Westlife Development Limited (WDL) focuses on establishing and operating McDonald’s restaurants across West and South India, through its wholly owned subsidiary Hardcastle Restaurants Pvt Ltd (HRPL).[1]Today, It manages 319 McDonalds restaurants and 223 McCafé outlets in West and South India in easily accessible and popular locations like malls, high-streets, shopping complexes and residential areas’ after outlet presence. It employees close to 10,000 employees.[2]
History of Hardcastle RestaurantsHardcastle Restaurants Pvt Ltd was established as a joint venture with McDonald’s Corporation, USA in 1995. Mcdonald's Corporation exited the Joint Venture in 2011 after selling its 50% stake to HRPL. It is now the master franchisee of McDonald’s under an agreement of 2010. The agreement grants HRPL authority to provide initial capital for the business, with operational and technical business support from McDonald’s Corporation.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Jubilant Food. | 526.50 | 115.92 | 34737.57 | 0.23 | 194.60 | 52.58 | 2340.15 | 19.72 | 13.08 | 8854.95 | 19.25 | 299.66 | 105.06 | 16.03 | 2.77 | 2.11 |
| 2. | Devyani Intl. | 131.90 | – | 16272.45 | 0.00 | -23.95 | -98719.25 | 1376.75 | 12.65 | 6.42 | 5240.71 | 15.21 | -31.07 | -19.72 | 10.47 | -0.20 | 2.15 |
| 3. | Travel Food | 1141.20 | 42.89 | 15057.59 | 0.00 | 97.90 | -10.62 | 355.89 | -28.88 | 41.69 | 1687.74 | 32.83 | 362.47 | 95.77 | 12.69 | 21.49 | 0.24 |
| 4. | Westlife Food | 482.90 | 483.36 | 7521.07 | 0.15 | -0.13 | 38.10 | 0.29 | 7.41 | -0.08 | 15.57 | 90.82 | 15.56 | -0.13 | 14.78 | 0.18 | 0.00 |
| 5. | Sapphire Foods | 220.05 | 3276.00 | 7075.19 | 0.00 | -12.79 | -631.69 | 742.44 | 6.72 | 5.76 | 2987.15 | 15.25 | 2.16 | -12.77 | 5.08 | 0.86 | 0.99 |
| 6. | Restaurant Brand | 67.17 | – | 3917.71 | 0.00 | -63.33 | 2.61 | 703.43 | 11.23 | -3.01 | 2672.76 | 10.72 | -207.22 | -58.60 | 4.87 | -7.55 | 2.23 |
| 7. | Spice LoungeFood | 36.28 | 357.73 | 2529.17 | 0.00 | 3.44 | 309.52 | 46.21 | 157.01 | – | 165.78 | 8.38 | 7.07 | 3.44 | 22.78 | – | 1.03 |
| – | Median: 11 Co. | 131.9 | 236.83 | 3917.71 | 0.0 | -0.13 | 2.61 | 304.76 | 11.23 | 5.17 | 1223.4 | 15.25 | 2.16 | -0.13 | 5.08 | -0.01 | 1.03 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 0.14 | 0.20 | 0.22 | 61.85 | 0.21 | 0.22 | 0.26 | 0.23 | 0.27 | 0.24 | 0.29 | 14.75 | 0.29 |
Expenses | 0.33 | 0.26 | 0.39 | 0.42 | 0.39 | 0.38 | 1.01 | 0.35 | 0.51 | 0.41 | 0.34 | 0.25 | 0.43 |
Operating Profit | -0.19 | -0.06 | -0.17 | 61.43 | -0.18 | -0.16 | -0.75 | -0.12 | -0.24 | -0.17 | -0.05 | 14.50 | -0.14 |
Other Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.26 | 0.08 | 0.06 | 0.05 | 0.03 | 0.03 | 0.10 | 0.02 | 0.01 |
Profit before tax | -0.19 | -0.06 | -0.33 | 61.38 | 0.05 | -0.08 | -0.69 | -0.07 | -0.21 | -0.14 | 0.05 | 14.52 | -0.13 |
Tax % | 0.00% | 0.00% | 0.00% | 2.56% | 100.00% | 0.00% | -11.59% | 0.00% | 0.00% | 0.00% | -2,540.00% | 0.00% | 0.00% |
Net Profit | -0.19 | -0.06 | -0.33 | 59.81 | -0.01 | -0.08 | -0.60 | -0.07 | -0.21 | -0.14 | 1.31 | 14.52 | -0.13 |
EPS in Rs | -0.01 | -0.00 | -0.02 | 3.84 | -0.00 | -0.01 | -0.04 | -0.00 | -0.01 | -0.01 | 0.08 | 0.93 | -0.01 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 63 | 1 | 16 |
Expenses | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
Operating Profit | -1 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 60 | -1 | 14 |
Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | -0 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 61 | -0 | 14 |
Net Profit | 0 | -0 | -0 | -0 | -1 | -0 | -0 | -0 | -0 | -1 | 59 | 1 | 16 |
EPS in Rs | 0.01 | -0.01 | -0.03 | -0.02 | -0.03 | -0.02 | -0.02 | -0.03 | -0.03 | -0.05 | 3.79 | 0.06 | 0.99 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -7,271% | 91% | 1,314% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
Reserves | 444 | 446 | 447 | 448 | 450 | 451 | 452 | 455 | 457 | 454 | 467 | 473 | 478 |
Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
Total Liabilities | 476 | 477 | 478 | 480 | 481 | 482 | 483 | 486 | 489 | 488 | 499 | 505 | 510 |
Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Gross Block | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | – |
Accumulated Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 62 | 62 | 62 | 475 | 475 | 476 | 477 | 479 | 481 | 482 | 490 | 497 | 499 |
Other Assets | 414 | 415 | 416 | 5 | 6 | 5 | 6 | 7 | 7 | 6 | 9 | 8 | 10 |
Total Assets | 476 | 477 | 478 | 480 | 481 | 482 | 483 | 486 | 489 | 488 | 499 | 505 | 510 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 1 | -0 | -0 | 0 | -0 | -0 | -0 | 0 | -1 | -1 | 58 | -2 |
Cash from Investing Activity | -189 | 0 | 0 | -0 | -0 | 0 | -1 | -2 | -2 | 0 | -2 | 2 |
Cash from Financing Activity | 177 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 2 | -0 | -56 | 0 |
Net Cash Flow | -12 | 0 | 0 | 0 | -0 | 0 | 0 | 1 | -0 | -1 | -0 | -0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | – | 4,372 | 4,103 | 4,524 | 438 | 0 | 1 | 0 |
Inventory Days | 0 | 0 | 0 | 0 | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 0 | 0 | 0 | 0 | – | 4,372 | 4,103 | 4,524 | 438 | 0 | 1 | 0 |
Working Capital Days | 76 | 2,341 | 3,497 | 7,428 | – | 4,339 | 4,066 | 4,482 | 4,842 | 1,970 | 45 | 2,201 |
ROCE % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | 12% | -0% |
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