KFC momentum sustains; Pizza Hut, Sri Lanka drag
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 7/10
Grade B
Hit revenue/EBITDA targets (14.7% vs. 15% stated, 37% EBITDA growth). Transparent on Sri Lanka/Pizza Hut challenges. Pizza Hut turnaround taking longer than expected.
Optimistic
next 1–2 quarters
Optimistic
multi-year
Strong KFC momentum with validated consumer recruitment strategy and positive SSSG inflection. Pizza Hut remains unprofitable (−3.6% EBITDA), and Sri Lanka profitability will take "at least a couple of quarters" to recover. Management maintains guidance (60–80 KFC stores, high-single-digit Sri Lanka growth) but macro headwinds (energy costs, wage inflation, muted demand) limit near-term upside. Stock warrants patience on Pizza Hut turnaround.
₹888 Cr
Revenue · +15% YoY₹null Cr
Reported PAT · +null% YoYExpanding
Margins · vs guidance: OverstatedDid the claims hold up?
15% revenue growth, best in 11 quarters
OVERSTATEDDelivered ₹891 Cr; stated ₹888 Cr at 14.7% YoY growth
37% adjusted EBITDA growth, best in 15 quarters
MET₹75 Cr adjusted EBITDA, 37% growth delivered as stated
Positive SSSG all three brands; KFC 5%, Pizza Hut 1%, Sri Lanka 9%
METAll three brands posted positive SSSG in Q1; claim precise
KFC restaurant EBITDA improved 120 bps to 16.9%
METStated as result of lower discounts, 2% price hike, dine-in mix
Pizza Hut SSSG 1% after five quarters of decline
MixedPositive inflection; but restaurant EBITDA turned negative 3.6%
Earnings quality
What changed since the last call
KFC SSSG positive after soft Q4
Upgrade5% SSSG from ~flat/negative. Consumer recruitment strategy (₹99 crisper, BOGO buckets) working. Dine-in mix improved 57%→59%.
Pizza Hut restaurant EBITDA turned negative
DowngradeEBITDA fell to −3.6% (from −2.5% QoQ). Energy cost pressure not offset by 2% price hike or 1% SSSG gain. Dine-in/takeaway still lagging delivery.
Sri Lanka profitability timeline extended
DowngradeAcknowledged path to recovery 'at least a couple of quarters away.' Rupee depreciation, wage inflation, fuel costs from geopolitical crisis cited. Restaurant EBITDA 12% thin despite 9% SSSG.
Gross margin leverage identified
NeutralPrior quarters blamed discounting. Now lower discounts (started Oct FY26) + 2% price hike delivering 160 bps (KFC) and 80 bps (Pizza Hut) gross margin expansion. Sustainable if SSSG ≥3%.
The Q&A
Analysts probed Sri Lanka profitability path (Avi Mehta, Macquarie) and Pizza Hut margin recovery (Gautam Rathi, CWC). Management held firm on 'couple of quarters' for normalization and defended value strategy as customer recruitment, not subsidy. On aggregator growth divergence, CFO credibly argued new store ADS drag and SSSG lag explained gap; now fixed. Q&A revealed conviction but limited disclosure (transaction mix, specific SSSG by geography withheld).
Demand environment — Avi Mehta, Macquarie
AnsweredNo material improvement; similar. Upside driven by our value strategy (₹99 crisper, BOGO). Pizza Hut dine-in+takeaway now positive due to omnichannel mix.
Sri Lanka profitability — Avi Mehta, Macquarie
AnsweredYes, at least a couple of quarters away. Business resilient; focus on transaction growth; pricing/cost recovery to follow.
SSSG leverage threshold — Shubhi Gupta, Trinetra Asset Managers
Answered3–5% SSSG is neutral (covers inflation). Above 5% gains margin. Cost efficiencies this year helped us create leverage even at 3–5%.
Pizza Hut global sale impact — Manjeet Buaria, Saamya Advisors
AnsweredNo impact on our franchisee terms. New owner will have renewed focus; augers well for brand.
ADS and margin recovery — Manjeet Buaria, Saamya Advisors
AnsweredNot chasing 17–18% immediately. Focus is SSSG recovery first. New stores come at 80–85% ADS; 5–6% SSSG lifts ADS equally—net neutral. Current 16.9% margin is healthy.
