United Foodbrands (BARBEQUE) Q4 24/25 earnings summary

Executive summary

• FY25 revenue was ₹12,330.49 million (INR 1,233 crores), down 1.7% year-over-year, with Q4 revenue at ₹2,928 million, down 1.8%.

• Profitability was maintained with reported EBITDA at ₹2,271.87 million (INR 211 crores), margin at 17.1%-18.2%.

• Net loss after tax for FY25 was ₹270.36 million, compared to a loss of ₹112 million in FY24.

• Restaurant network expanded to 230 outlets, with 18 new openings and 5 closures during FY25.

• The group operates mainly in India with some overseas operations and continues to expand internationally.

Financial highlights

• Gross margin for FY25 improved by 160 bps to 68.2%; operating EBITDA margin at 17.1%.

• Adjusted operating EBITDA for FY25 was ₹906 million (7.4% margin).

• Cash profit for FY25 was ₹790 million.

• SSSG for FY25 was -3.8%; Q4 FY25 SSSG was -2.0%.

• Dine-in contributed 85% of annual revenue, delivery 15%.

Outlook and guidance

• Network expansion targeted at 8-12% annually, aiming for 300-325 restaurants by FY27.

• Plans to add 4-6 international restaurants annually and enter new markets such as Saudi Arabia.

• CapEx for 35-40 new restaurants in FY26/FY27 estimated at ₹100-110 crores per year, with ₹20 crores for maintenance.

• If internal accruals fall short, external debt of ₹35 crores may be raised.

• Premium CDR segment targets ~30% network expansion and growth in new cities.