{"id":183591,"date":"2026-05-20T07:30:10","date_gmt":"2026-05-20T11:30:10","guid":{"rendered":"https:\/\/alphastreet.com\/india\/speciality-restaurants-ltd-speciality-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T07:34:20","modified_gmt":"2026-05-20T11:34:20","slug":"speciality-restaurants-ltd-speciality-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/speciality-restaurants-ltd-speciality-q4-2026-earnings-call-transcript\/","title":{"rendered":"Speciality Restaurants Ltd (SPECIALITY) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Speciality Restaurants Ltd (NSE: SPECIALITY) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ashutosh<\/strong> \u2014 Investor relations<\/em><\/p>\n

Rajesh Kumar Mohta<\/strong> \u2014 Executive Director \u2013 Finance and Chief Financial Officer<\/em><\/p>\n

Anjan Chatterjee<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Madhur Rathi<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the specialty restaurant Q4FY26 earning conference call. As a reminder, all participant lines will in a listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Asitosh Jyoteria Aditya from ICICI securities.<\/p>\n

Thank you and OTU sir.<\/p>\n

Ashutosh<\/strong> \u2014 Investor relations<\/em><\/p>\n

Yeah, thank you Julius. Hello and good afternoon Everyone present on the call. I on behalf of ICICR securities welcome you on Specialty Restaurant Limited Q4FY26 earnings call. I would like to thank the management to give this opportunity of hosting the call from the management. We have with us Mr. Avith Chatterjee, full time Director and CEO and Mr. Rajesh Kumar Mohta, Executive Director of Finance and CFO. I now hand the call over to the management for their opening remarks post which we will open the floor for the Q and A.<\/p>\n

Thank you and over to you sir.<\/p>\n

Rajesh Kumar Mohta<\/strong> \u2014 Executive Director \u2013 Finance and Chief Financial Officer<\/em><\/p>\n

This is Rajesh Kumar Mota, CFO of Specialty Restaurants Ltd. On behalf of the management, we welcome all the participants to the investors call of the company. After the approval of the Results for Quarter 4 of FY26 and Financial Year FY26 by the Board of directors and submission to the stock exchanges as per the LODR guidelines I hereby present the quarter highlights for your ready information. Though the investors presentations have been uploaded on the websites of stock exchanges, I’m happy to inform that for the last 19 quarters company has been making consistent profits and we have done a CAGAR of 12.39% on revenues over the last five years with a CAGAR of 11.16% on path for the five years period.<\/p>\n

Revenues during the quarter have grown by 13.65% over the course of the last year year on year basis with profit after tax increasing by 44.20%. The improvement in profitability is supported by same store sales growth witnessed during the quarter which had been 2.25% in the quarter compared to the previous year. You would be happy to note that because of the efficiencies, despite inflationary trends, the gross margins for the company have improved from 69.1% to 70.4% which has aided the improvement in the profitability.<\/p>\n

These were the few highlights which we wanted to bring to your reference. So now we leave it to yourself for the question answer session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press Star and two Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assemble. The first question is from the line of Madhur Rathi from Countercyclical Investment. Please go ahead.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Thank you for the opportunity. Sir, I wanted to understand regarding this, our Chinese or the Asian food segment? Sir, one of our competitors is getting Panda Express into India. So how are. How should we look at it from a competitive intensity and market growth perspective going forward?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Yeah. So this content strategy. I was not supposed to be in the call. Hello gentlemen. Very good evening and thank you for giving your good time and valuable time. I would like to introduce my son who’s been handling these calls of late. Just to keep all of you informed that he’s been inducted. He’s been on a whole type director post over a period of time. He’s joined this company almost in 2014. Now he’s been given the responsibility of leading the pack and becoming the CEO of the company. So here is Avik Chatterjee who’s going to be giving you answers now.<\/p>\n