Value strategy SSSG sustainability — Manjeet Buaria, Saamya Advisors
AnsweredHappy with 5% in tough macro. Started from negative SSSG. Two-pronged value (everyday + BOGO) finally working. External macro still weak.
Store expansion guidance — Anuj, Antique Stock Broking
AnsweredYes, 60–80 stores per year unchanged. Pizza Hut cautious (unfixed brand). Strike rates and ADS justify expansion.
Price hike customer impact — Anuj, Antique Stock Broking
AnsweredCareful approach (1% in April, 0.5–1% in June). Selective on menu items. No major impact. Customers downgrade basket; APC flat.
Smaller city unit economics — Pratik, M3 Investments
AnsweredADS 20% lower but operating costs significantly lower. Profitability and payback similar. Stores opened performing reasonably.
KFC long-term store potential — Pratik, M3 Investments
AnsweredMulti-decade opportunity. KFC = protein + rising per capita. Focus is 5-year doubling first. 4000–5000 eventually possible but foolish to plan near-term.
Pizza Hut turnaround steps — Pratik, M3 Investments
AnsweredNo new steps. Dine-in omnichannel focus. TN delivered double-digit delta SSSG and EBITDA. Blueprint ready; waiting for CCI approval to unify strategy with co-franchisee.
SSSG transaction vs. ticket mix — Harish Advani, Axis Capital
DodgedDon't disclose those numbers. SSSG positive for KFC and Pizza Hut. Dine-in/takeaway positive and ahead of delivery.
Aggregator competition dynamics — Harish Advani, Axis Capital
AnsweredHaven't heard any heightened competition on our aggregators for last few quarters.
Future price hike need — Harish Advani, Axis Capital
AnsweredHappy with current hikes. Restrict to 50–60% of inflation; rest managed via efficiencies or EBITDA absorption. Wars/macro uncertain; may need adjustment.
Customer bill value impact — Gautam Rathi, CWC
AnsweredPrice hike 2–3%, discount reduction 50 bps–1%. Customer adjusts basket; APC flat. Price hikes are gross margin tool, not revenue tool.
Pizza category pricing structural pressure — Gautam Rathi, CWC
AnsweredPizza Hut was premium vs. Domino's. 2021 decision to close value gap without deep discounts. Rolled day-wise discounts into everyday pricing. Gross margins still healthy. Real challenge is driving customer footfall, not pricing pass-through.
Dine-in/delivery market headwinds — Gautam Rathi, CWC
AnsweredLast 3 quarters show it's not impossible if you deliver right value + marketing. Delivery had discount advantage; pricing normalised. Level playing field now. Dine-in/takeaway transactions recovering.
Sapphire vs. aggregator growth divergence — Avi Mehta, Macquarie
AnsweredPrior year KFC grew 11% but had soft SSSG. Excluding that, KFC tracked aggregator 17–18%. Now back to 17% (SSSG returned). Aggregators show take-rate inflation. At 5–6% SSSG, KFC can match 15–20% growth.
Store expansion in soft demand — Avi Mehta, Macquarie
AnsweredYes, moderated to 60–80. SSSG is a factor. Expansion based on strike rates (ADS at year-end vs. payback, % of stores hitting targets). Two ticks = expansion justified.
New customer acquisition and frequency — Ashutosh, MIT
PartialQuarter-on-quarter absolute numbers tough to give. Proxy: transactions growing >SSSG growth. Same-store transaction growth >sales growth—positive sign.
Sri Lanka guidance change — Ashutosh, MIT
AnsweredGuidance remains high single-digit. Won't react to one quarter of weak profitability when SSSG still good.
Guidance
KFC 60–80 store additions per year (FY27 maintained)
HighStrike rates and ADS metrics healthy. No change despite 2.5 years of soft SSSG. Pizza Hut cautious (unfixed brand); Sri Lanka high single-digit SSSG (8–10%).
Restaurant EBITDA margins: KFC 17%, Pizza Hut recovery TBD, Sri Lanka 12–15% medium-term
MediumKFC at 16.9% (healthy) but needs SSSG ≥3–5% to prevent further slip. Pizza Hut currently negative (−3.6%) recovery hinges on SSSG +, energy normalization, unified strategy post-CCI. Sri Lanka needs cost relief.
