Revenue −4.4% MoM to ₹48.7M. Jan 2026 at −3.5% EBITDA was the closest to breakeven ever — then reversed. 5× growth in 3 years, still zero profitability.
Margin Trend — GM% vs EBITDA%
Gross margin stable; EBITDA gap = opex scaling faster than revenue
GM has held 52–56% for 36 straight months. The EBITDA gap is entirely opex — not food cost. Every ₹1 improvement in EBITDA must come from commission, rent, or staff reduction.
Channel Mix — Mar 2026
Revenue split by channel
Zomato (28.1%) now bigger than Swiggy (22%) by revenue. Both channels extract 40–50% commission — more Zomato revenue means more commission outflow, not better margins.
Swiggy vs Zomato Trend
Aggregator channel revenue split (₹M) — hover for monthly values
Zomato overtook Swiggy in Dec 2025 and is growing faster. At 40–55% commission rates, each ₹1 of incremental Zomato revenue costs ₹0.40–0.55 in commission before any other cost.
Where ₹1 of Revenue Goes — Mar 2026
Waterfall: blended company average · hover each bar
₹62 of every ₹100 is gone before rent or staff. COGS target: ₹40 (Blr) / ₹30 (Del). Current Blr avg: ₹51. Closing the COGS gap alone would add ~₹5–6 to EBITDA per ₹100 revenue.
Store Health Profiles — Mar 2026
1
Profitable
1
Near Breakeven
1
Tracking
6
Watch
3
Critical
Filter:
Status logic: Profitable = EBITDA > 0 · Near BE = EBITDA > −5% + Rent < 20% + GM > 50% · Critical = EBITDA < −35% OR Rent > 35% OR GM < 20% · Watch = EBITDA −20–35% or Rent 25–35% · Tracking = everything else.
Store Ramp-Up — Net Revenue Since Launch
Monthly Sales Ramp-Up by Store (with ₹60L Benchmark)
Each line starts at Month 0 = launch. Line ends when data ends — no zero-padding. Hover for values.
Green Park — the only store above ₹60L benchmark, reached it by Month 3. 7 of 12 stores still below ₹40L after 6+ months. RTN is declining, not ramping.
Launch vs Latest Revenue — All Stores
Hover bars for exact values
Green Park and JANPATH launched strongest — both Delhi stores. Bangalore stores launch lower and ramp slower, suggesting Delhi market acceptance is higher for the format.
EBITDA% — Latest Month per Store
Green Park is the only profitable outlet. Hover for details.
Only Green Park is profitable (+1.4%). BRK at −52.2% is structurally broken — rent at 39.5% of revenue alone exceeds gross profit at most demand scenarios.
Store Ramp Summary
All stores — latest available month
Store
City
Launch
Months
Latest NR
Peak NR
EBITDA%
BE Gap
Status
KRM is ₹84,954/month from breakeven — the most achievable target in the portfolio. Achieving it requires ~500 additional daily orders or a 15% ADS uplift.
Store Performance — Mar 2026
Best EBITDA
Green Park
+1.4%+₹1.2L/mo
Highest Revenue
Green Park
₹82.9LDelhi outperforms
Worst EBITDA
BRK
−52.2%−₹18L/mo loss
Near Breakeven
KRM
−1.4%−₹85K from zero
Store P&L — Mar 2026 (sorted by EBITDA%)
Hover rows for full breakdown
Store
City
Net Rev
EBITDA%
GM%
Rent%
Staff%
AggFee%
BE Gap
Status
Cost Structure by Store — Mar 2026
Stacked opex as % of revenue. Hover for breakdown.
COGS target: 40% Bangalore, 30% Delhi. No store meets its target. Delhi avg: 39.8% (gap 9.8pp). Blr avg ex-RTN: 51% (gap 11pp). Kammanahalli and Indiranagar worst at 49–50%.
Revenue Trend by Store (₹M)
Toggle stores below. Hover for values.
Green Park is the only store growing consistently. KRM, JNR, GNR all declining MoM — mature stores losing volume. Toggle stores to compare trajectories.
JANPATH (87% dine-in) and GNR (73%) have the best economics because aggregator commissions don't apply to dine-in. Every 10pp shift to dine-in saves ~1.5% in blended commission cost.
Unit Economics — Per Order Analysis, Mar 2026
Avg Rev/Order
₹199
Blended across stores
Avg Swiggy Comm
44.8%
Per Swiggy order
Avg Zomato Comm
43.5%
Per Zomato order
Only Profitable Ch.
Dine-In
Most stores
Worst RTN Comm
109%!
Negative GP on delivery
Where ₹1 Goes — Select Store
Revenue Waterfall — KRM (Mar 2026)
Per-order cost breakdown — actual data from helper sheet. Hover each bar.
Running total after each bar = what's left. Final bar = EBITDA. Hover each bar to see the running total and % of revenue.
Channel EBITDA/Order Comparison
Outlet vs Swiggy vs Zomato profit per order. Dine-in dominates — hover for values.
Green Park dine-in (+₹65/order) is the only positive number in the portfolio. GNR Swiggy/Zomato are positive (+₹16, +₹20) — lower AOV attracts lower commission tier, making it the delivery exception.