Avik, over to you.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Thanks for your question. To have a response to Panda Express. Actually mainland China and Panda Express are very different brand segments and categories. Panda Express is more of a fast QSR format whereas mainland China is a fine casual and Asia kitchen comes to casual fun dining. Hence we do not see any threat or loss of business due to Panda Express coming in.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Do we see the consumption pattern moving from casual or fine lining towards these fast QSR restaurant because another competitor, Chinese work has raised a decent amount of funding. So I’m just trying to understand can we move towards the fast qsr? Can we position ourselves towards the fast QSR segment going forward or is consumption moving towards that segment?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So while I appreciate your question, we actually already have a digital QSR brand that we’ve been growing at a big pace. It’s called Hakka and why we call it digital QSR because it’s a delivery first brand. And so we have while understanding that our strengths of the company are into Asian dominant which is Oriental cuisine for which we want to be dominating the Asian segment in all different categories. You’d be happy to hear that we’ve launched our premium Asian dining restaurant as well which is Gong in Bandra.<\/p>\n

Right after Gong comes in Mainland China which is our fine dining right under Mainland China comes the price point of Asia kitchen which is more casual, fun dining and mainly located in high football locations like mall. And then we have Hakka which is a digital QSR which is a delivery first model. So hence what happens is because our knowledge of Asian cuisine and our strength is so much this with so many years of experience being 35 years, we’re utilizing all our capabilities to come and bring it into various categories of Asian dominance.<\/p>\n

Hence we’re having an Asian brand for every price point. And going forward we’d be doing the same cut copy paste expansion for our Asian brands.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir. So understood sir, now what was<\/p>\n

Ashutosh<\/strong><\/p>\n

The SSG for Q4 as well as for the full year effort. Next<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

As I mentioned earlier sir, The SHC for Q4 was 2.25% and for the year round it is 1.49%<\/p>\n

Operator<\/strong><\/p>\n

1 point. So now if we see the our other peer they might not be like to like now for example this barbecue nation they<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Did 14% SSG in fourth quarter. So any reason why we are lagging on this parameter? And sir, what are we really doing to ramp up the ssg? And what is the SSG you are looking for in FY27. Just to inform yourself in the month of April we have an SSG of 11.57%. So effectively the improvement has happened because of the increase in the dine in covers across formats, across restaurants. So effort is on for increasing the dine in revenues because delivery in any which way is growing for us.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Okay, I’ll button here. One of the reasons that the SSG was slower because of the fact that you know our restaurants had not been renovated over a period of time. Period of time. So what we have started doing it beginning, starting from the Andheri west, then the Pune, now Bangalore etc. We are renovating, refurbishing it after almost 10 to 11 years. So everywhere we see the renovation and refreshment refreshing being done. We will see, you will see an SSC growth. So going forward like April onwards we have around four of them in four which are which have been refreshed as you know that Melanjana continues to be a formidable brand in the area of oriental cuisine.<\/p>\n

It is for one single reason that it has not been growing to that extent. Because people were not necessarily very happy with the renovation that it had to come in terms of refreshment, which we have done. This you will see in the coming growth quarters as it is. He’s already told you forward looking, it is going to be double digit going forward.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Great sir, that is really encouraging. And sir, so what is the kind of capex that we are looking for in FY27 on these renovations and on new store openings? This would be 40 crores.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, sir.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

And<\/p>\n

Ashutosh<\/strong><\/p>\n

Sir, just another question. Sir, if we see our list of brands, brand wise contribution,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So then the like, almost like the bottom, I can see eight, around eight brands. They’re hardly contributing like less than 10%. So is it really worth the effort,<\/p>\n

Ashutosh<\/strong><\/p>\n

Sir, will it not be much better to focus on few key brands and really push them in a big way?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

I think that’s very rightly pointed out by yourself. So we’ve taken a call post the pandemic which was a very tough time for us to pause all other brands apart from the focus brands that we have. The focus brands currently remain to be Mainland China, Asia Kitchen, Hakka Gong, Siciliana, Walters and Sweet Bengal. These are our focuses for the company. Apart from this, all the other brands that we currently have are all profitable units. Hence we would not like to shut them. But no further expansion of those units or brands would be taken forward as the strategy of the company for the upcoming years.<\/p>\n

