# Quick Service Restaurant - QSR — company-by-company sector analysis

> Quick Service Restaurant - QSR: Jubilant Foodworks Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Quick Service Restaurant - QSR has underperformed NIFTY 500 by 9.5% over 52 weeks and 18.6% over 13 weeks. 2 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself. Jubilant Foodworks Ltd leads with revenue of ₹9,529 crore, based on 8 of 8 comparable companies through Mar 2026.

### Is the Quick Service Restaurant - QSR sector outperforming NIFTY 500?

Quick Service Restaurant - QSR has underperformed NIFTY 500 by 9.5% over 52 weeks and 18.6% over 13 weeks. 2 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself.

### Which Quick Service Restaurant - QSR company is largest by revenue?

Jubilant Foodworks Ltd leads with revenue of ₹9,529 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Quick Service Restaurant - QSR company is growing fastest?

Jubilant Foodworks Ltd has the fastest current revenue growth at 17.1%, across 8 of 8 comparable companies.

### Which Quick Service Restaurant - QSR company has the strongest 4-Factor Sector Score?

Jubilant Foodworks Ltd ranks first at 58.3/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Quick Service Restaurant - QSR company has the least gross debt?

Speciality Restaurants Ltd has the lowest comparable gross debt at ₹140 crore. Jubilant Foodworks Ltd has the highest at ₹4,902 crore.

### Which Quick Service Restaurant - QSR company has the lowest comparable PEG?

Jubilant Foodworks Ltd has the lowest comparable Guarded PEG at 1.85, among 1 of 8 companies that pass the metric’s comparability rules.

### How much history does this Quick Service Restaurant - QSR comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Quick Service Restaurant - QSR has underperformed NIFTY 500 by 9.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.6%. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. United Foodbrands Ltd is the strongest against the sector itself at +103.4%.

13-week sector return versus NIFTY 500: 19%
52-week sector return versus NIFTY 500: -9.5%
Stocks leading NIFTY: 2/8
Stocks leading sector: 2/8

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 8
Combined market value: ₹62.9K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Jubilant Foodworks Ltd (JUBLFOOD): 58/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 27.3/35 | Capital efficiency 19.1/25 | Valuation 11.4/20 | Relative strength 0.5/20
   - Exact sum: 27.3 + 19.1 + 11.4 + 0.5 = 58.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.4% and the one-year return is -38.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. Speciality Restaurants Ltd (SPECIALITY): 57/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 15.4/35 | Capital efficiency 17.4/25 | Valuation 11.5/20 | Relative strength 13.1/20
   - Exact sum: 15.4 + 17.4 + 11.5 + 13.1 = 57.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Restaurant Brands Asia Ltd (RBA): 49/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 21.1/35 | Capital efficiency 4.1/25 | Valuation 10.0/20 | Relative strength 13.5/20
   - Exact sum: 21.1 + 4.1 + 10 + 13.5 = 48.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Coffee Day Enterprises Ltd (COFFEEDAY): 48/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 17.3/35 | Capital efficiency 11.6/25 | Valuation 11.5/20 | Relative strength 7.4/20
   - Exact sum: 17.3 + 11.6 + 11.5 + 7.4 = 47.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. United Foodbrands Ltd (UFBL): 45/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 8.9/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 8.9 + 6.1 + 10 + 20 = 45
   - Decision use: Price leads the evidence: RS versus the benchmark is 117.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Sapphire Foods India Ltd (SAPPHIRE): 41/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 18.2/35 | Capital efficiency 10.0/25 | Valuation 8.5/20 | Relative strength 4.7/20
   - Exact sum: 18.2 + 10 + 8.5 + 4.7 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Devyani International Ltd (DEVYANI): 41/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 15.2/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 7.3/20
   - Exact sum: 15.2 + 8.7 + 10 + 7.3 = 41.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Westlife Foodworld Ltd (WESTLIFE): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.9/35 | Capital efficiency 9.4/25 | Valuation 9.3/20 | Relative strength 2.2/20
   - Exact sum: 17.9 + 9.4 + 9.3 + 2.2 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Jubilant Foodworks Ltd is the scale leader at ₹9,529 crore, 69.8% ahead of Devyani International Ltd. Jubilant Foodworks Ltd's growth is 17.1% from a ₹9,529 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Jubilant Foodworks Ltd is the scale benchmark; Jubilant Foodworks Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Jubilant Foodworks Ltd's growth falls below Jubilant Foodworks Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Jubilant Foodworks Ltd · ₹9,529 crore | 69.8% versus #2 · Devyani International Ltd | 8/8 recent comparable periods | 8/8 companies · 134 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Jubilant Foodworks Ltd (JUBLFOOD): ₹9.5K Cr
2. Devyani International Ltd (DEVYANI): ₹5.6K Cr
3. Sapphire Foods India Ltd (SAPPHIRE): ₹3.2K Cr
4. Restaurant Brands Asia Ltd (RBA): ₹2.8K Cr
5. Westlife Foodworld Ltd (WESTLIFE): ₹2.6K Cr

### Revenue growth — fastest growers
1. Jubilant Foodworks Ltd (JUBLFOOD): 17%
2. Devyani International Ltd (DEVYANI): 13%
3. Restaurant Brands Asia Ltd (RBA): 11%
4. Sapphire Foods India Ltd (SAPPHIRE): 10%
5. Speciality Restaurants Ltd (SPECIALITY): 9.2%

