India QSR Stocks 2026: Real Numbers

India's quick-service restaurant (QSR) sector listed four pure-play operators on the NSE. Each runs a different master-franchise model: Jubilant FoodWorks runs Domino's and Popeyes, Westlife Foodworld runs McDonald's (west and south India), Devyani International runs KFC and Pizza Hut, and Sapphire Foods runs KFC and Pizza Hut in a parallel geography. On paper they are all in the same business. In practice, the financial outcomes are strikingly different.

All figures below are pulled directly from DocStoX data (sourced from NSE/BSE audited filings) as of 9 July 2026. No TTM estimates — audited annual numbers only.

QSR Stocks at a Glance: July 2026

Here is where the four stocks stand today:

• Jubilant FoodWorks (JUBLFOOD): ₹429.35 | Market Cap ₹28,332 Cr | P/E 66.16x | P/B 13.1x | 52-week range ₹408.8–₹695.5
• Westlife Foodworld (WESTLIFE): ₹497.5 | Market Cap ₹8,292 Cr | P/E 240.3x | P/B 12.78x | 52-week range ₹398.4–₹809.9
• Devyani International (DEVYANI): ₹111.81 | Market Cap ₹13,666 Cr | P/E N/A (loss) | P/B 9.1x | 52-week range ₹91.55–₹191
• Sapphire Foods (SAPPHIRE): ₹181.86 | Market Cap ₹5,781 Cr | P/E N/A (loss) | P/B 4.27x | 52-week range ₹139.91–₹368

The sector has been under severe pressure. Every name is trading closer to its 52-week low than its 52-week high. Devyani is down 41% from its annual peak; Sapphire is down 51%. The market is asking a pointed question: when does this sector actually earn a return?

Revenue Scale: Who Has the Biggest Business?

Jubilant FoodWorks is in a different league on revenue. Its Domino's network — the largest pizza chain in India by store count — generates nearly 70% more revenue than the next-largest player:

• Jubilant FoodWorks: Revenue ₹9,513 Cr | EBITDA ₹1,888 Cr | PAT ₹444 Cr
• Devyani International: Revenue ₹5,611 Cr | EBITDA ₹849 Cr | PAT –₹43 Cr (loss)
• Sapphire Foods: Revenue ₹3,125 Cr | EBITDA ₹474 Cr | PAT –₹32 Cr (loss)
• Westlife Foodworld: Revenue ₹2,626 Cr | EBITDA ₹337 Cr | PAT ₹32 Cr

The combined revenue of the four listed QSR operators is roughly ₹20,875 crore — about the same as Nestle India's FY26 standalone revenue. The difference: Nestle generates ₹3,300 crore in profit from that base. The QSR quartet generates a combined net profit of approximately ₹401 crore, dragged down by the two loss-making operators.

Margins: The 7-Point Gap That Matters Most

EBITDA margin is the key operating metric for QSR businesses, because lease costs, royalty fees, and food costs are largely fixed at the store level. The margins tell you how efficiently each operator is running its network:

• Jubilant FoodWorks: 20% EBITDA margin — the highest in the group. Domino's India benefits from a unified menu, strong delivery infrastructure built over 30 years, and the highest store count (1,900+ stores), which spreads central overheads. The PAT margin of 4.67% is modest but positive and improving.
• Devyani International: 15% EBITDA margin — Devyani runs KFC and Pizza Hut, which are higher ticket-size brands than Domino's but also more input-cost sensitive. The 15% EBITDA margin is adequate for covering interest on debt and depreciation, but not enough to generate PAT: the net result is a loss of ₹43 Cr.
• Sapphire Foods: 15% EBITDA margin — Sapphire runs KFC and Pizza Hut in a different set of markets (Sri Lanka, Maldives, and parts of India). Same margin as Devyani, but with a smaller store base and less revenue scale. Net loss of ₹32 Cr.
• Westlife Foodworld: 13% EBITDA margin — the lowest in the group. McDonald's India's western franchise has been investing heavily in store upgrades and the McCafé rollout, which has compressed margins in the near term. PAT of just ₹32 Cr on ₹2,626 Cr revenue is a 1.2% net margin.

The 7-percentage-point gap between Jubilant (20%) and Westlife (13%) is the single most important number in this comparison. That gap is roughly ₹700 crore of EBITDA annually on a comparable revenue base — it is the difference between a business that funds its own growth and one that relies on external capital.