Ashutosh<\/strong><\/p>\n

Understood, sir. Sir, and just clarity, sir, now as far as home delivery is concerned,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Sir,<\/p>\n

Ashutosh<\/strong><\/p>\n

So we can make the delivery from all our kitchens across all brands. Like for example, from Mainland China,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Can<\/p>\n

Ashutosh<\/strong><\/p>\n

We deliver a Riyasat order or a flame and grill order from Mainland China Kitchen.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

What happens is because every cuisine requires different equipment and different manpower, skill. Hence from mainland China we can definitely and we have been delivering Asia Kitchen, Akka and Gong. And this is something that we will be continuing in each store for any physical outlet brand that we can see, we will have four different deliveries but in the same cuisine.<\/p>\n

Ashutosh<\/strong><\/p>\n

Understood, sir. And sir, as far as the foreign, is the understanding correct that the franchisee,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

I mean we don’t have to make any investment and the franchisee will pay 6% of the top line to us in terms of royalty? Yes,<\/p>\n

Ashutosh<\/strong><\/p>\n

That’s correct.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

So in India, are they no takers for such a model on a franchisee basis wherein we don’t have to make Any investment<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

There are takers. But you know, we need strategic partnerships in India. The kind of partnerships that we keep on looking for. We need skin in the game from the investor. Why? Because these are not robotic functions. These are manpower related issues. And if someone does have the skill, know how and passion to be running and experience of course to be running restaurants, that is a suitable partner for a long term relationship.<\/p>\n

Ashutosh<\/strong><\/p>\n

Whatever franchisees<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

We have, like for example we have, I understand 11 franchisees are there and now we have like seven franchises remaining. So. So all of them are giving us 6% of their revenue per month as royalty.<\/p>\n

Ashutosh<\/strong><\/p>\n

That’s correct.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Okay, sir, understood.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, how should we look at the scalability of these brands? Because maybe prior to Covid, Asian cuisine was not so much focused. So how should we look at the scalability going forward? Over the next three to five years<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

We’d be continuing to. For example, Asia Kitchen is the perfect mall fit. That means with the growth of malls of India, Asia Kitchen could look forward to grow as well. Well, that’s our strategy for that brand. For gong, we have found a premium Asian segment which is double the average spend per cover of a mainland China. So what happens is our throughput is way higher and larger. And so we’d be after we just launched GONG in Bandra in Mumbai where next month we’ll be opening a GONG in Pune city which is the second outlet of GONG in Pune city.<\/p>\n

And the following month we are going to be opening GONG in Delhi at Vasant Kunj. Hence what happens is alongside the flagship brands we also have a premium brand that we can go for the premium neighborhood and metro city.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

So in terms of scalability, sir, can we scale mainland China asia Kitchen to 50 restaurants over the maybe next five, five years? Is that a possibility or that is a far feed number.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Actually we’re very close to that number for the next five years. So that’s absolutely on our plan.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Got it. Sir, what was the price hike that we took during this year?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Sorry,<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Price hike?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Sorry, we are unable to hear you properly. Can you please. Sir,<\/p>\n

Madhur Rathi<\/strong><\/p>\n

What was the pricing hike that we took during this year?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

So I’ll not take this up as you know that we are going through a very bad patch in terms of the, you know, cost side input costs have gone up tremendously which starts from fuel energy and now that the freights will go up because of the petrol diesel. So in spite of the fact that you know there is tremendous amount of headwind, we’ve just taken a 4% fragrance because of the reasons that we don’t want to, you know, the customers also actually burdened and we are on a discretionary space. So we are very, very carefully watching it because with the volume of 4% is mitigated, we are not wanting to earn any extra money at this point of time.<\/p>\n

