NSE: UFBL · BSE: 543283
UNITED FOODBRANDS LIMITED
Operates a casual dining restaurant chain across India and overseas through three segments. The Barbeque Nation India segment is the anchor with 207 outlets and accounted for 77% of FY26 revenue. The International business runs 13 restaurants contributing 9% of revenue, and the Premium Casual Dining Restaurant (Premium CDR) segment operates 42 outlets contributing 14%. As of FY26, the network spanned 262 restaurants across 92 cities and 9 countries. Roughly 90% of dine-in transactions are sourced from captive channels — its own mobile app, website, call centre, and walk-ins — rather than third-party aggregators. FY26 consolidated revenue stood at ₹1,338.7 crore, up 8.6% year-on-year, while Q4 FY26 revenue reached ₹360 crore (+23.1% YoY). The largest cost bucket is materials (food and beverage) at 33.6% of FY26 revenue, followed by employee cost at 24.1%, other operating expenses at 27.9%, and depreciation at 14.2%. The company added 35 new restaurants in FY26 and plans 40 more in FY27 (30 India, 5 international, 5 Premium CDR) on a ₹140 crore capex plan, with a target of 300+ outlets by FY27-end and 400–425 by FY30. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Barbeque Nation India (77%), Premium CDR (14%), Barbeque Nation International (9%). Asset-heavy, multi-brand casual dining restaurant operator with a captive demand and delivery architecture.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 861 | 1,234 | 1,255 | 1,233 | 1,339 |
| EBITDA (ex other income) | 134 | 234 | 212 | 211 | 193 |
| margin % | 15.6 | 19.0 | 16.9 | 17.1 | 14.4 |
| Owners' profit | (26) | 17 | (13) | (28) | (61) |
| EPS, as reported (₹) | (10.36) | 4.37 | (3.44) | (7.11) | (15.13) |
| ROE % · ROCE % | (6.4) · 3.5 | 4.7 · 9.5 | (2.8) · 6.1 | (7.3) · 4.8 | (19.3) · 1.6 |
| Debt / equity (x) | 0.06 | 0.05 | 0.10 | 0.19 | 0.42 |
| Cash from operations | 60 | 233 | 221 | 193 | 223 |
| Capex | (93) | (146) | (88) | (83) | (129) |
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 | 306 | 329 | 293 | 297 | 305 | 377 | 360 | 426 |
| Profit before tax | (10) | 5 | (17) | (17) | (23) | (14) | (14) | 2 |
| Net profit | (7) | 5 | (21) | (17) | (23) | (8) | (15) | 2 |
| EPS (₹) | (1.85) | 1.16 | (5.18) | (4.20) | (5.69) | (1.82) | (3.43) | 0.79 |
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 | 28,340 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 8.0 | 8.0 | 6 of 11 | 50% |
| ROCE | (6.3) | 2.4 | 11 of 12 | 9% |
| ROE | (19.3) | 0.3 | 10 of 11 | 10% |
| Debt / Equity | 0.4 | 0.4 | 6 of 10 | 44% |
| EBITDA margin | 16.7 | 17.3 | 7 of 11 | 40% |
| Revenue growth | 43.4 | 16.6 | 1 of 12 | 100% |
| Profit growth | 113.8 | 113.8 | 6 of 11 | 50% |
| Market cap | 2564 | 2564 | 7 of 13 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · United Foodbrands schedules Q2 and H1 FY27 earnings call for November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September quarter and half-year results on November 2, 2026 | results | low | — | — |
| 14 Oct 2026 · UFBL incorporates step-down subsidiary UFBL UK Limited in United Kingdom | strategic transactions | medium | — | — |
| 9 Oct 2026 · Compliance certificate confirms all shares held in demat form | compliance | minimal | — | — |
| 6 Oct 2026 · ESOP Allotment: 1,733 Shares Issued Under ESOP Plan 2015 | capital market events | low | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 13 Sept 2026 · United Foodbrands to attend Equirus investor roadshow on Sept 16-17 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 20th AGM: All 3 Resolutions Passed; Dissent on Dhanani Re-appointment | board shareholder meetings | low | — | — |
| 11 Sept 2026 · UFBL issues about Rs 17 cr SBLC for step-down subsidiary's foreign currency term loan | credit debt | medium | — | — |
| 10 Sept 2026 · United Foodbrands 20th AGM: Financials adopted, two directors re-appointed | board shareholder meetings | 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.