# Sapphire Foods India (SAPPHIRE) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/sapphire

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹209.9
- Change: -0.08%
- As of: 2026-11-06
- 1D return: -0.08%
- 5D return: +5.45%
- 1M return: +2.34%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

SAPPHIRE (₹209.90) presents a conflicting technical picture as of 2026-11-06, characterized by short-term price strength against a dominant medium-term downtrend. On the daily chart, the stock is trading above its 20-period and 50-period EMAs and SMAs, yet remains below the Supertrend indicator, which signals an underlying bearish bias. This divergence was highlighted by an extreme upward price anomaly (+8.6%) on 2026-11-05, suggesting aggressive buying interest near resistance levels at ₹216.90 and ₹223.74. However, the monthly trend remains firmly bearish with strong conviction (ADX 46.92), and the stock is down 24.8% over the past year. The weekly timeframe offers a counter-narrative with a bullish Supertrend direction, though ADX indicates weak trend strength. With annualized volatility at 42.5% and a current drawdown of -40.8%, the setup requires confirmation; a sustained break above ₹216.90 could validate the short-term bounce, while failure to hold above recent lows risks retesting support at ₹206.95.

- Trend Conflict: Daily price action is above key moving averages (EMA 20/50, SMA 20/50), but the daily Supertrend remains bearish, while the monthly trend shows strong bearish momentum (ADX 46.92).
- Momentum & Anomaly: An extreme +8.6% upward move occurred on 2026-11-05 (z-score 4.93), pushing price toward immediate resistance at ₹216.90 (+3.33%).
- Risk Profile: High volatility persists with annualized volatility at 42.5% and ATR at 4.27%; the stock is currently in a -40.8% drawdown from available highs.
- Key Levels: Monitor support at ₹206.95 (pivot, -1.41%) and resistance at ₹216.90 (high, +3.33%); a break above ₹216.90 is needed to challenge the next barrier at ₹223.74.

- Inside Bar
- Doji
- Evening Star
- Outside Bar
- Bearish Engulfing Reversal

### News Context

The Competition Commission of India (CCI) approved the merger of Sapphire Foods India Limited with Devyani International Limited on October 31, 2026. This regulatory clearance consolidates their respective KFC and Pizza Hut operations in India under a single entity. The combined company is projected to operate over 3,000 stores globally and generate annualized revenue of approximately ₹8,000 crore. Following this development, brokerages retained positive ratings for Devyani International on November 3, 2026, citing improving sales momentum at KFC India and the merger as key growth triggers.

- Regulatory Approval: CCI cleared the merger of Sapphire Foods and Devyani International on October 31, 2026, bringing KFC and Pizza Hut India operations under one roof.
- Scale and Revenue: The combined entity is expected to operate over 3,000 stores globally with annualized revenue of approximately ₹8,000 crore.
- Analyst View: Brokerages retained positive ratings for Devyani International on November 3, 2026, identifying the merger and KFC sales momentum as primary growth drivers.

- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [CCI clears five major deals across food, energy, fintech and telecom sectors](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- [Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)

### Official Filings

Sapphire Foods India Limited reported strong Q2 FY27 financials, with restaurant sales rising 20% to ₹8,853.38 million and adjusted EBITDA increasing 39% to ₹624 million. The company’s outlet count reached 1,086, including new additions in Sri Lanka. Concurrently, the Competition Commission of India (CCI) approved the proposed merger with Devyani International Limited on October 30, 2026. Under the scheme approved by both boards in January 2026, Devyani International will issue 177 fully paid ₹1 equity shares for every 100 fully paid ₹2 Sapphire Foods shares. While regulatory approval is secured, the detailed CCI order is still awaited, and the transaction remains subject to further statutory compliances.

- Q2 FY27 Revenue: ₹8,853.38 million (+20% YoY); Adjusted EBITDA: ₹624 million (+39% YoY).
- Outlet Count: 1,086 as of September 30, 2026, following the addition of 15 KFC and 1 Pizza Hut outlets in Sri Lanka.
- Merger Status: CCI granted approval for the amalgamation with Devyani International Limited on October 30, 2026; detailed order pending.
- Exchange Ratio: Devyani International to issue 177 fully paid ₹1 equity shares for every 100 fully paid ₹2 Sapphire Foods equity shares.

