Curefoods FY26: Revenue Climbs 23% as Loss Widens to Rs 192 Cr

Curefoods’ operating revenue grew 23% to Rs 916 crore in FY26, up from Rs 745.8 crore in FY25. However, net loss widened 13% to Rs 192.2 crore from Rs 170 crore in the previous fiscal year. The key takeaway: top-line expansion is visible, but profitability remains the central challenge.

Sales of food and other products accounted for 99% of operating revenue and rose 23% to Rs 908.4 crore. Services and other operating activities, including franchisee fees, contributed Rs 7.8 crore. India remained the company’s core market with Rs 893.3 crore in revenue, while overseas collections rose 4X to Rs 22.85 crore.

Material expenses were the largest cost centre at Rs 310.4 crore, while employee benefit expenses rose to Rs 213.9 crore, including Rs 33 crore in ESOP expenses. Commission costs reached Rs 166.8 crore, and depreciation and amortisation rose to Rs 100.6 crore. Despite these pressures, EBITDA loss narrowed to around Rs 69.3 crore from Rs 86 crore, and EBITDA margin improved to negative 7.6% from negative 11.5%.

Curefoods had received SEBI approval for its proposed Rs 800 crore IPO after filing draft papers in October 2025, but later put the listing plan on hold amid volatile market conditions. The company spent Rs 1.23 to earn a rupee of operating revenue in FY26, compared with Rs 1.27 in FY25. Investors will likely focus on whether further scale can improve kitchen-level economics enough to offset fixed costs, depreciation and finance costs.