Sapphire Foods India Ltd
Sapphire Foods is one of the largest franchisees of Yum! Brands Inc. in the subcontinent, and operates more than 400 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.[1]
- Market Cap ₹ 9,201 Cr.
- Current Price ₹ 287
- High / Low ₹ 375 / 242
- Stock P/E 4,260
- Book Value ₹ 43.3
- Dividend Yield 0.00 %
- ROCE 5.76 %
- ROE 2.03 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 6.62 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Promoter holding is low: 26.1%
- Company has a low return on equity of 8.32% over last 3 years.
- Promoter holding has decreased over last 3 years: -25.2%
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|
957 | 1,194 | 1,340 | 1,020 | 1,722 | 2,266 | 2,594 | 2,882 | 2,987 | |
942 | 1,155 | 1,155 | 894 | 1,417 | 1,836 | 2,132 | 2,405 | 2,532 | |
Operating Profit | 15 | 39 | 186 | 125 | 305 | 430 | 462 | 477 | 456 |
OPM % | 2% | 3% | 14% | 12% | 18% | 19% | 18% | 17% | 15% |
2 | 9 | -83 | 61 | 38 | 30 | 33 | 22 | 36 | |
Interest | 2 | 18 | 72 | 76 | 78 | 87 | 101 | 112 | 117 |
Depreciation | 55 | 74 | 191 | 209 | 214 | 264 | 324 | 364 | 375 |
Profit before tax | -40 | -44 | -161 | -99 | 51 | 108 | 70 | 23 | -1 |
Tax % | 3% | 3% | -1% | 1% | 11% | -115% | 26% | 28% | |
-41 | -45 | -159 | -100 | 46 | 233 | 52 | 17 | 0 | |
EPS in Rs | -1.97 | -2.07 | -6.27 | -3.73 | 1.46 | 7.35 | 1.66 | 0.60 | -0.03 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 17% |
3 Years: | 19% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 19% |
3 Years: | -16% |
TTM: | -91% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 0% |
1 Year: | -17% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 5% |
3 Years: | 8% |
Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
---|---|---|---|---|---|---|---|---|---|
Equity Capital | 42 | 43 | 50 | 53 | 64 | 64 | 64 | 64 | 64 |
Reserves | 436 | 429 | 474 | 427 | 944 | 1,192 | 1,275 | 1,334 | 1,328 |
31 | 96 | 646 | 645 | 789 | 963 | 1,164 | 1,292 | 1,380 | |
326 | 527 | 214 | 225 | 368 | 372 | 334 | 350 | 434 | |
Total Liabilities | 834 | 1,095 | 1,384 | 1,349 | 2,165 | 2,591 | 2,837 | 3,040 | 3,207 |
628 | 719 | 1,161 | 1,084 | 1,390 | 1,789 | 2,178 | 2,338 | 2,468 | |
CWIP | 16 | 21 | 21 | 30 | 33 | 56 | 68 | 57 | 59 |
Investments | 0 | 0 | 16 | 27 | 153 | 66 | 0 | 144 | 82 |
190 | 355 | 186 | 208 | 590 | 679 | 591 | 501 | 597 | |
Total Assets | 834 | 1,095 | 1,384 | 1,349 | 2,165 | 2,591 | 2,837 | 3,040 | 3,207 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
3 | 47 | 213 | 154 | 395 | 382 | 449 | 508 | |
-54 | -335 | -2 | -78 | -692 | -204 | -187 | -337 | |
19 | 281 | -208 | -52 | 313 | -195 | -213 | -211 | |
Net Cash Flow | -32 | -7 | 3 | 25 | 16 | -17 | 49 | -39 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 2 | 7 | 1 | 3 | 3 | 3 | 5 | 5 |
Inventory Days | 39 | 35 | 40 | 56 | 46 | 49 | 44 | 39 |
Days Payable | 128 | 106 | 110 | 170 | 138 | 107 | 104 | 98 |
Cash Conversion Cycle | -87 | -63 | -69 | -110 | -89 | -55 | -55 | -54 |
Working Capital Days | -101 | -139 | -42 | -87 | -56 | -53 | -35 | -33 |
ROCE % | -5% | 1% | -2% | 9% | 10% | 7% | 6% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Sapphire Foods India Limited has informed about Copy of Newspaper Publication
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - Sapphire Foods India Limited has informed exchange regarding Link of Recording.
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Announcement under Regulation 30 (LODR)-Investor Presentation
17 Oct - Sapphire Foods India Limited has informed exchange regarding Investor Presentation
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
17 Oct - Q2 FY26 revenue ₹7,401mn; Adj. EBITDA ₹450mn (-24%); 1,000th restaurant inaugurated 16 Oct 2025.
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Announcement under Regulation 30 (LODR)-Resignation of Director
17 Oct - Board approved unaudited results to Sep 30, 2025; consolidated Q2 revenue Rs7,424M; loss Rs127.87M; director resigned.
Annual reports
Concalls
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Oct 2025TranscriptNotesPPT
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May 2025Transcript PPT REC
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Dec 2021TranscriptNotesPPT
Largest Franchisee Operator:[1] Sapphire Foods has non-exclusive rights to operate restaurants under three of Yum’s brands: KFC, Pizza Hut, and Taco Bell in India, Sri Lanka, and Maldives. As of Q2FY25, company owned and operated 463 KFC restaurants in India and Maldives, 437 Pizza Hut restaurants in India, Sri Lanka, and the Maldives, and 9 Taco Bell restaurants in Sri Lanka. It is Sri Lanka’s Largest International QSR chain with 121 outlets in 52 cities. [2]