreign institutions | 24.02% | |||
| Domestic institutions | 43.14% | |||
| of which mutual funds | 38.43% | |||
| Retail | 3.11% | |||
| Other | 3.66% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Sapphire Foods operates KFC and Pizza Hut restaurants in India plus Pizza Hut and Taco Bell in Sri Lanka. Revenue is driven by restaurant count, same-store sales, average daily sales and mix; leases make reported EBITDA a poor proxy for owner cash generation.
| Peer | Why the dossier compares them |
|---|---|
| Devyani International (DEVYANI) | Closest KFC/Pizza Hut franchise comparator and proposed merger counterparty; similar lease/store economics. |
| Jubilant FoodWorks (JUBLFOOD) | Large listed QSR franchise network; Domino's-led pizza/delivery competition and discretionary demand. |
| Westlife Foodworld (WESTLIFE) | McDonald's franchise network; comparable leased-store economics, affordability and delivery mix. |
| Restaurant Brands Asia (RBA) | Burger King franchise operator; lease-heavy expansion, value positioning and store maturation. |
| Travel Food Services (TRAVELFOOD) | Fifth listed adjacent foodservice comparator with QSR operations; airport concessions/lounges give different demand and return economics, not a pure high-street peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,715 | 2,257 | 2,594 | 2,882 | 3,125 |
| Cost of revenue (vendor classification) * | 833.9 | 1,132 | 1,283 | 1,447 | 1,588 |
| Other operating costs (vendor classification) * | 473.4 | 601.5 | 725.1 | 833.8 | 927.7 |
| EBITDA (vendor classification) * | 315.1 | 453.5 | 485.0 | 491.7 | 494.8 |
| Operating EBIT excluding other income/exceptionals | 129.0 | 194.6 | 137.4 | 112.8 | 81.5 |
| Finance costs incl lease interest | 77.7 | 86.1 | 100.9 | 111.6 | 122.8 |
| Profit before tax | 51.4 | 108.4 | 69.9 | 23.1 | -37.3 |
| Total tax expense credit negative | 5.40 | -124.8 | 18.0 | 6.43 | -5.31 |
| PAT including NCI | 46.0 | 233.2 | 52.0 | 16.7 | -32.0 |
| Diluted EPS on INR2 share basis | 1.54 | 7.26 | 1.64 | 0.60 | -0.99 |
| Cost of materials consumed incl inventory movement | 810.9 | 906.8 | 995.1 | ||
| Employee benefits expense | 345.6 | 386.4 | 427.9 | ||
| Other operating expenses | 976.5 | 1,112 | 1,229 | ||
| EBITDA statutory (revenue less cost stack, post Ind AS 116) | 461.3 | 476.8 | 473.6 | ||
| Other income | 33.4 | 37.2 | 28.0 | ||
| Depreciation amortisation incl ROU | 323.9 | 363.9 | 392.1 | ||
| Exceptional gains positive expenses negative | 0.00 | -15.3 | -24.0 | ||
| PAT attributable to NCI | -0.85 | -2.55 | 0.01 | ||
| Share of associates profit | n.a. | n.a. | n.a. | ||
| PAT attributable to owners | 52.8 | 19.3 | -32.0 | ||
| Lease liability interest within finance costs | 95.9 | 109.6 | 120.2 | ||
| ROU asset depreciation within D&A | 145.9 | 158.4 | 178.4 | ||
| Rent expense included in other expenses | 80.6 | 78.5 | 86.2 | ||
| Royalty included in other expenses | 169.9 | 196.1 | 213.2 | ||
| Marketing advertising included in other expenses | 115.5 | 136.7 | 157.0 | ||
| Electricity utilities included in other expenses | 188.7 | 212.2 | 232.1 | ||
| Aggregator meal coupon commissions within other expenses | 170.2 | 202.1 | 225.2 | ||
| Current tax | 4.96 | 9.11 | 9.66 | ||
