Sapphire Foods India

Sapphire Foods India’s promoter, Sapphire Foods Mauritius Ltd (SFML), and Arctic International Pvt Ltd mutually terminated an agreement for Arctic to acquire shares representing about 18.5% of Sapphire Foods’ fully paid-up share capital. The company’s board approved a revised merger scheme with Devyani International that removed the secondary sale as a condition to the scheme’s effectiveness, while retaining the exchange ratio of 177 Devyani shares for every 100 Sapphire Foods shares. Sapphire Foods and Devyani International had announced the merger in January, and the NSE and BSE had issued no-objection approvals in June. Sapphire Foods reported consolidated FY26 revenue of about ₹3,125 crore and had 1,074 outlets after additions in the first quarter of FY27.

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Sapphire Foods India terminated by mutual agreement a share purchase agreement under which promoter Sapphire Foods Mauritius was to sell about 18.5% of Sapphire's fully paid-up share capital to Arctic International. The company's board approved a revised merger scheme with Devyani International that removed completion of that secondary sale as a condition for the merger to take effect, while leaving the 177-for-100 share exchange ratio unchanged. The merger scheme was approved by Sapphire's board on January 1, 2026, and NSE and BSE no-objection approvals were obtained in June. Sapphire had revenue of about ₹3,125 crore in FY26 and operated 1,052 stores at year-end.

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Aug 14 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• TRIBUNAL DISMISSES TAX DEPARTMENT APPEAL PERTAINING TO UNIT, UPHOLDS ORDER

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Further company coverage: SAPI.NS

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July 24 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• SAPPHIRE FOODS INDIA Q1 CONSOL NET PROFIT 140.4 MILLION RUPEES

• SAPPHIRE FOODS INDIA Q1 CONSOL REVENUE FROM OPERATIONS 8.91 BILLION RUPEES

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Further company coverage: SAPI.NS

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June 26 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• SAPPHIRE FOODS INDIA - TAX DEMAND OF 977.06 MILLION RUPEES AGAINST CO FOR THE PERIOD APRIL 2022 TO MARCH 2023 AND APRIL 2023 TO MARCH 2024 DISMISSED

Source text: ID:nNSE6GHspy

Further company coverage: SAPI.NS

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** Shares of Devyani International DEVY.NS jump 5.39% to 117.21 rupees

** KFC India operator says it has received a "no objection" letter from NSE and a "no adverse observations" letter from BSE for its proposed merger with Sapphire Foods India SAPI.NS

** Co says deal remains subject to approvals from regulators, shareholders and creditors

** DEVY rated "buy" on average by 23 analysts, median PT at 155 rupees - data compiled by LSEG

** YTD, stock down 20.83%

(Reporting by Surbhi Misra in Bengaluru)

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Sapphire Foods India has received no-objection letters from the National Stock Exchange and BSE for its proposed scheme of arrangement with Devyani International, the company said on Monday. The exchanges conveyed a no-objection and no adverse observations, respectively, clearing a key regulatory hurdle for the merger first announced in January 2026. The observation letters require the companies to obtain Competition Commission of India approval before filing with the NCLT and to disclose details of a secondary sale of up to 18.5% of Sapphire's equity by promoter entity Sapphire Foods Mauritius to Arctic International. The scheme will now proceed to shareholder and creditor approvals before final NCLT sanction.

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June 15 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL - RECEIVES 'NO OBJECTION' FROM NSE AND 'NO ADVERSE OBSERVATIONS' FROM BSE FOR SAPPHIRE DEAL

Source text: ID:nBSE4wD7wS

Further company coverage: DEVY.NS

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May 27 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• SAPPHIRE FOODS INDIA - RECEIVES SHOW CAUSE NOTICE AMOUNTING TO 977.1 MILLION RUPEES

Source text: ID:nBSE3FjBhd

Further company coverage: SAPI.NS

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** KFC India operator Sapphire Foods SAPI.NS rises 0.4% to 175 rupees

** Co reports wider Q4 consolidated net loss of 126.1 million rupees ($1.3 million) vs 47.9 million loss in Q3

** However, revenue from operations rises 11.4% y/y

** Emkay Capital says despite higher promotional, ad spends, KFC brand margins improved notably likely helped by price hikes and support from vendors

** Adds margins might face headwinds from likely increase in fuel costs, potential withdrawal of vendor support

** Despite LPG-related disruptions, co delivered strong performance with minimal store closures, resilient ops, BOB Capital Markets says

** YTD, SAPI down 32.3%

($1 = 94.7600 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

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April 28 (Reuters) - Sapphire Foods SAPI.NS, the Indian operator of KFC and Pizza Hut chains, swung to a consolidated loss in the fourth quarter.

