Motilal Oswal's research report on United Foodbrands
United Foodbrands (BBQ India)’s consolidated revenue was flat YoY at INR3.0b (in line). Same-store sales growth (SSSG) remained subdued, declining 2.2% YoY in 2QFY26, primarily due to Navratri (70-75% portfolio non-veg). Ex-Navratri, SSSG stood at +0.8%, indicating an underlying improvement in demand. In Oct’25, SSSG rebounded to 6–7% at the consolidated level and ~5% for the India business, reflecting a healthy recovery post-Navratri. Dine-in revenue declined 1% YoY to INR2.6b, and delivery was up 4% to INR0.5b.
Outlook
We reiterate our Neutral rating on the stock as we still await clarity on earnings recovery. We have a TP of INR215, based on 10x Sep’27E Pre-Ind AS EV/EBITDA.
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