SPECIALITY Q3 FY26 earnings call.
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Revenue
₹134.84 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Speciality Restaurants reported a strong Q3 FY26 with 9% YoY revenue growth on a standalone basis, marking its highest quarterly revenues. EBITDA margin expanded 90bps to 12.75% on operational basis, while gross margins improved to 70.8% from 69.3% driven by efficiency gains and Oriental brand revenue mix. Same-store sales stabilized after being negative last year. Delivery/s暗take revenue surged from 5-6% pre-pandemic to 24%, though management emphasizes dine-in focus. The company plans 8-10 new restaurant openings in FY27 with 3-5 in QSR format, funded by internal cash generation. International expansion continues via Dubai master franchise with Resolute, targeting Saudi Arabia and UAE growth. IT job cuts in Bangalore pose limited risk given residential/corporate location mix. The gratuity provision adjustment under new Indian law impacted profitability but management remains bullish on outlook.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets opening 8-10 new restaurants in FY27, consistent with historical expansion pace, with 3-5 units planned in the QSR category positioned for growth.
- Delivery contribution has normalized at 24% of revenue post-pandemic habit formation, with average order value management through direct CRM channels reducing aggregator dependency.
- Dubai master franchise with Resolute generating ~6% royalty on total turnover; Deraya City Center opening March 2026 with Abu Dhabi and Muscat already operational. Saudi market entry under consideration.
Risks flagged
- Bangalore operations face potential headwinds from IT workforce reductions. Management argues impact is limited due to residential and corporate catchment mix across Asia Kitchen and Mainland China brands.
- Recent government clarification that service charges are not mandatory has renewed ambiguity. Management did not address specific mitigation strategy or potential revenue per table impact.
- Post-pandemic consolidation left company heavily concentrated in Mumbai and Kolkata with limited Delhi presence. Strategic imbalance may limit addressable market expansion.
- Management plans to scale QSR to 3-5 units next year, a format the company has limited operating history with compared to fine dining heritage.
Key quotes
- This has been a quarter which is remarkable in terms of the revenues. We've clocked highest revenues this particular quarter and also in terms of profitability.
- The fact that our average order value has been very good because of the kind of brands we have... we've been able to control that but very rightly told by you that we are not dependent on delivery so much but we continue to have a balance.
- In Dubai we have a master franchise understanding with a company called Resolute... there have been Mall of Emirates then Deraya City Center going to be opening in March, and Abu Dhabi. So we are looking at Saudi and expanding in UAE aggressively.
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