### 20-quarter Revenue history
- JUBLFOOD: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- DEVYANI: Sep 2021 ₹516 Cr | Dec 2021 ₹624 Cr | Mar 2022 ₹591 Cr | Jun 2022 ₹705 Cr | Sep 2022 ₹747 Cr | Dec 2022 ₹791 Cr | Mar 2023 ₹755 Cr | Jun 2023 ₹847 Cr | Sep 2023 ₹819 Cr | Dec 2023 ₹843 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- WESTLIFE: Sep 2021 ₹381 Cr | Dec 2021 ₹474 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹570 Cr | Dec 2022 ₹611 Cr | Mar 2023 ₹556 Cr | Jun 2023 ₹615 Cr | Sep 2023 ₹615 Cr | Dec 2023 ₹600 Cr | Mar 2024 ₹562 Cr | Jun 2024 ₹616 Cr | Sep 2024 ₹618 Cr | Dec 2024 ₹654 Cr | Mar 2025 ₹603 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹642 Cr | Dec 2025 ₹671 Cr | Mar 2026 ₹655 Cr | Jun 2026 —
- SAPPHIRE: Sep 2021 ₹414 Cr | Dec 2021 ₹508 Cr | Mar 2022 ₹497 Cr | Jun 2022 ₹546 Cr | Sep 2022 ₹563 Cr | Dec 2022 ₹596 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹654 Cr | Sep 2023 ₹643 Cr | Dec 2023 ₹666 Cr | Mar 2024 ₹632 Cr | Jun 2024 ₹718 Cr | Sep 2024 ₹696 Cr | Dec 2024 ₹757 Cr | Mar 2025 ₹711 Cr | Jun 2025 ₹777 Cr | Sep 2025 ₹742 Cr | Dec 2025 ₹814 Cr | Mar 2026 ₹792 Cr | Jun 2026 ₹891 Cr
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹526 Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹611 Cr | Sep 2023 ₹625 Cr | Dec 2023 ₹604 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹647 Cr | Sep 2024 ₹632 Cr | Dec 2024 ₹639 Cr | Mar 2025 ₹633 Cr | Jun 2025 ₹698 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹715 Cr | Mar 2026 ₹707 Cr | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹328 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹302 Cr | Dec 2023 ₹331 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹297 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹360 Cr | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹94 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹244 Cr | Mar 2023 ₹240 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹257 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹268 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹286 Cr | Mar 2026 ₹281 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- JUBLFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 15% | Dec 2022 10.0% | Mar 2023 8.0% | Jun 2023 6.4% | Sep 2023 6.4% | Dec 2023 3.5% | Mar 2024 24% | Jun 2024 45% | Sep 2024 43% | Dec 2024 56% | Mar 2025 33% | Jun 2025 17% | Sep 2025 20% | Dec 2025 13% | Mar 2026 19% | Jun 2026 —
- DEVYANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 45% | Dec 2022 27% | Mar 2023 28% | Jun 2023 20% | Sep 2023 9.7% | Dec 2023 6.6% | Mar 2024 39% | Jun 2024 44% | Sep 2024 49% | Dec 2024 54% | Mar 2025 16% | Jun 2025 11% | Sep 2025 13% | Dec 2025 11% | Mar 2026 19% | Jun 2026 —
- WESTLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 108% | Sep 2022 50% | Dec 2022 29% | Mar 2023 25% | Jun 2023 15% | Sep 2023 7.9% | Dec 2023 -1.8% | Mar 2024 1.1% | Jun 2024 0.3% | Sep 2024 0.5% | Dec 2024 8.9% | Mar 2025 7.3% | Jun 2025 6.7% | Sep 2025 3.9% | Dec 2025 2.6% | Mar 2026 8.7% | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 36% | Dec 2022 17% | Mar 2023 13% | Jun 2023 20% | Sep 2023 14% | Dec 2023 12% | Mar 2024 13% | Jun 2024 9.8% | Sep 2024 8.2% | Dec 2024 14% | Mar 2025 13% | Jun 2025 8.2% | Sep 2025 6.6% | Dec 2025 7.5% | Mar 2026 11% | Jun 2026 15%
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 16% | Jun 2024 5.9% | Sep 2024 1.1% | Dec 2024 5.8% | Mar 2025 6.0% | Jun 2025 7.9% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9% | Mar 2024 6.4% | Jun 2024 -5.6% | Sep 2024 1.3% | Dec 2024 -0.6% | Mar 2025 -1.7% | Jun 2025 -2.9% | Sep 2025 -0.3% | Dec 2025 15% | Mar 2026 23% | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.4% | Dec 2023 12% | Mar 2024 9.9% | Jun 2024 8.9% | Sep 2024 6.6% | Dec 2024 8.4% | Mar 2025 7.1% | Jun 2025 5.5% | Sep 2025 12% | Dec 2025 7.2% | Mar 2026 13% | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.3% | Mar 2024 4.6% | Jun 2024 5.3% | Sep 2024 4.3% | Dec 2024 9.0% | Mar 2025 6.8% | Jun 2025 3.5% | Sep 2025 4.1% | Dec 2025 2.1% | Mar 2026 4.9% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Jubilant Foodworks Ltd leads opm at 19%; Coffee Day Enterprises Ltd leads margin change at +8 percentage points.

Investor read: Jubilant Foodworks Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Jubilant Foodworks Ltd · 19% | 5.6% versus #2 · Coffee Day Enterprises Ltd | 2/8 recent comparable periods | 8/8 companies · 153 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Jubilant Foodworks Ltd (JUBLFOOD): 19%
2. Coffee Day Enterprises Ltd (COFFEEDAY): 18%
3. Sapphire Foods India Ltd (SAPPHIRE): 16%
4. Devyani International Ltd (DEVYANI): 15%
5. Speciality Restaurants Ltd (SPECIALITY): 15%

### Margin change — fastest expanders
1. Coffee Day Enterprises Ltd (COFFEEDAY): +8.0 pp
2. Restaurant Brands Asia Ltd (RBA): +1.0 pp
3. Sapphire Foods India Ltd (SAPPHIRE): +1.0 pp
4. Westlife Foodworld Ltd (WESTLIFE): +0.5 pp
5. Speciality Restaurants Ltd (SPECIALITY): +0.3 pp

