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Westlife Foodworld Ltd

WESTLIFE

NSE

₹551.10-4.84%19 Oct 2026

Reports

Quick Service Restaurant

Westlife Foodworld Ltd

WESTLIFE

NSE

₹551.10

-4.84%

19 Oct 2026

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Quick Service Restaurant

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Westlife Foodworld is the company behind every McDonald’s in West and South India - the master franchisee that owns and runs the restaurants, not a distant brand licensor. It began with a single store in Mumbai’s Bandra in 1996 and has since built a network of 478 restaurants across 78 cities, all operated by its subsidiary Hardcastle Restaurants. The recurring idea that explains the business is a “glocal” model: a global brand and system, executed with a deeply Indian supply chain, a menu invented for local tastes, and a company-owned store footprint that keeps every customer touchpoint under its own control.

Business segments

Two engines that feed each other - a company-owned restaurant chain that serves millions of guests directly, and a farm-to-fork supply chain that makes that possible with roughly 99% of ingredients sourced inside India.

1. Company-owned McDonald’s restaurants: the store network that meets the customer

Every burger, coffee and McAloo Tikki sold in West and South India flows through a store Westlife itself owns and operates - the company is the retailer, not a sub-franchisor.

Owned, not just branded - Westlife, through its subsidiary HRPL, holds the master franchise for McDonald’s in its territory and runs every restaurant itself, so it captures the full economics of each sale rather than collecting a thin royalty from third-party operators.
Built around Indian tastes - the menu is anchored on burgers, chicken and coffee, but the biggest sellers include items created specifically for India, such as the McAloo Tikki Burger and Chicken Maharaja Mac, which means the offering is local comfort food served inside a global format.
A channel for every occasion - guests can dine in, take away, use a drive-thru, order via the McDelivery app or collect from the kerb with On-the-Go, and the company stitches these together through a single app and loyalty programme so the experience feels seamless whether the customer is on the sofa or in the car.
Digital is the front door - over three-quarters of sales now come through the mobile app, McDelivery platform, and in-store self-ordering kiosks, which gives Westlife direct data on what guests want and reduces its reliance on third-party delivery platforms for customer relationships.
Value that builds habit - entry-level combo meals start at ₹69, and the company describes its ₹99 everyday meal as “trusted, predictable, and habit-forming,” so the pricing ladder is designed to bring people in frequently rather than only on payday.

2. The supply chain: a farm-to-fork engine that delivers consistency and cost control

Westlife built its own cold chain, grower network and supplier ecosystem over more than two decades - it is the largest investment the company has made and the reason a burger tastes the same in Mumbai and Mangalore.

Grown to order - the company pioneered the cultivation of iceberg lettuce in India and worked with suppliers to develop a special potato variety for its French fries, so ingredients that were once imported are now produced domestically to its specifications.
Sourced within a few hundred kilometres - tomatoes come from Western India, potatoes from Gujarat, dairy from the same state, buns from Maharashtra, jalapeños from Karnataka, coffee from Chikkamagaluru and lettuce from the Nilgiri Hills, which shortens the distance from field to restaurant and insulates against global supply shocks.
Cold chain as insurance - temperature-controlled trucks and precision logistics deliver 99% of supplies on time at regulated temperatures, so the company can serve perishable food across a vast geography without breaking the cold chain that keeps it safe.
Audited from farm to plate - 95% of products by value come from vendors covered under supplier workplace accountability audits, and the chicken used in McSpicy Fried Chicken goes through 64 separate tests for traceability, which turns a sprawling supplier base into a controlled system.

Group structure and partners

Westlife Foodworld is the listed holding company, but every restaurant, employee and customer transaction sits inside its wholly-owned subsidiary Hardcastle Restaurants - the entity that actually holds the McDonald’s licence.