- [Sapphire Foods India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_31102026195429_NSE.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27102026174231_SapphireFoodsEarningsCallTranscript27102026.pdf)
- [SAPPHIRE FOODS INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261027_174832310.xml)
- [Sapphire Foods India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAPPHIRE_26102026123053_SapphireFoodsCorporatePresentation26102026.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAPPHIRE_23102026144507_SapphireSEDisclosureNewspaperAdvertisement.pdf)
- [Sapphire Foods India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026130845_OutcomeofBM.pdf)
- [Sapphire Foods India Limited has informed the Exchange regarding a press release. |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131443_Sapphire_Foods_Investor_Presentation.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131846_Sapphire_Foods_Investor_Presentation.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744173_22102026064048_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744178_22102026064145_WEB.xml)

### Fundamentals

Sapphire Foods India’s Q2 FY2026-27 results reveal a sharp deterioration in profitability despite strong top-line momentum. Revenue from operations declined sequentially to ₹888 crore, while total expenses rose to ₹896 crore, resulting in a net loss of ₹1.51 crore compared to a profit of ₹14 crore in Q1. This margin compression is driven by rising finance costs (₹33.1 crore) and depreciation (₹101.33 crore for the trailing twelve months), which are eroding operating profits that stood at ₹126.92 crore for the quarter. The balance sheet shows increasing leverage, with borrowings rising to ₹1,517 crore as of September 2026, alongside a decline in Return on Capital Employed (ROCE) to 4% from 6% in March 2025. While cash conversion remains robust at 108% of operating profit, the shift to negative earnings per share (-₹0.05) and negative net profit signals near-term operational stress. Institutional ownership has shifted, with FIIs reducing stakes to 24.03% while DIIs increased to 43.14%, reflecting changing market sentiment amid these margin pressures.

- Profitability Reversal: Net profit swung from a ₹14 crore gain in Q1 to a ₹1.51 crore loss in Q2 FY2026-27, driven by sequential revenue dip and expense rise.
- Leverage & Efficiency Pressure: Borrowings increased to ₹1,517 crore (Sep 2026), and ROCE fell to 4%, indicating lower returns on capital employed.
- Cash Flow Resilience: CFO/EBITDA ratio remained strong at 108%, suggesting high earnings quality despite accounting losses.
- Institutional Shift: FII holding dropped significantly to 24.03% (from 31.31% in Sep 2025), while DII holding rose to 43.14%.

### Bull Case

The strongest constructive case for Sapphire Foods India rests on the successful regulatory completion of its merger with Devyani International, which cleared Competition Commission of India (CCI) approval as of November 2026. This corporate action consolidates KFC and Pizza Hut operations under a single entity, creating a combined scale expected to generate approximately ₹8,000 crore in annualized revenue and operate over 3,000 stores globally. Brokerages cite this merger alongside improving sales momentum at KFC India as key growth triggers, maintaining positive ratings despite broader market headwinds. While technical indicators show a bearish daily trend and significant recent drawdowns (-40.8% current drawdown), the weekly timeframe remains bullish, suggesting that the structural benefits of the merger may provide a floor for valuation as the market digests the new operational reality.

- Merger Approval: CCI approved the merger of Sapphire Foods with Devyani International, bringing KFC and Pizza Hut India operations under one roof.
- Scale & Revenue: The combined entity is projected to operate over 3,000 stores globally and generate annualized revenue of approximately ₹8,000 crore.
- Analyst Sentiment: Brokerages retain positive ratings, identifying the merger and improving KFC sales momentum as primary growth drivers.
- Technical Context: Despite a bearish daily supertrend and -40.8% current drawdown, the weekly supertrend remains bullish, offering a potential structural counterpoint.

- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [CCI clears five major deals across food, energy, fintech and telecom sectors](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- [Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)
- [Sapphire Foods India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_31102026195429_NSE.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27102026174231_SapphireFoodsEarningsCallTranscript27102026.pdf)
- [SAPPHIRE FOODS INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261027_174832310.xml)
- [Sapphire Foods India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAPPHIRE_26102026123053_SapphireFoodsCorporatePresentation26102026.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAPPHIRE_23102026144507_SapphireSEDisclosureNewspaperAdvertisement.pdf)
- [Sapphire Foods India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026130845_OutcomeofBM.pdf)
- [Sapphire Foods India Limited has informed the Exchange regarding a press release. |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131443_Sapphire_Foods_Investor_Presentation.pdf)

### Bear Case

Sapphire Foods India faces significant near-term downside pressure, evidenced by a -40.8% current drawdown and a -24.8% one-year return as of November 6, 2026. Technical indicators reinforce this caution: the monthly trend is bearish with the ADX at 46.92, while the daily Supertrend has flipped to bearish. The stock closed at ₹209.90, trading below its 20-day SMA (slope -2.84) and 50-day SMA (slope -4.31), indicating sustained momentum weakness. Although the CCI approved the merger with Devyani International, which aims for ~₹8,000 crore in annualized revenue, the market has not yet priced in this catalyst positively, leaving the share price vulnerable to further correction toward support levels at ₹200.11 and ₹190.16.

- Current drawdown stands at -40.8%, with a one-year return of -24.8% and YTD decline of -20.1%.
- Monthly technical trend is bearish (ADX 46.92); daily Supertrend has shifted to bearish with negative moving average slopes.
- Price action remains weak near ₹209.90, testing immediate support at ₹206.95 before critical lows at ₹200.11.
- Annualized volatility is elevated at +42.5%, suggesting continued price instability despite merger approval.

- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [CCI clears five major deals across food, energy, fintech and telecom sectors](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- [Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)
- [Sapphire Foods India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_31102026195429_NSE.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27102026174231_SapphireFoodsEarningsCallTranscript27102026.pdf)
- [SAPPHIRE FOODS INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261027_174832310.xml)
- [Sapphire Foods India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAPPHIRE_26102026123053_SapphireFoodsCorporatePresentation26102026.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAPPHIRE_23102026144507_SapphireSEDisclosureNewspaperAdvertisement.pdf)
- [Sapphire Foods India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026130845_OutcomeofBM.pdf)
- [Sapphire Foods India Limited has informed the Exchange regarding a press release. |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131443_Sapphire_Foods_Investor_Presentation.pdf)

### FAQs

**What is the current status of the proposed merger between Sapphire Foods and Devyani International?**

The Competition Commission of India (CCI) approved the merger on October 30, 2026. The boards of both companies had previously approved the scheme on January 1, 2026. While regulatory approval is secured, the detailed order from the CCI is currently awaited.

**How are the combined entities expected to perform financially post-merger?**

The merged entity is projected to operate over 3,000 stores globally and generate annualized revenue of approximately ₹8,000 crore. This combines Sapphire’s KFC operations with Devyani’s Pizza Hut portfolio in India.

**What were Sapphire Foods' latest financial results for Q2 FY27?**

For the quarter ended September 30, 2026, Sapphire reported Restaurant Sales of ₹8,853 million (up 20% year-over-year) and EBITDA of ₹1,286 million (up 21% year-over-year). The company operated 1,086 outlets across India, Sri Lanka, and Maldives during this period.

**How has the stock price performed recently relative to its historical levels?**

As of November 6, 2026, the stock closed at ₹209.90. It has declined 24.8% over the past year and is down 39.3% since the start of available tracking data. The stock is currently trading near a pivot support level of ₹206.95.

- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [CCI clears five major deals across food, energy, fintech and telecom sectors](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- [Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)
- [Sapphire Foods India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_31102026195429_NSE.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27102026174231_SapphireFoodsEarningsCallTranscript27102026.pdf)
- [SAPPHIRE FOODS INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261027_174832310.xml)
- [Sapphire Foods India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAPPHIRE_26102026123053_SapphireFoodsCorporatePresentation26102026.pdf)
- [Sapphire Foods India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAPPHIRE_23102026144507_SapphireSEDisclosureNewspaperAdvertisement.pdf)
- [Sapphire Foods India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026130845_OutcomeofBM.pdf)
- [Sapphire Foods India Limited has informed the Exchange regarding a press release. |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131443_Sapphire_Foods_Investor_Presentation.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹206.95
- Risk regime: Higher Price Risk

### Support levels
- 182.06
- 178.45499999999998
- 169.76

### Resistance levels
- 224.87
- 258.01
- 265.225

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.08% |
| return_10 | +7.36% |
| return_1m | -2.44% |
| return_1y | -24.77% |
| return_20 | +2.34% |
| return_3m | +5.09% |
| return_5 | +5.45% |
| return_6m | +12.13% |
| return_since_start | -39.27% |
| return_ytd | -20.10% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -57.56% |
| annualized_volatility | +42.51% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Sapphire Foods India Limited Q2 FY2026-27: Revenue up 20% year on year, small net loss

Sapphire Foods reported Q2 FY2026-27 revenue from operations of ₹888 crore, up 19.6% year on year but down 0.3% from Q1 FY2026-27. Expenses rose sequentially, and the company moved from a ₹14.0 crore profit in Q1 to a ₹1.5 crore loss; operating cash flow was ₹305 crore and free cash flow was ₹124 crore.

## Revenue growth was strong year on year, but flat sequentially

Revenue from operations was ₹888.03 crore, compared with ₹890.96 crore in Q1 FY2026-27 and ₹742.44 crore in Q2 FY2025-26. Total income was ₹894.97 crore, slightly below Q1’s ₹896.63 crore. Expenses increased 1.7% sequentially to ₹895.55 crore from ₹880.46 crore, leaving total expenses marginally above total income.

Q2 expenses included ₹281.85 crore for materials consumed, ₹116.20 crore in employee benefits and ₹101.33 crore in depreciation and amortisation. These costs provide context for the quarter’s narrow gap between income and expenses.

## The company shifted to a small quarterly loss

Profit before exceptional items and tax was a loss of ₹57.9 lakh, compared with a profit of ₹16.17 crore in Q1 FY2026-27. An exceptional charge of ₹1.33 crore brought profit before tax to a loss of ₹1.91 crore. Finance costs rose to ₹33.11 crore from ₹31.93 crore in Q1.

Tax was a credit of ₹39.3 lakh, comprising current tax expense of ₹2.12 crore and a deferred tax credit of ₹2.51 crore. The resulting loss from continuing operations was ₹1.51 crore, against a profit of ₹14.02 crore in Q1. The loss attributable to owners of the parent was ₹1.49 crore. Basic and diluted earnings per share were both -₹0.05, compared with ₹0.44 in Q1.

Total comprehensive income was ₹3.28 crore. Other comprehensive income of ₹4.80 crore more than offset the net loss for the quarter.

## Cash flow and liquidity

Cash flow from operating activities was ₹304.99 crore. Investing activities used ₹180.51 crore, resulting in free cash flow of ₹124.48 crore, while financing activities used ₹102.25 crore.

Cash and cash equivalents stood at ₹87.74 crore at 30 September 2026, compared with ₹68.11 crore at 31 March 2026. Current investments were ₹132.66 crore, up from ₹3.10 crore at the March year-end.

## Balance sheet and working capital

Total assets were ₹3,438.75 crore at 30 September 2026, up from ₹3,255.89 crore at 31 March 2026. Property, plant and equipment increased to ₹2,347.68 crore from ₹2,291.46 crore, while goodwill was unchanged at ₹158.28 crore.

Inventories were ₹120.61 crore and trade receivables were ₹43.53 crore at quarter-end. Current liabilities rose to ₹614.06 crore from ₹537.84 crore at the March year-end, and noncurrent financial liabilities increased to ₹1,390.15 crore from ₹1,294.08 crore. Equity attributable to owners of the parent was ₹1,401.61 crore.

## Key Takeaway

Revenue grew 19.6% year on year but was nearly unchanged from Q1, while higher sequential expenses and an exceptional charge accompanied a return to a small loss. Operating cash flow and free cash flow remained substantial, and cash and current investments were higher than at the March year-end; investors will weigh that cash generation against the quarter’s weaker reported earnings.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +26.07%
- FII holding: +24.03%
- DII holding: +43.14%
- Mutual fund holding: +38.43%
- Retail holding: +3.11%
- Promoter pledged: +0.00%

### Major reported shareholders

- Sapphire Foods Mauritius Limited — +23.81% (Bodies Corporate)
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund — +8.60%
- Mirae Asset Great Consumer Fund — +7.25%
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund — +6.52%
- Kotak Funds - India Midcap Fund — +3.68%
- Fidelity Funds - India Focus Fund — +3.65%
- Sundaram Mutual Fund A/C Sundaram Services Fund — +3.47%
- Kotak Mahindra Trustee Co Ltd A/C Kotak Multi Asset Allocation Fund — +2.93%
- T. Rowe Price International Discovery Fund — +2.61%
- Franklin India Small Cap Fund — +2.38%

## Official filings

- 2026-10-31 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_31102026195429_NSE.pdf)
- 2026-10-27 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27102026174231_SapphireFoodsEarningsCallTranscript27102026.pdf)
- 2026-10-27 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261027_174832310.xml)
- 2026-10-26 — Earnings Presentation: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_26102026123053_SapphireFoodsCorporatePresentation26102026.pdf)
- 2026-10-23 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_23102026144507_SapphireSEDisclosureNewspaperAdvertisement.pdf)
- 2026-10-22 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026130845_OutcomeofBM.pdf)
- 2026-10-22 — Press Release: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131443_Sapphire_Foods_Investor_Presentation.pdf)
- 2026-10-22 — Earnings Presentation: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026131846_Sapphire_Foods_Investor_Presentation.pdf)
- 2026-10-22 — Financial Results Filing: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744173_22102026064048_WEB.xml)
- 2026-10-22 — Financial Results Filing: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744178_22102026064145_WEB.xml)
- 2026-10-22 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_22102026203751_Sapphire_Foods_Audio_Recording_Q2_FY27_Conference_Call.pdf)
- 2026-10-22 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261022_204225763.xml)
- 2026-10-16 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_16102026143529_Sapphire_SE_Disclosure_Earnings_Call_Q2FY27.pdf)
- 2026-10-16 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19858_WebXMLFile_20261016_144241860.xml)
- 2026-10-15 — Board Meeting Notice: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19858_WebXMLFile_20261015_220326710.xml)
- 2026-10-15 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19858_WebXMLFile_20261015_220326710.xml)
- 2026-10-15 — Board Meeting Notice: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_15102026220049_Sapphire_Intimation_of_BM_SE_Disclosure.pdf)
- 2026-10-15 — Shareholding Disclosure: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739446_15102026100709_WEB.xml)
- 2026-09-30 — Credit Rating Update: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_30092026235558_NSE.pdf)
- 2026-09-28 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_28092026185042_SapphireSEDisclosure28092026.pdf)
- 2026-09-28 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_19858_WebXMLFile_20260928_185329430.xml)
- 2026-09-27 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_27092026194146_NSE.pdf)
- 2026-09-27 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_19858_WebXMLFile_20260927_194351956.xml)
- 2026-09-24 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAPPHIRE_24092026122550_ClosureofTradingWindowQ2FY27SFIL.pdf)
- 2026-09-24 — Generic Announcement: Sapphire Foods India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_19858_WebXMLFile_20260924_123035760.xml)

## News and market events

- 2026-11-03 — FEEDS: **Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings** — Brokerages retain positive ratings for Devyani International, citing improving sales momentum at KFC India and the proposed merger with Sapphire Foods as key growth triggers. — [Source](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- 2026-10-31 — Economic Times: **CCI clears five major deals across food, energy, fintech and telecom sectors** — The Competition Commission of India (CCI) has granted approval for five significant business transactions across food services, renewable energy, power infrastructure, financial services, and telecommunications sectors. These approvals include the merger of Sapphire Foods India Limited with Devyani International Limited, Aditya Birla Renewables' acquisition of Solenergi Power, Adani Energy Solutions' purchase of IntelliSmart Infrastructure, Prosus's investment in Navi Limited, and Vega SAS's stake acquisition in Vodafone Group. — [Source](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- 2026-10-31 — Economic Times: **Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof** — The Competition Commission of India (CCI) has approved the merger of Sapphire Foods India Limited with Devyani International Limited, bringing their respective KFC and Pizza Hut operations in India under a single entity. The combined company is expected to operate over 3,000 stores globally and generate annualized revenue of approximately Rs 8,000 crore. — [Source](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)
- 2026-10-30 — CNBC-TV18: **CCI okays AB Renewables' proposal to acquire Solenergi Power for Rs 17,200-cr** — The Competition Commission of India (CCI) approved Aditya Birla Renewables' acquisition of Solenergi Power for an enterprise value of ₹17,200 crore, creating one of India's largest integrated renewable energy platforms. The regulator also cleared the merger of Sapphire Foods India Limited into Devyani International Ltd and Adani Energy Solutions' acquisition of IntelliSmart Infrastructure. — [Source](https://www.cnbctv18.com/business/cci-okays-ab-renewables-proposal-to-acquire-solenergi-power-for-rs-17200-cr-20023805.htm)
- 2026-10-30 — Economic Times: **CCI approves Adani acquisition of Intellismart** — The Competition Commission of India approved Adani Energy Solutions' acquisition of 100% of IntelliSmart Infrastructure from NIIF and EESL, creating India's largest smart meter firm. Additionally, the CCI sanctioned the merger of Sapphire Foods India into Devyani International and approved Aditya Birla Renewables' acquisition of Solenergi Power. — [Source](https://economictimes.indiatimes.com/news/india/cci-approves-adani-acquisition-of-intellismart/articleshow/135369066.cms)
- 2026-10-27 — MONEYCONTROL: **Buy Sapphire Foods; target of Rs 260: Emkay Global Financial** — Buy Sapphire Foods; target of Rs 260: Emkay Global Financial Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jio IPO Listing Date Israel Elections 2026 live Microsoft Buyout news Gyanesh Kumar Benjamin Netanyahu Noel Tata Ather Share Price Anthropic IPO News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loan — [Source](https://www.moneycontrol.com/news/business/stocks/buy-sapphire-foods-target-of-rs-260-emkay-global-financial-14061237.html)
- 2026-10-26 — Mint: **Paytm, Sapphire Foods, L&T shares: Buy or sell? Jigar Patel of Anand Rathi suggests strategy - Target, stop-loss** — Rising crude prices accompanied a weekly drop of more than 2% in the Sensex and Nifty. Patel maintains a conditional bullish view on the indices, citing key support levels, and outlines trades. — [Source](https://www.livemint.com/market/stock-market-news/paytm-sapphire-foods-l-t-shares-buy-or-sell-jigar-patel-of-anand-rathi-suggests-strategy-target-stoploss-11792985674631.html)
- 2026-10-23 — MONEYCONTROL: **Buy Sapphire Foods; target of Rs 245: Motilal Oswal** — Buy Sapphire Foods; target of Rs 245: Motilal Oswal Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Tonbo Imaging share price UP Elections iPhone Duo Elon Musk Annamalai Piyush Goyal Donald Trump Sonam Wangchuk News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Credit Cards Lifetime Free Finance T — [Source](https://www.moneycontrol.com/news/business/stocks/buy-sapphire-foods-target-of-rs-245-motilal-oswal-14058453.html)
- 2026-10-22 — FREEPRESSJOURNAL.IN: **Sapphire Foods Q2 FY27 Loss Narrows To ₹1.51 Crore, Revenue Rises 19.6 Per Cent To ₹888 Crore** — Sapphire Foods India narrowed its consolidated Q2 FY27 loss to Rs 1.51 crore from Rs 12.78 crore a year earlier, while revenue rose 19.6% to Rs 888 crore. KFC revenue grew 26%, Pizza Hut revenue rose 7%, and the company added 16 restaurants across its operations. — [Source](https://www.freepressjournal.in/business/sapphire-foods-q2-fy27-loss-narrows-to-151-crore-revenue-rises-196-per-cent-to-888-crore)
- 2026-10-22 — MONEYCONTROL: **KFC operator Sapphire Foods' Q2 loss narrows to Rs 1.5 crore, revenue up 20%; share rise nearly 2%** — KFC operator Sapphire Foods' Q2 loss narrows to Rs 1.5 crore, revenue up 20%; share rise nearly 2% Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Annamalai DeepSeek Indian Rupee Priyanka Gandhi Marco Rubio Abhijeet Dipke 8th CPC Fitment Factor Kiren Rijiju News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up t — [Source](https://www.moneycontrol.com/news/business/markets/kfc-operator-sapphire-foods-q2-loss-narrows-to-rs-1-5-crore-revenue-up-20-share-rise-nearly-2-14057621.html)
- 2026-10-22 — MONEYCONTROL: **KFC’s buy-one-get-one, Pizza Hut’s Rs 299 meal deals help Sapphire Foods cut Q2 loss to Rs 1.5 crore** — KFC’s buy-one-get-one, Pizza Hut’s Rs 299 meal deals help Sapphire Foods cut Q2 loss to Rs 1.5 crore Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Annamalai DeepSeek Indian Rupee Priyanka Gandhi Marco Rubio Abhijeet Dipke 8th CPC Fitment Factor Kiren Rijiju News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up — [Source](https://www.moneycontrol.com/news/business/kfc-s-buy-one-get-one-pizza-hut-s-rs-299-meal-deals-help-sapphire-foods-cut-q2-loss-to-rs-1-5-crore-14057659.html)
- 2026-10-22 — CNBC-TV18: **Sapphire Foods shares gain after Q2 loss contracts to ₹1.5 crore, margins expand** — Sapphire Foods added 15 KFC restaurants, and one Pizza Hut in Sri Lanka, taking Sapphire Foods' total restaurant count to 1,086 as on September 30, 2026. — [Source](https://www.cnbctv18.com/market/sapphire-foods-q2-results-net-loss-narrows-revenue-margin-expansion-new-store-openings-share-price-20016955.htm)
- 2026-09-22 — MONEYCONTROL: **Trade Spotlight: How should you trade Deepak Fertilisers, Lupin, Muthoot Finance, Sapphire Foods, Samvardhana Motherson, and others on September 22?** — Trade Spotlight, Buy Ideas,Top Buy Ideas,Top Picks,Stock Picks,Top Stock Picks,Share Tips,Share Market Tips,Stock Tips,Stock Market Tips,Deepak Fertilisers and Petrochemicals Corporation,Jubilant Foodworks,HDFC Life Insurance Company,ITC,Lupin,Muthoot Finance,Sun Pharmaceutical Industries,Sapphire Foods India,Samvardhana Motherson International — [Source](https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-deepak-fertilisers-lupin-muthoot-finance-sapphire-foods-samvardhana-motherson-and-others-on-september-22-14034929.html)
- 2026-09-18 — MONEYCONTROL: **Trade Spotlight: How should you trade Castrol, Ramkrishna Forgings, Sapphire Foods, Jindal Saw, Granules India, and others on September 18?** — Trade Spotlight — [Source](https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-castrol-ramkrishna-forgings-sapphire-foods-jindal-saw-granules-india-and-others-on-september-18-14032566.html)
- 2026-08-16 — REDIFF.COM: **Maha FDA suspends licences of Domino's outlets over hygiene** — The Maharashtra Food and Drug Administration (FDA) has suspended the food business licences of four Domino's Pizza outlets, including three in Mumbai, and several other chain restaurants like KFC and Pizza Hut, citing alleged violations of food safety and hygiene norms during a special drive. — [Source](https://www.rediff.com/news/report/maha-fda-suspends-licences-of-dominos-outlets-over-hygiene/20260812.htm)