### 20-quarter OPM history
- JUBLFOOD: Sep 2021 26% | Dec 2021 26% | Mar 2022 23% | Jun 2022 23% | Sep 2022 24% | Dec 2022 22% | Mar 2023 17% | Jun 2023 18% | Sep 2023 20% | Dec 2023 20% | Mar 2024 20% | Jun 2024 20% | Sep 2024 20% | Dec 2024 19% | Mar 2025 19% | Jun 2025 19% | Sep 2025 20% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- DEVYANI: Sep 2021 25% | Dec 2021 24% | Mar 2022 24% | Jun 2022 23% | Sep 2022 22% | Dec 2022 22% | Mar 2023 20% | Jun 2023 15% | Sep 2023 19% | Dec 2023 17% | Mar 2024 12% | Jun 2024 18% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- WESTLIFE: Sep 2021 12% | Dec 2021 17% | Mar 2022 14% | Jun 2022 16% | Sep 2022 17% | Dec 2022 17% | Mar 2023 16% | Jun 2023 17% | Sep 2023 16% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 10% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- SAPPHIRE: Sep 2021 14% | Dec 2021 23% | Mar 2022 20% | Jun 2022 20% | Sep 2022 18% | Dec 2022 20% | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 16% | Jun 2024 17% | Sep 2024 16% | Dec 2024 18% | Mar 2025 15% | Jun 2025 15% | Sep 2025 14% | Dec 2025 16% | Mar 2026 16% | Jun 2026 16%
- RBA: Sep 2021 3.9% | Dec 2021 12% | Mar 2022 5.1% | Jun 2022 6.0% | Sep 2022 4.8% | Dec 2022 6.0% | Mar 2023 5.0% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 12% | Jun 2024 10% | Sep 2024 10% | Dec 2024 11% | Mar 2025 12% | Jun 2025 10% | Sep 2025 10% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- UFBL: Sep 2021 19% | Dec 2021 23% | Mar 2022 18% | Jun 2022 22% | Sep 2022 19% | Dec 2022 19% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 20% | Mar 2024 18% | Jun 2024 17% | Sep 2024 15% | Dec 2024 19% | Mar 2025 18% | Jun 2025 16% | Sep 2025 12% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- SPECIALITY: Sep 2021 16% | Dec 2021 23% | Mar 2022 8.8% | Jun 2022 19% | Sep 2022 22% | Dec 2022 24% | Mar 2023 25% | Jun 2023 18% | Sep 2023 16% | Dec 2023 20% | Mar 2024 14% | Jun 2024 15% | Sep 2024 15% | Dec 2024 21% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 21% | Mar 2026 15% | Jun 2026 —
- COFFEEDAY: Sep 2021 -8.5% | Dec 2021 19% | Mar 2022 -3.6% | Jun 2022 11% | Sep 2022 13% | Dec 2022 -144% | Mar 2023 22% | Jun 2023 19% | Sep 2023 16% | Dec 2023 17% | Mar 2024 13% | Jun 2024 14% | Sep 2024 9.0% | Dec 2024 13% | Mar 2025 10% | Jun 2025 12% | Sep 2025 11% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —

### 20-quarter Margin change history
- JUBLFOOD: Sep 2021 −0.7 pp | Dec 2021 −0.0 pp | Mar 2022 −0.9 pp | Jun 2022 −0.5 pp | Sep 2022 −1.8 pp | Dec 2022 −4.2 pp | Mar 2023 −6.3 pp | Jun 2023 −5.3 pp | Sep 2023 −4.0 pp | Dec 2023 −2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- DEVYANI: Sep 2021 +15.2 pp | Dec 2021 +1.8 pp | Mar 2022 −3.3 pp | Jun 2022 +7.3 pp | Sep 2022 −2.6 pp | Dec 2022 −1.7 pp | Mar 2023 −3.7 pp | Jun 2023 −8.5 pp | Sep 2023 −3.4 pp | Dec 2023 −4.7 pp | Mar 2024 −7.5 pp | Jun 2024 +2.8 pp | Sep 2024 −2.8 pp | Dec 2024 −0.9 pp | Mar 2025 +2.9 pp | Jun 2025 −2.5 pp | Sep 2025 −2.1 pp | Dec 2025 −0.4 pp | Mar 2026 +0.0 pp | Jun 2026 —
- WESTLIFE: Sep 2021 +12.2 pp | Dec 2021 +3.2 pp | Mar 2022 +0.8 pp | Jun 2022 +15.3 pp | Sep 2022 +5.2 pp | Dec 2022 +0.1 pp | Mar 2023 +2.1 pp | Jun 2023 +0.7 pp | Sep 2023 −0.8 pp | Dec 2023 −1.4 pp | Mar 2024 −2.6 pp | Jun 2024 −4.2 pp | Sep 2024 −3.7 pp | Dec 2024 −1.9 pp | Mar 2025 −0.6 pp | Jun 2025 +0.2 pp | Sep 2025 −1.8 pp | Dec 2025 +1.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 +4.8 pp | Mar 2022 +3.7 pp | Jun 2022 +9.0 pp | Sep 2022 +4.7 pp | Dec 2022 −3.0 pp | Mar 2023 −2.1 pp | Jun 2023 −1.2 pp | Sep 2023 −0.3 pp | Dec 2023 −1.6 pp | Mar 2024 −2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp
- RBA: Sep 2021 +3.5 pp | Dec 2021 +2.6 pp | Mar 2022 −1.4 pp | Jun 2022 +2.3 pp | Sep 2022 +0.9 pp | Dec 2022 −5.9 pp | Mar 2023 −0.1 pp | Jun 2023 +2.0 pp | Sep 2023 +4.2 pp | Dec 2023 +5.0 pp | Mar 2024 +7.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- UFBL: Sep 2021 +24.3 pp | Dec 2021 +1.8 pp | Mar 2022 −2.4 pp | Jun 2022 +39.8 pp | Sep 2022 +0.1 pp | Dec 2022 −4.0 pp | Mar 2023 −3.8 pp | Jun 2023 −8.4 pp | Sep 2023 −3.8 pp | Dec 2023 +1.1 pp | Mar 2024 +4.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- SPECIALITY: Sep 2021 +43.6 pp | Dec 2021 +12.0 pp | Mar 2022 −7.8 pp | Jun 2022 +19.2 pp | Sep 2022 +5.6 pp | Dec 2022 +1.2 pp | Mar 2023 +16.4 pp | Jun 2023 −1.4 pp | Sep 2023 −5.6 pp | Dec 2023 −3.6 pp | Mar 2024 −10.8 pp | Jun 2024 −2.5 pp | Sep 2024 −1.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.3 pp | Jun 2025 +1.0 pp | Sep 2025 +1.9 pp | Dec 2025 +0.3 pp | Mar 2026 +0.3 pp | Jun 2026 —
- COFFEEDAY: Sep 2021 +2.2 pp | Dec 2021 +24.7 pp | Mar 2022 +31.1 pp | Jun 2022 +35.6 pp | Sep 2022 +21.5 pp | Dec 2022 −163.2 pp | Mar 2023 +25.6 pp | Jun 2023 +8.3 pp | Sep 2023 +3.0 pp | Dec 2023 +161.0 pp | Mar 2024 −9.0 pp | Jun 2024 −5.0 pp | Sep 2024 −7.0 pp | Dec 2024 −4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +8.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Jubilant Foodworks Ltd leads with ₹444 crore of TTM profit, 112.4% above Coffee Day Enterprises Ltd. Jubilant Foodworks Ltd shows ≥100% on the scoring scale (104.6% uncapped) growth from a ₹444 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Jubilant Foodworks Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Jubilant Foodworks Ltd · ₹444 crore | 112.4% versus #2 · Coffee Day Enterprises Ltd | 5/8 recent comparable periods | 8/8 companies · 134 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Jubilant Foodworks Ltd (JUBLFOOD): ₹444 Cr
2. Coffee Day Enterprises Ltd (COFFEEDAY): ₹209 Cr
3. Westlife Foodworld Ltd (WESTLIFE): ₹32 Cr
4. Speciality Restaurants Ltd (SPECIALITY): ₹21 Cr
5. Sapphire Foods India Ltd (SAPPHIRE): ₹-17 Cr