One subsidiary, one licence - Hardcastle Restaurants (HRPL) is the master franchisee under an agreement with McDonald’s signed in September 2022, giving it the exclusive right to own and operate McDonald’s restaurants in West and South India and to open new ones at approved locations.
Royalty tied to growth - HRPL pays McDonald’s a continuing franchise fee as a percentage of restaurant sales; the rate for FY26 is 5.0%, provided network expansion targets are met, which aligns the cost of the brand licence with the company’s store-opening pace.
Control stays with the founding family - the master franchise agreement requires Amit Jatia to remain in control of HRPL at all times, and because HRPL is wholly owned by Westlife Foodworld, that control extends to the listed company as well.

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Mkt Cap

Market Capitalization

₹8,500Cr

Close Price

₹545.10

Industry

Quick Service Restaurant

Price To Earnings

267.21

Price To Sales

3.14

Revenue

₹2,704Cr

Rev Gr TTM

Revenue Growth TTM

6.75%

PAT Gr TTM

PAT Growth TTM

213.24%

Upcoming Results on

23 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	615	600	562	616	618	654	603	658	642	671	655	736
Growth YoY Revenue Growth YoY%	7.4	-1.8	1.1	0.3	0.5	8.9	7.3	6.7	3.9	2.6	8.7	11.9
Expenses ExpensesCr	517	508	487	538	542	566	526	572	575	573	568	643
Operating Profit Operating ProfitCr	98	92	75	79	76	88	77	85	67	98	87	93
OPM OPM%	16.0	15.3	13.3	12.8	12.3	13.5	12.8	13.0	10.5	14.5	13.3	12.6
Other Income Other IncomeCr	3	5	5	5	6	3	10	7	64	-2	6	7
Interest Expense Interest ExpenseCr	27	28	28	30	32	33	33	35	36	37	37	39
Depreciation DepreciationCr	44	46	50	49	50	52	53	55	57	56	58	60
PBT PBTCr	30	23	2	5	1	6	1	2	37	2	-1	1
Tax TaxCr	8	6	1	1	0	-1	0	0	9	1	-3	0
PAT PATCr	22	17	1	3	0	7	2	1	28	1	2	1
Growth YoY PAT Growth YoY%	-29.1	-52.6	-96.2	-88.7	-98.4	-59.3	100.0	-62.1	7,597.2	-85.5	56.6	-52.0
NPM NPM%	3.6	2.9	0.1	0.5	0.1	1.1	0.3	0.2	4.3	0.1	0.4	0.1
EPS EPS₹	1.4	1.1	0.1	0.2	0.0	0.5	0.1	0.1	1.8	0.1	0.1	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	615	600	562	616	618	654	603	658	642	671	655	736
Growth YoY Revenue Growth YoY%	7.4	-1.8	1.1	0.3	0.5	8.9	7.3	6.7	3.9	2.6	8.7	11.9
Expenses ExpensesCr	517	508	487	538	542	566	526	572	575	573	568	643
Operating Profit Operating ProfitCr	98	92	75	79	76	88	77	85	67	98	87	93
OPM OPM%	16.0	15.3	13.3	12.8	12.3	13.5	12.8	13.0	10.5	14.5	13.3	12.6
Other Income Other IncomeCr	3	5	5	5	6	3	10	7	64	-2	6	7
Interest Expense Interest ExpenseCr	27	28	28	30	32	33	33	35	36	37	37	39
Depreciation DepreciationCr	44	46	50	49	50	52	53	55	57	56	58	60
PBT PBTCr	30	23	2	5	1	6	1	2	37	2	-1	1
Tax TaxCr	8	6	1	1	0	-1	0	0	9	1	-3	0
PAT PATCr	22	17	1	3	0	7	2	1	28	1	2	1
Growth YoY PAT Growth YoY%	-29.1	-52.6	-96.2	-88.7	-98.4	-59.3	100.0	-62.1	7,597.2	-85.5	56.6	-52.0
