SAPPHIRE
Sapphire Foods India Limited
Franchisee operator of KFC and Pizza Hut restaurants
Consumer Discretionary›Consumer Services›Leisure Services›Restaurants
Key metrics
Price as of 2026-10-16
Stock price
₹197.15
Market cap
6,336 Cr
Stock P/E
Loss (TTM EPS ₹-0.50)
P/B
4.56
ROE (FY26)
-2.3%
ROCE (FY26)
6.1%
Operating margin (FY26)
2.6%
Debt / equity (FY26)
0.0040
OCF / EBITDA (FY26)
107.1%
OCF / EBITDA (3Y)
103.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Sapphire Foods runs KFC and Pizza Hut restaurants in India and Pizza Hut and Taco Bell restaurants in Sri Lanka as a franchisee of Yum!, selling to diners through dine-in, takeaway and delivery.
Company snapshot
6thBy market cap
Ranked among 9 companies in Restaurants.
What we see
Positives
- ✓104% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 643 Cr | 666 Cr | 632 Cr | 718 Cr | 696 Cr | 757 Cr | 711 Cr | 777 Cr | 742 Cr | 814 Cr | 792 Cr | 891 Cr |
| Operating expenses (approx.) | 528 Cr | 544 Cr | 529 Cr | 594 Cr | 584 Cr | 622 Cr | 605 Cr | 664 Cr | 640 Cr | 680 Cr | 668 Cr | 751 Cr |
| EBITDA | 115 Cr | 122 Cr | 103 Cr | 124 Cr | 112 Cr | 134 Cr | 106 Cr | 113 Cr | 102 Cr | 134 Cr | 124 Cr | 140 Cr |
| OPM % | 17.9% | 18.3% | 16.3% | 17.3% | 16.1% | 17.8% | 14.9% | 14.5% | 13.8% | 16.5% | 15.7% | 15.7% |
| Other income | 8 Cr | 6 Cr | 12 Cr | 5 Cr | 8 Cr | 11 Cr | 13 Cr | 7 Cr | 9 Cr | 7 Cr | 5 Cr | 6 Cr |
| Interest | 24 Cr | 26 Cr | 28 Cr | 27 Cr | 27 Cr | 28 Cr | 30 Cr | 30 Cr | 31 Cr | 31 Cr | 31 Cr | 32 Cr |
| Depreciation | 77 Cr | 87 Cr | 87 Cr | 90 Cr | 88 Cr | 100 Cr | 85 Cr | 92 Cr | 97 Cr | 102 Cr | 101 Cr | 97 Cr |
| Profit before tax | 21 Cr | 14 Cr | 0.84 Cr | 12 Cr | -6 Cr | 17 Cr | 0.60 Cr | -2 Cr | -17 Cr | -3 Cr | -15 Cr | 16 Cr |
| Tax % | 28.9% | 30.0% | -143.0% | 30.8% | -1.9% | 24.3% | -234.5% | 5.7% | 22.9% | -43.4% | 18.5% | 13.3% |
| Net profit | 15 Cr | 10 Cr | 2 Cr | 8 Cr | -6 Cr | 13 Cr | 2 Cr | -2 Cr | -13 Cr | -5 Cr | -13 Cr | 14 Cr |
| EPS (₹) | ₹2.41 | ₹1.59 | ₹0.38 | ₹1.34 | ₹-0.10 | ₹0.37 | ₹0.06 | ₹-0.06 | ₹-0.40 | ₹-0.15 | ₹-0.39 | ₹0.44 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,194 Cr | 1,340 Cr | 1,020 Cr | 1,722 Cr | 2,266 Cr | 2,594 Cr | 2,882 Cr | 3,125 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,048 Cr | 1,155 Cr | 895 Cr | 1,417 Cr | 1,837 Cr | 2,133 Cr | 2,405 Cr | 2,652 Cr | Sign in free for the trailing twelve months |
| EBITDA | 146 Cr | 186 Cr | 124 Cr | 305 Cr | 428 Cr | 461 Cr | 477 Cr | 474 Cr | Sign in free for the trailing twelve months |
| OPM % | 12.2% | 13.8% | 12.2% | 17.7% | 18.9% | 17.8% | 16.5% | 15.2% | Sign in free for the trailing twelve months |
| Other income | 12 Cr | 11 Cr | 62 Cr | 38 Cr | 31 Cr | 33 Cr | 37 Cr | 28 Cr | Sign in free for the trailing twelve months |
| Interest | 72 Cr | 72 Cr | 76 Cr | 78 Cr | 87 Cr | 101 Cr | 112 Cr | 123 Cr | Sign in free for the trailing twelve months |