### Profit growth — fastest growers
1. Jubilant Foodworks Ltd (JUBLFOOD): 100%
2. Westlife Foodworld Ltd (WESTLIFE): 100%
3. Speciality Restaurants Ltd (SPECIALITY): -5.6%

### 20-quarter Net profit history
- JUBLFOOD: Sep 2021 ₹120 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- DEVYANI: Sep 2021 ₹47 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-49 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- WESTLIFE: Sep 2021 ₹-4 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SAPPHIRE: Sep 2021 ₹-5 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-13 Cr | Jun 2026 ₹14 Cr
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-56 Cr | Mar 2023 ₹-80 Cr | Jun 2023 ₹-54 Cr | Sep 2023 ₹-51 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹-92 Cr | Jun 2024 ₹-52 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-45 Cr | Sep 2025 ₹-63 Cr | Dec 2025 ₹-48 Cr | Mar 2026 ₹-47 Cr | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-408 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹-109 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹-296 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-114 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹132 Cr | Jun 2026 —

### 20-quarter Profit growth history
- JUBLFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 -0.8% | Dec 2022 -40% | Mar 2023 -70% | Jun 2023 -74% | Sep 2023 -18% | Dec 2023 -18% | Mar 2024 617% | Jun 2024 100% | Sep 2024 -31% | Dec 2024 -35% | Mar 2025 -76% | Jun 2025 62% | Sep 2025 191% | Dec 2025 70% | Mar 2026 67% | Jun 2026 —
- DEVYANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 7.6% | Mar 2023 -21% | Jun 2023 -102% | Sep 2023 -37% | Dec 2023 -93% | Mar 2024 -182% | Jun 2024 — | Sep 2024 -114% | Dec 2024 -251% | Mar 2025 — | Jun 2025 -90% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WESTLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 73% | Mar 2023 34% | Jun 2023 20% | Sep 2023 -30% | Dec 2023 -53% | Mar 2024 -96% | Jun 2024 -89% | Sep 2024 -98% | Dec 2024 -59% | Mar 2025 100% | Jun 2025 -62% | Sep 2025 7,597% | Dec 2025 -85% | Mar 2026 57% | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -36% | Mar 2023 400% | Jun 2023 -34% | Sep 2023 -44% | Dec 2023 -69% | Mar 2024 -99% | Jun 2024 -68% | Sep 2024 -140% | Dec 2024 30% | Mar 2025 0.0% | Jun 2025 -125% | Sep 2025 — | Dec 2025 -138% | Mar 2026 -750% | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -30% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -260% | Mar 2026 — | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -48% | Dec 2023 -7.9% | Mar 2024 -94% | Jun 2024 14% | Sep 2024 -51% | Dec 2024 -34% | Mar 2025 -37% | Jun 2025 -33% | Sep 2025 57% | Dec 2025 -11% | Mar 2026 34% | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -946% | Jun 2024 -157% | Sep 2024 — | Dec 2024 -114% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Coffee Day Enterprises Ltd has the clearest covered balance-sheet capacity with ₹947 crore and gross debt of ₹827 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Speciality Restaurants Ltd · ₹140 crore | 83.1% versus #2 · Coffee Day Enterprises Ltd | Not enough history | 8/8 companies · 111 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Speciality Restaurants Ltd (SPECIALITY): ₹140 Cr
2. Coffee Day Enterprises Ltd (COFFEEDAY): ₹827 Cr
3. United Foodbrands Ltd (UFBL): ₹885 Cr
4. Sapphire Foods India Ltd (SAPPHIRE): ₹1.4K Cr
5. Westlife Foodworld Ltd (WESTLIFE): ₹1.8K Cr

### Net debt — lowest net debt
1. Coffee Day Enterprises Ltd (COFFEEDAY): ₹947 Cr
2. Sapphire Foods India Ltd (SAPPHIRE): ₹1.3K Cr
3. Westlife Foodworld Ltd (WESTLIFE): ₹1.8K Cr
4. Devyani International Ltd (DEVYANI): ₹3.3K Cr
5. Jubilant Foodworks Ltd (JUBLFOOD): ₹4.6K Cr

### 20-quarter Gross debt history
- JUBLFOOD: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- DEVYANI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- WESTLIFE: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹789 Cr | Jun 2022 ₹789 Cr | Sep 2022 ₹884 Cr | Dec 2022 ₹884 Cr | Mar 2023 ₹963 Cr | Jun 2023 ₹963 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹887 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.8K Cr | Jun 2025 — | Sep 2025 ₹1.8K Cr | Dec 2025 — | Mar 2026 ₹2.0K Cr | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹610 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹684 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹686 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹758 Cr | Jun 2025 — | Sep 2025 ₹826 Cr | Dec 2025 — | Mar 2026 ₹885 Cr | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹139 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹142 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹139 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹154 Cr | Jun 2025 — | Sep 2025 ₹145 Cr | Dec 2025 — | Mar 2026 ₹140 Cr | Jun 2026 —
- COFFEEDAY: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹827 Cr | Jun 2026 —

