Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 30 Sep - ICRA upgraded Sapphire Foods ratings on 30 Sep 2026 for Rs 200 crore facilities to A+/A1.
Source: Bse
Sapphire Foods India Limited (SAPPHIRE)
Large CapConsumer stocks · Large cap · NSE
YUM’s franchisee operator in India, Sri Lanka & Maldives, operating 1052 restaurants (575 KFC, 466 Pizza Hut, 11 Taco Bell) as of March 31, 2026. It is Sri Lanka’s largest international QSR chain.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:16 pm ISTDetails
Quote21 Oct, 01:16 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 06:45 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
30BearishSMA20 -8.7% / mo · MACD − · sector -4.4pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 32
Sector 3M: -10.5% vs Nifty 500 -6.0%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAPPHIRED candles · FIT view+8.3%TODAY · PROVISIONALLatest price ₹188.69 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-5.7%
RSI
29
MACD hist
-1.90
52W pos
29%
2026-10-21O ₹200.00H ₹200.00L ₹188.50C ₹188.69Vol 2.6L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAPPHIRENifty Consumer DurablesNifty 500
- SAPPHIRE
- +8.3%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +13.9 pp
Chart stats
19 Oct 2026- From 52W high
- -36.8%
- 52W range position
- 33%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹16.2 Cr
- 20D price channel
- ₹193.5 - ₹241.9
₹310.5
₹139.9 - ₹310.5
₹7.9
Latest completed session
20-session average
33.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +14.7% · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6446.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +15% YoY · margin expansion · +13% QoQ
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹891 Cr | +14.7% | +12.5% |
| EBITDA | ₹140 Cr | +23.9% | +12.9% |
| Operating margin | 16.0% | +100 bps | +0 bps |
| PAT | ₹14 Cr | NDF | NDF |
| PAT margin | 1.6% | +183 bps | +321 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 2616.00
- P/B
- 4.64
- EV/EBITDA
- 8.74
- Market Cap
- 6440.00Cr
Profitability
- ROE
- -1.03%
- ROCE
- 3.98%
- ROA
- -0.49%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 4.01×
- Altman Z
- 4.30
- Book Value
- 43.30
Cash Flow
- FCF Yield
- 4.25%
- FCF Positive Y
- 6/5
- OCF
- 507.00 Cr
- EPS TTM
- -0.50
Shareholding
- Promoter Hold
- 26.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,125+8.4% vs prev
Net Profit
₹ CrLatest: -32.0-288.2% vs prev
Return on Equity
%Latest: -2.3-288.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 29. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.8% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 39% off 52W high · 35% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
45
RS percentile
Stage 1 Base / Transition
1M return
-14.7%
3M return
+8.3%
6M return
+11.1%
1Y return
-29.9%
RS 1D
+5
RS 20D
-13
Sector rank
#8
Industry rank
#21
Stage evidence
- Price is within 1.2% of the 30-week proxy.
- The 30-week proxy changed +1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 68.98+0.55%
RS vs Nifty 50069
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth13/25
Quality0/20
Balance Sheet4/15
Cash Flow9/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 4.3%.
- Cash flow contributes 9/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Fair-value margin of safety is negative at -6446.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
2616.0
PB
4.6
EV/EBITDA
8.7
ROE
-1.0%
ROCE
4.0%
FCF Yield
4.3%
Debt/Equity
1.0
MoS
-6446.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-6446.6%
Previous: -6446.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
40.0
Growth-justified Value
—
-6446.6% MoS
PEG
201.23
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RELAXO
Micro
Relaxo Footwears Limited
Retail
match 102
25
38.8
8.3%
-860%
OVERVALUED
STYLAMIND
Small
Stylam Industries Limited
Retail
match 101
49
33.2
19.9%
+1%
FAIR VALUE
YASHO
Small
Yasho Industries Limited
Retail
match 101
23
84.7
5.8%
-655%
OVERVALUED
RESPONIND
Small
Responsive Industries Limited
Retail
match 100
39
41.4
10.3%
+1%
WATCHLIST
LUMAXIND
Small
Lumax Industries Limited
Retail
match 99
59
25.3
22.0%
+19%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:31:08.129Z
Management commentary snapshot
Q4 FY26 Restaurant Sales grew 11% YoY to ₹7,898 Mn, with EBITDA up 10% to ₹1,249 Mn. However, FY26 EBITDA declined 2% YoY to ₹4,804 Mn, and Pizza Hut India's Restaurant EBITDA turned negative at -3.3% for FY26.
While Q4 FY26 showed some sales and EBITDA growth, the full-year FY26 performance indicates a decline in overall EBITDA and a concerning negative Restaurant EBITDA for Pizza Hut India. KFC's ADSPR also declined, suggesting underlying demand challenges.