The franchisee for U.S.-based Yum Brands YUM.N reported a consolidated net loss of 126.1 million rupees ($1.33 million) for the March quarter, versus a profit of 17.9 million rupees a year earlier.

($1 = 94.5213 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sherry Jacob-Phillips)

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** Shares of quick-service restaurant operators fall as LPG shortage concerns raise risks of higher near-term operating costs and store-level disruptions

** Jefferies says India imports roughly 60% of its LPG and natural gas needs and shortages have been seen in commercial kitchens amid Middle East tensions

** Adds retail and QSR sector earnings could see more than 5% hit in its base-case scenario from ongoing supply constraints

** Jubilant Foodworks JUBI.NS down 2.8% at 441.5 rupees, Devyani International DEVY.NS falls 3.27% to 96.3 rupees, Westlife Food WEST.NS down 1.44% to 436.05 rupees, Sapphire Foods SAPI.NS drops 4.44% to 152.16 rupees

** Shares of food-delivery platforms Eternal ETERNAL.NS down 1.13% at 230.51 rupees and Swiggy SWIGGY.NS fall 3.43% to 259.30 rupees

(Reporting by Surbhi Misra in Bengaluru)

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** Indian quick service restaurants fall 0.4%-4.5%

** Middle East conflict-driven commercial LPG shortage expected to disrupt ops, may hit delivery volumes

** Pizza Hut operator Devyani DEVY.NS down 4%, KFC operator Sapphire Foods SAPI.NS dips ~4.5%

** Market leader Jubilant Foodworks JUBI.NS eases 0.4%

** However, oil minister says India securing more LPG from new sources like U.S., Norway, Canada, Russia

** YTD, SAPI down ~37%; JUBI, DEVY falls 17% and 24%, respectively

(Reporting by Urvi Dugar in Bengaluru)

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Feb 6 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• SAPPHIRE FOODS INDIA Q3 CONSOL NET LOSS 47.9 MILLION RUPEES

• SAPPHIRE FOODS INDIA Q3 CONSOL REVENUE FROM OPERATIONS 8.14 BILLION RUPEES

Source text: ID:nBSE2q0tK4

Further company coverage: SAPI.NS

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Adds details and analyst comments throughout; updates shares

Jan 2 (Reuters) - India's KFC, Pizza Hut operator Devyani International jumped as much as 8.3% on Friday after announcing the long-anticipated $934 million merger with smaller peer Sapphire Foods, creating a fast-food major poised to challenge market leader Jubilant Foodworks.

The combined entity will operate more than 3,000 KFC and Pizza Hut outlets, franchises of Yum Brands YUM.N, in India and overseas, going up against the Domino's Pizza operator Jubilant's 3,480 outlets in the country.

Devyani's DEVY.NS stock was last trading 2.8% higher at 151.39 rupees.

The merger was a "welcome strategic move", said analysts at JP Morgan, as it meant a simplified structure, potential for meaningful cost savings and quicker decision making, helping Devyani compete more effectively with peers and food delivery platforms.

The merger comes as India's fast‑food franchisees contend with higher operating costs, slowing same‑store sales and margin pressures, while consumers trim discretionary spending. Both Devyani and Sapphire logged losses in the September 2025 quarter.

The combined business could deliver revenue and operating profit 50%–60% above current levels, with a scale and growth trajectory approaching Jubilant's, though margins are expected to remain comparatively weaker for now, added Emkay Global.

Devyani will issue 177 shares for every 100 Sapphire shares under the deal.

Sapphire Foods slipped about 3% to 254.25 rupees, while Jubilant's shares were trading 0.2% lower at 552.20 rupees.

The merger ratio is very close to where the stock prices closed on January 1 and so there is no major price adjustment that can arise out of this deal, said Jefferies analysts.

