Restaurants & QSR Industry in India

India’s restaurants and quick-service landscape brings together dining venues, cafés, bakeries, catering teams and canteen operators serving everyday meals and occasions.

Top restaurants & qsr companies in India (listed and private)

Frequently asked questions

How large is the restaurants & qsr industry in India?

343 restaurants & qsr companies with statutory filings (7 listed, 336 private) reported combined revenue of ₹45,261 crore in FY2025, +21.7% on the same companies, and aggregate EBITDA of ₹6,275 crore. As filed each year, combined revenue was ₹9,889 crore in FY2018, reached ₹45,261 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 5 listed companies with an exchange price are worth ₹59,106 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of restaurants & qsr companies was 13.9% in FY2025, 0.4 pts above FY2024, against a peak of 15.3% in FY2022. The low since the peak was 13.5% in FY2024. Profit after tax margin was 1.5% (−1.0 pts on FY2024). Aggregate EBITDA of listed and private restaurants & qsr companies moved +78% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹6,275 crore (+22.1% on FY2024).

Which companies are leading the restaurants & qsr industry?

By FY2025 revenue the largest restaurants & qsr companies are Jubilant FoodWorks (₹8,142 crore, 20.2% EBITDA margin); Devyani International (₹4,951 crore, 17.1% EBITDA margin); Sapphire Foods India (₹2,882 crore, 17.8% EBITDA margin); Westlife Foodworld (₹2,491 crore, 13.8% EBITDA margin); Hardcastle Restaurants (₹2,490 crore, 13.8% EBITDA margin, private). Among the ten largest, Travel Food Services (37.3%) and Taj Sats Air Catering (25.5%) earn the widest EBITDA margins and Compass India Food Services (2.6%) the thinnest. 18 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of menu pricing stories fell from +6 to -68 (-74 pts) over 81 stories, the largest drop of any theme. In buyer searches: Search interest in restaurant delivery and takeaway queries (food delivery) was +23% in the 12 months to 2026-09 vs the prior 12, led by “food delivery” (+23%), followed by bakery and cafe (+10%); restaurant dining moved +2%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of menu pricing turned more negative (Restaurants & QSR in the news). Restaurants & QSR EBITDA grew 78% since FY2022 (Industry financials). 4 private restaurants & qsr operators pass an IPO-readiness screen (Top restaurants & qsr companies in India). Restaurant delivery and takeaway searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 17.6× and median P/E 41.7× across 5 priced restaurants & qsr companies. (Market capitalisation & valuation).

How are restaurants & qsr stocks valued?

The median trailing P/E is 41.7× and the median EV/EBITDA 17.6× across 5 priced companies.

What does this restaurants and quick-service lane cover?

It covers restaurant and quick-service operators, alongside cafés, bakeries, catering teams and canteen operators.

How are private companies selected?

The private universe begins with the selected activity code and uses a restaurant-focused name rule, with uncertain matches reserved for review.

Research information, not investment advice.