The leader holds the price line. So we continue to believe in that right from the beginning. And we’ve not taken more than 4% at this point.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Got it. So just final two questions from mind, sir, what would be the average occupancy across our restaurants? And second thing was the Haka three. The three stores that you have for Haka are these standalone cloud kitchen type of outlets or these are the ones that are integrated into our Asia kitchen or meal in China outlets.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

So it’s a hybrid. During pandemic, we learned the lesson of our lifetime because, you know, we had to work within our means and out of any kind. Necessity is a mother of invention. And that’s exactly what happened, that we have large kitchens. So we started optimizing and sweating the assets and started putting a haka and of course cloud within all the kitchens of mainland China. So you will see that almost 40 to 45% or maybe 50 now are wherever we are going. We are doing a mainland China delivery, which is a part of the brick and mortar store.<\/p>\n

We are doing hafta and we are adding along with that an oak alcator. So going forward, this is a combination of a model, so 50, and the rest almost are independent because, you know, the cloud kitchen model, as you know, Rebel, they have five to six brands, major brands within one store area. That’s the back of the store or the commissary. So it actually survives only when you have more than three to four brands in terms of store economy. So we have exactly done that. And you will be very happy to see that in spite of the fact that there have been lots of ups and downs going in.<\/p>\n

But Haka is steadily growing and we expect this to go to a very decent number in next two quarters.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay, sir, thank you so much.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ashutoshyotaria from ICICI securities. Please go ahead.<\/p>\n

Ashutosh<\/strong><\/p>\n

Yeah, thank you sir for the opportunity. So my first question question is on the demand situation. I heard you that for the month of April, the triple SG was at around 11, 11.5%. But like, how is the like situation? Maybe in May, because it’s almost now the month end, only 10 days are left. Why I’m asking this is that because we have seen that there has been some pressure on the consumer wallet now because of the anticipation of the inflation or the geopolitical uncertainty. So we have seen for some companies, or not exactly for the dining or the QSR sector, but in general for the staples or the grocery retailers who have highlighted that there was some concern on the spending side.<\/p>\n

So anything which you want to highlight in this regard<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

At the moment, we don’t see that happening. We are obviously ready with our, you know, we fastened our feet well and we have got a few tactical promotions going on which actually soften the, you know, ease the pockets of the consumer in the form of redemption coupons. We had done this during Pandemic so that’s one thing we don’t believe in too much of discounting tactical discounts apart if there’s a festival, but otherwise we have start, we are fully ready with it. In fact we just about to start it by the end of this month.<\/p>\n

Redemption coupons which actually bring in more people. So very comfortably. If you are eating a thousand rupees meal, we’ll make it a little softer for you by giving a 200 rupees 150 rupees. And there are schemes of this kind which easy on their pocket. They can’t redeem it when they’re eating but they have to come back so that it becomes a little easy for their pockets.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, okay, underscore and a second question like you broadly touched upon that issue, the LPG thing. So just wanted to understand like how is the availability and there are like other eps or maybe in the other industries, maybe like the bakery or the biscuit industry. The manufacturers are actually looking to shift to other sources of fuel, alternative sources. So how are you managing the fuel supply at the kitchens?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Okay, very good question. And that’s the one which is actually keeping us busy. We are all in the cockpit. We started on the 4th of March. This particular because of a bit of a peripheral vision that we have. We started this journey and we had an emergency meeting ERT, that’s Emergency response team that we have during Pandemic. We formed it and we sat together to work around the fact that tomorrow there will be no lpg, there will be no PNG and there should be CNG apart we don’t use it. So we started simulating a situation that.<\/p>\n

Okay, because life cycle of the organization we’ve seen but like Pandemic was out of the syllabus. This is another one which is completely out of the syllabus and this seems to be a worse one. So here we Sat together and we understood that we have to do incubation of getting another source of energy which will actually the show must go on. So thanks to the team of my chefs, they worked very hard and we started importing at that point of time. Woks, Wok based inductions. Usually people have a perception that, you know, woks cannot be used on the induction.<\/p>\n

