May 2026
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Largest Restaurants & Nightlife Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Indian Hotels, Jubilant Foodworks, Travel Food Services, Devyani International and Westlife Foodworld.
 | Indian Hotels Co Ltd is an owner and operator of hotels and resorts, domiciled in India. The company operates its hotels and resorts under the Taj, Vivanta, Ginger, Seleqtions, and other brands. Indian Hotels reports revenue across the following business lines: room income; food, restaurants, and banquet income; membership fees; management and operating fees; and others. Room income contributes a majority to the company's revenue, followed by food, restaurants, and banquet income. Indian Hotels derives the majority of its revenue domestically. | $7 | -17% | $10B | $10B | 9.5x | 24.7x | ||
| Jubilant Foodworks Ltd with its subsidiaries, operates as a food service company. It develops and operates quick services restaurants under the Domino’s Pizza, Dunkin’ Donuts, Hong’s Kitchen, Popeyes, and COFFY brand names in India, Sri Lanka, Bangladesh, Nepal, Turkey, Azerbaijan, and Georgia. | $5 | -35% | $3B | $3B | 3.5x | 17.2x | ||
| Travel Food Services Ltd is a player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge sector. Its Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments. Its Lounge business comprises designated areas within airport terminals, accessible by first and business class passengers, members of airline loyalty programmes, select credit card and debit card holders and members of other loyalty programmes. The company had approximately had 37 Lounges across India, Malaysia and Hong Kong. | $12 | -- | $2B | $2B | 8.6x | 21.6x | ||
| Devyani International Ltd is a franchisee of Yum Brands in India and is among the largest operators of a quick-service restaurant chain (QSR chain), operating around 1,243 stores across 155 cities in India. Companies products includes PizzaHut, KFC, Costa Coffee, Vaang.o, The Food Street, and more. Geographically, operates domestically and internationally, with the majority of revenue from India. | $1 | -33% | $1B | $2B | 3.6x | 20.7x | ||
| Westlife Foodworld Ltd owns and operates several hundred McDonald's restaurants in western and southern India through a master franchise agreement with McDonald's Corp. Its business segment is quick-service restaurants, and all of its sales are generated in India. The McDonald's menu is customized to cater to Indian tastes, with options such as the McAloo Tikki burger, Veg Pizza McPuff, and the Maharaja Mac. Its restaurants in India serve no beef or pork and isolate vegetarian and nonvegetarian ingredients at all times. | $5 | -33% | $758M | $945M | 3.4x | 22.0x | ||
| Spice Lounge Food Works Ltd formerly Shalimar Agencies Ltd is engaged in providing a complete range of IT Services and Solutions. The company provides services that includes software development, maintenance of software/hardware and related services, and sale of software licenses. | $0 | -- | $150M | $148M | 13.5x | 113.5x | ||
| Median | $5 | -33% | $2B | $2B | 6.1x | 21.8x |
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