Sapphire Foods India Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,446 Cr
- P/E
- 2618.87
- ROE
- -1.03%
- Price to sales
- 2.00
- Debt to equity
- 1.02
- 52W high / low
- ₹301 / ₹150
- Sales growth (5Y)
- 25.11%
- EBITDA margin
- 15.45%
- Net profit margin
- -0.46%
- Promoter holding
- 26.06%
- Sales (last year)
- ₹3,239 Cr
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]
Guidance scorecard · Q2 FY27 call
What Sapphire Foods India Ltd's management guided
and where it ranks in Leisure Services
Leisure Services
RevenueQ2 FY27 call
20–40%- Sapphire Foods India Limited delivered strong growth in Q2 FY '27 with 20% revenue increase and 39% adjusted EBITDA growth.
- KFC same-store sales growth (SSSG) was 14%, adjusted to close to double digits after factoring Navratri shift; Pizza Hut SSSG was 5%.
- Transaction-led growth is significant, with more than 50% of KFC's SSSG driven by transaction growth.
- Expansion plans include opening 60 to 80 new KFC stores in FY '27, primarily in metro and existing cities (70-75%).
- No Pizza Hut store openings expected in 2026 until brand strategy alignment post-CCI approval.
- Focus on recruiting new consumers through value offerings (INR99 and INR149 meal promotions) to drive transaction growth and repeat visits.
2 more points from Sapphire Foods India Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Sapphire Foods India Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- The company is focusing on expanding KFC stores, planning to open 60 to 80 new KFC restaurants in 2026, consistent with prior guidance.
- Around 60% to two-thirds of new KFC stores will be in metro towns with populations over 1 million; 70% to 75% of stores opened are in cities where Sapphire Foods already has presence, with 20-30% in new cities.
- No new Pizza Hut store openings are planned during calendar year 2026, as focus remains on aligning brand strategy post-CCI approval before expansion.
2 more points from Sapphire Foods India Ltd's call on capex
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FundraisingQ2 FY27 call
See what Sapphire Foods India Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Ask what Sapphire Foods India Ltd said on the order book →
Full Q2 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Leisure Services
on management's own guidance
- Jubilant Foodworks LtdGood growth2
- Landmark Global Learning LtdGood growth1
- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Leisure Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Landmark Global Learning Ltd | 20–40% | Up 2%+ | ₹21 Cr | — |
| 2 | Jubilant Foodworks Ltd | 20–40% | Flat | ₹27,579 Cr | 72.4 |
| 3 | Le Travenues Technology Ltd | 20–40% | Flat | ₹6,423 Cr | 54.1 |
| 4 | Sapphire Foods India LtdThis stock | 20–40% | Flat | ₹6,285 Cr | 2553.3 |
| 5 | 20–40% | Flat | ₹4,827 Cr | 20.4 | |
| 6 | 20–40% | Flat | ₹2,741 Cr | 215.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Leisure Services rankingFinancials of Sapphire Foods India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Sapphire Foods India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 31.30% | 30.84% | 30.82% | 26.19% | 26.13% | 26.09% | 26.06% | 26.06% | 26.06% | 26.06% | 26.06% | 26.06% |
| FIIs + | 29.98% | 29.95% | 31.53% | 31.46% | 30.67% | 30.42% | 31.55% | 31.31% | 29.22% | 28.98% | 25.25% | 24.03% |
| DIIs + | 31.69% | 32.39% | 31.46% | 37.11% | 38.32% | 38.51% | 37.86% | 37.25% | 37.54% | 37.49% | 41.92% | 43.14% |
| Public + | 7.04% | 6.82% | 6.21% | 5.23% | 4.89% | 5.00% | 4.52% | 5.37% | 7.17% | 7.46% | 6.75% | 6.77% |
| No. of Shareholders | 51,840 | 53,150 | 51,602 | 54,062 | 54,905 | 54,414 | 51,421 | 52,417 | 53,545 | 56,668 | 58,178 | 56,882 |
Pros & Cons
Sapphire Foods India Ltd
Key positives and risks surfaced from the company insights section.