Risks the call surfaced
Pizza Hut profitability
HighRestaurant EBITDA −3.6%; dine-in strategy not yet offsetting energy cost pressure. CCI approval for unified co-franchisee strategy is gating recovery.
Sri Lanka macro & currency
HighRupee depreciation, wage inflation, fuel costs from Middle East geopolitical crisis eroding profitability. Normalization pushed to 'at least a couple of quarters away'.
Demand environment soft
MediumManagement stated 'no material improvement in demand environment.' SSSG gains are from operational initiatives (value, marketing), not external tailwind. Sustainability risk if macro worsens.
Energy cost volatility
MediumGas, LPG, fuel pressures cited. Management restricts price hikes to 50–60% of inflation; rest absorbed in EBITDA. Wars could escalate impact in Q2/Q3.
Store expansion elasticity
MediumNew stores come at 80–85% ADS of brand average. If SSSG falls below 3%, store margins erode and strike rates deteriorate, forcing expansion cutback.
Management
Score 7/10. Clear on strategy (value+omnichannel for KFC, dine-in for Pizza Hut) and metrics (SSSG, strike rates, ADS). Transparent on headwinds (Sri Lanka, Pizza Hut, energy). Selective withholding (won't disclose transaction/geography mix). Candid on macro uncertainty and long-term opportunity. Hit Q1 targets (₹891 Cr revenue ~15% growth, EBITDA margins). KFC value strategy working. Pizza Hut turnaround slower than expected (negative EBITDA persists). Sri Lanka profitability deferred. Store expansion discipline credible but Pizza Hut expansion halted.
1 · Q2 FY27 (Sep 2026)
Continued KFC SSSG momentum; Pizza Hut dine-in inflection sustain
2 · 9M FY27
Sri Lanka profitability recovery as inflation pressures ease
3 · CCI approval (TBD)
Pizza Hut unified strategy between franchisees; expansion restart
Stock warrants patience on Pizza Hut turnaround.
Strong KFC, Ailing Pizza Hut—Guidance Hold Tells the Real Story
Revenue hit ₹891 Cr and EBITDA grew 37%, but Pizza Hut's profitability collapsed 110 bps to −3.6%, and management declined to raise full-year guidance. The call reveals a company in two tracks: KFC recovering on value strategy, but Pizza Hut and Sri Lanka anchoring near-term growth.
₹891 Cr
+14.7% YoY (stated 15%, slight overstatement)
15.7%
+120 bps YoY; healthy
+37% YoY
₹75 Cr; best in 15 quarters
₹14 Cr
+906% YoY from ₹1.4 Cr base; NPM 1.6%
5%
Positive after soft Q4; consumer recruitment working
1%
Inflection after 5 declining qtrs, but EBITDA −3.6%
−3.6%
Down 110 bps QoQ; energy cost pressure overwhelming
9%
Healthy but restaurant EBITDA thin at 12%; recovery pushed to 'couple of quarters'
This quarter is a tale of two businesses. KFC is firing: 17% system growth, 5% SSSG validated by a genuine consumer recruitment strategy (₹99 crisper, BOGO buckets), and dine-in+takeaway mix pushing restaurant EBITDA to 16.9% (+120 bps). The value play is working in a soft macro environment — management explicitly confirmed 'no material improvement in demand,' yet KFC SSSG rose because their work delivered, not because the world improved. But this victory is being strangled by two anchors. Pizza Hut profitability collapsed: restaurant EBITDA fell to −3.6% (from −2.5% QoQ), not despite a 2–3% price hike but because energy costs and weak footfall overwhelmed pricing gains. And Sri Lanka's profitability timeline blew out: management now says recovery is 'at least a couple of quarters away,' punting on rupee, wage inflation, and Middle East fuel costs. The headline — 14.7% revenue growth, 37% adjusted EBITDA growth — is real. But management's refusal to raise guidance is the tell. They don't believe the momentum carries forward. This is not a step-change quarter; it's a quarter of KFC recovery shadowed by deteriorating edges.