(Reporting by Urvi Dugar and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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Jan 1 (Reuters) - Sapphire Foods India SAPI.NS said on Thursday it will merge with Devyani International DEVY.NS, in a move that is likely to consolidate local franchisee partners of Yum Brands YUM.N, the owner of KFC and Pizza Hut.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Howard Goller)

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** Shares of quick service restaurant (QSR) operators gain between 1% and 3.5%

** India announced GST cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand

** While the GST rate on QSR output remains same, lower tax on key inputs like cheese, other dairy products and chicken is down to 5% from 12%

** Jefferies says Jubilant Foodworks JUBI.NS, Devyani International DEVY.NS and Sapphire Foods SAPI.NS to benefit

** JUBI up 3.5%, while DEVY and SAPI rise 2.7% and 1.7%, respectively

** McDonald's India operator Westlife Foodworld WEST.NS climbs as much as 4.9%, last up 1.1%

** JUBI, SAPI, WEST rated "hold" on avg, DEVY rated "buy" - data compiled by LSEG

(Reporting by Manvi Pant in Bengaluru)

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By Praveen Paramasivam

Aug 26 (Reuters) - U.S. pizza chain Papa John's International PZZA.O plans to return to India by October, said a master franchisee executive, aiming to open 650 stores over the next decade in a market where fast-food chains have been struggling to sustain sales growth.

The world's third-largest pizza delivery company, which exited India in 2017 citing underperformance, follows U.S. rival Little Caesars, which opened in India earlier this year with a target of 100 stores by the decade-end.

Papa John's will open its first store in the southern city of Bengaluru, Vish Narain, managing partner at Pulsar Capital, told Reuters. The Indian investment house and UAE-based PJP Investments Group are Papa John's joint master franchisees in India.

The pizza chain had revealed plans in April 2023 to re-enter the "complex market".

Its return comes as fast-food chains grapple with weakening sales in the country, as cash-strapped urban consumers - the key customer base - cut back due to slow wage growth and as rising competition bites.

One of India's two Pizza Hut YUM.N franchisees, Devyani International DEVY.NS, has been closing underperforming stores, while the smaller operator, Sapphire Foods India SAPI.NS, has been cautious with its expansion plans.

The company will also face stiff competition from Domino's Pizza DPZ.O, which has more than 2,200 outlets in India, Pizza Hut with about 950 stores, and smaller upscale chains such as Pizza Bakery and PizzaExpress.

Pulsar Capital is betting on India's long-term potential, mirroring consumer-facing companies such as Dove soapmaker Hindustan Unilever HLL.NS and brewer Heineken HEIN.AS that are continuing to invest in the country with an eye on its population of 1.4 billion.

The fast-food "category is under-penetrated, so we are many years away from saturation," said Narain.

Papa John's plans to tailor its pizza to local palates while also offering its signature pies, joining fast-food rivals offering similar fare. KFC sells a paneer zinger burger, Domino's offers a chicken tikka pie, and Subway serves a potato-patty sandwich.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Janane Venkatraman)

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** Macquarie cuts PTs on Indian fast food operators after weak Q1; says demand recovery only during Oct festive season

** Cuts PTs on Domino's franchisee Jubilant Foodworks JUBI.NS, McDonald's operator Westlife Foodworld WEST.NS, KFC franchisee Devyani International DEVY.NS and Pizza Hut operator Sapphire SAPI.NS

** Brokerage also lowers EPS estimates for all four with cautious near-term outlook

** Government's GST cut plans "enhances comfort" on demand recovery panning out in H2 FY26 - Macquarie

** Brokerage prefers DEVY followed by WEST; more confident on demand recovery for KFC and McDonald's operators

** On average, DEVY rated "buy", rest rated "hold", by analysts - data compiled by LSEG

** YTD, JUBI down 13%, DEVY falls 6%, WEST drops 11.3%, SAPI 1% down

(Reporting by Nandan Mandayam in Bengaluru)

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** Domino's India operator Jubilant Foodworks JUBI.NS rises 0.8% to 637.50 rupees

