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 ₹ 9,252 Cr.
- Current Price ₹ 593
- High / Low ₹ 893 / 580
- Stock P/E 598
- Book Value ₹ 32.4
- Dividend Yield 0.13 %
- 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 18.3 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: | 9% |
| 5 Years: | 10% |
| 3 Years: | -8% |
| 1 Year: | -24% |
| 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)-Analyst / Investor Meet - Intimation
23 Oct - Q2 FY26 results on Nov 3, 2025; investor call Nov 3 4:30pm IST, 60 minutes.
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Board Meeting Intimation for Intimation Of The Board Meeting - Regulation 29 Of The SEBI (LODR) Regulations,2015
23 Oct - Board meeting on 3 Nov 2025 to consider unaudited Q2 and H1 results ended 30 Sep 2025.
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Integrated Filling - Governance Report (PDF Format) For The Quarter Ended 30Th September, 2025, Pursuant To The SEBI Circular Dated 31St December, 2024.
17 Oct - Integrated Filing - Governance Report submitted for quarter ended 30 September 2025.
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Update On Royalty Fees.
15 Oct - HRPL to pay McDonald's 5.0% royalty for FY26, subject to network growth objectives.
- Closure of Trading Window 24 Sep
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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Oct 2024Transcript PPT REC
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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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Dec 2022TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Nov 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Sep 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]