Rebel Foods Financial Performance in FY26

Rebel Foods has demonstrated remarkable financial performance in FY26, with revenue growth accelerating and losses becoming more manageable. The company’s operating revenue increased by 21% year-on-year, while its net loss decreased by 16% to Rs 281.8 crore during the fiscal year that ended in March 2026.

The operational revenue for Rebel Foods surged to Rs 1,951.6 crore in FY26 from Rs 1,617.4 crore in FY25, according to the consolidated financial statements submitted to the Registrar of Companies (RoC). This cloud kitchen operator is known for its brands such as Faasos, Behrouz Biryani, The Good Bowl, LunchBox, Oven Story Pizza, and The Biryani Life. The majority of the company’s income is generated from food product sales through its own brands, while commission and franchise revenues contribute a smaller portion of the overall income.

Operational Revenue Breakdown

Revenue from goods sold saw a 21% rise to Rs 1,891.8 crore in FY26, which accounted for nearly 97% of the operating revenue. Franchise income recorded a 10% increase, reaching Rs 15.6 crore, whereas commission income dipped by 7% to Rs 17.1 crore. The other operating income, including delivery services, amounted to Rs 27 crore for the year.

Market Contributions and Non-operating Income

India was the primary market for Rebel Foods, contributing 85.5% of its operating revenue in FY26. Revenue from the Indian market rose by 18% to Rs 1,667.7 crore, while revenue from international markets grew by 39% to Rs 283.8 crore. Additionally, the company generated Rs 43.3 crore from non-operating activities, which included interest income and gains on financial assets, bringing its total income to Rs 1,994.9 crore for FY26.

Expense Analysis

On the expense side, the cost of materials remained the largest expenditure, increasing by 16% to Rs 784.4 crore, making up almost 35% of the total costs. Employee benefit expenses were recorded at Rs 412.3 crore, while brokerage and commission expenses surged by 31% to Rs 317.7 crore. Advertising costs rose by 26% to Rs 193.9 crore, and depreciation and amortisation expenses reached Rs 153.5 crore. Additional expenses, including outsourced delivery, legal and professional costs, as well as power and fuel, added another Rs 404.2 crore to the overall expenditure.

Overall Financial Summary

Rebel Foods’ total expenditure rose by 14% to Rs 2,265.9 crore in FY26 from Rs 1,986.6 crore in the previous fiscal year. With revenue growth outpacing expense increases, the company was able to reduce its losses by 16% to Rs 281.8 crore from Rs 336.6 crore in FY25. The EBITDA loss also shrank to Rs 105.7 crore in FY26, and the EBITDA margin improved to a negative 5.4%. At a unit level, the company spent Rs 1.16 to earn one rupee of operating revenue, compared to Rs 1.23 in FY25.

Cash Position and Funding

By the end of FY26, Rebel Foods’ cash and bank balances had doubled to Rs 112 crore, and its current assets totalled Rs 632 crore during the fiscal year. To date, the company has raised nearly $803 million in funding, with Peak XV Partners, Coatue, QIA, and Lightbox being the main investors. Earlier this year, the Peak XV-backed company discontinued QuickiES, its 15-minute food delivery app, just a year after its launch due to high cash burn levels.