Sapphire Foods India Ltd logo

Sapphire Foods India Ltd

SAPPHIRE NSE

Key Fundamentals

MicrocapQuick Service RestaurantLeisure Services
Market Cap
₹7,472 Cr
Volatility
High Risk
P/E Ratio
-469.6
EBITDA
₹502 Cr
Return on Equity
-2.3%
Debt to Equity
1.02
Book Value
₹43.27
EPS
₹5.71
52W High
₹347.9
52W Low
₹139.91

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Sapphire Foods India Ltd insights

58 extracted metrics + investor summaries across FY18–FY26.

Log in — free

Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

5
  • Stock is trading at 5.42 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding is low: 26.1%
  • Company has a low return on equity of 1.65% over last 3 years.
  • Promoter holding has decreased over last 3 years: -18.8%

Growth Rate

Revenue Growth
8.03% ↘
Net Income Growth
-291.62% ↘
Cash Flow Change
-0.19% ↘
ROE
-291.67% ↘
ROCE
-39.66% ↘
EBITDA Margin (Avg.)
-9.65% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk high

Sapphire Foods India, the largest KFC and Pizza Hut franchisee in India and parts of South Asia, reported FY26 consolidated revenue of ₹3,125 crore (up 8% YoY) but swung to a net loss of ₹32 crore versus a net profit of ₹16.7 crore in FY25. The stock trades at a market cap of ~₹5,974 crore with a negative P/E of -187.7x, P/B of 4.29x, and has declined 45% over the past year while the company expanded its restaurant count to 1,052 stores.

Bull Case 7
  • Revenue grew at an 11% CAGR over 3 years and 25% CAGR over 5 years, demonstrating consistent topline expansion from ₹1,722 crore in FY22 to ₹3,125 crore in FY26
  • Restaurant network expanded 10% YoY in FY25 with 91 net new additions, reaching 963 stores by FY25-end and further growing to 1,052 by March 2026, indicating continued unit economics confidence by management
  • Q4 FY26 EBITDA improved 10% YoY to ₹1,249 million with margin of 15.8%, showing sequential recovery in profitability after weak earlier quarters
  • Sri Lanka operations delivered a strong turnaround with double-digit growth and improved margins, diversifying geographic risk beyond India
  • FY26 consolidated EBITDA was ₹4,804 million (15.4% margin), demonstrating the business generates meaningful operating cash flow despite bottom-line losses driven by high depreciation of ₹392 crore
  • Stock has corrected 45% in 1 year from its 52-week highs, potentially compressing valuations relative to the underlying store expansion trajectory
  • Company achieved 100% eco-friendly packaging and expanded solar installations to 121 restaurants, positioning for long-term ESG compliance and cost savings
Bear Case 8
  • Company swung to a net loss of ₹32 crore in FY26 from a net profit of ₹16.7 crore in FY25, with TTM profit declining 151% — profitability is deteriorating
  • Return on equity averaged just 1.65% over the last 3 years and turned negative at -1% in the latest year, indicating poor capital efficiency relative to the 4.29x P/B valuation
  • Promoter holding is low at 26.1% and has declined by 18.8 percentage points over the last 3 years, signaling reduced promoter commitment
  • Adjusted EBITDA margin contracted from 9.1% in FY25 to 7.6% in Q4 FY26 (down 150 bps YoY), with full-year FY26 EBITDA declining 2% YoY despite revenue growth — indicating negative operating leverage
  • High depreciation burden of ₹392 crore in FY26 (up from ₹364 crore in FY25) due to aggressive store expansion under Ind AS 116 lease accounting, suppressing bottom-line visibility
  • Interest costs rose to ₹123 crore in FY26 from ₹112 crore in FY25, with the company flagged for low interest coverage ratio, raising concerns about debt serviceability
  • Same-store sales growth (SSSG) for KFC remained negative during FY25-FY26, suggesting demand weakness in the core brand despite new store additions
  • Zero dividend yield with no near-term prospect of payout given the net loss position, offering no income support to shareholders

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Headwinds 2
  • HDFC MF cuts stake 2.84% Jun 19

    HDFC Mutual Fund reduced its holding in Sapphire Foods by 2.84% to 6.76% as of June 16, 2026, signaling reduced institutional confidence.