Current business mix
Omni Channel Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Delivery44.0%
Take Away23.0%
Dine In33.0%
Growth engines
KFC Expansion
Management aims to continue the current pace of expansion, adding 60-80 KFC stores per year.
Sri Lanka Operations
Restaurant Related Revenue grew 18% YoY in INR for FY26, with 9 net restaurant additions.
Delivery Channel Growth
Revenue from Delivery increased from 21% in FY19 to 44% in Q4FY26, indicating strong channel shift.
KFC Taste Innovations
Launch of global “Saucy” concept in Dunked in Jan’26 and “KFC Shawowrma” innovation to drive customer frequency.
Capacity and execution
Total Restaurants
1052 total restaurants across India, Sri Lanka, and Maldives as of March 31, 2026, with 89 net additions in FY26.
KFC Restaurants
575 KFC restaurants as of March 31, 2026, with 73 net additions in FY26.
Pizza Hut Restaurants
341 Pizza Hut restaurants as of March 31, 2026, with 7 net additions in FY26.
Sri Lanka Restaurants
136 restaurants as of March 31, 2026, with 9 net additions in FY26.
Tailwinds
Cost Optimization Initiatives
Implementation of zero-based cost budgeting and the PACE SETTER program for benchmarking costs among restaurants.
Optimized Restaurant Size
Focus on smaller sized omni-channel restaurants, reducing average size by ~45% for both KFC and Pizza Hut since FY19.
Risk radar
Pizza Hut Profitability Decline
Pizza Hut India's Restaurant EBITDA % turned negative to -3.3% in FY26, a significant drop from 2.4% in FY25.
KFC Average Daily Sales per Restaurant (ADSPR) Decline
KFC India's ADSPR decreased from ₹114k in FY25 to ₹110k in FY26, indicating potential pressure on same-store sales.
Overall EBITDA Margin Contraction
Company-wide EBITDA margin for FY26 declined by 170 bps YoY to 15.4%, despite revenue growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides Q4 FY26 vs Q4 FY25 and FY26 vs FY25 data, making YoY the most relevant comparison for assessing annual performance and quarterly trends against the previous year.
Sector KPIs management disclosed
Restaurant Sales Growth
Q4 FY26: +11% YoY to ₹7,898 Mn; FY26: +8% YoY to ₹31,159 Mn.
EBITDA Margin
Q4 FY26: 15.8% (down 20 bps YoY); FY26: 15.4% (down 170 bps YoY).
KFC India Average Daily Sales per Restaurant (ADSPR)
FY26: ₹110k (down from ₹114k in FY25).
KFC India Restaurant EBITDA %
FY26: 16.3% (down 100 bps YoY from 17.3%).
Management forward view
KFC Brand Priorities
Focus on craveable taste innovations, value offerings, frictionless customer experience (digital kiosks), and continued accessibility through expansion.
Pizza Hut Brand Priorities
Emphasis on differentiated Dine-In experience, hot & fresh delivery, competitive value, taste superiority, and mass media advertising.
Proposed Merger
The board of directors of Sapphire Foods & Devyani International approved a merger scheme on January 1, 2026, subject to statutory and regulatory approvals.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pizza Hut India Restaurant EBITDA % | -3.3% (FY26) | Signs of improvement towards positive profitability and sustained growth in the segment. |
| KFC India Average Daily Sales per Restaurant (ADSPR) | ₹110k (FY26) | Stabilization and reversal of the declining trend in ADSPR, indicating healthy demand. |
| Overall EBITDA Margin | 15.4% (FY26) | Improvement in margins, especially given stated cost optimization initiatives and restaurant size optimization. |
| Devyani International Merger Approvals | Board approved (Jan 1, 2026) | Progress on obtaining statutory and regulatory approvals for the proposed merger. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 30th percentile within Consumer. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
126 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Consumer: 30th pctile, median 66 · Large: 16th pctile, median 73
Evidence depth
Financial-only
126 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
61
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.3%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.02.
- ▸ROCE is low at 4%.
- ▸ROE is low at -1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sapphire Foods India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 26 Aug - Board approved revised merger scheme after SFML-Arctic SPA termination; secondary sale removed, merger with Devyani continues.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 May - Deepak Taluja resigns as KFC CEO from 24 July 2026; Vikrant Vohra and Saurabh Girdhar elevated from 25 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jul - Sapphire Foods India Limited has informed about copy of Newspaper Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Jul - Sapphire Foods India Limited has informed about Schedule of meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Jun - Sapphire Foods India Limited has informed regarding copy of Newspaper Publication
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 27 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 15 Jun - NSE and BSE issued no-objection observation letters for Sapphire Foods' scheme of arrangement with Devyani International.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Registered Office Address 19 May - ROC Haryana approved registered office shift to Panchkula; CIN changed to L55204HR2009PLC145722.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.