| Deferred tax expense credit negative | 13.0 | 0.59 | -15.5 | ||
| Tax relating to earlier years | n.r. | -3.27 | 0.49 | ||
| Basic EPS (₹) | 0.60 | -0.99 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,005 | 1,254 | 1,340 | 1,396 | 1,389 |
| Financial borrowings excluding lease liabilities | 27.8 | 19.9 | 5.61 | ||
| Cash and cash equivalents | 59.2 | 44.4 | 97.6 | 58.3 | 68.1 |
| Trade receivables | 14.1 | 18.0 | 34.4 | 36.6 | 35.0 |
| Inventories | 65.2 | 99.3 | 96.9 | 95.6 | 112.3 |
| Trade payables | 199.1 | 217.0 | 230.8 | 242.5 | 283.6 |
| PPE net excluding ROU goodwill intangibles | 962.4 | 1,019 | 1,095 | ||
| Capital work in progress excluding intangible development | 67.3 | 55.8 | 59.5 | ||
| Total assets | 2,164 | 2,594 | 2,840 | 3,041 | 3,256 |
| Lease liabilities current and noncurrent | 1,136 | 1,272 | 1,412 | ||
| Current mutual funds at FVTPL | 0.00 | 143.7 | 3.10 | ||
| Other bank balances excluding deposits in other assets | 70.0 | 20.0 | 0.00 | ||
| Net financial debt negative net cash incl deposits investments | -184.4 | -245.0 | -193.4 | ||
| Equity attributable to owners incl share capital | 1,339 | 1,398 | 1,391 | ||
| Current borrowings including accrued interest | 14.6 | 14.0 | 5.61 | ||
| Noncurrent financial borrowings | 13.2 | 5.85 | 0.00 | ||
| Equity share capital | 63.7 | 64.2 | 64.3 | ||
| Other equity excluding share capital | 1,275 | 1,334 | 1,326 | ||
| Noncontrolling interests equity | 0.67 | -1.89 | -2.05 | ||
| Capital contracts not provided for | 79.8 | 74.2 | 58.2 | ||
| Term deposits reported within other financial assets | n.r. | 6.54 | 100.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Reported net cash from operating activities | 448.9 | 508.0 | 507.0 | ||
| Free cash flow (vendor definition) * | 109.6 | -2.33 | 63.6 | 243.1 | 187.4 |
| PPE intangible cash purchases positive expenditure | -284.4 | -382.5 | 385.1 | 264.9 | 319.7 |
| Borrowings repaid positive outflow | 20.9 | 7.95 | 10.2 | ||
| Lease principal payments positive outflow | 99.4 | 113.6 | 127.1 | ||
| Parent dividends paid | 0.00 | n.r. | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual closing shares adjusted to INR2 face value | 29.85 | 31.77 | 31.85 | 32.12 | 32.14 |
| Weighted average diluted shares INR2basis | 32.18 | 32.20 | 32.26 | ||
| Management adjusted EBITDA before IndAS116 | 271.7 | 261.6 | 238.2 | ||
| Company-presented EBITDA (post Ind AS 116, presentation basis) | 471.7 | 492.5 | 480.4 | ||
| CFO less lease principal and lease cash interest | 253.6 | 284.7 | 259.7 | ||
| CFO less lease principal,lease interest and cash capex | -131.5 | 19.9 | -59.9 | ||
| Receivable growth less revenue growth,percentage points (%) | -4.8% | -12.7% | |||
| Year-end receivables / annual revenue x365 (days) | 5 | 5 | 4 | ||
| Contingent claims / owners equity (%) | 3.4% | 11.7% | 11.3% | ||
| Statutory EBIT / total finance cost incl leases (x) | 1.36x | 1.01x | 0.66x |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 756.5 | 711.3 | 776.8 | 742.4 | 813.8 | 792.2 | 891.0 | 888.0 |
| Cost of revenue (vendor classification) * | 336.0 | 324.3 | 355.7 | 364.0 | 358.3 | 393.4 | ||
| Other operating costs (vendor classification) * | 286.2 | 280.8 | 308.3 | 315.6 | 309.5 | 357.8 | ||