  • GIC sells 40 lakh shares Jun 12

    GIC Private Limited sold 4,002,532 shares on June 10, 2026, reducing its stake to 5.003% of paid-up capital via open market transaction.

Positives 2
  • ₹977 crore GST case won Jun 26

    Tamil Nadu GST department dismissed a ₹977.06 million demand, ruling Sapphire Foods correctly availed input tax credit for FY23 and FY24. This removes a significant contingent liability.

  • Exchanges clear Devyani merger Jun 15

    NSE and BSE issued no-objection and no-adverse-observations letters respectively for the proposed merger with Devyani International, subject to further regulatory approvals.

Neutral 4
  • BRSR filed for FY 2025-26 Jun 27

    Sapphire Foods filed its Business Responsibility and Sustainability Report for FY 2025-26, disclosing ESG performance and operational metrics.

  • AGM scheduled for July 21 Jun 26

    The 17th AGM will be held on July 21, 2026 via video conferencing, with notice and annual report to be sent electronically.

  • New nominee director appointed Jun 19

    Vikram Agarwal appointed as Non-Executive Nominee Director effective June 19, 2026, replacing Vinod Nambiar who resigned due to professional engagements.

  • ₹31.73 crore block trade on NSE Jun 16

    A block trade of approximately 17.48 lakh shares was executed at ₹181.45 per share on NSE, reflecting significant institutional-level activity.

TL;DR: Sapphire Foods secured a major positive with the ₹977 crore GST case dismissal removing contingent liability risk, and the Devyani merger is progressing with exchange clearances. However, notable stake reductions by GIC and HDFC MF suggest some institutional investors are taking profits or rebalancing. The merger trajectory and continued store-level execution will be key catalysts to watch in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
654
643
666
632
718
696
757
711
777
742
814
792
891
Expenses
533
528
544
529
594
584
622
605
664
640
680
668
751
Operating Profit
121
115
122
103
124
112
134
106
113
102
134
124
140
OPM %
19%
18%
18%
16%
17%
16%
18%
15%
15%
14%
16%
16%
16%
Other Income
8
8
6
12
5
-3
10
9
7
9
-4
-8
6
Interest
23
24
26
28
27
27
28
30
30
31
32
31
32
Depreciation
73
77
87
87
90
88
100
85
92
97
102
101
97
PBT
34
21
14
1
12
-6
17
1
-2
-17
-3
-15
16
Tax %
26%
29%
30%
-143%
31%
2%
24%
-237%
-6%
-23%
43%
-18%
13%
Net Profit
25
15
10
2
8
-6
13
2
-2
-13
-5
-13
14
EPS in Rs
0.78
0.48
0.32
0.08
0.27
-0.1
0.37
0.06
-0.06
-0.4
-0.15
-0.39
0.44
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
957
1,194
1,340
1,020
1,722
2,266
2,594
2,882
3,125
3,239
Expenses
942
1,155
1,155
894
1,417
1,836
2,132
2,405
2,652
2,739
Operating Profit
15
39
186
125
305
430
462
477
474
501
OPM %
1.6%
3.3%
14%
12%
18%
19%
18%
17%
15%
15%
Other Income
2
9
-83
61
38
30
33
22
4
3
Interest
2
18
72
76
78
87
101
112
123
125
Depreciation
55
74
191
209
214
264
324
364
392
398
PBT
-40
-44
-161
-99
51
108
70
23
-37
-19
Tax %
3%
3%
-1%
1%
11%
-115%
26%
28%
-14%
—
Net Profit
-41
-45
-159
-100
46
233
52
17
-32
-16
EPS in Rs
-1.97
-2.07
-6.27
-3.73
1.46
7.35
1.66
0.6
-0.99
-0.5
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
42
43
50
53
64
64
64
64
64
Reserves
436
429
474
427
944
1,192
1,275
1,334
1,326
Borrowings
31
96
646
645
789
963
1,164
1,292
1,417
Other Liabilities
326
527
214
225
368
372
334
350
447
Total Liabilities
834
1,095
1,384
1,349
2,165
2,591
2,837
3,040
3,255
Fixed Assets
628
719
1,161
1,084
1,390
1,789
2,178
2,338
2,569
CWIP
16
21
21
30
33
56
68
57
60
Investments
0
0
16
27
153
66
0
144
3
Other Assets
190
355
186
208
590
679
591
501
622
Total Assets
834
1,095
1,384
1,349
2,165
2,591
2,837
3,040
3,255
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3
47
213
154
395
382
449
508
507
Investing
-54
-335
-2
-78
-692
-204
-187
-337
-233
Financing
19
281
-208
-52
313
-195
-213
-211
-260
Net Cash Flow
-32
-7
3
25
16
-17
49
-39
14
Free Cash Flow
-101
-128
72
81
110
-1
64
245
189
CFO/OP
38
130
116
125
132
89
98
107
108
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
2
7
1
3
3
3
5
5
4
Inventory Days
39
35
40
56
46
49
44
39
41
Days Payable
128
106
110
170
138
107
104
98
104
Cash Conversion Cycle
-87
-63
-69
-110
-89
-55
-55
-54
-59
Working Capital Days
-101
-139
-42
-87
-56
-53
-35
-33
-32
ROCE %
—
-5%
1%
-2%
9%
10%
7%
6%
4%