What Management Claimed vs. What Holds Up
'15% revenue growth, best in 11 quarters'
Actually: ₹891 Cr at 14.7% YoY (30 bps miss; immaterial overstatement)
'37% adjusted EBITDA growth, best in 15 quarters'
Verified: ₹75 Cr adjusted EBITDA, +37% YoY growth
'Positive SSSG all three brands; KFC 5%, Pizza Hut 1%, Sri Lanka 9%'
Precise and supported by call data
'KFC restaurant EBITDA improved 120 bps to 16.9%'
Supported: lower discounts (Oct FY26 onwards), 2% price hike, dine-in mix (+200 bps gross margin)
'Pizza Hut SSSG 1% after five quarters of decline — inflection'
SSSG claim true, but restaurant EBITDA fell to −3.6% (down 110 bps). Inflection false on profitability.
What Changed on This Call
KFC momentum validated. SSSG recovered from soft Q4 to 5% on the back of genuine consumer recruitment initiatives (₹99 crisper, BOGO buckets, marketing). Dine-in+takeaway mix improved from 57% to 59% of sales. This is not a one-off pop — management broke down the mechanics (everyday value + BOGO, 2% price hike, gross margin leverage from lower discounts), suggesting durability. System growth of 17% is robust, and strike rates justify the 60–80 store expansion guidance for FY27. Pizza Hut deterioration accelerated. Restaurant EBITDA fell from −2.5% (prior quarter) to −3.6%, despite a 2–3% price hike and 80 bps gross margin gain. Energy cost (gas, LPG, fuel) is the culprit — not offset by the modest SSSG of 1%. Dine-in+takeaway now positive, but delivery still lagging. Management is not taking new steps; instead, it's waiting for CCI approval to unify the co-franchisee strategy. The TN exclusive territory has delivered double-digit SSSG and EBITDA deltas, so the blueprint exists — but it's gated on regulatory approval. Sri Lanka recovery timeline extended. Profitability path pushed to 'at least a couple of quarters away.' Despite a strong 9% SSSG, restaurant EBITDA is thin at 12% due to rupee depreciation, minimum wage hikes, and fuel cost spikes from Middle East geopolitical crisis. Management remains confident the business will bounce back, but the timing is now fuzzy. Guidance maintained, not raised. KFC 60–80 store additions per year is unchanged. Pizza Hut expansion remains cautious (near-zero until brand positioning is unfixed). Sri Lanka high-single-digit SSSG (8–10%) target holds. This is the signal: despite KFC's recovery, management sees headwinds large enough to justify hold, not upgrade.
The Bull-Bear Ledger
KFC consumer recruitment strategy is validated by execution, not macro tailwind — durable foundation
KFC restaurant EBITDA at 16.9% is healthy; 5% SSSG > inflation, creating 3–5% margin leverage
Small-city store economics are solid (20% lower ADS, proportionally lower costs, similar payback) — multi-decade runway
Dine-in+takeaway inflection is real and differentiated vs. Domino's delivery dominance
Pizza Hut EBITDA turned negative and deteriorating (−3.6% from −2.5% QoQ) — turnaround is stalling
Pizza Hut profitability recovery is gated on CCI approval (external risk) with no clear timeline
Sri Lanka profitability recovery pushed to 'couple of quarters away' — vague and structural
Macro demand remains soft; all KFC SSSG gains are from operations, not tailwind; fragile if macro weakens
Energy cost volatility unresolved; wars could escalate impact in next 2–3 qtrs
Reported PAT of ₹14 Cr (1.6% NPM) is thin relative to 15.7% OPM, suggesting D&A/tax headwinds
Risks, Ranked by How Much They Should Concern a Holder
Pizza Hut EBITDA margin continues to erode
HIGHCurrently −3.6% and worsening. If energy costs persist and SSSG stalls below 3%, restaurant margin erosion continues. CCI approval is external gating; turnaround execution delayed. Profitability recovery now 'couple of quarters away' — vague and credibility-tested.
Sri Lanka profitability recovery timeline remains fuzzy
HIGH9% SSSG is solid, but profitability pinched at 12% EBITDA. Rupee, wage, fuel headwinds are structural (Middle East crisis). 'Couple of quarters' is not a plan; it's a hope. If geopolitical tensions escalate, recovery slips further.
KFC SSSG momentum breaks if macro demand worsens
MEDIUMManagement explicitly noted 'no material improvement in demand environment.' KFC's 5% SSSG is from their value strategy, not external tailwind. If macro deteriorates (job losses, rate cuts reverse), SSSG falls below 3% and restaurant margin erodes. Threshold is real: <3% SSSG = margin decline.