| Depreciation | 155 Cr | 191 Cr | 209 Cr | 214 Cr | 264 Cr | 324 Cr | 364 Cr | 392 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -68 Cr | -161 Cr | -99 Cr | 51 Cr | 108 Cr | 70 Cr | 23 Cr | -37 Cr | Sign in free for the trailing twelve months |
| Tax % | -1.6% | 1.1% | -1.2% | 10.5% | -115.1% | 25.7% | 27.8% | 14.2% | Sign in free for the trailing twelve months |
| Net profit | -69 Cr | -159 Cr | -100 Cr | 46 Cr | 233 Cr | 52 Cr | 17 Cr | -32 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-14.95 | ₹-31.36 | ₹-19.04 | ₹7.78 | ₹36.73 | ₹8.30 | ₹0.60 | ₹-0.99 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 43 Cr | 50 Cr | 53 Cr | 64 Cr | 64 Cr | 64 Cr | 64 Cr | 64 Cr |
| Reserves | 358 Cr | 474 Cr | 427 Cr | 944 Cr | 1,192 Cr | 1,275 Cr | 1,334 Cr | 1,326 Cr |
| Borrowings | 96 Cr | 71 Cr | 76 Cr | 789 Cr | 963 Cr | 28 Cr | 20 Cr | 6 Cr |
| Other liabilities | 1,069 Cr | 785 Cr | 795 Cr | 369 Cr | 377 Cr | 1,473 Cr | 1,625 Cr | 1,862 Cr |
| Total liabilities | 1,567 Cr | 1,381 Cr | 1,349 Cr | 2,164 Cr | 2,594 Cr | 2,840 Cr | 3,041 Cr | 3,256 Cr |
| Fixed assets (net) | 389 Cr | 435 Cr | 393 Cr | 1,171 Cr | 1,562 Cr | 1,944 Cr | 2,112 Cr | 2,291 Cr |
| CWIP | 21 Cr | 18 Cr | 21 Cr | 32 Cr | 55 Cr | 67 Cr | 56 Cr | 60 Cr |
| Investments | — | 16 Cr | 27 Cr | 153 Cr | 66 Cr | 0 Cr | 144 Cr | 3 Cr |
| Inventories | 38 Cr | 44 Cr | 47 Cr | 65 Cr | 99 Cr | 97 Cr | 96 Cr | 112 Cr |
| Trade receivables | 22 Cr | 5 Cr | 8 Cr | 14 Cr | 18 Cr | 34 Cr | 37 Cr | 35 Cr |
| Cash & bank | 22 Cr | 22 Cr | 45 Cr | 59 Cr | 44 Cr | 98 Cr | 58 Cr | 68 Cr |
| Other assets | 1,076 Cr | 841 Cr | 808 Cr | 670 Cr | 749 Cr | 600 Cr | 539 Cr | 686 Cr |
| Total assets | 1,567 Cr | 1,381 Cr | 1,349 Cr | 2,164 Cr | 2,594 Cr | 2,840 Cr | 3,041 Cr | 3,256 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 150 Cr | 213 Cr | 154 Cr | 395 Cr | 382 Cr | 449 Cr | 508 Cr | 507 Cr |
| Cash from investing | -335 Cr | -2 Cr | -78 Cr | -692 Cr | -204 Cr | -187 Cr | -337 Cr | -233 Cr |
| Cash from financing | 177 Cr | -208 Cr | -52 Cr | 313 Cr | -195 Cr | -212 Cr | -211 Cr | -260 Cr |
| Net cash flow | -8 Cr | 3 Cr | 25 Cr | 16 Cr | -17 Cr | 49 Cr | -39 Cr | 14 Cr |
| Free cash flow (OCF − Capex) | -24 Cr | 71 Cr | 81 Cr | 110 Cr | -2 Cr | 64 Cr | 243 Cr | 187 Cr |
Ratios
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| ROCE % | 0.7% | -14.9% | -4.2% | 7.2% | 8.8% | 12.5% | 9.5% | 6.1% |
| ROE % | -16.9% | -30.0% | -20.6% | 4.6% | 18.6% | 3.9% | 1.4% | -2.3% |
| Debtor days | 7 | 1 | 3 | 3 | 3 | 5 | 5 | 4 |
| Inventory days | 35 | 38 | 56 | 45 | 49 | 44 | 38 | 41 |
| Days payable | 105 | 110 | 169 | 137 | 107 | 104 | 97 | 104 |
| Cash conversion cycle | -63 | -72 | -111 | -89 | -55 | -55 | -54 | -59 |
| OCF / EBITDA % | 102.8% | 114.8% | 123.9% | 129.5% | 89.1% | 97.3% | 106.6% | 107.1% |
| OCF / EBITDA % (3 years) | — | — | 113.4% | 123.9% | 108.5% | 102.6% | 98.0% | 103.7% |
| Debt / equity | 0.24 | 0.14 | 0.16 | 0.78 | 0.77 | 0.02 | 0.01 | 0.0040 |
| Current ratio | 0.44 | 0.42 | 0.46 | 1.32 | 0.92 | 0.82 | 0.92 | 0.63 |
| Net debt / EBITDA | 0.50 | 0.26 | 0.25 | 2.39 | 2.14 | -0.15 | -0.08 | -0.13 |