NSE: WESTLIFE · BSE: 505533
WESTLIFE FOODWORLD LTD
Operates McDonald's quick-service restaurants across West and South India, marking 30 years in the country in 2026. Revenue comes from running company-owned McDonald's outlets, with sales split across dine-in, takeaway, delivery, and McCafé coffee counters; digital channels contributed 76% of FY26 revenue, supported by an app with 52M+ downloads and 3.5M monthly active users. The business opened a record 48 new restaurants in FY26 and has guided to 60+ additions in FY27, with highway partnerships through Jio-bp, HPCL, and BPCL supporting expansion, targeting 580–630 stores under Vision 2027. Growth is being driven by an everyday value platform (a ₹99 meal) and a newly launched McCafé subscription at INR 55 for 10 monthly visits aimed at building a daily coffee habit. The cost base is dominated by materials (30.1% of FY26 revenue) and other operating expenses (41.9%), while employee costs stood at 15.2% and depreciation at 8.6% of revenue, reflecting the capital intensity of restaurant build-outs (capex 9.0% of revenue). Q1 FY27 revenue from operations rose 11.42% year-on-year, though net profit fell 52.45% year-on-year amid commodity inflation and LPG-related disruption that briefly affected under 10% of stores. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Restaurant operations — dine-in and takeaway, Delivery and digital sales, McCafé and beverage counter sales. Asset-heavy, franchise-based quick-service restaurant operator with high capex and depreciation intensity, running on value-led volume growth and digital-led ordering.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,576 | 2,278 | 2,392 | 2,491 | 2,626 |
| EBITDA (ex other income) | 189 | 374 | 369 | 320 | 380 |
| margin % | 12.0 | 16.4 | 15.4 | 12.8 | 14.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (0.11) | 7.16 | 4.44 | 0.78 | 2.07 |
| ROE % · ROCE % | (0.4) · — | 19.7 · — | 11.8 · — | 2.0 · — | 5.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 171 | 349 | 340 | 345 | 352 |
| Capex | (100) | (270) | (217) | (218) | (236) |
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 | 618 | 654 | 603 | 658 | 642 | 671 | 655 | 736 |
| Profit before tax | 1 | 6 | 1 | 2 | 37 | 2 | (1) | 1 |
| Net profit | 0 | 7 | 2 | 1 | 28 | 1 | 2 | 1 |
| EPS (₹) | 0.02 | 0.45 | 0.10 | 0.08 | 1.78 | 0.07 | 0.15 | 0.04 |
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 | 28,010 | 64.6 | 11.73 | 15.4 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 15,158 | 31.9 | 10.35 | 20.3 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 15,018 | — | 7.97 | 18.2 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD ◆ | 9,284 | 291.8 | 15.00 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,729 | — | 9.77 | 18.6 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,428 | — | 4.63 | 13.3 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,638 | — | 8.21 | 13.2 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,343 | 53.5 | 10.92 | 87.5 | 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) | 291.8 | 53.6 | 8 of 9 | 13% |
| P/B | 15.0 | 8.2 | 11 of 11 | 0% |
| ROE | 5.2 | 0.3 | 5 of 11 | 60% |
| EBITDA margin | 13.5 | 17.3 | 11 of 11 | 0% |
| Revenue growth | 11.9 | 16.6 | 12 of 12 | 0% |
| Profit growth | (52.2) | 113.8 | 11 of 11 | 0% |
| Market cap | 9284 | 2638 | 4 of 13 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 sales rise 16%, operating margin expands to 13.1% | investor communications | medium | — | — |
| 26 Oct 2026 · Westlife ad reports lower Q2 revenue and EPS | compliance | minimal | — | — |
| 23 Oct 2026 · Earnings call recording for September 2026 quarter submitted | investor communications | low | — | — |
| 23 Oct 2026 · Q2 FY27 sales rise 16%, operating EBITDA margin expands to 13.1% | investor communications | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue and operating profit rise on strong existing-store sales | compliance | minimal | — | — |
| 23 Oct 2026 · Net profit turns negative in Q2 and first half of FY27 | results | high | — | — |
| 23 Oct 2026 · Westlife Foodworld swings to consolidated loss for quarter and half year | results | high | — | — |
| 12 Oct 2026 · McDonald's operator Westlife launches Spicy Patakha burger range for festive season | compliance | low | — | — |
| 6 Oct 2026 · Westlife Foodworld Q2 FY27 earnings call on October 23, 2026 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Board meeting on 23 Oct to consider Q2 FY26 financials | 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.