Return Metrics: ROCE and ROE Tell the Full Story

QSR businesses are capital-intensive: each new store requires ₹1–3 crore in fit-out capital, plus ongoing lease liabilities. ROCE (Return on Capital Employed) captures whether that capital is being deployed productively:

• Jubilant FoodWorks: ROCE 15%, ROE 18.9% — the only company in the group generating a meaningful return on capital. ROCE of 15% means the business earns ₹15 for every ₹100 of capital deployed, covering the cost of debt (typically 9–10%) with a reasonable margin of safety. ROE of 18.9% shows the equity base is compounding.
• Westlife Foodworld: ROCE 6%, ROE 0.84% — barely covering the cost of debt. The heavy investment phase means capital is being consumed faster than it is generating returns. ROE of sub-1% means equity holders are earning almost nothing.
• Devyani International: ROCE 5%, ROE –1.67% — loss-making at the net level; the 5% ROCE means operating profit exists but is insufficient after interest on ₹2.49x debt-to-equity leverage.
• Sapphire Foods: ROCE 4%, ROE –1.04% — the weakest return profile. Despite lower leverage (1.02x D/E), even EBITDA of ₹474 Cr on the capital base only translates to 4% ROCE.

The pattern is clear: only Jubilant FoodWorks has crossed the threshold where its return on capital exceeds the cost of capital. The other three are still in investment mode — burning cash on store expansion while waiting for operating leverage to kick in.

Debt and Balance Sheet Risk

QSR expansion requires debt. But the quantum of leverage varies significantly, and in a high-interest-rate environment it is a meaningful risk:

• Westlife Foodworld: D/E 2.92x — highest leverage in the group. The McDonald's expansion has been funded heavily by debt; at current interest rates, this is the biggest balance sheet risk.
• Devyani International: D/E 2.49x — similarly high. Devyani's loss-making status combined with 2.49x leverage means any revenue shortfall creates a cash crunch quickly.
• Jubilant FoodWorks: D/E 2.14x — leverage is elevated but the EBITDA of ₹1,888 crore provides strong debt-service coverage. The business generates enough cash to service and reduce debt.
• Sapphire Foods: D/E 1.02x — the most conservative balance sheet, which is notable given it is also loss-making. Sapphire has not over-leveraged for expansion, which preserves financial flexibility.

Valuation: What Are You Paying For?

The valuation picture is unusual: two companies have no PE (losses), one trades at 240x, and only Jubilant is at a normal (though elevated) 66x:

Jubilant FoodWorks at 66x PE is expensive in absolute terms, but it is the only one of the four with visible earnings power. The market is pricing in continued store-count expansion and operating leverage as Popeyes matures in India. The 52-week low of ₹408.8 — close to the current price — suggests the market has already done significant de-rating.

Westlife Foodworld at 240x PE is pricing in a significant margin recovery. At current PAT of ₹32 Cr, you are paying ₹8,292 crore for ₹32 crore in earnings — the math only works if you believe PAT will grow 5–10x over the next 3–4 years as McCafé and premium menu upgrades lift margins back toward 17–18%.

Devyani and Sapphire — loss-making, so PE is not applicable. The P/B ratios (9.1x and 4.3x respectively) suggest the market is not writing them off, but the path to profitability needs to be clearly demonstrated before valuations can compress to normal QSR multiples.

The DocStoX Take

India's QSR sector is a structural growth story — the organised food-service market is underpenetrated versus China or Southeast Asia, and there is a long runway. But “growth sector” and “good investment” are different things, and right now the data shows a sector bifurcated between one profitable operator and three that are still finding their footing.

Jubilant FoodWorks is the clear operational leader: highest revenue (₹9,513 Cr), highest EBITDA margin (20%), only positive ROE (18.9%) and ROCE (15%), and a net profit of ₹444 crore. At ₹429 it is near its 52-week low and 38% below its 52-week high — the de-rating has already happened. The question is whether the 66x PE is justified by the earnings trajectory. If Domino's India keeps adding 150+ stores per year at improving margins, it probably is.

Westlife, Devyani, and Sapphire are all making a bet on future operating leverage. Each has a credible brand — McDonald's, KFC, and Pizza Hut are proven global formats — but the current financials do not support the valuations on traditional metrics. These are turnaround and growth plays that require a long horizon and tolerance for near-term earnings weakness.

Full live data, DocStoX AI verdicts, and fair-value estimates for Jubilant FoodWorks, Westlife Foodworld, Devyani International, and Sapphire Foods are available at docstox.com.

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By the DocStoX Desk — This is for informational purposes only and not investment advice. Please consult a SEBI-registered advisor before investing.