Restaurants industry

15 companies · ₹83,609 cr · 9 with AI deep dives · Q1FY27 report

Traffic-led SSSG inflects positive across all operators; energy and labour inflation cap margin recovery

Turning upmargin troughed at 15.3% and has risen for 3 quarters to 16.6%, on positive revenue growth

Revenue YoY: +15.9%
EBITDA margin: 16.6%; +90bps YoY
Price, 1 year: -21.1%; 20% of names up
P/E vs own 5y: -43.1%; 46.3x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	7,482 cr	6,895 cr	+8.5%	6,457 cr	+15.9%	7,482 cr	0.0%
EBITDA margin	16.6%	16.5%	+10bps	15.7%	+90bps	16.7%	-10bps

Revenue

Jun 26: 7,482 cr
Mar 26: 6,895 cr
QoQ: +8.5%
Jun 25: 6,457 cr
YoY: +15.9%
Peak: 7,482 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 16.6%
Mar 26: 16.5%
QoQ: +10bps
Jun 25: 15.7%

Sept 26: 2 of 10 reported so far, so it is not in the trend above.

Breadth: 100% of 10 companies grew revenue year on year (was 100% a quarter earlier) and 80% expanded margin (was 78%).

Exhibit 2What it costs

28.69x - 91.56x across the panel today

The median name trades at 46.3x, -43.1% against this industry's own 5-year median of 81.4x, and -68.2% against its own peak of 145.6x.

Exhibit 3Structure

₹83,609 cr

Jubilant Foodworks Ltd is 31.8% of this industry by market cap. The top 5 are 85.6% and the top 10 are 99.2%.

mid 3small 5micro 710 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 46.34x, 5y ROCE above its median of 8.88%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (15 of 15)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Jubilant Foodworks Ltd	₹27,888 cr	63.1x	15.4x	15.0%	19.9%	+13.7%	Unlock
Devyani International Ltd	₹14,962 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindBroad-based SSSG recovery, entirely traffic-led, with pricing contribution minimal7 managements

Every operating restaurant company reported positive SSSG in Q1 FY27. RBA stated 12.6% SSSG was driven by traffic with no significant pricing; UFBL confirmed 28.7% SSSG is 100%…

RBA (Q1FY27): “Same-store sales growth was 12.6%. This is the highest we have done in the last 15…”

headwind6 managements tailwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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