Curefoods Financial Performance FY26: Key Insights
Curefoods reported an impressive 23% growth in operating revenue, reaching Rs 916 crore in FY26. However, this growth is shadowed by a more significant net loss of Rs 192 crore. The cloud kitchen enterprise, led by Ankit Nagori, recently paused its plans for an Rs 800 crore IPO due to market fluctuations, making its financial results especially important. Although EBITDA losses have decreased and margins have improved, rising depreciation and financial costs continue to impact overall profitability.
Revenue Enhancements in Different Segments
Curefoods’ operational revenue surged to Rs 916.2 crore in FY26 from Rs 745.8 crore in FY25, as indicated by its consolidated financial reports from the Registrar of Companies. The firm boasts a diverse multi-brand food business that includes offerings from healthy meals, biryani, pizza, desserts to South Indian treats. Noteworthy brands under its umbrella include EatFit, Sharief Bhai Biryani, OLIO, Arambam, Krispy Kreme, Nomad Pizza, CakeZone, and Frozen Bottle. With a shared operational network of 281 cloud kitchens, 99 kiosks, and 122 restaurants, Curefoods ensures a widespread reach.
Revenue Breakdown
Food sales and ancillary products accounted for 99% of operating revenue, rising by 23% to Rs 908.4 crore during the fiscal year. Revenue derived from services and operational activities, including franchise fees, added another Rs 7.8 crore. India remains Curefoods’ primary market, generating Rs 893.3 crore in FY26. In contrast, international revenue saw a remarkable fourfold increase, amounting to Rs 22.85 crore.
Additionally, the company earned Rs 18.6 crore from non-operational activities, which included interest income and mutual fund gains, culminating in a total income of Rs 934.8 crore during the past fiscal year.
Expenditure Analysis
Material costs became the most significant expense, rising by 13.5% to Rs 310.4 crore. Employee benefits also saw a rise of 19%, totalling Rs 213.9 crore, with an allocation of Rs 33 crore for ESOP expenses. Commission expenses climbed 22% to Rs 166.8 crore, while depreciation and amortisation costs surged by 24% to Rs 100.6 crore. Conversely, advertising and promotional expenditure reduced by 10% to Rs 79 crore during the year.
Other overhead costs such as rent, utilities, and professional fees added another Rs 256.3 crore, driving Curefoods’ total expenditure to Rs 1,127 crore in FY26, an increase of 19% year-on-year.
Net Loss and EBITDA Margins
The company’s net loss widened to Rs 192.2 crore in FY26, marking a 13% increase from the Rs 170 crore reported in the previous financial year. Nonetheless, the rise in expenses was lower than the hike in operating revenue, allowing Curefoods to reduce its EBITDA loss to approximately Rs 69.3 crore from Rs 86 crore in FY25. Its EBITDA margin improved to negative 7.6% from a negative 11.5%.
Despite enhancements in operational performance, escalating depreciation and finance charges continued to exert pressure on the bottom line. On a unit basis, the company expended Rs 1.23 to generate a rupee of operating revenue in FY26, a slight improvement from Rs 1.27 in FY25.
Curefoods’ cash and bank balance experienced a substantial decline of 51%, landing at Rs 39.4 crore at the close of FY26, while current assets decreased by 21% to Rs 267.7 crore.
IPO Plans and Future Outlook
Following the approval from SEBI for an Rs 800 crore IPO after submitting draft papers in October 2025, Curefoods subsequently deferred its listing plans amid unstable market conditions. The financial outcomes indicate a business that is enhancing at an operational level; however, the path to sustainable profitability is still unclear. The reduction in EBITDA loss illustrates better cost management as the enterprise expands, yet the disparity between operational success and overall profitability remains significant. A critical consideration moving forward is whether increased scalability can enhance kitchen-level economics sufficiently to counterbalance fixed costs and other expenses, influencing investor perspectives on its IPO when market conditions improve.