But we had already simulated this over a period of time in some of the crowd kitchens which where we did not get enough the gas permission from the fire department. So these clouds were running successfully. We had done that experiment. We again did this abuse tested it. By the time we called around 300 of these sets coming in from China one after the other. As you know, we are a debt free company. So such expenditure doesn’t change and we believe in keeping our standards very high. The question on the table was the show must go on.<\/p>\n

So as we talk, 78% of our whole restaurant chain, that includes the new restaurant chain called Siciliana, that Italian is now not run by fuel, which is, you know, we are dependent on the international community where the Hon. Prime Minister has been saying that there will be cuts. And of course from one two bars to one bar TNG is also gone. We knew this coming. And today being the biggest possible uncertain time ever come in the, you know, history of the world, the world order is changing. So we are prepared to 78%.<\/p>\n

We are going to 100% in exactly 20 days. So we are fully prepared to ensure that the show must go on.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, Understood? Understood. Very clear and just personal remarks from my end, like I’m a frequent visitor of Ceciliana and I must say that the ambience and the food is like. It’s really excellent and thank you. And all the best, sir.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Thank you so very much for your time.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all participants that you may press star and want to ask questions. The next question is from the line of Gunit Singh from Countercyclical pms. Please go ahead.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Hi sir, thank you for the opportunity. Pardon me if I ask something which you have already mentioned because I missed the starting part. So I want to understand what percentage of our stores currently are fully mature stores wherein they have reached the peak, say revenue potential.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Can you repeat your question please?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So what percentage of the stores currently out of the total restaurant that we have are fully mature in terms of revenue? In terms of revenue potential or restore potential?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Yeah. Except for the openings during the year rest are all matured stores for us because we look at the breakeven between four to six Months of the restaurant.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Got it. So can you help me understand for the top priority brands that we have you mentioned a few like Mainland China, Asia Kitchen, Voltaire, Siciliana and Hakka. So can you help me understand the revenue per restaurant for these top brands and say the Ebacta store, the four lease and the general lease payments for the top five, six grants and the CapEx per store. These metrics. Yeah. To answer that let’s say for instance we are on the process of taking a square feet of around 2,500 to 3,000 square feet maximum for these brands accepting where gong which is a high end brand like me mentioned, those could be around 6,000 6,500 square feet.<\/p>\n

But on an average when it is 2,500 to 3,000 we look forward for a revenue between 8 to 9 crores in a year with an EBITDA of 22% on restaurant basis. Thereafter we take and the rentals are primarily at 21% for those restaurants. When we are into malls where we have revenue share minimum guaranteed.<\/p>\n

Operator<\/strong><\/p>\n

So you’re saying that the rental per store is 21% of the revenue per store.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

It’s an generally an average. When we talk in terms of let’s say 20% could be the one on an average basis because the revenue share triggers at 17 18% which with GST comes to around 20 21%.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, so basically 20% of the revenue to restore is the rental cost. So post post rental. So what is the operating profit per restaurant?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So we get 15%, sir.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, post rental. So 15% is the post rental restaurant.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Correct sir.<\/p>\n

Ashutosh<\/strong><\/p>\n

And what is the capex per store? If you can give me for Asia mainland and differently for voltage Sweet Bengal Hakka.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

See if I may, for a mainland char or Asia kitchen it depends upon the square foot basis but generally it ranges between 12,000 rupees to 13,000 rupees a square foot. And for Sweet Bengal and waters it is much lesser because these are all small stores.<\/p>\n

Operator<\/strong><\/p>\n

Got it. So what was the total rental outlay in FY26 and what is the general annual escalation and rental costs?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

If I may, the rental general escalation is either 5% every year or 15% every three years depending upon the lease arrangement. That’s the general increase. So it can be we can take 5% every year kind and the total outlay on rental outflow would be roughly around 73, 74 crore.<\/p>\n