NPM NPM%	3.6	2.9	0.1	0.5	0.1	1.1	0.3	0.2	4.3	0.1	0.4	0.1
EPS EPS₹	1.4	1.1	0.1	0.2	0.0	0.5	0.1	0.1	1.8	0.1	0.1	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	833	931	1,135	1,402	1,548	986	1,576	2,278	2,392	2,491	2,626	2,704
Growth Revenue Growth%	9.0	11.7	21.9	23.5	10.4	-36.3	59.9	44.5	5.0	4.2	5.4	6.8
Expenses ExpensesCr	791	884	1,058	1,283	1,334	939	1,387	1,904	2,022	2,171	2,289	2,359
Operating Profit Operating ProfitCr	43	47	77	119	214	47	189	374	369	320	337	344
OPM OPM%	5.1	5.0	6.8	8.5	13.8	4.8	12.0	16.4	15.4	12.8	12.8	12.7
Other Income Other IncomeCr	33	20	18	14	-4	48	28	20	18	24	75	74
Interest Expense Interest ExpenseCr	15	15	15	18	81	85	83	93	110	127	145	149
Depreciation DepreciationCr	58	64	67	80	138	140	136	152	182	204	226	231
PBT PBTCr	3	-12	13	35	-9	-129	-2	149	96	13	40	39
Tax TaxCr	0	0	0	14	-1	-29	0	38	27	1	7	7
PAT PATCr	3	-12	13	21	-7	-99	-2	112	69	12	32	32
Growth PAT Growth%	109.7	-527.8	206.1	65.6	-134.5	-1,253.1	98.3	6,797.5	-38.0	-82.5	166.2	213.2
NPM NPM%	0.3	-1.3	1.1	1.5	-0.5	-10.1	-0.1	4.9	2.9	0.5	1.2	1.2
EPS EPS₹	0.2	-0.8	0.8	1.4	-0.5	-6.4	-0.1	7.2	4.4	0.8	2.1	2.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	833	931	1,135	1,402	1,548	986	1,576	2,278	2,392	2,491	2,626	2,704
Growth Revenue Growth%	9.0	11.7	21.9	23.5	10.4	-36.3	59.9	44.5	5.0	4.2	5.4	6.8
Expenses ExpensesCr	791	884	1,058	1,283	1,334	939	1,387	1,904	2,022	2,171	2,289	2,359
Operating Profit Operating ProfitCr	43	47	77	119	214	47	189	374	369	320	337	344
OPM OPM%	5.1	5.0	6.8	8.5	13.8	4.8	12.0	16.4	15.4	12.8	12.8	12.7
Other Income Other IncomeCr	33	20	18	14	-4	48	28	20	18	24	75	74
Interest Expense Interest ExpenseCr	15	15	15	18	81	85	83	93	110	127	145	149
Depreciation DepreciationCr	58	64	67	80	138	140	136	152	182	204	226	231
PBT PBTCr	3	-12	13	35	-9	-129	-2	149	96	13	40	39
Tax TaxCr	0	0	0	14	-1	-29	0	38	27	1	7	7
PAT PATCr	3	-12	13	21	-7	-99	-2	112	69	12	32	32
Growth PAT Growth%	109.7	-527.8	206.1	65.6	-134.5	-1,253.1	98.3	6,797.5	-38.0	-82.5	166.2	213.2
NPM NPM%	0.3	-1.3	1.1	1.5	-0.5	-10.1	-0.1	4.9	2.9	0.5	1.2	1.2
EPS EPS₹	0.2	-0.8	0.8	1.4	-0.5	-6.4	-0.1	7.2	4.4	0.8	2.1	2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	31	31	31	31	31	31	31	31	31	31	31
Reserves ReservesCr	507	496	511	553	546	450	431	535	557	572	588
Current Liabilities Current LiabilitiesCr	292	352	385	432	1,176	1,242	1,335	1,487	1,656	1,951	2,149
Non Current Liabilities Non Current LiabilitiesCr	8	0	2	8	10	0	0	46	42	53	62
Total Liabilities Total LiabilitiesCr	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608	2,830
Current Assets Current AssetsCr	204	178	124	122	117	125	161	170	157	389	336
Non Current Assets Non Current AssetsCr	634	702	805	902	1,646	1,599	1,636	1,929	2,129	2,219	2,494
Total Assets Total AssetsCr	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608	2,830