### 20-quarter Net debt history
- JUBLFOOD: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- DEVYANI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- WESTLIFE: Sep 2021 ₹994 Cr | Dec 2021 ₹994 Cr | Mar 2022 ₹881 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹382 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹544 Cr | Dec 2022 ₹544 Cr | Mar 2023 ₹675 Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹791 Cr | Dec 2023 ₹791 Cr | Mar 2024 ₹983 Cr | Jun 2024 ₹983 Cr | Sep 2024 ₹966 Cr | Dec 2024 ₹966 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- COFFEEDAY: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹947 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Jubilant Foodworks Ltd leads ROCE at 14.6%, 5.5 percentage points above Speciality Restaurants Ltd. Jubilant Foodworks Ltd has the strongest latest improvement at +3.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Jubilant Foodworks Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Jubilant Foodworks Ltd · 14.6% | 59.7% versus #2 · Speciality Restaurants Ltd | 4/8 recent comparable periods | 8/8 companies · 75 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Jubilant Foodworks Ltd (JUBLFOOD): 15%
2. Speciality Restaurants Ltd (SPECIALITY): 9.1%
3. Westlife Foodworld Ltd (WESTLIFE): 6.1%
4. Devyani International Ltd (DEVYANI): 4.8%
5. Sapphire Foods India Ltd (SAPPHIRE): 4.0%

### ROCE change — fastest improvers
1. Jubilant Foodworks Ltd (JUBLFOOD): +3.1 pp
2. Restaurant Brands Asia Ltd (RBA): +3.0 pp
3. Speciality Restaurants Ltd (SPECIALITY): +1.0 pp
4. Coffee Day Enterprises Ltd (COFFEEDAY): 0.0 pp
5. Sapphire Foods India Ltd (SAPPHIRE): −1.4 pp

### 20-quarter ROCE history
- JUBLFOOD: Sep 2021 20% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 16% | Jun 2023 14% | Sep 2023 13% | Dec 2023 13% | Mar 2024 15% | Jun 2024 17% | Sep 2024 8.3% | Dec 2024 18% | Mar 2025 12% | Jun 2025 13% | Sep 2025 13% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- DEVYANI: Sep 2021 12% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 13% | Dec 2023 11% | Mar 2024 6.7% | Jun 2024 7.2% | Sep 2024 6.0% | Dec 2024 7.3% | Mar 2025 6.4% | Jun 2025 6.2% | Sep 2025 4.4% | Dec 2025 4.6% | Mar 2026 4.0% | Jun 2026 —
- WESTLIFE: Sep 2021 0.7% | Dec 2021 — | Mar 2022 5.5% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 14% | Dec 2023 14% | Mar 2024 12% | Jun 2024 11% | Sep 2024 7.0% | Dec 2024 7.6% | Mar 2025 6.7% | Jun 2025 8.1% | Sep 2025 5.2% | Dec 2025 9.2% | Mar 2026 4.3% | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 5.4% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 8.0% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 8.9% | Mar 2024 5.8% | Jun 2024 6.9% | Sep 2024 4.4% | Dec 2024 5.8% | Mar 2025 4.4% | Jun 2025 5.0% | Sep 2025 3.0% | Dec 2025 4.0% | Mar 2026 3.0% | Jun 2026 —
- COFFEEDAY: Sep 2021 -3.9% | Dec 2021 — | Mar 2022 -3.0% | Jun 2022 — | Sep 2022 -0.7% | Dec 2022 — | Mar 2023 -11% | Jun 2023 — | Sep 2023 -9.8% | Dec 2023 2.2% | Mar 2024 1.4% | Jun 2024 -10% | Sep 2024 0.5% | Dec 2024 -9.0% | Mar 2025 0.9% | Jun 2025 4.0% | Sep 2025 1.2% | Dec 2025 5.4% | Mar 2026 0.9% | Jun 2026 —

### 20-quarter ROCE change history
- JUBLFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 −7.2 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 +2.3 pp | Sep 2024 −4.2 pp | Dec 2024 +5.5 pp | Mar 2025 −2.5 pp | Jun 2025 −3.2 pp | Sep 2025 +4.3 pp | Dec 2025 −2.8 pp | Mar 2026 +3.1 pp | Jun 2026 —
- DEVYANI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 −4.7 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 −7.3 pp | Dec 2024 −3.8 pp | Mar 2025 −0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −1.6 pp | Dec 2025 −2.7 pp | Mar 2026 −2.4 pp | Jun 2026 —
- WESTLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.7 pp | Dec 2022 — | Mar 2023 +10.0 pp | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −7.1 pp | Dec 2024 −6.7 pp | Mar 2025 −5.1 pp | Jun 2025 −2.8 pp | Sep 2025 −1.8 pp | Dec 2025 +1.6 pp | Mar 2026 −2.4 pp | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.6 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −3.1 pp | Dec 2024 −3.1 pp | Mar 2025 −1.4 pp | Jun 2025 −1.9 pp | Sep 2025 −1.4 pp | Dec 2025 −1.8 pp | Mar 2026 −1.4 pp | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 — | Mar 2023 −7.7 pp | Jun 2023 — | Sep 2023 −9.1 pp | Dec 2023 — | Mar 2024 +12.1 pp | Jun 2024 — | Sep 2024 +10.3 pp | Dec 2024 −11.2 pp | Mar 2025 −0.5 pp | Jun 2025 +14.2 pp | Sep 2025 +0.7 pp | Dec 2025 +14.4 pp | Mar 2026 0.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Jubilant Foodworks Ltd has the lowest comparable Guarded PEG at 1.85×. Only 1 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Jubilant Foodworks Ltd · 1.85× | Not enough peers | 0/8 recent comparable periods | 1/8 companies · 14 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Jubilant Foodworks Ltd (JUBLFOOD): 1.9

### P/E — lowest P/E
1. Coffee Day Enterprises Ltd (COFFEEDAY): 3.3
2. Speciality Restaurants Ltd (SPECIALITY): 27.3
3. Jubilant Foodworks Ltd (JUBLFOOD): 66.4
4. Westlife Foodworld Ltd (WESTLIFE): 1,390.0
5. Sapphire Foods India Ltd (SAPPHIRE): 2,339.0