Energy cost volatility (wars, LPG spikes) unabated
MEDIUMPizza Hut's margin collapse is energy-driven. Management restricts price hikes to 50–60% of inflation; rest absorbed in EBITDA. If wars escalate (Middle East, Russia), next 2–3 qtrs could see cost surprises. Pricing power is weak (customers downgrade basket; APC flat).
Store expansion elasticity breaks if strike rates deteriorate
MEDIUMNew KFC stores come at 80–85% ADS; if SSSG falls below 3%, strike rates worsen and payback extends. Pizza Hut expansion was cut from 50–60 to ~zero when SSSG/EBITDA weakened — discipline exists, but signals caution. FY27 60–80 KFC stores is credible only if SSSG ≥3–5%.
How the Street Is Positioned
The result reaction tells a story of cautious enthusiasm curdling into skepticism. The stock popped 4.45% on day 1 and rallied to +8.12% by day 3 — genuine relief that Q1 delivered. But by day 5, the pop had faded to +3.34%, a clear signal that the initial excitement met re-analysis and selling. Since then (over ~21 days), the stock has rebounded to ₹234.72, a total move of +31% from the pre-result close of ₹179.12 — but the trajectory shows hesitation, not conviction. Institutional behavior confirms caution. FII holdings fell 3.73 percentage points in Q1 FY27 (from 28.98% to 25.25%), while DII increased 4.43pp (from 37.49% to 41.92%). This is a classic signal: foreign investors are selling into the pop, while domestic investors (mutual funds, LIC) are buying. The bulk deals in early August capture this dynamic: PI Opportunities AIF and Pioneer Investment Fund (FII-linked) sold ~34 lakh shares at ₹200, while RAMS Equities (domestic) bought 17.7 lakh at ₹200. T. Rowe Price bought 24.6 lakh back in June at ₹179.97 — value hunting, not momentum chasing. Valuation context matters. At ₹234.72, the stock is above its 20-day, 50-day, and 200-day SMAs (₹200.56, ₹189.24, ₹205.3), suggesting uptrend. But RSI of 75.1 is overbought territory. The stock is 24.41% below its all-time high of ₹310.5, but +67.76% off its 52-week low of ₹139.91 — a recovery from the lows, but still 40% below prior euphoria. The gap between the ATH drawdown and the current pop suggests the market is re-rating: not cheering a hero quarter, but acknowledging that the worst (Pizza Hut, Sri Lanka) may be priced in and KFC's momentum is real. The street is essentially saying: KFC is worth owning, but Pizza Hut is a 'show me' story and Sri Lanka is a wait-and-see. The FII selling at ₹200 (post-pop) and the RSI overbought reading suggest limited further rally here without fresh catalysts.
1 · Q2 KFC SSSG and Pizza Hut EBITDA inflection
The KFC momentum must sustain >5% SSSG to create margin leverage. Pizza Hut's EBITDA trajectory is critical — if it deteriorates further, the turnaround case is truly broken. Watch for dine-in+takeaway mix (is it growing faster than overall SSSG?) and energy cost normalization in Q2 pricing/cost.
2 · CCI approval on Pizza Hut unified co-franchisee strategy
This is the regulatory gating item. Once approved, management can implement the TN blueprint (proven double-digit SSSG and EBITDA delta) across all territories. Timeline and implementation speed matter; delays suggest the turnaround is further away than 'couple of quarters.'
3 · Sri Lanka profitability recovery timing and rupee stabilization
Watch for wage cost stabilization (end of minimum wage hikes?), rupee recovery vs. USD, and Middle East geopolitical news. Management's 'couple of quarters' will be tested in Q2 and 9M results. If the timeline slips to 4+ quarters, the stock de-rates again.
4 · Macro demand and KFC SSSG sustainability below 5%
If KFC SSSG falls below 3% in Q2, the margin leverage story breaks and store expansion comes under pressure. Watch for management commentary on demand environment — any deterioration is a trigger to lower guidance.
This is not a step-change quarter. It's a quarter of KFC recovery offset by Pizza Hut deterioration, with Sri Lanka profitability pushed to the future. The headline numbers — 14.7% revenue growth, 37% adjusted EBITDA growth, 15.7% OPM — are real, but they mask two concerning trends: Pizza Hut EBITDA is on a down trajectory (−3.6% and worsening), and Sri Lanka's recovery is vague. Management's decision to maintain rather than raise guidance is the honest signal: they don't see the upside yet.
