A restaurant kitchen has its own soundtrack. Knives tapping. Oil crackling. Orders coming in faster than they go out. It looks chaotic, but the rhythm holds. India’s quick service restaurant (QSR) market today feels like that kitchen. Everything moves at once, yet everything moves with purpose. Demand keeps rising, and the industry keeps finding ways to keep the stove hot.
More young Indians are choosing quick meals over long sit-downs. Office routines, long commutes and weekend outings have changed how people eat. They want speed without giving up taste. They want convenience without giving up comfort. So burgers, wraps, coffee cups and fried snacks have turned into everyday staples instead of the occasional indulgence. This shift has made QSR food a steady habit, not a passing trend.
QSR chains see this appetite. They want to be close to where this new demand lives. They are adding stores, entering smaller cities, and tightening their delivery play. Investors are watching this expansion too. Many deals are happening because brands want to bulk up their physical presence. The sector has become busy with capital, partnerships and rollouts. And every new store adds to the sense that this is a long, deep cycle rather than a short burst.
All of this makes it important to pause and study the space. The interest is high, and the competition is sharp. So it becomes important to pay attention in this space. We selected four stocks for this article.
For this piece, that filter is sales growth. Pure and simple. The idea is to capture companies that show real demand on the ground. Not brands that are shrinking. Not businesses that no longer fit the QSR story. This approach keeps the list clean and helps the reader focus on chains that reflect the true momentum of the quick service revolution.
#1 Travel Food Services: The Airport Monopoly Play
Incorporated in 2007, Travel Food Services provides Travel QSR and Lounge services in India and abroad.
Travel Food Services reported steady momentum in its airport-focused QSR business despite a weak travel quarter. Passenger traffic at key airports fell due to geopolitical events and temporary flight schedule cuts, yet the company delivered system-wide sales of Rs 7.3 billion, up 18.4% year-on-year (YoY). Management said the growth came from tighter cost control, better throughput and strong like-for-like sales, supported by a 9.3% gain from new contract mobilisations.
The company has expanded its network to more than 500 travel QSR outlets and lounges, opening 50 new units and four lounges over the past year. It also secured fresh concessions at Cochin airport and Delhi Terminal 2, and expects additional openings at the upcoming Noida and Navi Mumbai airports. New brand additions, including the launch of Gordon Ramsay Street Burger, are aimed at lifting customer spend.
Management said recovery in passenger traffic since late September should support the seasonally stronger second half. Joint ventures are also gaining traction, with consolidated profit rising 15.3% on an adjusted basis. The company enters the rest of the year with zero debt and a higher cash balance.
Since its listing in July 2025, Travel Food Services share price rallied 21.2%.
Travel Food Services 1 Year Share Price Chart
#2 Devyani International: KFC & Pizza Hut’s Expansion Engine
Devyani International (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.
Devyani International reported a steady quarter despite weak consumer sentiment and weather-related disruptions. Consolidated revenue for Q2 FY26 rose 12.6% year-on-year (YoY) to Rs 1,377 crore, supported by continued network expansion and contributions from newly acquired brands.
The company added 30 KFC stores and three Pizza Hut outlets in India, taking its global count to 2,184 units. It also test-launched six Tealive cafés and said the early response has been encouraging.
Management said demand remained soft through the quarter, with Shravana, Navaratri and heavy rains in the East weighing on footfalls. KFC sales were impacted by seasonal factors, while Pizza Hut growth stayed muted. The company expects margins at its Sky Gate business to break even by March 2026 and is streamlining preparation processes for airport formats to improve speed without altering product quality.
The international business continued to perform well, particularly in Thailand, where margins improved despite negative same-store sales growth. Devyani plans about 100 new stores across formats this year and remains focused on cost control and value-led innovation as consumers turn more price-conscious.
In the past one year Devyani International share price tumbled 19.3%.
Devyani International 1 Year Share Price Chart
#3 Jubilant Foodworks: Domino’s & The Delivery Moat
Jubilant FoodWorks (JFL) is part of the Jubilant Bhartia Group and is one of India’s largest food service Company.
The Company holds the master franchise rights for two international brands, Domino’s Pizza and Dunkin’ Donuts addressing two different food market segments and now has Popeyes in its food segment.
Jubilant FoodWorks reported another strong quarter, with broad-based growth across its India and overseas operations. Consolidated revenue for Q2 FY26 rose 19.7% year-on-year to Rs 23.4 billion, supported by steady like-for-like gains and a rapid store rollout. The company added 93 outlets during the quarter and now operates close to 3,500 stores across brands and markets.
Domino’s India delivered 9.1% like-for-like growth and continued to expand its delivery base, with order volumes rising 15%. Management said new product launches, including sourdough pizzas and premium variants, are helping lift ticket sizes.
The company is also testing ad monetisation on the Domino’s app, which now sees nearly 15 million monthly active users. International operations remained strong, with Turkey posting Rs 5.9 billion in revenue and a 10.4% PAT margin.
The company reiterated its plan to open about 900 Domino’s stores over three years. It expects margins to improve as scale benefits, cost controls and mix changes play out through FY28.
