Curefoods revenue rises 23% to ₹916 crore in FY26 as IPO plan pauses

Cloud-kitchen operator Curefoods reported FY26 operating revenue of ₹916.2 crore, while net loss widened 13% to ₹192.2 crore. Its EBITDA loss narrowed to ₹69.3 crore and margin improved to -7.6% from -11.5%. The company has paused its proposed ₹800 crore IPO amid market volatility.

— FiledFri, 18 Sept, 2026, 14:21 IST·First seen Fri, 18 Sept, 2026, 14:20 IST·Source Entrackr

What happened

Curefoods reported 23% FY26 revenue growth to Rs 916.2 crore, while net loss widened to Rs 192.2 crore. EBITDA loss narrowed as margins improved. The

Key facts

  • FY26 operating revenue: Rs 916.2 crore, up 23% from Rs 745.8 crore in FY25
  • FY26 net loss: Rs 192.2 crore, up 13% from Rs 170 crore in FY25
  • FY26 EBITDA loss: Rs 69.3 crore versus Rs 86 crore in FY25
  • FY26 EBITDA margin: -7.6% versus -11.5% in FY25
  • India revenue: Rs 893.3 crore
  • Overseas revenue: Rs 22.85 crore, up 4x
  • Network: 281 cloud kitchens, 99 kiosks and 122 restaurants
  • Cash and bank balance: Rs 39.4 crore, down 51%
  • Proposed IPO size: Rs 800 crore

Why this matters

Curefoods’ scale-up to ₹916 crore in revenue and improving unit economics could make it a more credible partnership or acquisition target, although sustained losses may strengthen counterparties’ negotiating leverage.

What to watch

  • Quarterly revenue growth relative to the FY26 23% rate.
  • EBITDA-loss trend and whether EBITDA margin improves from -7.6% toward breakeven.
  • Cash burn, liquidity runway and any new equity, debt or strategic-investor fundraising.
  • Order frequency, average order value, delivery-platform commissions and customer-acquisition spending.
  • Kitchen count, utilization, brand closures or consolidation actions.
  • Renewed IPO preparation, draft filing activity or commentary on listing timing.
  • Food-delivery market discounting and competitive expansion by major cloud-kitchen and restaurant operators.
  • Prioritize contribution-margin expansion through menu engineering, procurement scale and kitchen utilization improvements.
  • Rationalize weaker brands, low-density delivery zones and underperforming kitchens while concentrating investment behind higher-repeat concepts.
  • Seek pre-IPO private financing, strategic capital or debt refinancing to extend runway while public-market conditions remain volatile.
  • Delay IPO filing or launch until EBITDA losses narrow materially and market comparables support a stronger valuation.
  • Increase direct ordering, loyalty and corporate catering to reduce dependence on food-delivery aggregators and their commissions.