Everbrands India IPO

EverBrands India Limited IPO is a Book Building Issue of ₹600.00 crores, consisting entirely of a fresh issue of shares, with no offer for sale component.

The equity shares are proposed to be listed on NSE and BSE. Motilal Oswal Investment Advisors Limited is the book running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details such as the IPO dates, price band, and lot size are yet to be announced.

About EverBrands India Limited

EverBrands India Limited operates as a multi-brand Food and Beverage (F&B) platform, comprising globally recognised brands such as Subway, Lavazza, and Dilmah, along with its owned Fresh & Honest brand. The company was incorporated as Kenstar India Private Limited on November 17, 2017, under the provisions of the Companies Act, 2013. It subsequently changed its name to Everhome India Private Limited in 2019, Culinary Brands Private Limited in 2022, and EverBrands India Private Limited in November 2025. The company was converted into a public limited company under the name EverBrands India Limited on April 7, 2026. Its registered office is located in New Delhi, while its corporate office is in Mumbai, Maharashtra.

The company operates across two principal business verticals: Quick Service Restaurants (QSR) and beverages. Under its QSR vertical, the company holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka, and Bangladesh, with the right to build, operate, and sub-franchise restaurants in these territories. Its operations focus on serving fresh, made-to-order, and customisable food offerings, including sandwiches, wraps, and salads. As of March 31, 2026, the company operated 1,008 Subway stores across India, comprising 678 Company-Owned Company-Operated (COCO) stores and 330 Franchisee-Owned Franchisee-Operated (FOFO) stores.

The company's beverages vertical operates through three brands: Lavazza, Dilmah, and Fresh & Honest. It has an exclusive brand partnership with Lavazza for coffee products and Dilmah for tea products in India, while Fresh & Honest is its owned coffee brand. Lavazza caters to premium coffee consumers through its Italian coffee blends, while Dilmah offers single-origin teas, and Fresh & Honest focuses on value-driven Indian coffee. The company provides coffee and tea products through multiple channels, including hotels, restaurants, and cafés (HoReCa), corporate offices, public vending machines, QSR outlets, and online commerce.

In addition, the company operates across the coffee value chain, covering coffee roasting, processing, and packaging, as well as coffee machine sourcing, manufacturing, deployment, servicing, and consumables distribution. Its integrated business model generates recurring revenue through coffee consumables and machine lifecycle management. As of March 31, 2026, the company had an installed coffee machine base of 9,455 machines, compared with 8,322 machines in Fiscal 2025 and 7,217 machines in Fiscal 2024.

The company has established a presence across the food services and beverages segments through its diversified brand portfolio. Subway provides its QSR presence, while Lavazza, Dilmah, and Fresh & Honest serve different segments of the coffee and tea markets. Its exclusive brand partnerships and franchise arrangements provide access to established international brands and support its operations across multiple geographies and distribution channels.

During Fiscal 2026, the company's QSR vertical generated revenue from operations of ₹6,930.87 million, compared with ₹4,803.79 million in Fiscal 2025 and ₹3,553.08 million in Fiscal 2024. Its beverages vertical generated revenue from operations of ₹2,405.66 million in Fiscal 2026, compared with ₹2,063.58 million in Fiscal 2025 and ₹1,721.62 million in Fiscal 2024.

Industry Outlook

• The Indian food services market was estimated at ₹5,613 billion in Fiscal 2025 and is projected to reach ₹9,088 billion by Fiscal 2030, registering a CAGR of 10.1%. Growth is driven by urbanisation, rising disposable incomes, changing consumer lifestyles, and increasing demand for branded, hygienic, and convenient food options.
• The organised food services segment, comprising chain restaurants and organised standalone formats, accounted for ₹2,798 billion in Fiscal 2025. It is expected to grow at a CAGR of 13.5% to reach ₹5,273 billion by Fiscal 2030, indicating faster growth compared with the overall food services market.
• India's Quick Service Restaurant (QSR) market presents significant growth opportunities due to increasing demand for convenient, affordable, and customisable food offerings. The chain QSR segment accounted for only 8.2% of India's total food services market, compared with 53% in the United States, 46.3% in the United Kingdom, 29.1% in China, and 24% in Brazil, indicating scope for further organised market penetration.
• The Indian organised café market was valued at ₹212 billion in Fiscal 2025, compared with ₹96 billion in Fiscal 2020. It is projected to reach ₹514 billion by Fiscal 2030, growing at a CAGR of 19.3% between Fiscal 2025 and Fiscal 2030. Growth is supported by urbanisation, rising disposable incomes, premiumisation of coffee consumption, and increasing adoption of cafés as social and workplace destinations.
• India's packaged tea and coffee market reached ₹350 billion in Fiscal 2025, compared with ₹217 billion in Fiscal 2020. The market is projected to reach ₹509 billion by Fiscal 2030. Packaged tea accounted for ₹253 billion, representing 72% of the market, while packaged coffee accounted for ₹97 billion, representing 28%. Packaged coffee is expected to grow at a faster CAGR of 9.2% compared with 7.2% for packaged tea during Fiscal 2025–2030.
• The Indian coffee vending machine services market was estimated at approximately 1.5 lakh machines in Fiscal 2025 and is projected to reach 2.3 lakh machines by Fiscal 2030, registering a CAGR of 8.8%. The organised segment, comprising branded machines, accounted for approximately 1.3 lakh machines in Fiscal 2025 and is expected to grow at a CAGR of 9.4% to reach 2 lakh machines by Fiscal 2030.
• The organised segment of the coffee vending machine market is expected to increase its share from 84% in Fiscal 2025 to approximately 86% by Fiscal 2030. However, India's machine-deployed coffee segment remains underpenetrated, with approximately 103 coffee vending machines per million population, compared with 2,940 in the United States, 933 in Japan, and 167 in China. This indicates significant potential for market expansion.
• The food services and beverages industries are influenced by changing consumer preferences, premiumisation, institutional consumption, and increasing adoption of digital payment solutions. However, the sectors also face challenges such as rising labour costs, raw material price volatility, fragmented supply chains, limited cold-chain infrastructure, and operational complexities associated with expansion into smaller cities. These factors can affect operating costs, product consistency, and profitability.

EverBrands India IPO Objectives

The company proposes to utilise the net proceeds from the Issue towards the following objectives:

• Investment in the wholly owned Subsidiary, CBIPL for repayment and/or prepayment, in full, or in part, of the outstanding borrowings availed by CBIPL.
• Investment in the wholly owned Subsidiary, CBIPL for the purpose of funding capital expenditure for setting up of New Subway Stores under the COCO format.
• Towards general corporate purposes.

Financial Performance of EverBrands India Limited

Everbrands India Limited Peer Details Comparison