** Elara Securities expects delivery-focused offers during IPL season to boost Q1 sales

** Jefferies says co, outlier among Indian QSRs, will continue its outperformance in Q1

** However, adds margins to take a hit as management's focus remains on business expansion

** Co's same-store sales grew ~12% during Q1, while that of Pizza Hut operator Sapphire Foods SAPI.NS dropped 8%

** Burger King operator Devyani International DEVY.NS reporting Q1 results on the day

** JUBI rated "hold" on avg; median PT is 730 rupees, per data compiled by LSEG

** YTD, stock down ~11%

(Reporting by Kashish Tandon in Bengaluru)

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Adds details throughout

July 31 (Reuters) - Indian Burger King operator Restaurant Brands Asia RESR.NS reported a narrower first-quarter loss on Thursday, as its discounted menu items continued to draw in budget-conscious diners.

The company reported a net loss of 419.4 million rupees ($4.79 million) for the three months ended June 30, compared to a 493.6 million rupee loss a year earlier.

Fast food chains in India have been grappling with the double whammy of stiff competition from local rivals and muted demand from urban consumers due to high living costs.

To lure in the price-conscious diner, Burger King extended its value deals in the quarter, offering two vegetarian burgers for 79 rupees and two chicken burgers for 99 rupees.

It has also been offering a range of 'Korean' flavored items to cash in on a growing fanbase for Korean dramas and music.

As a result, revenue from its India restaurants grew 12.6%.

Same-store sales, which refer to sales from stores open for at least 12 months, grew 2.6% in India, led by a growth in dine-in traffic.

Rival Westlife Foodworld WEST.NS, which operates the McDonald's restaurants in India, reported same store sales growth of 0.5% in the first quarter.

Overall revenue from operations for Restaurant Brands Asia grew 7.9% to 6.98 billion rupees, as a decline in sales in Indonesia - where it operates 139 restaurants - partly offset the growth in India.

Its India store count grew to 519 stores sequentially, with the company adding six stores in the quarter.

Westlife missed quarterly profit estimates and KFC operator Sapphire Food SAPI.NS swung to a loss in the first quarter due to higher costs.

($1 = 87.5800 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Harikrishnan Nair and Janane Venkatraman)

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** India's Westlife Foodworld WEST.NS down 3%, Sapphire Foods India SAPI.NS slips 2%

** Westlife, which runs McDonald's MCD.N outlets in west and south India, posted a 62% plunge in profit

** Sapphire, which runs KFC and Pizza Hut, swung to a net loss of 18 million rupees ($208,261)

** SAPI's Q1 core profit below our and street's estimates, we are concerned about cautious near-term growth outlook and dependence on recovery for margin expansion - Macquarie note

** WEST's margins "in-line" and no improvement in growth metrics, we remain watchful of demand getting better - Motilal Oswal

** On an avg SAPI rated "buy", WEST rated "hold" - data compiled by LSEG

** YTD, WEST down ~5% and SAPI up 2%

($1 = 86.3340 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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July 23 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a quarterly loss on Wednesday, as fast-food restaurant chains face stiff competition from local cafes and online kitchens.

The restaurant operator posted a net loss of 18 million rupees ($208,345.39) for the first quarter ended June 30, compared to a profit of 85.2 million rupees a year earlier, according to a regulatory filing.

($1 = 86.3950 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ananta Agarwal in Bengaluru; Editing by Subhranshu Sahu)

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** Indian Pizza Hut and KFC operators Devyani International DEVY.NS and Sapphire Foods SAPI.NS rise 3% to 172.1 and 9.9% to 352.35 rupees respectively

** Yum Brands YUM.N is in talks to facilitate a merger of its two franchisee partners in India, Economic Times reports, citing people aware of the matter

** ** DEVY, SAPI, YUM did not immediately respond to Reuters requests for comment

** Sapphire set for best day since 11 Feb, 2022, if gains hold

** The negotiations could result in DEVY either acquiring the franchisee rights of KFC and Pizza Hut from SAPI, or all of KFC's franchisee stores in India getting consolidated under DEVY, report adds

** A 1:3 share swap ratio is being prepared with Sapphire shareholders getting one share of DEVY for every three owned, the report further said

** DEVY, SAPI, YUM did not immediately respond to Reuters' requests for comment

(Reporting by Ananta Agarwal in Bengaluru)