Ashutosh<\/strong><\/p>\n

Got it. So if we look at our restaurants, if you look at the top tier premium haka<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Restaurant or the new one that you mentioned. So can you give me an average order value you can give give us that say the premium, the mid premium and then sweets involve water. Sorry, what is that you are looking for for Sweet Bengal? And average<\/p>\n

Ashutosh<\/strong><\/p>\n

Average order value per cover<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

On average order value for Walters would be roughly around 700 rupees. It is 400 rupees.<\/p>\n

Ashutosh<\/strong><\/p>\n

Got it. And what about this is per cover. Right. And what about Asia Kitchen, Mainland China and the premium ones that you mentioned?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Mainland China hovers around 1200-1300 rupees rupees. Similarly is Siciliana to mainland China. Asia Kitchen is around thousand to eleven hundred rupees. Gong is around 2,500 to 3,000 rupees.<\/p>\n

Ashutosh<\/strong><\/p>\n

Got it. So. So based on our the<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Kind of clientele that we have, it looks like kind of kind of a clientele which is say middle, upper middle class which have a higher discretionary spend. So in general if there is a scenario of inflation which we see currently which can be a double ended sport for extra business because number one because of food inflation and number two because of cut in discretionary spends. So generally, I mean historically based on our clientele, do we see<\/p>\n

Ashutosh<\/strong><\/p>\n

Any<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Significant<\/p>\n

Ashutosh<\/strong><\/p>\n

Reduction in the spend at our restores?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

No, we don’t. Not as of now for sure.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay, so past scenarios with high inflation or some domestic shocks apart from COVID we did not<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

See any change in dine in patterns or delivery patterns.<\/p>\n

Ashutosh<\/strong><\/p>\n

Not really.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Got it. So we have about 150 cr plus of cash on our books now. We covered the number of stores that we outlets that we have. We have reached those levels currently. So what are growth plans for the current year and the next year and are we looking at some massive expansion? Because now that we have experienced it all and we have seen that our restaurants seem to be working well. So are we in discussions of having<\/p>\n

Ashutosh<\/strong><\/p>\n

Some large scale expansion plans opening? I mean increasing the growth of expansion?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Yes. In fact this year itself we are scheduled to launch eight new restaurants, 15 new Walters and 10 new Sweet Bengals. So that means almost 32 new outlets operating only for this year which would be growing year after year.<\/p>\n

Ashutosh<\/strong><\/p>\n

Got it. And for these new for the eight vestors, can you also give a breakdown and the total capex for this for these tour expansions?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

32 crores approximately for the restaurants and just around 5.5cr for the QSR and confectionary<\/p>\n

Operator<\/strong><\/p>\n

For it. So<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Total 37cr of. Yes. So sir, given that our share price has corrected significantly as well and it is available at very cheap valuations currently as opposed to the Kind of brand that we have built and cash reserves that you have. Are you in discussion for some share buyback which will be of<\/p>\n

Ashutosh<\/strong><\/p>\n

Which will give very good returns if the promoters don’t participate to the company.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Depending upon the utilization. Are you talking in terms of the cash flows available and being generated over a period of time? I mean the company has built up a good cash pile currently. So are you looking for any share buybacks as a means to return to the long term shareholders? Because the share price is also available at very cheap valuations currently and it is corrected significantly. So I would like to understand if you have any buyback plans. Point taken. I presume this may be taken up by the board members only.<\/p>\n

So it would be difficult for us to say right now depending upon the situations prevailing over a period of time.<\/p>\n

Operator<\/strong><\/p>\n

Perfect, sir, thank you very much. I hope you take this into<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Consideration.<\/p>\n

Ashutosh<\/strong><\/p>\n

Thank<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

You. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is on the line of Jackie Abbas Naseer, an individual investor. Please go ahead,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Sir. Good evening and congratulations on a steady quarter in tough times. Sir, going ahead for 27, could we assume that you will do a growth of 15% on the revenue basis looking at the new launches?<\/p>\n