The market's own verdict (FII selling at ₹200, day-5 pop fading, RSI overbought) suggests conviction is absent. KFC's momentum is durable, but Pizza Hut is a credibility test — if EBITDA stays negative in Q2, the entire turnaround narrative fractures.
The number to track: Pizza Hut restaurant EBITDA in Q2. If it stays below −2% or continues to deteriorate, the bear case gains traction and guidance could be cut. Above −1%, the TN blueprint argument holds and the stock re-rates higher.
Sapphire Foods swings to ₹14 Cr profit as revenue climbs 15% YoY, margins expand
revenue +14.69% · margins expanding
₹890.96 Cr
+14.69% YoY
₹14.02 Cr
1.56%
+1.8pp YoY
₹0.44
Sapphire Foods staged a clean turnaround in Q1 FY27, its first result since the appointed date of its merger into Devyani International. Consolidated revenue rose 14.7% YoY to ₹890.96 Cr (₹776.83 Cr a year ago) and the company swung to a net profit of ₹14.02 Cr, against a ₹1.74 Cr loss in the year-ago quarter and a ₹12.62 Cr loss last quarter. Crucially, this quarter carried NO exceptional item, unlike Q4 FY26 which bore a ₹12.80 Cr charge (scheme-of-arrangement costs plus a Labour Code provision) — so the profit is operationally clean, not a one-off artefact. Net margin improved to +1.57% from -0.22% YoY, and operating EBITDA margin expanded to roughly 15.7% from ~14.5% a year ago.
Q1 FY-2027 vs prior quarters
The topline print directly validates management's Q4 concall guidance of "reasonable" SSSG with restaurant EBITDA margins holding or improving: 14.7% YoY growth points to healthy same-store momentum from the KFC value/consumer-recruitment strategy carrying into the new year, and the margin expansion lands despite the LPG-cost (30-50 bps) and vendor-support (50-70 bps) headwinds management had flagged. Cost of materials at ₹278.06 Cr grew slower than revenue, aiding the gross-margin bridge. The standalone entity tells the same story — revenue ₹756.07 Cr, PAT ₹12.87 Cr, EPS ₹0.40 — so there is no divergence between the two bases.
The stock went into the print at ₹184.38, down 0.9% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management expressed confidence in delivering 'reasonable' SSSG in the upcoming year, driven by the success of its new consumer recruitment strategy for KFC, with positive momentum from Q4 continuing into April. While restaurant EBITDA margins are expected to hold or improve with positive SSSG, the company flagged pote
— This quarter: met
No pre-print street consensus surfaced (the result was released the same day as the board meeting), though Goldman Sachs had earlier raised FY27-28 estimates citing KFC strength. The dominant structural item remains the merger with Devyani International: shareholders receive 177 Devyani shares per 100 Sapphire shares, NSE/BSE 'no-objection' letters were received in June 2026, and the scheme awaits remaining regulatory/NCLT approvals — meaning this may be among the last standalone Sapphire prints. Other housekeeping this quarter: the registered office shift to Haryana was completed (ROC certificate May 18, 2026) and the 17th AGM was held July 21.
W1
Devyani merger approvals — NCLT/regulatory clearances pending on the 177:100 scheme (appointed date Apr 1, 2026); this may be a final standalone print
W2
SSSG durability — 14.7% YoY revenue growth must sustain as the KFC value strategy laps tougher bases
W3
Margin headwinds management flagged (30-50 bps LPG, 50-70 bps vendor-support) against the ~15.7% EBITDA margin achieved this quarter
Clean digital PDF, headers unambiguous, all checks pass. Source in Rs Million, converted to Cr (÷10). NO exceptional item this quarter (vs Rs 12.80 Cr consol / Rs 12.31 Cr standalone charge in Q4 FY26 for scheme+Labour Code). Consol PAT Rs 14.022 Cr line-7 before NCI; attributable to parent Rs 14.041 Cr, NCI -Rs 0.019 Cr. Year-ago Q1 FY26 had no one-off, so YoY turnaround is clean. Merger into Devyani International (appointed date Apr 1, 2026) pending.