Swiggy & Zomato Commission by Store
% of respective channel revenue — industry benchmark ~25–30%. Hover for exact values.
RTN at 109% commission is economically impossible — every delivery order is loss-making before COGS. All others 38–55% vs industry benchmark of 25–30%. The gap costs ₹8–15 per order vs benchmark.
Capex Payback Analysis
Months to recover capex at current monthly revenue run-rate
Store
Capex
NR/mo
Payback
View
JANPATH: 65-month payback. At current revenue, it takes 5.4 years to recover capex — before interest cost. Future stores need capex under ₹1.5Cr to be viable.
📐 Channel EBITDA/Order — Exact Math
Select a store above to see step-by-step calculation. Updates when you switch stores.
Brand Health KPIs
Avg Google Rating
4.1★
All Blr outlets−0.3 vs CTR
Avg Swiggy Rating
3.9★
Delivery experienceSlightly better
Avg Zomato Rating
3.2★
Worst platformBelow category
District (Dine-In)
3.45★
Avg listed stores · JNR best 4.3★Real data
Worst Store
3.0★
Punjabi Bagh ZomatoNewest store
💡
Delivery ratings are BETTER than dine-in ratings at most legacy stores — counter-intuitive but true. Swiggy (3.9★ avg) > Google/dine-in (3.7★ avg at newer outlets). The narrative that "delivery is destroying ratings" is partially wrong — it's specific new stores where dine-in experience hasn't been established. At KRM and JNR, Swiggy actually matches the Google dine-in rating. The real gap is Zomato (3.2★) vs everything else — driven by acceptance rate issues and wait time friction.
🎭
District by Zomato — The New Dine-In Platform
District is Zomato's dedicated going-out app (launched 2024) — covers dine-in reservations, table bookings, movies, events, and live shows. It's the primary discovery platform for dine-in customers in Bangalore and Delhi, operating at $500M+ annualised GOV. Café Amudham's District rating (where listed) primarily reflects the dine-in experience, making it a cleaner signal for food quality than Zomato delivery ratings which mix delivery complaints into the score.
Competitor Benchmark — South Indian QSR Bangalore
Google · District · Tripadvisor ratings, Apr 2026
Brand
Google ★
District ★
TripAdv
Type
Vidyarthi Bhavan
Basavanagudi · Since 1943
4.5
4.6
4.5
Heritage
CTR / Shri Sagar
Malleshwaram · Since 1920
4.4
4.5
4.4
Heritage
MTR — Since 1924
Lalbagh · 11 outlets
4.4
4.3
4.2
Heritage chain
Vasudev Adiga's
City-wide · 35+ outlets
4.0
3.9
3.8
Modern chain
Saravana Bhavan
Koramangala / Indiranagar
3.8
3.8
3.9
Tamil chain
☕ Cafe Amudham
Blr + Delhi · 12 outlets · YOU
4.1
4.2
4.0
New-age chain
Store Ratings — All Platforms
Google (dine-in signal) · Swiggy · Zomato · District (dine-in dedicated)
Outlet
Google
District
Swiggy
Zomato
Z Gap
JNR — Basavanagudi
Flagship · S Blr · 4.3★ District
4.2
4.3
4.0
3.8
−0.4
Green Park (Delhi)
Delhi · Profitable · 4.2★ District
4.0
4.2
3.8
3.5
−0.5
KRM — Koramangala
S Blr · 3.4★ District
4.3
3.4
4.1
3.5
−0.8
HSR Layout
S Blr · 3.3★ District
3.9
3.3
3.8
3.2
−0.7
Gandhinagar (GNR)
Central Blr · 3.3★ District
4.1
3.3
3.9
3.6
−0.5
Indiranagar
E Blr · 3.3★ District
3.9
3.3
3.7
3.2
−0.7
Kammanahalli
N Blr · Kalyan Nagar · 3.3★ District
3.8
3.3
3.7
3.2
−0.6
RT Nagar
N Blr · 3.3★ District
3.7
3.3
3.5
3.1
−0.6
JANPATH (Delhi)
Delhi · 3.3★ District
3.8
3.3
3.5
3.1
−0.7
Sarjapur
SE Blr · Not listed on District
3.7
N/L
3.6
3.2
−0.5
Brookefield (BRK)
E Blr · 2.8★ District ⚠️
3.7
2.8
3.6
3.2
−0.5
Punjabi Bagh (Delhi)
Delhi · Newest · Not listed
3.5
N/L
3.3
3.0
−0.5
Delivery vs Dine-In Rating Gap — By Store
District (dine-in) vs Swiggy vs Zomato — hover bars for values. Swiggy often matches dine-in; Zomato consistently lags.
JNR (Basavanagudi) 4.3★ and Green Park 4.2★ are the District standouts. 8 of 10 listed stores cluster at 3.3★ — a floor that suggests a systemic dine-in experience issue, not store-specific. Brookefield at 2.8★ is the urgent priority.
Platform Rating Comparison — Brand Average
District best → Google → Swiggy → Zomato (worst). The Zomato gap is a specific operations problem, not a food quality problem.
District avg 3.45★ — below Vasudev Adiga's chain (3.9★). Zomato (3.31★) lowest of all platforms. Both need urgent attention: District drives dine-in discovery, Zomato drives delivery volume.