In the past one year Jubilant FoodWorks share price is down 14.7%.
Jubilant FoodWorks 1 Year Share Price Chart
#4 Restaurant Brands Asia: A Value Pick With an Indonesia Risk?
Restaurant Brands Asia (Burger King India) is an international QSR chain in India. It started operations in 2014. The company is an exclusive national master franchisee of Burger King in India and its subsidiaries are exclusive national master franchisee of the brands Burger King and Popeyes in Indonesia.
Restaurant Brands Asia reported a steady quarter in its Burger King–led QSR business. Q2 FY26 revenue rose 15.6% YoY to Rs 568 crore, driven by new store additions and growth in both dine-in and delivery channels. Same-store sales grew 2.8%, while average daily sales held in the Rs 1.1–1.2 lakh band.
The company operates 533 restaurants in India and plans to end the year with about 580 outlets, reaffirming its goal of adding 60–80 stores annually until FY29. Gross margins improved from 67.7% to 68.3% on the back of supply-chain efficiencies and a sharper delivery menu, with a medium-term target of 70%. Restaurant EBITDA stood at 10.4%, while company-level pre-Ind AS EBITDA was 5%.
The Indonesia business remains a drag, although Burger King there is seeing better average daily sales after store rationalisation and overhead cuts. Management is working on turning around the Popeyes portfolio and continues to evaluate strategic options for that market.
In the past one-year Restaurant Brands Asia share price nose-dived 27.9%.
Restaurant Brands Asia 1 Year Share Price Chart
Growth
Now let’s take a look how the rise in quick service restaurants has boosted the sales of these four companies in the past three years.
Sales Growth of Quick Service Restaurants in India
| Sr No | Company | 3 Year CAGR Sales Growth |
| 1 | Travel Food Services | 63% |
| 2 | Devyani International | 33% |
| 3 | Jubilant Foodworks | 23% |
| 4 | Restaurants Brand Asia | 20% |
A closer look at the numbers shows how India’s shift towards quick, convenient and branded food formats has lifted the performance of the country’s leading QSR players. Over the past three years, these companies have expanded their revenues at a pace that mirrors the surge in urban eating habits.
The numbers tell a clear story. Travel Food Services leads the pack, helped by the rapid recovery in airport footfalls and the expansion of its travel-focused food courts and QSR outlets. Devyani International’s momentum shows how KFC and Pizza Hut continue to draw customers in big cities as well as emerging ones.
Jubilant FoodWorks is riding the gains from a stronger delivery base and Domino’s extensive reach. Restaurant Brands Asia, meanwhile, reflects the growing comfort younger diners have with the Burger King format.
Together, these numbers underline how the country’s QSR story is being shaped by higher mobility, faster meal preferences and the growing comfort with branded food formats — a shift that continues to open long-term avenues for organised players.
Valuations
Let’s now turn to the valuations of the quick service restaurants in focus, using the Enterprise Value to EBITDA multiple as a yardstick.
Valuations of Quick Service Restaurants in India
| Sr No | Company | EV/EBITDA | 10 Year EV/EBITDA Median | ROCE |
| 1 | Travel Food Services | 25.8 | 25.5 | 41.7% |
| 2 | Devyani International | 23.9 | 36.3 | 6.4% |
| 3 | Jubilant Foodworks | 24.6 | 31.4 | 13.1% |
| 4 | Restaurants Brand Asia | 16.2 | 29.5 | -3.0% |
The picture is mixed. Travel Food Services trades close to its long-term median, helped by strong returns and consistent growth in airport formats. Devyani and Jubilant, on the other hand, sit below their decade-long averages, reflecting softer margins and a period of cautious consumer spending. Restaurant Brands Asia trades at a sharper discount, shaped by weak returns and the ongoing turnaround work in its international portfolio.
These gaps between present valuations and long-term medians suggest that parts of the sector may already be pricing in a slower recovery in profitability. At the same time, they open room for investors to ask the more grounded question: how much of future growth is still available at a reasonable price? As always, the best opportunities emerge when solid businesses trade below what their long-term potential might justify.
Conclusion
India’s QSR story is still unfolding, and each of these companies reflects a different strand of that larger shift. Airport-led formats are gaining ground as travel normalises. Global franchises are expanding deeper into new cities. Delivery-led models continue to hold their own as habits change. And even the chains facing pressure are adjusting their menus, formats and networks to keep pace with a younger, more mobile consumer base.
The growth numbers underline the strength of this trend, while the valuation picture shows that the market is not treating all players equally. Some trade close to their historical ranges. Others sit well below long-term averages. This mix tells us that the sector is not in a uniform phase. It is in a phase of sorting itself out.
For investors, the takeaway is simple. The long-term opportunity in organised QSR remains intact, but it cannot be approached with a broad brush. Each company carries its own risks, its own cycle and its own sensitivity to shifts in demand. A comprehensive evaluation of fundamentals, balance sheets and store economics becomes essential before making any investment decision. As always, discipline matters more than excitement, especially in a segment growing as fast as this one.
Disclaimer:
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to dig deep into the world of companies, studying their performance, and uncovering insights that bring value to her readers.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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