Speciality Restaurants Outlines ₹200-Crore Expansion Plan to Reach 200 Outlets by FY30

Mumbai — Speciality Restaurants Ltd, the NSE- and BSE-listed operator of restaurant chains such as Mainland China and Oh! Calcutta, has announced a capital expenditure of ₹200 crore over the next four years. The company aims to expand its total network from approximately 120 outlets to 200 by the financial year 2030.

The expansion will be funded internally and focuses on Asian, Italian, and quick-service restaurant formats. The business strategy prioritises scaling established brands rather than creating numerous restaurant concepts, a shift prompted by operational challenges experienced after the pandemic, which led to the closure of 32 outlets.

Chief Executive Officer Avik Chatterjee noted that managing an extensive brand portfolio stretched operational bandwidth. Consequently, the company is concentrating on core brands, targeting a four-year payback period for new investments.

For the financial year ended March 2026, Speciality Restaurants reported consolidated revenue from operations of ₹476.47 crore, up 9.2 per cent from ₹436.25 crore in the previous period. However, profit attributable to shareholders declined by 5.7 per cent, moving from ₹21.97 crore to ₹20.72 crore. Gross margins improved by 120 basis points to reach 70.7 per cent, up from 69.5 per cent. Same-store sales growth accelerated to 11.35 per cent in the April–June 2026 quarter, compared with 2.4 per cent in FY26.

The company's target of 20 per cent annual revenue growth implies reaching approximately ₹988 crore by FY30 if compounded from the FY26 base. Speciality Restaurants plans to add roughly 20 to 25 new restaurants per year, translating to about 10 new full-service restaurants annually, split between 60 per cent Oriental formats and 40 per cent Italian formats, alongside quick-service expansion.

Asian cuisine currently contributes about half of the company's overall business, spanning Mainland China, the casual-dining format Asia Kitchen, premium Asian restaurant Gong, and delivery brand Haka. Recent renovations at three Mainland China outlets resulted in revenue increases of roughly 35 per cent, yielding EBITDA margins of 22 to 25 per cent at those locations. These results have encouraged management to invest in upgrading existing properties alongside new openings.

Other brands in the portfolio are undergoing selective development. The Italian concept Siciliana operates four restaurants with four more planned, while gourmet burger brand Walters maintains four physical locations alongside a dark-kitchen presence. Meanwhile, Oh! Calcutta’s eight restaurants are currently undergoing repositioning rather than aggressive expansion, and Sigree Global Grill, which operates four profitable outlets, is not an immediate rollout priority.

The company operated roughly 50 to 60 outlets around its public listing in May 2012, compared with about 120 today. Sustaining stronger same-store sales, replicating the refurbishment gains seen at Mainland China, and achieving targeted investment paybacks while funding growth internally will remain key execution priorities for the management team.

"Speciality Restaurants is demonstrating a pragmatic approach by shifting its focus from experimentation to scaling proven, profitable brands. Consolidating operational bandwidth after pandemic-related closures is a sound strategy for long-term stability. Funding a ₹200-crore expansion internally shows strong balance-sheet discipline, though maintaining same-store sales growth and executing store rollouts efficiently will be crucial to hitting their FY30 revenue targets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes