EverBrands reported a FY26 operating loss of ₹58.19 crore, a sharp rise from ₹28.26 crore in FY25 and ₹16.67 crore in FY24, even as revenue grew 34.93% to ₹966.17 crore.
The company, which runs 1,008 Subway outlets across India, Sri Lanka and Bangladesh, said the loss is driven by higher lease and finance costs from its expanding COCO network.
A Draft Red‑Herring Prospectus filed with SEBI on 29‑Sept‑2026 seeks up to ₹600 crore in fresh equity, earmarking ₹326.85 crore for new company‑owned COCO stores and ₹125 crore to pre‑pay borrowings of its subsidiary Culinary Brands India.
EverBrands’ EBITDA rose to ₹98.13 crore, up from ₹64.21 crore in FY25, but the margin slipped to 10.16% as operating expenses climbed. Adjusted EBITDA, however, was ₹28.61 crore with a 2.96% margin, reflecting the impact of higher royalty and delivery costs.
Analysts note that the IPO will give EverBrands the capital to accelerate its COCO roll‑out—151 new stores in FY26 against 78 in FY25—while also easing its ₹149.71 crore debt load to an adjusted net debt of ₹117.39 crore.
The organized food‑services segment in India is projected to expand from ₹2.80 lakh crore to ₹5.27 lakh crore by FY30, giving EverBrands a sizable growth horizon if it can convert its store expansion into profitability.