After two years of post-Covid recovery, India’s listed quick-service restaurant (QSR) companies entered FY25 hoping for a consumption rebound. But footfalls stayed patchy, and like-for-like sales growth (SSSG), barring a few, slowed down meaningfully across most brands.

As the sector now looks ahead to FY26, the big question is whether easing inflation and income-tax relief announced in the Budget can reignite appetite.

We look at top six listed QSR firms i.e. Jubilant Foodworks, Devyani International, Sapphire Foods, Restaurant Brands Asia, Westlife Foodworld and Barbeque-Nation Hospitality. The fragility of growth comes to the fore when we see revenue for these players growing 25 per cent to ₹22,251 crore in FY25, but combined profit sliding to barely ₹35 crore. The charts below tell you the story in detail.

Published on June 21, 2025