NSE: SPECIALITY · BSE: 534425
SPECIALITY REST LTD
Operates a chain of 121 restaurant outlets in India built around Asian and regional Indian cuisines, spanning fine dining, casual dining, confectionery and digital QSR formats. The main brands include Mainland China (Pan-Asian fine dining), Asia Kitchen (mall-based casual dining), Gong (premium), Haka (cloud kitchen / digital QSR), Sweet Bengal (confectionery), Walters, Siciliana, and Oh! Calcutta. Restaurant sales come in roughly 70% from dine-in and 30% from delivery, with FY26 revenue of ₹476.47 crore. The cost base is led by food and materials at 28.9% of revenue, employee costs at 21.7% and other operating expenses at 31.9%, while depreciation accounts for 11.8%. Kitchens are being moved from LPG/PNG to induction cooking (78% complete) to manage energy supply and cost risk, and the company holds about ₹162.48 crore in cash with no debt. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mainland China, Asia Kitchen, Gong, Haka, Sweet Bengal, Walters, Siciliana, Oh! Calcutta and other legacy brands. Multi-brand, asset-light restaurant operator with a portfolio spanning fine dining, casual dining, QSR and confectionery, mostly under the Asian-cuisine umbrella.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 253 | 375 | 405 | 436 | 476 |
| EBITDA (ex other income) | 42 | 85 | 70 | 73 | 80 |
| margin % | 16.8 | 22.6 | 17.3 | 16.6 | 16.7 |
| Owners' profit | 8 | 97 | 29 | 22 | 22 |
| EPS, as reported (₹) | 1.74 | 20.61 | 6.15 | 4.51 | 4.52 |
| ROE % · ROCE % | 5.6 · 10.5 | 35.0 · 19.7 | 9.5 · 11.5 | 6.6 · 9.4 | 5.8 · 8.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 54 | 80 | 62 | 74 | 85 |
| Capex | 0 | (10) | (28) | (38) | (49) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104 | 126 | 103 | 109 | 116 | 135 | 116 | 127 |
| Profit before tax | 4 | 13 | 3 | 6 | 6 | 12 | 3 | 9 |
| Net profit | 3 | 9 | 2 | 5 | 4 | 8 | 3 | 7 |
| EPS (₹) | 0.56 | 1.92 | 0.50 | 1.06 | 0.96 | 1.76 | 0.69 | 1.45 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 28,215 | 65.1 | 11.82 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 15,540 | 32.6 | 10.62 | 20.8 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 15,344 | — | 8.14 | 18.6 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 8,951 | 281.4 | 14.46 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,573 | — | 9.55 | 18.2 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,572 | — | 4.73 | 13.6 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,595 | — | 8.08 | 13.0 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,752 | 69.8 | 14.24 | 112.4 | 7.9 | 3.9 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.7 | 65.1 | 2 of 9 | 88% |
| P/B | 2.0 | 8.1 | 2 of 11 | 90% |
| ROCE | 5.8 | 2.4 | 5 of 12 | 64% |
| ROE | 5.8 | 0.3 | 4 of 11 | 70% |
| Debt / Equity | 0.0 | 0.4 | 1 of 10 | 89% |
| EBITDA margin | 22.5 | 17.3 | 3 of 11 | 80% |
| Revenue growth | 16.8 | 16.6 | 6 of 12 | 55% |
| Profit growth | 38.8 | 113.8 | 7 of 11 | 40% |
| Market cap | 719 | 2595 | 9 of 13 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine quarterly compliance certificate filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 results declaration | compliance | minimal | — | — |
| 28 Sept 2026 · Speciality Restaurants clarifies ED provisional attachment, says not named as accused | regulatory legal | high | — | — |
| 26 Sept 2026 · Speciality Restaurants opens new Siciliana outlet in Pune | business updates | medium | — | — |
| 26 Sept 2026 · ED provisionally attaches Rs 14.5 cr from Speciality Restaurants in PMLA case | regulatory legal | high | — | — |
| 22 Sept 2026 · Newspaper ad on special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 17 Sept 2026 · Schedule of analyst/investor meet with Seers Group on Sept 22, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · AGM voting results: all 5 resolutions passed, Rs 1 dividend declared | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Speciality Restaurants 27th AGM concludes; all 5 resolutions approved, Rs 1 dividend declared | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Speciality Restaurants schedules investor meeting with Nippon AIF on Sep 9 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.