Curefoods FY26 revenue rises 23% to Rs 916 crore; IPO plan remains on hold
The cloud-kitchen operator’s net loss widened 13% to Rs 192 crore, though its EBITDA loss narrowed to Rs 69 crore and margin improved to -7.6%. Curefoods operates 281 cloud kitchens, 99 kiosks and 122 restaurants; its proposed Rs 800 crore IPO has been paused amid market volatility.
What happened
Curefoods reported 23% FY26 operating-revenue growth to Rs 916.2 crore, while net loss widened to Rs 192.2 crore. EBITDA losses narrowed as margins improved.
Key facts
- Operating revenue: Rs 916.2 crore in FY26, up 23% from Rs 745.8 crore in FY25
- Net loss: Rs 192.2 crore in FY26, up 13% from Rs 170 crore
- EBITDA loss: Rs 69.3 crore versus Rs 86 crore
- EBITDA margin: -7.6% versus -11.5%
- India revenue: Rs 893.3 crore
- Overseas revenue: Rs 22.85 crore, up 4x
- Network: 281 cloud kitchens, 99 kiosks, 122 restaurants
- Cash and bank balance: Rs 39.4 crore, down 51%
- IPO proposal: Rs 800 crore, currently on hold
Why this matters
Curefoods’ scale across 281 cloud kitchens, 99 kiosks and 122 restaurants makes it a meaningful food-tech platform, but a paused IPO could create partnership or strategic-investment openings.
What to watch
- Quarterly EBITDA loss and EBITDA margin progression toward breakeven.
- Net loss trend, operating cash burn and any fresh equity or debt funding needs.
- Same-kitchen sales growth, order frequency and average order value.
- Kitchen, kiosk and restaurant additions versus closures or consolidation.
- Delivery-platform commission trends, discount intensity and direct-ordering mix.
- Timing of IPO filing updates and changes in Indian primary-market risk appetite.
- Prioritize contribution-margin expansion at mature kitchens rather than rapid footprint additions.
- Consolidate underperforming brands, kitchens and restaurant locations to reduce fixed-cost drag.
- Increase direct ordering, subscriptions, corporate catering and loyalty channels to lower dependence on delivery-platform commissions.
- Use kiosks and restaurants selectively as brand-discovery channels, with expansion tied to proven store-level payback.
- Prepare IPO readiness materials around EBITDA breakeven milestones, governance and cash-burn reduction rather than reopening the issue immediately.