Gourmet Gateway - Gourmet Gateway

📊 BSE: 506134 🏢 Restaurants 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, the Food Business, which saw revenue grow by 190.87% YoY, increasing from INR 276.81 Lakhs in FY 2024 to INR 805.16 Lakhs in FY 2025.

Profitability Margins

Net Profit Margin declined sharply from 48.28% in FY 2024 to 1.83% in FY 2025. This compression was driven by a 79.6% increase in total expenses, which rose from INR 491.07 Lakhs to INR 881.97 Lakhs.

EBITDA Margin

The company reported a negative PBT margin of -6.8% in FY 2025 (INR 54.73 Lakhs loss) compared to a positive PBT margin of 66.37% in FY 2024 (INR 183.73 Lakhs profit), indicating a significant decline in core operational profitability.

Capital Expenditure

The company holds a significant investment of INR 58.66 Cr (INR 5,866.01 Lakhs) in its subsidiary, Boutonniere Hospitality Private Limited (BHPL), as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Food ingredients for Pan Asian and dessert brands (Not disclosed in specific percentages).

Capacity Expansion

The company utilizes its own-commissary and delivery network to support its portfolio of brands; specific MT or unit capacity is not disclosed.

Raw Material Costs

Total expenses increased by 79.6% YoY to INR 881.97 Lakhs, largely due to the scaling of the food business operations.

Manufacturing Efficiency

The company leverages an in-house technology stack and an integrated commissary model to drive sustained profitable growth.

Logistics & Distribution

The company operates its own delivery network to maintain control over the customer experience and distribution costs.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

GGIL aims to achieve growth by leveraging its own-commissary, delivery network, and in-house technology stack to capitalize on the $51 billion Indian food service market, which is growing at a 9% CAGR.

Products & Services

Quick service Pan Asian cuisine and dessert treats.

Brand Portfolio

Wanchai, Drizzle & Dust.

Market Expansion

The company is focused on capitalizing on the rapid growth of the foodservice industry in Indian markets.

Market Share & Ranking

India is the 9th largest food service market globally; GGIL's specific market share is not disclosed.

🌍 External Factors

Industry Trends

The industry is evolving through digital democratization and a significant rise in online ordering, with the Indian market mirroring nominal GDP growth at a 9% CAGR.

Competitive Landscape

Operates in a vibrant and rapidly evolving sector influenced by technological advancements and changing consumer preferences.

Competitive Moat

Moat is built on an integrated model including an own-commissary, delivery network, and in-house technology stack, which provides a competitive advantage in quality control and delivery efficiency.

Macro Economic Sensitivity

Highly sensitive to per capita income growth, consumption-led economic growth, and demographic tailwinds in India.

Consumer Behavior

Shifting towards online ordering and a preference for branded QSR experiences like Pan Asian and specialized desserts.

Geopolitical Risks

Exposed to volatile global environments and supply chain disruptions caused by escalating geopolitical tensions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to food safety standards, occupational health & safety regulations, and evolving regulatory frameworks.

Taxation Policy Impact

The company recorded a tax benefit of INR 69.44 Lakhs in FY 2025 compared to a tax expense of INR 50.09 Lakhs in FY 2024.

Legal Contingencies

A search and seizure operation was carried out by the Directorate of Enforcement (ED) at the office premises of the Company and two subsidiaries during FY 2025; proceedings are currently in progress.

⚠️ Risk Analysis

Key Uncertainties

A key uncertainty is the potential impairment of the INR 58.66 Cr investment in BHPL, as step-down subsidiaries have performed lower than anticipated.