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	31	31	31	31	31	31	31	31	31	31	31
Reserves ReservesCr	507	496	511	553	546	450	431	535	557	572	588
Current Liabilities Current LiabilitiesCr	292	352	385	432	1,176	1,242	1,335	1,487	1,656	1,951	2,149
Non Current Liabilities Non Current LiabilitiesCr	8	0	2	8	10	0	0	46	42	53	62
Total Liabilities Total LiabilitiesCr	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608	2,830
Current Assets Current AssetsCr	204	178	124	122	117	125	161	170	157	389	336
Non Current Assets Non Current AssetsCr	634	702	805	902	1,646	1,599	1,636	1,929	2,129	2,219	2,494
Total Assets Total AssetsCr	838	880	929	1,024	1,763	1,724	1,798	2,099	2,286	2,608	2,830

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	80	66	137	112	200	129	171	349	340	345	352
Investing Cash Flow Investing Cash FlowCr	-80	-91	-111	-145	-68	-74	-56	-265	-185	-221	-202
Financing Cash Flow Financing Cash FlowCr	0	26	-22	32	-139	-45	-102	-98	-149	-79	-192
Net Cash Flow Net Cash FlowCr	-1	0	4	-1	-7	10	12	-15	6	45	-42
Free Cash Flow Free Cash FlowCr	3	-25	31	-31	74	80	71	79	124	127	115
CFO To PAT CFO To PAT%	2,819.1	-541.8	1,066.5	526.7	-2,716.7	-130.0	-10,238.7	312.4	490.6	2,839.4	1,088.6
CFO To EBITDA CFO To EBITDA%	187.4	139.9	177.3	94.3	93.3	275.3	90.2	93.2	91.9	107.8	104.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	80	66	137	112	200	129	171	349	340	345	352
Investing Cash Flow Investing Cash FlowCr	-80	-91	-111	-145	-68	-74	-56	-265	-185	-221	-202
Financing Cash Flow Financing Cash FlowCr	0	26	-22	32	-139	-45	-102	-98	-149	-79	-192
Net Cash Flow Net Cash FlowCr	-1	0	4	-1	-7	10	12	-15	6	45	-42
Free Cash Flow Free Cash FlowCr	3	-25	31	-31	74	80	71	79	124	127	115
CFO To PAT CFO To PAT%	2,819.1	-541.8	1,066.5	526.7	-2,716.7	-130.0	-10,238.7	312.4	490.6	2,839.4	1,088.6
CFO To EBITDA CFO To EBITDA%	187.4	139.9	177.3	94.3	93.3	275.3	90.2	93.2	91.9	107.8	104.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,033	3,322	4,979	6,671	4,984	7,154	7,459	10,663	12,537	10,873	7,541	8,500
Price To Earnings Price To Earnings	1,083.3		385.5	312.9				95.5	181.1	893.9	233.6	267.2
Price To Sales Price To Sales	3.6	3.6	4.4	4.8	3.2	7.3	4.7	4.7	5.2	4.4	2.9	3.1
Price To Book Price To Book	5.6	6.3	9.2	11.4	8.6	14.9	16.1	18.8	21.3	18.0	12.2	13.7
EV To EBITDA EV To EBITDA	74.1	74.5	66.6	58.0	27.8	172.8	44.9	31.6	37.6	38.9	27.7	31.4
Profitability Ratios Profitability Ratios
GPM GPM%	45.7	46.4	48.9	46.9	54.1	46.8	48.1	60.2	61.0	60.2	60.1	60.1
