Speciality Restaurants Ltd(SPECIALITY)

NSE: SPECIALITYBSE: 534425

₹ 133.65-1.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 645 crNext results: 3 Nov 2026Website: www.speciality.co.inUpdated: 24 Oct 2026

About

Speciality Restaurants runs restaurants, cloud kitchens and confectionery outlets in India. Its brands include Mainland China, Asia Kitchen, Gong, Haka, Siciliana, Walters and Sweet Bengal, and it also has franchise units abroad. The network had 118 outlets (110 owned, 8 franchise) at the end of Q1 FY27. Reported revenue was 476.47 (Rs crore) in FY26.^[1][2][3]

Brands and portfolio strategy

In Q1 FY27 management said future growth will come from three verticals only: Oriental (Mainland China, Asia Kitchen, Gong, Haka), Italian (Siciliana) and QSR (Walters Burger, Sweet Bengal). Older brands will be phased out.^[1]
Oriental brands by price per person (Q1 FY27): Gong Rs 2,500, Mainland China Rs 1,250, Asia Kitchen Rs 1,050-1,100 and Haka, a delivery brand, Rs 600.^[1]
As of Q4 FY26, non-focus brands such as Riyasat, Flame & Grill, Hoppipola and Jungle Safari stay open but will not be expanded.^[2]
Asia Kitchen made up 18.4% of standalone restaurant revenue in Q3 FY26, up from 16.2% in Q3 FY25. Its outlet count rose from 10 to 11 over the same period.^[4]
Walters made up 1.3% of revenue in Q1 FY27; its revenue grew about 300% from the previous quarter.^[1]
Sweet Bengal revenue was Rs 10.05 cr in H1 FY26, up from Rs 9.12 cr in H1 FY25.^[5]
Mainland China, the company's flagship brand, went through a brand refresh (FY25 annual report).^[6]

Outlet network

Outlets fell from 121 to 118 in Q1 FY27: 5 opened (4 owned, 1 franchise) and 8 closed (6 Dariole, 1 Hoppipola, 1 Sweet Bengal).^[1]
Q1 FY27 openings were Gong Bandra, Walters/Sweet Bengal Fort Mumbai, an Asia Kitchen franchise in Dubai and Siciliana Mall of Asia Bangalore.^[1]
Outlets fell from 126 to 121 in Q4 FY26 after 5 closures (1 owned, 4 franchise) and no openings.^[2]
At FY25 year end the company had 71 restaurants (including 12 franchise units), 11 cloud kitchens and 39 confectioneries. It opened 7 restaurants during FY25.^[6]

Key operating numbers

Same-store sales growth was 11.35% in Q1 FY27, up from 2.25% in Q4 FY26. Full-year FY26 same-store sales growth was 1.49%.^[1][2]
Gross margin was 71.1% in Q1 FY27, up from 69.9% in Q1 FY26.^[1]
Gross margin was 70.4% in Q4 FY26, up from 69.1% in Q4 FY25.^[2]
Restaurant-level EBITDA margin after rent was 15% in Q4 FY26. Corporate overheads fell to 4% of revenue from 6-7%.^[2]
Spending on delivery aggregator platforms was about 5% of revenue in Q2 FY26.^[5]

Dine-in vs delivery and liquor mix

Delivery made up 28.7% of sales in Q1 FY27, up from 26.2% in Q1 FY26. Dine-in revenue grew from about Rs 71 crores to about Rs 81 crores.^[1]
Delivery made up 30.01% of restaurant and cloud kitchen sales in Q4 FY26, up from 27.45% in Q4 FY25. Dine-in fell to 69.99% from 72.55%.^[2]
Liquor's share of revenue in Q1 FY27: Gong 38%, Siciliana 25%, existing stores 8-9% on average.^[1]
Visible bars are being added to every renovated Mainland China and to all Asia Kitchen units; at least five Mainland China units already had them as of Q1 FY27.^[1]

Operations

After LPG/PNG supply disruption in March 2026, 78% of the chain had moved to induction cooking by the Q4 FY26 call, with 100% targeted within 20 days. About Rs 1.12 crores had been spent on induction woks.^[2]
New packaging extended Sweet Bengal's shelf life to 30 days (Q1 FY27), which the company says allows entry into new markets.^[1]
The Walters commissary can serve 20-25 stores (as of Q4 FY26).^[2]

International and franchise

A Dubai master franchisee (Resolute) runs outlets at Mall of Emirates, in Muscat and in Abu Dhabi. Entry into Saudi Arabia and wider UAE expansion are planned with no capex from the company (Q3 FY26).^[4]
The FY25 annual report names the Middle East and the UK for international expansion, and franchising into Tier 2/3 cities.^[6]

Expansion plans

FY27 target: 8-10 new restaurants plus 10-15 Walters. Management said in Q1 FY27 that the earlier plan of 32 outlets no longer applies.^[1]
FY27 capex plan of Rs 40 crores, including Rs 32 crores for restaurants, all funded from internal cash (Q4 FY26).^[2]
Planned openings as of the Q1 FY27 call: Gong Koregaon Park, Pune (August 2026), Gong Vasant Kunj, Delhi (September 2026), and Walters Carter Road, Mumbai (August 2026).^[1]
Three Walters in Mumbai and an Asia Kitchen in Chembur are planned for October-November 2026.^[1]
Target of about 50 Mainland China and Asia Kitchen restaurants combined over the next five years (Q4 FY26).^[2]
A joint development by Speciality Hotels India in Odisha is due to complete by the end of FY27; the company is to hold about 34% of the demerged entity.^[1]

Recent developments

Opened a Siciliana restaurant at Balewadi High Street, Pune on 26 Sep 2026.^[7]
On 26 Sep 2026 the company disclosed a provisional attachment order of Rs 14,50,09,700 from the Directorate of Enforcement, Raipur, linked to forfeited warrant amounts. The company said the impact is financial only, not operational.^[8]

Market Cap

₹645 Cr

High / Low

₹167 / 83

Stock P/E

27.4

Price / Book

1.9

Book Value

₹72

EPS

₹4.5

No. of Shares

4.82 Cr

ROCE

9.8%

ROE

6.5%

OPM

9.1%

Debt / Equity

0.00

Sales

₹476 Cr

Net Profit

₹21 Cr

Promoter holding

50.8%

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