### 20-quarter Guarded PEG history
- JUBLFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.6 | Dec 2022 5.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.8 | Mar 2026 1.9 | Jun 2026 —
- DEVYANI: Sep 2021 — | Dec 2021 4.4 | Mar 2022 7.2 | Jun 2022 — | Sep 2022 3.5 | Dec 2022 5.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WESTLIFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.1 | Jun 2023 5.3 | Sep 2023 — | Dec 2023 6.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 23.5 | Sep 2025 — | Dec 2025 — | Mar 2026 10.4 | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- JUBLFOOD: Sep 2021 143.2 | Dec 2021 111.7 | Mar 2022 79.5 | Jun 2022 82.6 | Sep 2022 88.3 | Dec 2022 71.0 | Mar 2023 68.9 | Jun 2023 93.7 | Sep 2023 130.7 | Dec 2023 158.7 | Mar 2024 134.4 | Jun 2024 153.1 | Sep 2024 167.1 | Dec 2024 191.9 | Mar 2025 190.9 | Jun 2025 201.1 | Sep 2025 148.8 | Dec 2025 120.9 | Mar 2026 88.4 | Jun 2026 —
- DEVYANI: Sep 2021 114.1 | Dec 2021 140.4 | Mar 2022 134.9 | Jun 2022 105.2 | Sep 2022 89.7 | Dec 2022 76.9 | Mar 2023 58.1 | Jun 2023 80.2 | Sep 2023 117.1 | Dec 2023 118.1 | Mar 2024 140.6 | Jun 2024 344.1 | Sep 2024 300.9 | Dec 2024 713.8 | Mar 2025 828.6 | Jun 2025 1,429.3 | Sep 2025 1,441.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WESTLIFE: Sep 2021 — | Dec 2021 -373.9 | Mar 2022 -4,473.5 | Jun 2022 140.2 | Sep 2022 202.9 | Dec 2022 135.0 | Mar 2023 99.8 | Jun 2023 118.9 | Sep 2023 124.7 | Dec 2023 118.2 | Mar 2024 141.6 | Jun 2024 189.0 | Sep 2024 332.0 | Dec 2024 589.1 | Mar 2025 501.6 | Jun 2025 159.0 | Sep 2025 1,368.3 | Dec 2025 1,087.6 | Mar 2026 518.8 | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 1,268.1 | Mar 2022 202.7 | Jun 2022 163.1 | Sep 2022 85.6 | Dec 2022 59.6 | Mar 2023 62.3 | Jun 2023 37.4 | Sep 2023 42.0 | Dec 2023 43.3 | Mar 2024 53.6 | Jun 2024 188.8 | Sep 2024 327.0 | Dec 2024 446.8 | Mar 2025 372.7 | Jun 2025 381.2 | Sep 2025 557.6 | Dec 2025 517.0 | Mar 2026 2,688.9 | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 135.3 | Dec 2022 110.8 | Mar 2023 99.2 | Jun 2023 173.8 | Sep 2023 189.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SPECIALITY: Sep 2021 — | Dec 2021 — | Mar 2022 54.9 | Jun 2022 67.2 | Sep 2022 31.3 | Dec 2022 26.8 | Mar 2023 22.5 | Jun 2023 11.0 | Sep 2023 10.5 | Dec 2023 10.7 | Mar 2024 10.2 | Jun 2024 28.7 | Sep 2024 26.9 | Dec 2024 25.8 | Mar 2025 28.1 | Jun 2025 28.3 | Sep 2025 31.0 | Dec 2025 25.1 | Mar 2026 18.7 | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 -5.2 | Mar 2022 -9.6 | Jun 2022 — | Sep 2022 18.7 | Dec 2022 17.1 | Mar 2023 14.4 | Jun 2023 -2.4 | Sep 2023 — | Dec 2023 100.2 | Mar 2024 7.9 | Jun 2024 7.5 | Sep 2024 6.6 | Dec 2024 4.5 | Mar 2025 18.9 | Jun 2025 22.4 | Sep 2025 — | Dec 2025 16.3 | Mar 2026 6.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Speciality Restaurants Ltd leads ev/ebitda at 5.7×; Coffee Day Enterprises Ltd leads p/bv at 0.23×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Speciality Restaurants Ltd · 5.7× | 28.7% versus #2 · United Foodbrands Ltd | 0/8 recent comparable periods | 8/8 companies · 144 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Speciality Restaurants Ltd (SPECIALITY): 5.7
2. United Foodbrands Ltd (UFBL): 8.0
3. Coffee Day Enterprises Ltd (COFFEEDAY): 9.1
4. Sapphire Foods India Ltd (SAPPHIRE): 14.0
5. Restaurant Brands Asia Ltd (RBA): 14.5

### P/BV — lowest P/BV
1. Coffee Day Enterprises Ltd (COFFEEDAY): 0.2
2. Speciality Restaurants Ltd (SPECIALITY): 1.9
3. Sapphire Foods India Ltd (SAPPHIRE): 4.1
4. Restaurant Brands Asia Ltd (RBA): 5.3
5. United Foodbrands Ltd (UFBL): 8.5

