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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sapphire Foods India
Sapphire Foods India (SAPPHIRE) investor relations material
Sapphire Foods India Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary22 Oct, 2026
Executive summary
Q2 FY27 restaurant sales rose 20% YoY to ₹8,853 Mn and adjusted EBITDA increased 39% to ₹624 Mn, with 7.1% margin; growth was strongest in 16 quarters.
Restaurant count reached 1,086 at Sep. 30, 2026; Q2 openings included 15 KFC restaurants and one Pizza Hut in Sri Lanka.
Financial highlights
Consolidated revenue from operations was ₹8,880.27 Mn vs ₹7,424.37 Mn YoY; H1 revenue was ₹17,789.87 Mn vs ₹15,192.65 Mn.
Q2 adjusted EBITDA was ₹624 Mn, up 39% YoY, with a 7.1% margin, up 100 bps; Q2 EBITDA was ₹1,286 Mn, up 21%, at a 14.5% margin.
Q2 net loss narrowed to ₹15.13 Mn from ₹127.87 Mn; H1 net profit was ₹125.09 Mn vs a loss of ₹145.25 Mn.
Adjusted PBT before exceptional items and Ind AS 116 adjustments was ₹120 Mn, or 1.4% of sales; PBT before exceptional items was -₹6 Mn.
Outlook and guidance
Management expects cost inflation to peak in Q3 but anticipates further near-term input-cost pressure; pricing decisions remain cautious to protect growth.
KFC SSSG for Q2 and Q3 combined is expected in the high single digits, including the Navratri timing shift; Pizza Hut receives no festive-shift benefit.
FY27 marketing spend is planned to rise 50–100 bps for KFC and 100–150 bps for Pizza Hut; value promotions and marketing remain central to growth plans.
KFC store-addition guidance remains 60–80 for the year; Pizza Hut expansion is cautious, with openings expected to be broadly neutral in CY26.
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Latest events from Sapphire Foods India
- Revenue grew strongly, but consolidated losses widened as expansion and investment continued.SAPPHIRE
Q4 18/19 - Revenue and EBITDA grew, but COVID disruption and impairment drove a sharply higher loss.SAPPHIREQ4 19/20
- Pandemic-hit FY21 ended with improving H2 momentum, rising delivery and renewed expansion plans.SAPPHIREQ4 20/21
- Strong sales and margin growth driven by KFC, with ongoing cost and digital optimization.SAPPHIREInvestor presentation
- Double-digit revenue and EBITDA growth, positive SSSG, and key merger milestones achieved.SAPPHIREQ1 26/27
- Q3 FY26 revenue rose 7% but net losses occurred due to exceptional and merger-related costs.SAPPHIREQ3 25/26
- Merger forms a top QSR and F&B platform in India, targeting INR 210–225 crore in synergies.SAPPHIREM&A Announcement
- Q3 FY25 saw double-digit growth, margin stability, and key one-time events including a GST demand.SAPPHIREQ3 24/25
- Double-digit growth in revenue and outlets, but margins and profits declined amid challenges.SAPPHIREQ4 24/25
Next Sapphire Foods India earnings date
Q3 26/275 Feb, 2027
Sapphire Foods India
Next Sapphire Foods India earnings date
Q3 26/275 Feb, 2027
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Frequently asked questions
Sapphire Foods India Limited is a quick-service restaurant (QSR) company operating franchisee outlets of global fast-food brands. The company is one of the largest franchisees of KFC, Pizza Hut, and Taco Bell in India, Sri Lanka, and the Maldives. It manages a network of dine-in, takeaway, and delivery outlets. The company is headquartered in Mumbai, India, and its shares are listed on the BSE.