UFBL - United Foodbrands
📢 Recent Corporate Announcements
United Foodbrands Limited (formerly Barbeque-Nation) has executed a loan agreement to provide ₹10 Crores to its 89.05% subsidiary, Red Apple Kitchen Consultancy Private Limited. The unsecured loan is intended to fund the subsidiary's capital expenditure and business expansion over a 4-year tenor. The interest rate is set at the company's average bank interest rate plus 0.5%, ensuring the transaction is conducted at arm's length. This move indicates the parent company's commitment to scaling its subsidiary's operations.
- Loan amount of ₹10 Crores granted to 89.05% subsidiary Red Apple Kitchen Consultancy.
- Funds specifically earmarked for capital expenditure and business expansion activities.
- Unsecured loan structure with a 4-year tenor and interest rate linked to bank rates + 0.5%.
- Transaction confirmed as a related party transaction conducted at arm's length.
- Promoter and promoter groups have no direct interest in the borrowing entity or the transaction.
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has scheduled a one-on-one virtual meeting with ABN Capital on March 10, 2026. This interaction is part of the company's regular engagement with institutional investors to discuss business updates. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This disclosure is a standard compliance requirement under Regulation 30 of SEBI LODR Regulations.
- One-on-one virtual meeting scheduled for March 10, 2026.
- The meeting participant is institutional investor ABN Capital.
- Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
- United Foodbrands Limited operates under the NSE symbol UFBL and BSE code 543283.
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has scheduled a one-on-one virtual meeting with Emkay Global Financial Service Limited for March 9, 2026. The meeting is part of the company's routine engagement with the analyst community to discuss publicly available information. No unpublished price sensitive information (UPSI) will be disclosed during this interaction. Such meetings are standard for listed entities to maintain institutional investor relations and transparency.
- One-on-one virtual meeting scheduled with Emkay Global on March 9, 2026.
- United Foodbrands Limited (UFBL) was formerly Barbeque-Nation Hospitality Limited.
- The company explicitly stated that no UPSI will be shared during the meeting.
- The meeting is subject to change due to any unforeseen exigencies from either party.
United Foodbrands Limited (UFBL) has announced the incorporation of a new step-down subsidiary, Barbeque Nation Restaurant W.L.L, in Doha, Qatar. The entity was established through UFBL's Dubai-based wholly-owned subsidiary, Barbeque Nation MENA Holding Limited, which holds a 60% controlling stake. The initial investment for this stake is QAR 120,000 (approximately INR 27.3 Lakhs). This move is part of the company's strategic plan to explore and capture business opportunities in the Qatari food services market.
- Incorporated Barbeque Nation Restaurant W.L.L in Doha, Qatar on February 24, 2026
- UFBL's Dubai subsidiary holds 60% shareholding (60 shares) in the new entity
- Total cash consideration for the acquisition is QAR 120,000 at QAR 2,000 per share
- The new subsidiary will focus on restaurant and mobile food service activities in line with UFBL's core business
United Foodbrands Limited (formerly Barbeque-Nation) has issued a postal ballot notice seeking shareholder approval to re-price employee stock options. The company proposes to reduce the exercise price for 4,04,840 active options under the 2015 Plan from ₹721.40 to ₹173.89 per share. Similar re-pricing is planned for the 2022 Plan for grants made in FY24 and FY25 to align with the current market price. This move aims to restore the incentive value of the options for employees, with a revised three-year vesting period ending in January 2029.
- Proposed re-pricing of 4,04,840 active ESOPs under the 2015 Plan to a revised price of ₹173.89
- Original exercise price for these options was ₹721.40, representing a significant ~76% reduction
- Revised vesting schedule set for 100% cliff vesting on January 30, 2029, for the re-priced options
- Covers ESOP grants made during FY 2023-24 and FY 2024-25 under both 2015 and 2022 schemes
- Remote e-voting for shareholders is scheduled from February 18 to March 19, 2026
United Foodbrands Limited (UFBL) has issued a clarification regarding recent media reports and a Central Consumer Protection Authority (CCPA) order concerning the levy of service charges. The company confirmed that Barbeque Nation restaurants have not levied any service charges on customer invoices since March 2025. Consequently, the recent CCPA order has no material impact on the company's current business operations or financial performance. This announcement aims to reassure stakeholders and address potential concerns arising from media speculation.
- Barbeque Nation restaurants do not currently levy service charges on customer invoices.
- The company discontinued the practice of levying service charges in March 2025.
- Management confirms the recent CCPA order has zero impact on the company's financial performance.
- The clarification was issued to address and mitigate concerns from recent media reports.
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has scheduled two one-on-one investor meetings in February 2026. The first meeting is with IndiaFirst Life Insurance on February 16 in Mumbai, followed by a virtual meeting with Discovery Capital on February 19. These meetings are part of the company's regular engagement with institutional investors to discuss business updates. The company has clarified that no unpublished price-sensitive information will be shared during these interactions.
- One-on-one meeting with IndiaFirst Life Insurance scheduled for February 16, 2026, in Mumbai.
- Virtual one-on-one meeting with Discovery Capital scheduled for February 19, 2026.
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed during the meetings.
United Foodbrands Limited (UFBL) has issued a correction regarding its upcoming investor interactions scheduled for February 2026. The company clarified that a virtual one-on-one meeting with Ohm Stock Broker Pvt. Ltd. will occur on February 10, 2026. Furthermore, an in-person meeting with Enigma Small Opportunities Fund is set for February 13, 2026, in Bengaluru. This disclosure corrects an inadvertent interchange of names in a previous filing.
- Correction of meeting schedule for two institutional investors: Ohm Stock Broker and Enigma Small Opportunities Fund
- Virtual one-on-one meeting with Ohm Stock Broker Pvt. Ltd. scheduled for February 10, 2026
- Physical one-on-one meeting with Enigma Small Opportunities Fund in Bengaluru on February 13, 2026
- The announcement serves as a clarification to the previous intimation dated February 9, 2026
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has scheduled two one-on-one investor meetings in February 2026. The first meeting is with Enigma Small Opportunities Fund on February 10 in Bengaluru, followed by a virtual meeting with Ohm Stock Broker Pvt. Ltd. on February 13. These meetings are part of the company's regular institutional outreach program. The company has explicitly stated that no unpublished price-sensitive information will be shared during these interactions.
- One-on-one meeting scheduled with Enigma Small Opportunities Fund on February 10, 2026
- Virtual one-on-one meeting scheduled with Ohm Stock Broker Pvt. Ltd. on February 13, 2026
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
United Foodbrands Limited (formerly Barbeque Nation) delivered its highest-ever quarterly revenue of ₹377 crores in Q3 FY26, marking a 14.5% YoY increase. This growth was underpinned by a strong 8.2% Same-Store Sales Growth (SSSG) and a 26% surge in consolidated dine-in volumes. The international segment performed exceptionally well with 47% YoY revenue growth, while the Premium CDR segment grew by 19.7%. The company successfully expanded its footprint to 249 restaurants, adding 8 new outlets during the quarter despite a challenging macro environment.
- Highest-ever quarterly operating revenue of ₹377 crores, up 14.5% YoY and 23.6% QoQ.
- Strong recovery in Same-Store Sales Growth (SSSG) at 8.2% compared to previous negative trends.
- Consolidated dine-in volumes grew by 26% and delivery transactions increased by 29% YoY.
- International business revenue surged 47% YoY with mature stores delivering high operating margins of 27%.
- Reported operating EBITDA stood at ₹68.2 crores with an 18.1% margin, excluding one-time labor code provisions.
United Foodbrands Limited (formerly Barbeque Nation) reported its highest-ever quarterly revenue of ₹3,766 million in Q3 FY26, representing a 14.5% YoY growth. The company achieved a significant turnaround in Same Store Sales Growth (SSSG) at +8.2%, compared to a 2.0% decline in the same quarter last year. Although the company reported a net loss of ₹77 million, this was largely due to a one-time non-cash provision of ₹134 million for the New Labour Code; adjusted PAT remained positive at ₹93 million. The restaurant network reached 249 outlets, with management targeting 400+ stores by FY30.
- Highest ever quarterly revenue of ₹3,766 million, up 14.5% YoY and 23.6% QoQ.
- Consolidated SSSG turned positive at +8.2% driven by a 25% growth in dine-in volumes.
- BBQ International segment showed robust growth with revenue increasing 47% YoY.
- Added 8 new restaurants in Q3 FY26, taking the total count to 249 across all segments.
- Adjusted Operating EBITDA (Pre-IND AS) grew 6.5% YoY to ₹361 million with a 9.6% margin.
United Foodbrands Limited (formerly Barbeque-Nation) reported a consolidated revenue of ₹3,765.68 million for Q3 FY26, a significant sequential increase from ₹3,047.57 million in Q2 FY26. The company appointed Amit Wadhera as Chief Culinary Officer, bringing 24 years of experience to lead culinary operations across its restaurant portfolio. A key strategic move includes the re-pricing of ESOPs from FY24 and FY25 to ₹173.89 per option to align with current market prices and ensure talent retention. Additionally, the company is expanding its international footprint with newly incorporated subsidiaries in Thailand.
- Consolidated revenue from operations grew to ₹3,765.68 million in Q3 FY26 from ₹3,047.57 million in the previous quarter.
- Amit Wadhera appointed as Chief Culinary Officer to oversee large-scale culinary operations and transitions.
- ESOPs granted in FY24 and FY25 re-priced to ₹173.89, matching the NSE closing price on January 29, 2026.
- Seven key subsidiaries contributed ₹870.09 million in revenue and ₹24.76 million in net profit for the quarter.
- Expansion into Thailand confirmed with the incorporation of two new entities as of December 16, 2025.
United Foodbrands Limited (formerly Barbeque-Nation) reported a strong sequential performance with revenue from operations rising to ₹3,765.68 million in Q3 FY26, up from ₹3,047.57 million in the previous quarter. The company has appointed industry veteran Amit Wadhera as Chief Culinary Officer to oversee its vast restaurant network. In a move to retain talent, the board approved re-pricing ESOPs to ₹173.89, aligning them with the current market price. Furthermore, the company is expanding internationally with the recent incorporation of two new subsidiaries in Thailand.
- Revenue from operations grew 23.5% sequentially to ₹3,765.68 million in the quarter ended December 31, 2025.
- Appointment of Amit Wadhera as Chief Culinary Officer, bringing over 24 years of experience from Marriott, Leela, and The Park.
- Board approved re-pricing of ESOPs (2015 and 2022 plans) to an exercise price of ₹173.89 per option.
- Expansion into Thailand confirmed with the incorporation of two new subsidiaries on December 16, 2025.
- Seven key subsidiaries contributed a combined net profit of ₹24.76 million during the quarter.
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has scheduled its earnings conference call for January 30, 2026, at 5:00 PM IST. The call will focus on the company's financial performance and business strategy for the quarter and nine months ended December 31, 2025. Senior management, including the Managing Director, CEO, and CFO, will be present to address institutional investors and analysts. This is a standard procedural announcement following the end of the third fiscal quarter.
- Earnings conference call scheduled for January 30, 2026, at 17:00 IST.
- Discussion will cover financial results for the quarter and nine months ended December 31, 2025.
- Top management including MD Kayum Dhanani and CEO Rahul Agrawal will participate.
- Universal dial-in numbers provided are +91 22 6280 1467 and +91 22 7115 8264.
United Foodbrands Limited, formerly known as Barbeque-Nation Hospitality Limited, has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no rematerialization requests were received during the quarter ended December 31, 2025. Significantly, the entire shareholding of the company is already maintained in dematerialized form. This filing is a standard procedural requirement for listed entities in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- 100% of the company's shares are confirmed to be in dematerialized form.
- Zero requests for rematerialization were received from members during the quarter.
- The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India).
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 305 Cr in Q2 FY26, a 2.6% sequential increase. Barbeque Nation India revenue stood at INR 230 Cr (+0.5% QoQ). International operations grew 27% YoY to INR 28 Cr. Premium Casual Dining (CDR) segment grew 17% YoY.
Geographic Revenue Split
India operations contribute approximately 75.4% of total revenue (INR 230 Cr of INR 305 Cr). International/Middle East operations contribute approximately 9.2% (INR 28 Cr), with the remainder from other segments.
Profitability Margins
Gross margin for Q2 FY26 was 66.2%, down 150 bps sequentially from Q1 FY26. Pre-Ind AS restaurant operating margins (ROM) were 8.2%, impacted by a 1.2% increase in marketing spend and 1% higher food costs from festivals. Matured restaurants maintained higher ROM at 9.6%.
EBITDA Margin
Consolidated reported EBITDA was INR 37.7 Cr with a 12.4% margin in Q2 FY26, a 17.2% YoY decline. Adjusted operating EBITDA (Pre-Ind AS 116) stood at INR 3.3 Cr (1.1% margin).
Capital Expenditure
Planned capital expenditure for FY2026 is INR 90-100 Cr to support the opening of 30-35 new outlets. Average CAPEX per new store is approximately INR 2.5 Cr with a 4-year payback period.
Credit Rating & Borrowing
Total debt as of March 31, 2025, was INR 757.5 Cr, primarily comprised of lease liabilities (INR 688.0 Cr). External borrowings are low at INR 69.5 Cr. Long-term repayment obligations are INR 19.2 Cr for FY2026 and INR 11.6 Cr for FY2027.
Operational Drivers
Raw Materials
Food ingredients and consumables including meat, vegetables, and spices. Import of raw materials accounted for INR 85.46 Cr in FY2025.
Import Sources
Not specifically disclosed, though international operations are centered in the Middle East (Saudi Arabia, UAE).
Capacity Expansion
Current network consists of 241 restaurants as of Q2 FY26. The company plans to add 9-12 restaurants every quarter to achieve a target of 300+ stores by FY2027.
Raw Material Costs
Gross profit was INR 201.9 Cr in Q2 FY26 (66.2% margin). Food costs increased by approximately 100 bps during Q2 FY26 due to the month-long Khau Galli Food Festival.
Manufacturing Efficiency
Transaction growth was 4% over the July-October 2025 period. Mature stores in the international segment deliver 20%+ restaurant operating margins.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be driven by a 30% annual growth target in the international business, opening 30-35 new outlets in FY26, and scaling the Premium CDR segment. Volume growth is prioritized through value-driven group offers (Sizzling 7, Big Buffets) to drive transaction growth and operating leverage.
Products & Services
Buffet-style dining, delivery services, and curated food festivals (Khau Galli). Specific value offerings include 'Sizzling 7', 'Big Buffets', and 'Grill & Chill'.
Brand Portfolio
Barbeque Nation, United Foodbrands Limited (UFBL), Toscano (implied via Premium CDR).
New Products/Services
Launched the 'Khau Galli' Food Festival and new value-based group offers. Direct digital sales are being promoted through a new deal module on the company app and website.
Market Expansion
Expansion into Saudi Arabia with the first restaurant opened in Riyadh in Q2 FY26. Plans to open 4-5 new international restaurants in FY26.
Market Share & Ranking
Leading player in the fine dining/CDR segment in India with a geographically diversified presence.
External Factors
Industry Trends
The industry is facing a 'difficult timeline' with sluggish demand but a shift toward value-driven group dining. UFBL is positioning itself by investing in marketing (up 1.2%) to recapture traffic.
Competitive Landscape
Heightened competitive pressure from other fine dining and casual dining players is currently impacting the ability to maintain historical 18%+ margins.
Competitive Moat
Moat is based on the 'Barbeque Nation' brand equity and a unique DIY-grill format. Sustainability is supported by a 4-year store payback period even during weak cycles.
Macro Economic Sensitivity
Highly sensitive to discretionary spending trends; FY2025 revenue declined 1.7% YoY due to a slowdown in consumer spending.
Consumer Behavior
Shift toward value-seeking behavior; transaction growth of 4% was achieved only after implementing group-based discounts.
Geopolitical Risks
Exposure to Middle East markets (Riyadh, Saudi Arabia) introduces regional geopolitical and regulatory risks.
Regulatory & Governance
Industry Regulations
Compliance with food safety standards and health regulations is critical to mitigate risks associated with customer safety.
Environmental Compliance
The company adheres to ESG principles including stewardship and transparency as part of its corporate governance framework.
Risk Analysis
Key Uncertainties
Ability to reverse negative SSSG (-1.1% in India for Q2 FY26) and the success of the ramp-up of 35 new stores in a weak macro environment.
Geographic Concentration Risk
High concentration in India (75%+ of revenue), with specific focus on urban markets like Bangalore.
Third Party Dependencies
Dependency on mall operators and landlords for restaurant sites, reflected in INR 688 Cr of lease liabilities.
Technology Obsolescence Risk
Digital transformation is underway with a focus on direct digital sales via the company app to reduce dependency on third-party aggregators.
Credit & Counterparty Risk
Liquidity is adequate with INR 19.5 Cr in free cash and INR 15 Cr in working capital limits (INR 7 Cr unutilized).