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Sapphire Foods India | Running KFC, Pizza Hut, and Taco Bell in three countries

2026.09.19

Article summary

Sapphire Foods India is a listed franchisee operating Yum! Brands' KFC, Pizza Hut and Taco Bell in India, Sri Lanka and the Maldives. As of the end of March 2026 it had 1,052 outlets (575 KFC, 466 Pizza Hut, 11 Taco Bell). Consolidated revenue for FY2026 (fiscal year ended March 2026) was ₹3,125 crore (1 crore = 10 million rupees), against ₹2,882 crore the year before. In January 2026 a merger with its peer Devyani International was announced (177 Devyani shares for every 100 Sapphire shares).

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Sapphire Foods India is a franchisee operating Yum! Brands' KFC and Pizza Hut in India, Sri Lanka and the Maldives. It also holds the rights to Taco Bell, but it actually runs only 11 of those outlets, all in Sri Lanka. In January 2026 a merger with its peer Devyani International was announced.

Company profile

Item	Details
Legal name	Sapphire Foods India Limited
Headquarters	Mumbai (Maharashtra)
Consolidated revenue	₹3,125 crore (FY2026 = fiscal year ended March 2026 / approx. 54.4 billion yen). FY2025 was ₹2,882 crore
Brands operated	KFC, Pizza Hut, Taco Bell
Region	India, Sri Lanka, the Maldives
Number of stores	1,052 outlets (end of March 2026. 575 KFC, 466 Pizza Hut, 11 Taco Bell)
Listing	Listed on the BSE and NSE
Official website	sapphirefoods.in

Business and strengths

It holds no brands of its own and concentrates on operating the three Yum! Brands names. Besides India, it also runs KFC and Pizza Hut in Sri Lanka, for a total of 1,052 outlets across three countries at the end of March 2026.

The franchise agreements are non-exclusive, so other franchisees such as Devyani International operate alongside it in the same country.

Recent developments

Consolidated revenue for FY2026 (fiscal year ended March 2026) was ₹3,125 crore, up from ₹2,882 crore in FY2025. In January 2026 a merger with Devyani International was announced. It is a share swap allotting 177 Devyani shares for every 100 Sapphire shares, and after exchange approval in June 2026, the boards of both companies approved a revised proposal in August of the same year that reworked some of the terms.

Points for Japanese companies

When rolling out a restaurant brand in India, the key design question is how much to do yourself and where to hand over to a franchisee. Sapphire is a textbook case of a company that does nothing but operate, which makes it a good way to see what a partner looks like from the brand owner's side.