Published Paper Details:

India's Quick Service Restaurant (QSR) industry has emerged as one of the fastest-growing segments within the broader consumer discretionary sector, supported by rising incomes, urbanization, favorable demographics and a structural shift toward convenience-led dining. Despite healthy long-term growth, the sector faces cyclical pressures due to subdued discretionary spending and persistent food inflation. This paper examines the strategic positioning, operational performance and cross-market dynamics of Sapphire Foods India Ltd --a major franchisee for KFC, Pizza Hut and Taco Bell in India and Sri Lanka--to evaluate whether its equity valuation accurately reflects fundamental growth prospects and macroeconomic risks. Using a hybrid methodology combining industry analysis, financial ratio assessment the study finds that KFC remains the company's core growth engine, supported by strong category leadership and efficient store-format optimization. Pizza Hut India, while currently lagging its primary competitor, is benefitting from strategic repositioning toward value-led, dine-in-centric offerings. The paper also highlights Sri Lanka as a significant contributor to revenue diversification, where the company enjoys market leadership but remains exposed to currency volatility and uneven demand recovery. Overall, the analysis suggests that while long-term structural drivers support a favourable growth trajectory, near-term valuation multiples embed execution risks and consumption uncertainties. The findings contribute to literature on QSR strategy and emerging-market consumer behaviour and offer implications for investors, policymakers and multinational franchise operators.