| EBITDA (vendor classification) * | 144.8 | 119.2 | 119.6 | 141.3 | 129.4 | 145.5 | ||
| EBIT * | 44.3 | 30.4 | 27.7 | 28.1 | 15.6 | 48.1 | ||
| Finance cost | 27.5 | 29.8 | 29.5 | 30.7 | 31.5 | 31.1 | 31.9 | 33.1 |
| Profit before tax | 16.8 | 0.61 | -1.84 | -16.6 | -3.35 | -15.5 | 16.2 | -1.91 |
| Tax expense | 4.09 | -1.42 | -0.11 | -3.79 | 1.46 | -2.86 | 2.15 | -0.40 |
| Profit after tax | 12.7 | 2.02 | -1.74 | -12.8 | -4.81 | -12.6 | 14.0 | -1.51 |
| Diluted EPS (INR, FV Rs2, quarter as reported) | 0.37 | 0.06 | -0.06 | -0.40 | -0.15 | -0.39 | 0.44 | |
| Cost of goods sold | 237.6 | 226.6 | 253.3 | 239.4 | 255.0 | 247.4 | 278.1 | 281.9 |
| Employee benefit expense | 98.4 | 97.7 | 102.3 | 105.8 | 109.0 | 110.9 | 115.3 | 116.2 |
| Other expenses | 286.2 | 280.8 | 308.3 | 295.2 | 315.6 | 309.5 | 357.8 | 361.4 |
| Other income | 10.5 | 13.0 | 6.78 | 9.25 | 7.06 | 4.95 | 5.67 | 5.25 |
| Depreciation and amortisation | 100.5 | 85.0 | 92.0 | 97.2 | 102.0 | 101.0 | 97.4 | 101.3 |
| Exceptional items | 0.00 | -3.88 | 0.00 | 0.00 | -11.2 | -12.8 | 0.00 | -1.33 |
| EBITDA | 134.3 | 106.2 | 112.9 | 102.1 | 134.2 | 124.5 | 139.8 | 128.6 |
| PAT attributable to non-controlling interest | 0.75 | 0.23 | 0.06 | -0.02 | -0.02 | -0.02 | -0.02 | |
| PAT attributable to owners | 12.0 | 1.79 | -1.80 | -12.8 | -4.79 | -12.6 | 14.0 | |
| Share of associates/JV profit | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Basic EPS (₹) | 0.06 | -0.06 | -0.40 | -0.15 | -0.39 | 0.44 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 68.8% | 31.6% | 14.9% | 11.1% | 8.4% |
| EBITDA margin | 17.8% | 16.5% | 15.2% | ||
| Net margin | 2.0% | 0.7% | -1.0% | ||
| Return on equity | 4.1% | 1.4% | -2.3% | ||
| Return on capital employed | 10.0% | 8.1% | 5.8% | ||
| Return on assets | 1.9% | 0.7% | -1.0% | ||
| Net debt (₹ crore) | -184.4 | -245.0 | -193.4 | ||
| Net debt / EBITDA | -0.40x | -0.51x | -0.41x | ||
| Interest cover | 1.66x | 2.26x | 1.36x | 1.01x | 0.66x |
| Asset turnover | 0.98x | 0.95x | 0.95x | 0.98x | 0.99x |
| Receivable days | 3 | 3 | 5 | 5 | 4 |
| Inventory days (on revenue) | 14 | 16 | 14 | 12 | 13 |
| Payable days (on revenue) | 42 | 35 | 32 | 31 | 33 |
| Cash conversion | 8.50x | 26.4x | -15.9x | ||
| Capex intensity | 16.6% | 16.9% | 14.8% | 9.2% | 10.2% |
| Free cash flow (₹ crore) | 63.8 | 243.1 | 187.4 | ||
| Dividend payout | 0.0% | -0.0% | |||
| EPS, diluted (₹) | 1.54 | 7.26 | 1.64 | 0.60 | -0.99 |
| Book value per share (₹) | 33.68 | 39.47 | 42.06 | 43.47 | 43.21 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA statutory (revenue less cost stack, post Ind AS 116) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net financial debt negative net cash incl deposits investments.
- Net debt / EBITDA: net debt / EBITDA statutory (revenue less cost stack, post Ind AS 116).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS on INR2 share basis).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Sapphire Foods India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 3-month view
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Sapphire Foods India
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 2 Nov 2026.
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