Cloud kitchen and food services company Curefoods reported a 23 percent increase in operating revenue to Rs 916.2 crore in FY26, compared with Rs 745.8 crore in FY25. However, the company’s net loss expanded to Rs 192.2 crore from Rs 170 crore a year earlier, reflecting continued pressure from depreciation and finance-related expenses.
Founded by Ankit Nagori, Curefoods operates a diversified portfolio of food brands spanning healthy meals, biryani, pizza, desserts, and South Indian cuisine. Its portfolio includes EatFit, Sharief Bhai Biryani, OLIO, Arambam, Krispy Kreme, Nomad Pizza, CakeZone, and Frozen Bottle.
The company currently serves customers through a network of 281 cloud kitchens, 99 kiosks, and 122 restaurants. Revenue from food and product sales remained the primary contributor, accounting for nearly 99 percent of operating income. The segment generated Rs 908.4 crore during FY26, marking a 23 percent year-on-year increase.
Meanwhile, Curefoods generated the remaining Rs 7.8 crore from services and other operating activities, including franchise-related fees.
India continued to be the company’s largest market, contributing Rs 893.3 crore in revenue. At the same time, the company expanded its international business, with overseas revenue increasing fourfold to Rs 22.85 crore during FY26.
In addition to its core business income, Curefoods generated Rs 18.6 crore through non-operating sources such as interest income and gains from mutual fund investments. Consequently, the company’s total income reached Rs 934.8 crore for the fiscal year.
On the cost side, commission expenses climbed 22 percent to Rs 166.8 crore, while depreciation and amortisation charges rose 24 percent to Rs 100.6 crore. However, Curefoods reduced its advertising and promotional spending by 10 percent to Rs 79 crore during FY26.
Other operating expenses, including rent, electricity, and professional services, stood at Rs 256.3 crore. As a result, total expenditure increased 19 percent year-on-year to Rs 1,127 crore.
Although losses widened, the company reported an improvement in operating efficiency. Curefoods reduced its EBITDA loss to approximately Rs 69.3 crore in FY26 from Rs 86 crore in the previous year. Its EBITDA margin also improved to negative 7.6 percent from negative 11.5 percent in FY25, indicating an improvement in cost efficiency as revenue expanded.
The company also improved its cost-to-revenue ratio, spending Rs 1.23 to generate every rupee of operating revenue, compared with Rs 1.27 in the previous fiscal year.
However, Curefoods experienced weaker liquidity during the year. Cash and bank balances declined 51 percent to Rs 39.4 crore at the end of FY26, while current assets fell 21 percent to Rs 267.7 crore.
Curefoods had earlier secured approval from the Securities and Exchange Board of India (SEBI) for its proposed Rs 800 crore initial public offering after filing draft papers in October 2025. However, the company later paused its IPO plans amid volatile market conditions.
Overall, Curefoods delivered strong revenue growth in FY26 while continuing to face profitability and liquidity pressures. At the same time, the improvement in EBITDA losses and cost-to-revenue efficiency points to progress in operating performance as the company scales its food and restaurant network.
