BSE: 539895
SPICE LOUNGE FOOD WORKS LIMITE
Operates a multi-vertical consumer business spanning QSR restaurants, software/IT services and live entertainment events, with nearly all activity running through subsidiaries. Under the food and restaurant vertical, it runs QSR brands including Buffalo Wild Wings, Blaze Kebabs, Xora, Salud and Wing Zone — for which it holds exclusive Master Franchise rights for India — with the first Wing Zone outlet opened in Koramangala, Bengaluru in July 2026 and a second planned for Anjanapura, and phased expansion mapped across Bengaluru, Hyderabad, Chennai and other metros via flagship stores and cloud kitchens. The software/IT services segment runs through US subsidiary Teksoft Systems Inc, which launched ondesi.ca, an online classifieds and community marketplace for the South Asian community in Ontario, Canada, with categories spanning food, housing, groceries, jobs and services. A third vertical, XORA World, runs large-format live entertainment events through subsidiary Rightfest, including the Circoloco Mumbai 2026 event, a Black Coffee concert in a 50,000 sq ft venue in Hyderabad, an Ilaiyaraaja 50-year celebration at Gachibowli Stadium, and a Harris Jayaraj concert. Employee costs are the largest expense at 41.7% of revenue, followed by other operating expenses at 40.4% and materials at 7.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Food and Restaurant Services, Software and IT Services, Live Entertainment Events. Asset-light, multi-vertical consumer platform combining QSR franchising, IT services and live entertainment, run almost entirely through subsidiaries.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 105 | 158 |
| EBITDA (ex other income) | 13 | 13 |
| margin % | 12.5 | 8.2 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.08 | 0.14 |
| ROE % · ROCE % | 5.2 · 6.1 | 7.9 · 5.7 |
| Debt / equity (x) | 0.46 | 0.80 |
| Cash from operations | 3 | 5 |
| Capex | (0) | (2) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 18 | 53 | 35 | 32 | 46 | 33 | 47 |
| Profit before tax | 1 | 7 | (2) | (2) | 4 | 2 | 5 |
| Net profit | 1 | 8 | (4) | (1) | 3 | 2 | 5 |
| EPS (₹) | 0.20 | 1.21 | 0.05 | 0.20 | 0.05 | 0.04 | 0.07 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Software and IT services | 40 | 25.5 |
| Food and Restaurant Services | 7 | 4.1 |
| SOFTWARE AND IT SERVICES | 88 | 55.4 |
| FOOD AND RESTAURANT SERVICES | 24 | 15.0 |
| Total, before eliminations | 158 | 100.0 |
Exhibit 4: 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 | 28,340 | 65.4 | 11.87 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 14,946 | 31.4 | 10.21 | 20.0 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 14,777 | — | 7.84 | 17.9 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 9,325 | 293.1 | 15.06 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,840 | — | 9.93 | 18.9 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,444 | — | 4.64 | 13.4 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,564 | — | 7.98 | 12.9 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE ◆ | 1,413 | 56.3 | 11.49 | 91.8 | 7.9 | 3.9 | — | 13.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.3 | 56.3 | 5 of 9 | 50% |
| P/B | 11.5 | 8.0 | 9 of 11 | 20% |
| ROCE | 3.9 | 2.4 | 6 of 12 | 55% |
| ROE | 7.9 | 0.3 | 3 of 11 | 80% |
| Debt / Equity | 0.8 | 0.4 | 10 of 10 | 0% |
| EBITDA margin | 13.9 | 17.3 | 10 of 11 | 10% |
| Revenue growth | 35.3 | 16.6 | 2 of 12 | 91% |
| Profit growth | 236.3 | 113.8 | 3 of 11 | 80% |
| Market cap | 1413 | 2564 | 8 of 13 | 42% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Subsidiary wins USD 5.25 million AI development order | business updates | high | — | — |
| 15 Oct 2026 · Routine Compliance Filing for Share Dematerialization | compliance | minimal | — | — |
| 5 Oct 2026 · AGM 2026: All 3 resolutions passed with 99.999% majority | compliance | minimal | — | — |
| 1 Oct 2026 · Spice Lounge Food Works 45th AGM concludes in 11 minutes via video conferencing | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Spice Lounge signs MoU with Indian Emulsifiers for food-grade distribution in India | strategic transactions | high | — | — |
| 7 Sept 2026 · Annual Report FY 2025-26 and 45th AGM Notice submitted | compliance | low | — | — |
| 1 Sept 2026 · Launch of Food Emulsifier and Agro Division, revenue target Rs 1,200 Cr | business updates | high | — | — |
| 13 Aug 2026 · Xora World announces four live events, targets Rs 20 crore revenue | compliance | low | — | — |
| 12 Aug 2026 · Spice Lounge bags Rs 21 crore plus live entertainment orders | business updates | medium | — | — |
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.