Boba Bhai FY26: Revenue More Than Doubles as Losses Widen

Boba Bhai’s revenue from operations rose 139% to Rs 68 crore in FY26 from Rs 28.44 crore in FY25, according to financial statements reviewed by Entrackr. Food and beverage sales remained the core business, climbing 137.1% to Rs 67.26 crore and accounting for 99% of operating revenue. The company also reported Rs 1 crore in other income, taking total income to Rs 69 crore.

Total expenses jumped 2.3X to Rs 90.4 crore in FY26 from Rs 39 crore in the previous fiscal year. The largest expense head was cost of materials consumed, which rose 138.5% to Rs 25 crore, while employee benefit expenses increased 210.3% to Rs 13.5 crore. Advertising and promotional expenses reached Rs 13 crore, commission expenses rose to Rs 11.44 crore, and other expenses increased to Rs 31.46 crore.

Despite strong revenue growth, Boba Bhai’s losses widened 2.2X to Rs 21.8 crore in FY26 from Rs 9.96 crore in FY25. The company’s spending per rupee of operating revenue improved marginally to Rs 1.33 from Rs 1.37. EBITDA margin improved to -30.35% from -34.67%, while ROCE deteriorated to -41.12% from -32.47%.

Boba Bhai raised Rs 40 crore in March 2026 as it continued expanding its store network. The company currently operates around 100 stores across eight cities and plans to expand to 10 cities in FY27, while adding another 150-200 stores by the end of the fiscal. Cash and bank balances declined to Rs 2.85 crore from Rs 24.07 crore, making improved unit economics and cash generation key priorities as the company scales.