Operator<\/strong><\/p>\n

Yes, absolutely sir. How are you?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Good, sir. Good sir, thank you. So 15, my question<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Was that are we looking at a 15% growth in top line, sir, this year looking at the new launches?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Yes, sir, maybe more.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay, so<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

It would be closer to the 600 crore top line we could have this year.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Inshallah. Yes.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So could, could we assume, sir, March 27, if we do 600 and at a slower pace, March 28, we could look at a 700 crore top line, sir.<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

Absolutely right. Subject to Mr. Trump’s behavior.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

And sir, about your two brands, Suite Bengal Sweet and Namkeen are turning out to be a new segment and a new business altogether. So what, what are your thoughts on. On carving up a larger growth trajectory for Sweet Bengal? And the next question would be to Avik Walters. I mean, what next for Walters? I’ll take up the Wolters question first. For Wolters, we have planned 15 new stores for this year. That would make our total into 20 stores for the brand. And we have been launching new newer products and catering right from until the late night as well because deliveries have been very favorable for us till like 3 to 4am so the operational hours of each Walters would be increasing which would lead to greater revenues.<\/p>\n

Apart from that, new product lines, for example, focused dessert lines and beverages lines is something that is also on the plans for Walters but this is our entire schedule for vaulters for growing in Maharashtra region because we have our commissary already set up and it’s geared to take up to 20 to 25 stores.<\/p>\n

Ashutosh<\/strong><\/p>\n

Fantastic. And about the<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sweet Bengal segment, I mean that can grow onto a business in itself. So how do we look at taking that forward, sir?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Absolutely. So as we speak we are in the process of finalizing our rebranding experience with Sweet Bengal because it’s been delayed quite some time. And we’re finally happy to be launching our rebranding of the brand. Alongside that new product lines will of course cost come in and we will be looking at FMCG packaging ranges as well for the brand. Once it’s fully rebranded, stores are refreshed and new product lines are activated.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Fantastic. And as of March. And what was the cash we have on books on?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

162.48 crores. Fantastic. Thank you sir. And best wishes for financial year 27. Thank you. Thank you very much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is on the line of Chandra Moli Jagannathan, an individual investor. Please go ahead.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Most of my questions have been answered. I just wanted to know the cash that you are talking about is a net cash you won’t have with the net cash on.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So this is the cash which is there as treasury investment, sir, the net cash would be 103 crores.<\/p>\n

Ashutosh<\/strong><\/p>\n

Okay. Okay. You were talking about a 15 growth in the top line. What is the bottom line that you expected?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So we would be able to improve to the extent of 15 16% over a percentage increase on the EBITDA numbers with the increase in revenues because of the front end cost of the new restaurants which will continue to open over next two years.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And you are talking about, you know, you totally kind of going to move into an induction thing. What is the capex that you have done for that, sir?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So we have already spent almost like 1.12 crores on inductions walk which Mr. Anjan indicated from the 4th of March till date.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay. And the fuel cost, what is going to be like to like preparation? Sir, instead of using the traditional lpg<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

What would be the any cost increment that you will face out of this or it will be less?<\/p>\n

Anjan Chatterjee<\/strong><\/p>\n

No. Given the circumstances and as the prices of the basic fuel to LPG and PNG moving northwards, I think that we will be either same price or maybe less. Because there’s an interesting part here that you know when you use any kind of fuel in the form of gas, there is a wastage which is inadvertent because you know this is called the pilot. The pilot keeps on burning because the last moment you have, you know orders coming in and there’s some kind of. They put it on sim that continue mixing habit because of the fact that the two hours of the, you know, weekend or any weekday is very important for the business.<\/p>\n

