Westlife Foodworld Ltd
Westlife Development Limited (WDL) focuses on establishing and operating McDonald’s restaurants across West and South India, through its wholly owned subsidiary Hardcastle Restaurants Pvt Ltd (HRPL). [1]
Today, It manages 319 McDonalds restaurants and 223 McCafé outlets in West and South India in easily accessible and popular locations like malls, high-streets, shopping complexes and residential areas’ after outlet presence. It employees close to 10,000 employees. [2]
- Market Cap ₹ 11,496 Cr.
- Current Price ₹ 737
- High / Low ₹ 960 / 641
- Stock P/E 743
- Book Value ₹ 32.4
- Dividend Yield 0.47 %
- ROCE -0.08 %
- ROE 0.18 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 37.2% CAGR over last 5 years
Cons
- Stock is trading at 22.8 times its book value
- Company has a low return on equity of 4.00% over last 3 years.
- Working capital days have increased from 1,405 days to 2,201 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 63 | 1 | 16 | |
3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | |
Operating Profit | -1 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 60 | -1 | 14 |
OPM % | -77% | -103% | -139% | -225% | -75% | -62% | -93% | -93% | -90% | 97% | -57% | 90% | |
1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | -0 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 61 | -0 | 14 |
Tax % | -333% | 225% | 137% | 0% | 0% | 9% | 0% | 0% | 0% | 0% | 3% | -334% | |
0 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 59 | 1 | 15 | |
EPS in Rs | 0.01 | -0.01 | -0.03 | -0.02 | -0.03 | -0.02 | -0.02 | -0.03 | -0.03 | -0.05 | 3.79 | 0.06 | 0.99 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -7,271% | 91% | 1,314% |
Compounded Sales Growth | |
---|---|
10 Years: | 14% |
5 Years: | 16% |
3 Years: | 32% |
TTM: | 1590% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 37% |
3 Years: | 60% |
TTM: | 2137% |
Stock Price CAGR | |
---|---|
10 Years: | 11% |
5 Years: | 14% |
3 Years: | 3% |
1 Year: | -13% |
Return on Equity | |
---|---|
10 Years: | 1% |
5 Years: | 2% |
3 Years: | 4% |
Last Year: | 0% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | 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 | 31 | 31 |
Reserves | 444 | 446 | 447 | 448 | 450 | 451 | 452 | 455 | 457 | 454 | 467 | 473 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |
Total Liabilities | 476 | 477 | 478 | 480 | 481 | 482 | 483 | 486 | 489 | 488 | 499 | 505 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 62 | 62 | 62 | 475 | 475 | 476 | 477 | 479 | 481 | 482 | 490 | 497 |
414 | 415 | 416 | 5 | 6 | 5 | 6 | 7 | 7 | 6 | 9 | 8 | |
Total Assets | 476 | 477 | 478 | 480 | 481 | 482 | 483 | 486 | 489 | 488 | 499 | 505 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | -0 | -0 | 0 | -0 | -0 | -0 | 0 | -1 | -1 | 58 | -2 | |
-189 | 0 | 0 | -0 | -0 | 0 | -1 | -2 | -2 | 0 | -2 | 2 | |
177 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 2 | -0 | -56 | 0 | |
Net Cash Flow | -12 | 0 | 0 | 0 | -0 | 0 | 0 | 1 | -0 | -1 | -0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 4,372 | 4,103 | 4,524 | 438 | 0 | 1 | 0 | |
Inventory Days | 0 | 0 | 0 | 0 | ||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 4,372 | 4,103 | 4,524 | 438 | 0 | 1 | 0 | |
Working Capital Days | 76 | 2,341 | 3,497 | 7,428 | 4,339 | 4,066 | 4,482 | 4,842 | 1,970 | 45 | 2,201 | |
ROCE % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | 12% | -0% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
11 Sep - Appointed MSDS & Associates as secretarial auditor for five years from FY2025-26 to FY2029-30 (AGM 10 Sep 2025).
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
11 Sep - All three ordinary resolutions at 42nd AGM (10 Sep 2025) passed: audited FY2025 accounts, director reappointment, secretarial auditor appointed.
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Announcement under Regulation 30 (LODR)-Meeting Updates
11 Sep - 42nd AGM (10 Sep 2025): FY2024-25 financials adopted; Akshay Jatia reappointed; secretarial auditor appointed (remuneration ₹30,000).
- Shareholder Meeting / Postal Ballot-Outcome of AGM 11 Sep
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Chairman Speech - 42Nd Annual General Meeting Of The Company
10 Sep - AGM: FY25 sales ₹24.9bn, 47 new stores, 400 restaurants; Vision 2027 target 580–630 restaurants.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Jul 2025Transcript PPT
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May 2025Transcript PPT
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Feb 2025TranscriptPPT
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Feb 2025Transcript PPT
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Sep 2023TranscriptNotesPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT REC
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Mar 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Dec 2022TranscriptNotesPPT
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Dec 2022Transcript PPT
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Nov 2022TranscriptNotesPPT
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Aug 2022Transcript PPT
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Aug 2021TranscriptPPT
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Mar 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Jul 2020TranscriptPPT
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Jun 2020Transcript PPT
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Jan 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Jul 2019TranscriptPPT
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May 2019TranscriptPPT
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Feb 2019TranscriptPPT
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Sep 2018TranscriptPPT
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Jun 2018TranscriptPPT
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May 2018TranscriptPPT
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Feb 2018TranscriptPPT
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Nov 2017TranscriptPPT
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Aug 2017TranscriptPPT
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Aug 2016TranscriptPPT
History of Hardcastle Restaurants
Hardcastle Restaurants Pvt Ltd was established as a joint venture with McDonald’s Corporation, USA in 1995. Mcdonald's Corporation exited the Joint Venture in 2011 after selling its 50% stake to HRPL. It is now the master franchisee of McDonald’s under an agreement of 2010. The agreement grants HRPL authority to provide initial capital for the business, with operational and technical business support from McDonald’s Corporation. [1]