Shareholding Pattern

As of Jun 2026
DIIs 41.92%
Promoters 26.07%
FIIs 25.25%
Public 3.88%
Others 2.88%
Total 100.00%
  Nov 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
51.26%
51.26%
51.26%
51.26%
51.26%
44.90%
44.90%
44.86%
41.68%
31.30%
30.84%
30.82%
26.20%
26.13%
26.08%
26.07%
26.07%
26.07%
26.07%
26.07%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
23.65%
0.00%
29.95%
31.52%
31.46%
30.67%
30.42%
31.55%
31.31%
29.22%
28.98%
25.25%
DIIs
4.37%
5.92%
7.64%
9.70%
15.62%
24.95%
27.44%
29.61%
28.04%
30.15%
32.38%
31.45%
37.11%
38.32%
38.51%
37.86%
37.25%
37.55%
37.49%
41.92%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.41%
6.03%
5.74%
5.85%
4.52%
4.68%
4.57%
4.17%
4.04%
4.37%
4.26%
3.81%
3.44%
3.58%
3.68%
3.22%
3.76%
4.77%
4.66%
3.88%
Others
35.96%
36.79%
35.36%
33.19%
28.60%
25.47%
23.09%
21.36%
2.59%
34.17%
2.56%
2.39%
1.79%
1.31%
1.31%
1.30%
1.61%
2.39%
2.79%
2.88%
No. of Shareholders
0
1,48,576
92,119
65,790
66,462
62,293
60,178
55,531
53,845
51,840
53,150
51,602
54,062
54,905
54,414
51,421
52,417
53,545
56,668
58,178

Documents

Frequently Asked Questions about Sapphire Foods India Ltd

What does Sapphire Foods India Ltd do?
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]
Where is Sapphire Foods India Ltd (SAPPHIRE) listed?
Sapphire Foods India Ltd is listed on the Indian stock exchanges. It is listed on NSE: SAPPHIRE and BSE: 543397. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Sapphire Foods India Ltd belong to?
Sapphire Foods India Ltd operates in the Consumer Discretionary sector within the Leisure Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Sapphire Foods India Ltd?
Sapphire Foods India Ltd has a market capitalisation of approximately ₹7472.15 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Sapphire Foods India Ltd?
The Price-to-Earnings (PE) ratio of Sapphire Foods India Ltd is -469.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Sapphire Foods India Ltd?
Over the past 52 weeks, Sapphire Foods India Ltd has traded between a low of ₹139.91 and a high of ₹347.9. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Sapphire Foods India Ltd?
Sapphire Foods India Ltd has a Return on Equity (ROE) of -2.30%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Sapphire Foods India Ltd on Tapetide?
On Tapetide, you can view Sapphire Foods India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website sapphirefoods.in
Listed 2021-11-18
Face Value ₹ 2
Issued Size 32,13,82,905

Explore More

More in Consumer Discretionary → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List