So instead of that all, all these electric, you know, induction supported ones have a pilot and the moment you put the buckets on and then when you take it out, same with the fryers and you take it out it’s autocut. So these are. We’ve already already seen a. We’ve done a pilot in one particular restaurant where we’ve been able to send save around 6% of the compared to Apple to Apple with the gas versus electric.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Great sir, that’s all for me. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Madurati from countercyclical investment. Please go ahead.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

So thank you for the opportunity once again sir, I wanted to understand you. We are doing currently 7% EBITDA margin post our rental expenses. So how will this grow to 15%? If you could help me understand.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

We are doing 15% on restaurant level basis. Sir, postal interns,<\/p>\n

Madhur Rathi<\/strong><\/p>\n

If I look at our cash flow statement we very close to 80 odd crore of CFO and I deduct the 50 odd crore of rental expenses. It’s coming out to closer to top to 33 crores on a 476 crore revenue. That is closer to 78% of EBITDA margins. So where. I don’t know where is this where I’m getting this wrong?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sorry.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

I think when we are talking in terms of 15 16% this is on the restaurant level basis. Because.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Your voice is getting disturbed in the middle.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Is it better now?<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Yes sir.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

So the whole idea was when we were talking in terms of payback 15 16% is on the restaurant level basis. Thereafter we have corporate costs etc. As a result of that from a cash flow perspective you would have got this EBITDA numbers which is after the corporate cost.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Got it. And sir, what would be corporate cost as a percentage of our revenue going forward?<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

We are see this is a step down reduction. When we the established fixed cost for corporate would get amortized on the more number of restaurants. Because for last two years post Covid we had not expanded. The corporate cost continued to be there. Now we have got into the expansion mode and there would be a step down in reduction in the corporate cost which used to be 6, 7% is now at 4%.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Got it. And sir, I mentioned the occupancy part. Sir, what is our current occupancy at our current current across our outlets Currently,<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

This is a very mixed bag. It all depends upon individual restaurants averaging out because of a high. Let’s say when we talk in terms of gong which is of the highest order there, the overall occupancy is in any which was low. So what we look at is from the businesses distributed higher between weekends and weekdays. But on an average, if you take on the installed capacity of covers etc. We are at around two times of our existing capacity on an average basis.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay, got it. Sir, that was from mine. Thank you so much. And all of us.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Zakiya, Bas, Naseer and individual investor. Please go ahead.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

Sir. With the 32 new touch points opening this year, what will be our final count at the end of the current financial year? Sir, in terms of touch points, we are 121 as on the 31st of March. So if we add on almost like including Walters, Sweet Bing, all in the restaurants, we would be touching 150 numbers.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay, fantastic. So you would cross hundred and fifty by the end of this current financial year.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

God willing. Thank you. Fantastic, sir. Thank you sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

A reminder to all participants that you may press star and want to ask question. A reminder to all participants that you may press star and one to ask questions. As there are no further question from the participants, I now hand the conference to the management for the closing comments.<\/p>\n

Rajesh Kumar Mohta<\/strong><\/p>\n

On behalf of the management, we are extremely thankful for your participation to the conference Call today on Our results of Q4FY26. With God’s grace and your wishes, we will be able to achieve what we are working hard on. Thank you so very much for your time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. On behalf of ICICI securities, that concludes this conference. Thank you for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Speciality Restaurants Ltd (NSE: SPECIALITY) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Ashutosh \u2014 Investor relations Rajesh Kumar Mohta \u2014 Executive Director \u2013 Finance and Chief Financial Officer Anjan Chatterjee \u2014 Chairman […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":156701,"url":"https:\/\/alphastreet.com\/india\/speciality-restaurants-ltd-q2fy24-53-fall-in-profits\/","url_meta":{"origin":183591,"position":0},"title":"Speciality Restaurants Ltd Q2FY24; 53% fall in Profits","author":"Chirag Gupta","date":"November 27, 2023","format":false,"excerpt":"The company entered the restaurant business by setting up Only Fish in 1992, followed by Main Land China, in Mumbai in 1994. 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