- 2026-08-05 — Economic Times: **QSR stocks near turning point as risk-reward turns favorable, says Motilal Oswal** — The Indian quick-service restaurant (QSR) sector is entering a favourable phase after a challenging period, according to Motilal Oswal Financial Services. The brokerage believes easing valuations, improving operational trends, and long-term consumption growth could support a recovery in QSR stocks. It remains selective in the space and highlights Jubilant FoodWorks, Sapphire Foods India, Westlife Foodworld, and Devyani International as key picks. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/qsr-stocks-near-turning-point-as-risk-reward-turns-favorable-says-motilal-oswal/articleshow/132901657.cms)
- 2026-08-05 — Mint: **Raja Venkatraman recommends three stocks for 5 August** — Market expert Raja Venkatraman shares his top stock picks for 5 August. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-recommends-three-stocks-for-5-august-11785890260978.html)
- 2026-07-31 — Mint: **Top Gainers & Losers on 31 July: Bajaj Finance, Hyundai Motor, GAIL, Tata Motors, Redington among top gainers today** — Indian equities closed the last trading day of July with modest gains, driven by financial and auto stocks. The Nifty 50 rose 0.20% to 24,336, while Sensex advanced 0.21% to 78,091, reflecting positive market trends despite concerns over crude oil prices. — [Source](https://www.livemint.com/market/stock-market-news/top-gainers-losers-on-31-july-bajaj-finance-hyundai-motor-gail-tata-motors-redington-among-top-gainers-today-11785490241096.html)
- 2026-07-30 — MONEYCONTROL: **Bulk deals: Fairfax India sells Rs 374-crore stake in IIFL Finance; Abakkus buys nearly 3% Bai-Kakaji shares** — Bai-Kakaji Polymers,IIFL Finance,Xtranet Technologies,Sapphire Foods India,Bulk Deals,Block Deals — [Source](https://www.moneycontrol.com/news/business/markets/bulk-deals-fairfax-india-sells-rs-374-crore-stake-in-iifl-finance-abakkus-buys-nearly-3-bai-kakaji-shares-13989320.html)
- 2026-07-29 — Economic Times: **Devyani International Q1 profit zooms to Rs 17 cr** — Devyani International has reported an impressive surge in net profit for the June quarter, marking a substantial revenue increase of 16.47% to Rs 1,580.51 crore. Likewise, total income experienced a robust rise of 16.72%. They earlier announced a merger with Sapphire Foods India, setting the stage for the formation of one of the largest quick-service restaurant chains in the country. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/devyani-international-q1-profit-zooms-to-rs-17-cr/articleshow/132705845.cms)
- 2026-07-29 — CNBC-TV18: **Devyani International share price jumps 9% after Q1 profit surges four-fold, margin improves** — Despite the lower outlet count, Costa Coffee's revenue rose 7% year-on-year to ₹212.5 crore, reflecting higher revenue per store. Devyani International said it is adopting a more disciplined and selective approach to expansion while continuing to strengthen the premium coffee chain, which it considers one of its key growth drivers. — [Source](https://www.cnbctv18.com/market/devyani-international-q1-results-sapphire-foods-costa-coffee-sky-gate-nclt-share-price-19956579.htm)

## Business profile

**Strategic vision:** Quick-service restaurant operator for international brands in India.

### Business segments
- **Quick-Service Restaurants:** Operates franchised quick-service restaurant brands including KFC, Pizza Hut, and Taco Bell, focusing on consistent customer experience and adapting menus to local tastes.

### Competitive strengths
- Extensive network of franchised restaurants
- Adaptation of menus to local preferences
- Digital integration for customer experience and operations

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/sapphire
Markdown representation: https://faxioms.com/stocks/sapphire?render=md