### 20-quarter EV/EBITDA history
- JUBLFOOD: Sep 2021 53.5 | Dec 2021 44.9 | Mar 2022 32.1 | Jun 2022 31.8 | Sep 2022 35.4 | Dec 2022 28.4 | Mar 2023 25.0 | Jun 2023 29.4 | Sep 2023 33.5 | Dec 2023 36.2 | Mar 2024 29.2 | Jun 2024 32.9 | Sep 2024 36.5 | Dec 2024 34.8 | Mar 2025 30.3 | Jun 2025 30.9 | Sep 2025 25.9 | Dec 2025 23.3 | Mar 2026 18.5 | Jun 2026 —
- DEVYANI: Sep 2021 61.9 | Dec 2021 82.3 | Mar 2022 84.0 | Jun 2022 39.8 | Sep 2022 41.3 | Dec 2022 36.3 | Mar 2023 27.9 | Jun 2023 35.1 | Sep 2023 42.2 | Dec 2023 39.2 | Mar 2024 32.6 | Jun 2024 37.8 | Sep 2024 38.6 | Dec 2024 36.2 | Mar 2025 26.3 | Jun 2025 28.1 | Sep 2025 28.5 | Dec 2025 25.1 | Mar 2026 18.0 | Jun 2026 —
- WESTLIFE: Sep 2021 77.7 | Dec 2021 61.3 | Mar 2022 42.0 | Jun 2022 37.5 | Sep 2022 41.4 | Dec 2022 38.2 | Mar 2023 31.1 | Jun 2023 36.3 | Sep 2023 37.9 | Dec 2023 33.6 | Mar 2024 34.3 | Jun 2024 36.8 | Sep 2024 43.8 | Dec 2024 41.5 | Mar 2025 35.9 | Jun 2025 33.1 | Sep 2025 34.8 | Dec 2025 28.8 | Mar 2026 23.6 | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 44.6 | Mar 2022 46.7 | Jun 2022 21.2 | Sep 2022 24.5 | Dec 2022 20.0 | Mar 2023 18.0 | Jun 2023 20.2 | Sep 2023 21.2 | Dec 2023 20.4 | Mar 2024 22.2 | Jun 2024 21.7 | Sep 2024 26.1 | Dec 2024 23.7 | Mar 2025 20.7 | Jun 2025 22.4 | Sep 2025 21.6 | Dec 2025 19.0 | Mar 2026 13.1 | Jun 2026 14.0
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49.0 | Sep 2022 60.9 | Dec 2022 39.1 | Mar 2023 34.8 | Jun 2023 40.3 | Sep 2023 44.7 | Dec 2023 36.3 | Mar 2024 28.2 | Jun 2024 22.9 | Sep 2024 24.6 | Dec 2024 19.3 | Mar 2025 17.2 | Jun 2025 20.4 | Sep 2025 18.6 | Dec 2025 16.0 | Mar 2026 14.5 | Jun 2026 —
- UFBL: Sep 2021 50.2 | Dec 2021 41.2 | Mar 2022 32.2 | Jun 2022 27.4 | Sep 2022 20.1 | Dec 2022 17.2 | Mar 2023 12.1 | Jun 2023 13.0 | Sep 2023 16.4 | Dec 2023 16.0 | Mar 2024 12.5 | Jun 2024 12.3 | Sep 2024 13.5 | Dec 2024 10.7 | Mar 2025 7.6 | Jun 2025 8.3 | Sep 2025 7.3 | Dec 2025 7.0 | Mar 2026 8.0 | Jun 2026 —
- SPECIALITY: Sep 2021 17.5 | Dec 2021 12.7 | Mar 2022 15.6 | Jun 2022 13.7 | Sep 2022 15.3 | Dec 2022 14.4 | Mar 2023 12.6 | Jun 2023 11.2 | Sep 2023 10.4 | Dec 2023 10.2 | Mar 2024 9.3 | Jun 2024 10.7 | Sep 2024 9.9 | Dec 2024 8.9 | Mar 2025 8.2 | Jun 2025 8.1 | Sep 2025 8.2 | Dec 2025 7.0 | Mar 2026 5.7 | Jun 2026 —
- COFFEEDAY: Sep 2021 — | Dec 2021 27.1 | Mar 2022 27.3 | Jun 2022 35.9 | Sep 2022 25.7 | Dec 2022 16.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.0 | Jun 2024 10.9 | Sep 2024 7.8 | Dec 2024 6.4 | Mar 2025 9.9 | Jun 2025 10.9 | Sep 2025 11.5 | Dec 2025 11.4 | Mar 2026 9.1 | Jun 2026 —

### 20-quarter P/BV history
- JUBLFOOD: Sep 2021 38.1 | Dec 2021 27.7 | Mar 2022 20.2 | Jun 2022 24.7 | Sep 2022 19.9 | Dec 2022 16.3 | Mar 2023 14.9 | Jun 2023 17.0 | Sep 2023 17.3 | Dec 2023 17.9 | Mar 2024 14.2 | Jun 2024 18.2 | Sep 2024 20.9 | Dec 2024 21.4 | Mar 2025 20.1 | Jun 2025 21.6 | Sep 2025 19.0 | Dec 2025 17.0 | Mar 2026 13.8 | Jun 2026 —
- DEVYANI: Sep 2021 26.5 | Dec 2021 37.3 | Mar 2022 38.0 | Jun 2022 26.8 | Sep 2022 28.5 | Dec 2022 26.4 | Mar 2023 25.4 | Jun 2023 23.4 | Sep 2023 26.6 | Dec 2023 22.6 | Mar 2024 17.5 | Jun 2024 18.8 | Sep 2024 22.3 | Dec 2024 19.9 | Mar 2025 15.4 | Jun 2025 19.6 | Sep 2025 18.7 | Dec 2025 11.5 | Mar 2026 7.9 | Jun 2026 —
- WESTLIFE: Sep 2021 18.1 | Dec 2021 19.8 | Mar 2022 15.8 | Jun 2022 14.9 | Sep 2022 21.8 | Dec 2022 23.9 | Mar 2023 23.1 | Jun 2023 28.7 | Sep 2023 25.7 | Dec 2023 22.6 | Mar 2024 22.3 | Jun 2024 23.1 | Sep 2024 24.6 | Dec 2024 21.5 | Mar 2025 18.3 | Jun 2025 20.0 | Sep 2025 17.7 | Dec 2025 13.6 | Mar 2026 11.0 | Jun 2026 —
- SAPPHIRE: Sep 2021 — | Dec 2021 — | Mar 2022 9.4 | Jun 2022 6.6 | Sep 2022 8.8 | Dec 2022 7.9 | Mar 2023 7.7 | Jun 2023 8.7 | Sep 2023 7.3 | Dec 2023 6.9 | Mar 2024 7.6 | Jun 2024 7.9 | Sep 2024 8.9 | Dec 2024 7.8 | Mar 2025 6.9 | Jun 2025 7.8 | Sep 2025 6.9 | Dec 2025 5.8 | Mar 2026 3.7 | Jun 2026 4.1
- RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0 | Sep 2022 6.7 | Dec 2022 5.8 | Mar 2023 4.3 | Jun 2023 5.1 | Sep 2023 7.5 | Dec 2023 7.5 | Mar 2024 6.8 | Jun 2024 5.9 | Sep 2024 8.8 | Dec 2024 7.5 | Mar 2025 5.7 | Jun 2025 5.7 | Sep 2025 5.1 | Dec 2025 4.5 | Mar 2026 4.2 | Jun 2026 —
- UFBL: Sep 2021 — | Dec 2021 15.0 | Mar 2022 13.3 | Jun 2022 10.5 | Sep 2022 10.6 | Dec 2022 9.3 | Mar 2023 6.4 | Jun 2023 6.7 | Sep 2023 7.2 | Dec 2023 6.8 | Mar 2024 5.1 | Jun 2024 5.5 | Sep 2024 6.3 | Dec 2024 4.8 | Mar 2025 2.8 | Jun 2025 3.1 | Sep 2025 2.5 | Dec 2025 2.2 | Mar 2026 2.6 | Jun 2026 —
- SPECIALITY: Sep 2021 2.5 | Dec 2021 3.2 | Mar 2022 5.8 | Jun 2022 4.1 | Sep 2022 5.8 | Dec 2022 6.3 | Mar 2023 6.9 | Jun 2023 7.4 | Sep 2023 3.4 | Dec 2023 3.2 | Mar 2024 3.0 | Jun 2024 3.0 | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 1.3 | Jun 2026 —
- COFFEEDAY: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —

## Market action

United Foodbrands Ltd has the strongest one-year price move in Quick Service Restaurant - QSR at +109.5%. It also leads on Mansfield relative strength against NIFTY at +117.2%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. United Foodbrands Ltd (UFBL): 110%
2. Speciality Restaurants Ltd (SPECIALITY): 0.2%
3. Restaurant Brands Asia Ltd (RBA): -22%
4. Coffee Day Enterprises Ltd (COFFEEDAY): -23%
5. Devyani International Ltd (DEVYANI): -36%

### Strongest relative strength versus NIFTY 500
1. United Foodbrands Ltd (UFBL): 117%
2. Speciality Restaurants Ltd (SPECIALITY): 19%
3. Restaurant Brands Asia Ltd (RBA): -4.8%
4. Coffee Day Enterprises Ltd (COFFEEDAY): -10%
5. Westlife Foodworld Ltd (WESTLIFE): -15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Jubilant Foodworks Ltd (JUBLFOOD) — market value ₹27.6K Cr; latest fundamentals Mar 2026
- Devyani International Ltd (DEVYANI) — market value ₹13.8K Cr; latest fundamentals Mar 2026
- Westlife Foodworld Ltd (WESTLIFE) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- Sapphire Foods India Ltd (SAPPHIRE) — market value ₹5.8K Cr; latest fundamentals Jun 2026
- Restaurant Brands Asia Ltd (RBA) — market value ₹4.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- United Foodbrands Ltd (UFBL) — market value ₹2.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Speciality Restaurants Ltd (SPECIALITY) — market value ₹664 Cr; latest fundamentals Mar 2026
- Coffee Day Enterprises Ltd (COFFEEDAY) — market value ₹639 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 4. Unverified: 2. Withheld: 2. Graded companies: 8.

1 of 8 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Restaurant Brands Asia Ltd (RBA) — its two data sources disagree by up to 9.1% on reported income across 14 comparable periods, so its derived ratios are withheld; United Foodbrands Ltd (UFBL) — its two data sources disagree by up to 9% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | RBA | Restaurant Brands Asia Ltd | diff_gt_2pct | disagreement up to 9.08% over 14 comparable periods
- WITHHELD | UFBL | United Foodbrands Ltd | diff_gt_2pct | disagreement up to 9% over 14 comparable periods

- UNVERIFIED | COFFEEDAY | Coffee Day Enterprises Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Quick Service Restaurant - QSR index?

The Nifty Quick Service Restaurant - QSR index tracks India's listed Quick Service Restaurant - QSR companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Quick Service Restaurant - QSR sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Quick Service Restaurant - QSR stocks in India?

Ranked by this page's four-factor score, Jubilant Foodworks Ltd places first among 8 listed Quick Service Restaurant - QSR companies, followed by Speciality Restaurants Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Quick Service Restaurant - QSR stocks are listed in India?

This comparison covers 8 listed Quick Service Restaurant - QSR companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Quick Service Restaurant - QSR company is the biggest?

Jubilant Foodworks Ltd is the largest, with trailing-twelve-month revenue of ₹9,529 crore, ahead of Devyani International Ltd at ₹5,612 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Quick Service Restaurant - QSR company is growing fastest?

Jubilant Foodworks Ltd has the fastest revenue growth at 17.1% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Quick Service Restaurant - QSR company has the best profit margins?

Jubilant Foodworks Ltd has the highest operating margin at 19%, from 8 of 8 comparable companies. Coffee Day Enterprises Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Quick Service Restaurant - QSR company makes the most profit?

Jubilant Foodworks Ltd earns the most, at ₹444 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Jubilant Foodworks Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Quick Service Restaurant - QSR company earns the highest return on capital?

Jubilant Foodworks Ltd leads on return on capital employed at 14.6%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Quick Service Restaurant - QSR stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Jubilant Foodworks Ltd screens cheapest at 1.85×. Only 1 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Quick Service Restaurant - QSR company has the strongest balance sheet?

Speciality Restaurants Ltd carries the lowest comparable gross debt at ₹140 crore, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Quick Service Restaurant - QSR sector beating the market?

Quick Service Restaurant - QSR has underperformed NIFTY 500 by 9.5% over the last 52 weeks and 18.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Quick Service Restaurant - QSR stock has the strongest price momentum?

United Foodbrands Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Quick Service Restaurant - QSR company scores highest for research priority?

Jubilant Foodworks Ltd scores 58.3 out of 100 with 95.6% evidence confidence, from 27.3 points on growth and earnings, 19.1 on capital efficiency, 11.4 on valuation and 0.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Quick Service Restaurant - QSR companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Quick Service Restaurant - QSR sector?

The 8 Quick Service Restaurant - QSR companies on this page carry ₹62,940 crore of combined market value. Jubilant Foodworks Ltd is the largest at ₹27,598 crore, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Quick Service Restaurant - QSR sector's P/E ratio?

The median price-to-earnings ratio across the 8 Quick Service Restaurant - QSR companies on this page is 66.4×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Quick Service Restaurant - QSR sector performing?

2 of the 8 covered Quick Service Restaurant - QSR companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/quick-service-restaurant-qsr