Speciality Restaurants Ltd, the NSE- and BSE-listed operator of Mainland China and Oh! Calcutta, plans to invest ₹200 crore over four years to expand its network from about 120 outlets to 200 by FY30, targeting annual revenue growth of 20 per cent against 9.2 per cent in FY26 by concentrating on fewer brands and improving restaurant profitability.
The internally funded expansion will prioritise Asian, Italian and quick-service restaurants, with a four-year payback target for new investments. The strategy marks a departure from developing numerous restaurant concepts towards scaling established brands.
“We were opening too many brands rather than focusing on and expanding brands,” Chief Executive Officer Avik Chatterjee told businessline in an interview.
The rethink followed the pandemic, when the company closed 32 outlets, exposing the operational challenges of managing an extensive brand portfolio.
Profit falls 5.7% despite higher revenue.
For the financial year ended March 2026, consolidated profit attributable to shareholders declined from ₹21.97 crore to ₹20.72 crore, a decrease of 5.7 per cent, while revenue from operations increased from ₹436.25 crore to ₹476.47 crore, a rise of 9.2 per cent.
Gross margin improved from 69.5 per cent to 70.7 per cent, an increase of 120 basis points. Same-store sales growth accelerated from 2.4 per cent in FY26 to 11.35 per cent in the April–June 2026 quarter.
Chatterjee’s 20 per cent annual growth ambition implies revenue of approximately ₹988 crore by FY30 if compounded over four years from the FY26 base of ₹476.47 crore. That is substantially above ₹800 crore, which would represent cumulative growth of about 68 per cent, or approximately 13.9 per cent annually. The company has not separately confirmed ₹800 crore as formal FY30 guidance.
Mainland China renovations lift sales 35%
Three refurbished Mainland China restaurants recorded revenue increases of approximately 35 per cent following renovation, Chatterjee said, achieving EBITDA margins of 22–25 per cent at those locations.
The results are encouraging management to upgrade existing restaurants alongside opening new outlets, rather than relying exclusively on network expansion.
Asian cuisine contributes approximately half the company’s business, spanning Mainland China, casual-dining format Asia Kitchen, premium Asian restaurant Gong and delivery brand Haka.
Italian and QSR formats drive expansion.
The company envisages around 10 new full-service restaurants annually, with approximately 60 per cent Oriental and 40 per cent Italian formats, alongside quick-service expansion.
Siciliana, its Italian concept, operates four restaurants, with another four planned. Walters, its gourmet burger brand, has four physical outlets and a dark-kitchen presence.
Walters differentiates itself through smaller paired burgers, allowing customers to combine flavours. Chatterjee said the concept underwent several months of product development.
Oh! Calcutta prioritises brand refresh
Oh! Calcutta’s eight restaurants are undergoing repositioning rather than aggressive expansion. Sigree Global Grill, with four profitable outlets, is also not an immediate rollout priority.
“As of now we’re not in the expansion mode. We are in the rebranding mode,” Chatterjee said of Oh! Calcutta.
“Honestly, they’re all profitable, but it’s our bandwidth issue. How much can we do and what should we do fast?” he said, explaining the need to prioritise selected brands.
Expansion hinges on restaurant returns.
Speciality Restaurants operated roughly 50–60 outlets around its May 2012 listing, compared with approximately 120 today.
“We’re going to be adding around 20 to 25 new restaurants per year,” Chatterjee said. “We want to be growing at a revenue growth of 20 per cent per year.”
Adding 80 net outlets by FY30 would require average annual network growth of 20 outlets over four years, broadly consistent with that ambition, assuming limited closures.
The challenge will be sustaining stronger same-store sales, replicating Mainland China’s refurbishment gains and achieving targeted paybacks while funding expansion internally.
Published on October 26, 2026