OPM OPM%	5.1	5.0	6.8	8.5	13.8	4.8	12.0	16.4	15.4	12.8	12.8	12.7
NPM NPM%	0.3	-1.3	1.1	1.5	-0.5	-10.1	-0.1	4.9	2.9	0.5	1.2	1.2
ROCE ROCE%	2.7	0.5	3.8	6.5	4.7	-3.0	5.3	13.7	10.5	6.3	7.6	7.6
ROE ROE%	0.5	-2.3	2.4	3.6	-1.3	-20.7	-0.4	19.7	11.8	2.0	5.2	5.2
ROA ROA%	0.3	-1.4	1.4	2.1	-0.4	-5.8	-0.1	5.3	3.0	0.5	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	3,033	3,322	4,979	6,671	4,984	7,154	7,459	10,663	12,537	10,873	7,541	8,500
Price To Earnings Price To Earnings	1,083.3		385.5	312.9				95.5	181.1	893.9	233.6	267.2
Price To Sales Price To Sales	3.6	3.6	4.4	4.8	3.2	7.3	4.7	4.7	5.2	4.4	2.9	3.1
Price To Book Price To Book	5.6	6.3	9.2	11.4	8.6	14.9	16.1	18.8	21.3	18.0	12.2	13.7
EV To EBITDA EV To EBITDA	74.1	74.5	66.6	58.0	27.8	172.8	44.9	31.6	37.6	38.9	27.7	31.4
Profitability Ratios Profitability Ratios
GPM GPM%	45.7	46.4	48.9	46.9	54.1	46.8	48.1	60.2	61.0	60.2	60.1	60.1
OPM OPM%	5.1	5.0	6.8	8.5	13.8	4.8	12.0	16.4	15.4	12.8	12.8	12.7
NPM NPM%	0.3	-1.3	1.1	1.5	-0.5	-10.1	-0.1	4.9	2.9	0.5	1.2	1.2
ROCE ROCE%	2.7	0.5	3.8	6.5	4.7	-3.0	5.3	13.7	10.5	6.3	7.6	7.6
ROE ROE%	0.5	-2.3	2.4	3.6	-1.3	-20.7	-0.4	19.7	11.8	2.0	5.2	5.2
ROA ROA%	0.3	-1.4	1.4	2.1	-0.4	-5.8	-0.1	5.3	3.0	0.5	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	JUBLFOOD	DEVYANI	WESTLIFE	RBA	SAPPHIRE	UFBL	SPECIALITY
Market CapitalizationMkt CapCr	27,285	14,757	8,500	6,510	6,299	2,598	679
Close PriceClose₹	413.50	119.69	545.10	91.41	196.00	664.10	140.79
IndustryIndustry	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant
Price To EarningsPE	63.23		267.21				28.97
Price To SalesPS	2.77	2.53	3.14	2.21	1.94	1.77	1.37
RevenueRevenueCr	9,838	5,835	2,704	2,948	3,239	1,468	495
Revenue Growth TTMRev Gr TTM%	16.3%	14.7%	6.8%	13.3%	10.2%	19.9%	11.9%
PAT Growth TTMPAT Gr TTM%	77.5%	-2.1%	213.2%	15.2%	-339.3%	-9.0%	16.8%

	JUBLFOOD	DEVYANI	WESTLIFE	RBA	SAPPHIRE	UFBL	SPECIALITY
Market CapitalizationMkt CapCr	27,285	14,757	8,500	6,510	6,299	2,598	679
Close PriceClose₹	413.50	119.69	545.10	91.41	196.00	664.10	140.79
IndustryIndustry	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant	Quick Service Restaurant
Price To EarningsPE	63.23		267.21				28.97
Price To SalesPS	2.77	2.53	3.14	2.21	1.94	1.77	1.37
RevenueRevenueCr	9,838	5,835	2,704	2,948	3,239	1,468	495
Revenue Growth TTMRev Gr TTM%	16.3%	14.7%	6.8%	13.3%	10.2%	19.9%	11.9%
PAT Growth TTMPAT Gr TTM%	77.5%	-2.1%	213.2%	15.2%	-339.3%	-9.0%	16.8%

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