Jagdish Farshan plans 25 stores across Ahmedabad and Surat in two years

Vadodara-based Jagdish Farshan aims to open 15 stores in Ahmedabad and 10 in Surat over the next two years, before expanding across western India, Rajasthan and Madhya Pradesh. The snack retailer reported nearly Rs111 crore in topline last year and is targeting Rs150-170 crore this year.

— Source published Fri, 21 Aug, 2026, 18:00 IST · First seen Fri, 21 Aug, 2026, 18:20 IST · Source ET Hospitality

What happened

Vadodara-based Jagdish Farshan plans national expansion after growing to nearly Rs 111 crore in annual topline. It will open 15 Ahmedabad and 10 Surat stores in

Key facts

  • FY topline last year: nearly Rs 111 crore
  • Current-year topline target: Rs 150-170 crore
  • Year-on-year CAGR: 45%
  • 26 retail outlets in central Gujarat
  • 2 North American outlets
  • 15 stores planned in Ahmedabad
  • 10 stores planned in Surat
  • Snacking sector value: over Rs 50,000 crore

Why this matters

Jagdish Farshan is establishing a stronger Gujarat footprint ahead of western India, Rajasthan and Madhya Pradesh expansion, making it a more credible regional partnership or acquisition candidate.

What to watch

  • First-store opening dates and the pace of openings versus the stated 25-store, two-year plan.
  • Evidence of a new central kitchen, warehouse, manufacturing capacity or third-party logistics partnership in western India.
  • Same-store sales, average bill value and outlet-level profitability disclosures after Ahmedabad and Surat launches.
  • Whether the Rs150-170 crore current-year revenue target is met without unusually heavy promotional spending.
  • Choice of ownership model for new outlets, including franchise announcements or external capital raising.
  • Announcements of entries into Rajasthan or Madhya Pradesh before the Gujarat rollout reaches meaningful density.
  • Secure high-footfall neighborhood, transit and commercial-area sites in Ahmedabad and Surat, likely beginning with clustered openings rather than evenly distributed locations.
  • Build or expand a regional production, warehousing and cold-chain/distribution network capable of serving Gujarat cities before pursuing Rajasthan and Madhya Pradesh.
  • Localize product assortment, pack sizes and gifting formats for Ahmedabad and Surat while retaining core Vadodara-origin snack categories.
  • Increase hiring for store operations, quality control, procurement and last-mile delivery; evaluate franchise versus company-operated economics.
  • Use new-store launches to deepen digital ordering, corporate gifting, festival sales and marketplace delivery partnerships.