- Stock is trading at 4.59 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: -15.6%
- Stock is trading at 4.59 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: -15.6%
Financials of Sapphire Foods India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 642.64 | 665.56 | 631.70 | 718.29 | 695.70 | 756.54 | 711.34 | 776.83 | 742.44 | 813.83 | 792.22 | 890.96 | 888.03 |
| Expenses + | 527.51 | 543.81 | 528.75 | 594.10 | 583.68 | 622.20 | 605.12 | 663.97 | 640.35 | 679.62 | 667.76 | 751.17 | 761.11 |
| Operating Profit | 115.13 | 121.75 | 102.95 | 124.19 | 112.02 | 134.34 | 106.22 | 112.86 | 102.09 | 134.21 | 124.46 | 139.79 | 126.92 |
| OPM % | 17.92% | 18.29% | 16.30% | 17.29% | 16.10% | 17.76% | 14.93% | 14.53% | 13.75% | 16.49% | 15.71% | 15.69% | 14.29% |
| Other Income + | 7.51 | 6.02 | 12.42 | 5.26 | -2.95 | 10.50 | 9.10 | 6.78 | 9.25 | -4.10 | -7.85 | 5.67 | 5.62 |
| Interest | 24.47 | 26.33 | 27.52 | 27.25 | 27.11 | 27.52 | 29.75 | 29.53 | 30.67 | 31.50 | 31.11 | 31.93 | 33.11 |
| Depreciation | 76.77 | 87.39 | 87.01 | 90.37 | 88.08 | 100.50 | 84.97 | 91.95 | 97.25 | 101.96 | 100.99 | 97.36 | 101.33 |
| Profit before tax | 21.40 | 14.05 | 0.84 | 11.83 | -6.12 | 16.82 | 0.60 | -1.84 | -16.58 | -3.35 | -15.49 | 16.17 | -1.90 |
| Tax % | 28.93% | 29.96% | -142.86% | 30.85% | 1.80% | 24.32% | -236.67% | -5.98% | -22.86% | 43.28% | -18.46% | 13.30% | -20.53% |
| Net Profit + | 15.22 | 9.83 | 2.04 | 8.19 | -6.24 | 12.73 | 2.02 | -1.74 | -12.79 | -4.81 | -12.63 | 14.02 | -1.52 |
| EPS in Rs | 0.48 | 0.32 | 0.08 | 0.27 | -0.10 | 0.37 | 0.06 | -0.06 | -0.40 | -0.15 | -0.39 | 0.44 | -0.05 |
Financials of Sapphire Foods India Ltd
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 957 | 1,194 | 1,340 | 1,020 | 1,722 | 2,266 | 2,594 | 2,882 | 3,125 | 3,385 |
| Expenses + | 942 | 1,155 | 1,155 | 894 | 1,417 | 1,836 | 2,132 | 2,405 | 2,652 | 2,860 |
| Operating Profit | 15 | 39 | 186 | 125 | 305 | 430 | 462 | 477 | 474 | 525 |
| OPM % | 1.6% | 3.3% | 14% | 12% | 18% | 19% | 18% | 17% | 15% | 16% |
| Other Income + | 2 | 9 | -83 | 61 | 38 | 30 | 33 | 22 | 4 | -1 |
| Interest | 2 | 18 | 72 | 76 | 78 | 87 | 101 | 112 | 123 | 128 |
| Depreciation | 55 | 74 | 191 | 209 | 214 | 264 | 324 | 364 | 392 | 402 |
| Profit before tax | -40 | -44 | -161 | -99 | 51 | 108 | 70 | 23 | -37 | -5 |
| Tax % | 3% | 3% | -1% | 1% | 11% | -115% | 26% | 28% | -14% | |
| Net Profit + | -41 | -45 | -159 | -100 | 46 | 233 | 52 | 17 | -32 | -5 |
| EPS in Rs | -1.97 | -2.07 | -6.27 | -3.73 | 1.46 | 7.35 | 1.66 | 0.60 | -0.99 | -0.15 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Sapphire Foods India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 43 | 50 | 53 | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 436 | 429 | 474 | 427 | 944 | 1,192 | 1,275 | 1,334 | 1,326 | 1,337 |
| Borrowings + | 31 | 96 | 646 | 645 | 789 | 963 | 1,164 | 1,292 | 1,417 | 1,517 |
| Other Liabilities + | 326 | 527 | 214 | 225 | 368 | 372 | 334 | 350 | 447 | 520 |
| Total Liabilities | 834 | 1,095 | 1,384 | 1,349 | 2,165 | 2,591 | 2,837 | 3,040 | 3,255 | 3,439 |
| Fixed Assets + | 628 | 719 | 1,161 | 1,084 | 1,390 | 1,789 | 2,178 | 2,338 | 2,569 | 2,629 |
| CWIP | 16 | 21 | 21 | 30 | 33 | 56 | 68 | 57 | 60 | 66 |
| Investments | 0 | 0 | 16 | 27 | 153 | 66 | 0 | 144 | 3 | 133 |
| Other Assets + | 190 | 355 | 186 | 208 | 590 | 679 | 591 | 501 | 622 | 610 |
| Total Assets | 834 | 1,095 | 1,384 | 1,349 | 2,165 | 2,591 | 2,837 | 3,040 | 3,255 | 3,439 |
Financials of Sapphire Foods India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3 | 47 | 213 | 154 | 395 | 382 | 449 | 508 | 507 |
| Cash from Investing Activity + | -54 | -335 | -2 | -78 | -692 | -204 | -187 | -337 | -233 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 38% | 130% | 116% | 125% | 132% | 89% | 98% | 107% | 108% |
Financials of Sapphire Foods India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Guidance history
How Sapphire Foods India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
21 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −31.0% | 21% |
| Last 6 months | −2.2% | 50% |
| Last 3 months | +3.0% | 69% |
The price is 46.1% below its all-time high of ₹372.75 (27 Sept 2024). Stocks more than 20% below their peak have their score halved, so 42 became 21.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sapphire Foods India Ltd: 0.4 × 21 + 0.4 × 50 + 0.2 × 69 = 42, halved to 21 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Sapphire Foods India Ltd's management said in earlier quarters
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