Motilal Oswal's research report on United Foodbrands
United Foodbrands (BBQ India)’s consolidated revenue grew 14% YoY to INR3.8b (beat). The same-store sales grew 8.2% in 3QFY26 (est. flat), marking a growth after six quarters. Demand improved sequentially with 5% SSSG in Oct’25, moderate improvement in Nov, and stronger momentum in Dec, which has continued into Jan’26. Dine-in revenue grew 15% YoY to INR3.2b (+25% volume), and delivery revenue increased 14% YoY to INR0.6b (+29% transaction growth).
Outlook
We reiterate our Neutral rating with a TP of INR215, based on 8x Dec’27E Pre-Ind AS EV/EBITDA, reflecting a weak RoCE profile.
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