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** Shares of Sapphire Foods SAPI.NS fall as much as 2.4% to 319.3 rupees apiece

** State tax authority dismisses appeal, confirms demand of 30.74 million rupees ($358,739) including tax, interest, and penalty

** SAPI, which is the India operator of KFC restaurants and Pizza Hut, says order will not have a material impact on its financial operations

** Adds it is in process of responding to demand order

** Shares down 0.7% in 2025 so far, underperforming the 5.4% rise in Nifty 500 index .NIFTY500

($1 = 85.6890 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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May 7 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a quarterly revenue that missed estimates on Wednesday, as demand failed to pick up despite discounts.

The restaurant operator posted revenue from operations of 7.11 billion rupees ($83.98 million) for the fourth-quarter ended March 31, compared to 6.32 billion rupees a year earlier, according to a regulatory filing.

Analysts had expected 7.14 billion rupees, according to data compiled by LSEG.

($1 = 84.6600 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ananta Agarwal in Bengaluru)

(([email protected]; +91 867-525-3569;))

** Long-term view on Indian QSRs (Quick Service Restaurants)remains constructive and the ongoing prolonged growth slowdown is nearing its end, says Emkay Global

** Sees potential for return of mid-teen growth in FY26E for QSRs, beyond the muted Q4 - Emkay

** Emkay covers Jubilant Foodworks JUBI.NS, Westlife Foodworld WEST.NS and Devyani International DEVY.NS with "add", while Sapphire Foods SAPI.NS gets a "buy" rating.

** JUBI, DEVY and WEST up between 0.8%-4.2%, while SAPI is down close to 1%

** Average recommendation for JUBI, DEVY and SAPI is "buy," while WEST is a "hold", as per LSEG data

** Emkay remains in favor of JUBI and Sapphire, led by relatively better operating performance

** Maintains "add" on Westlife and upgrades Devyani to "add" from "reduce", due to price correction.

(Reporting by Shivani Tanna in Bengaluru)

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** Shares of Domino's Pizza DPZ.O franchise Jubilant Foodworks JUBI.NS fall 4.3% to 642.4 rupees

** Co said on Thursday it expects 200 bps growth in PAT margin over FY25-FY28, double digit rev compound growth by adding 1000 new stores

** Guidance of merely 200 bps PAT margin scale-up over next three years disappointing, said analysts at Nuvama Institutional Equities

** Emkay Research said growth strategy sound but margin pickup slow

** Factors including hike in delivery sales mix, high debt, interest cost, investments logistics will put pressure on margins, said Philip Capital analysts

** Avg rating on JUBI "buy", same as rivals Devyani International DEVY.NS and Sapphire Foods SAPI.NS - data compiled by LSEG

** Stock down ~7% so far this year vs a fall of 5% and 7% in DEVY and SAPI, respectively

(Reporting by Ashna Teresa Britto in Bengaluru)

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Feb 6 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a better-than-expected quarterly profit on Thursday, as its cheaper food items helped boost demand from budget-conscious consumers.

The restaurant operator posted a profit of 119.8 million rupees ($1.37 million) for the third quarter ended December 31, up from a profit of 101.4 million rupees a year earlier.

Analysts, on average, had expected a profit of 116.8 million rupees, according to data compiled by LSEG.

($1 = 87.5750 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)

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** Indian restaurant operator stocks jump between 3% and 10% after slew of demand-boosting measures in union budget

** Zomato ZOMT.NS and Swiggy SWIG.NS soar 6.5% and 7%, respectively

** Both were hit hard by cooling demand over last two months

** Among restaurant operators, Pizza Hut and KFC India franchisee Sapphire Foods SAPI.NS gains the most; Burger King's Indian operator Restaurant Brands Asia's RESR.NS up 3%, rising the least

** Domino's franchisee Jubilant Foodworks JUBI.NS gains 5%, Pizza Hut's other Indian operator Devyani Internatinal adds ~7%; McDonald's franchisee Westlife Foodworld WEST.NS advances 8.8%

** Finance Minister Nirmala Sitharaman says those earning up to 1.28 mln rupees ($14,791.53)/year won't have to pay any taxes

($1 = 86.5360 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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