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Grill Splendour Serv Overview

1. Business Overview

Grill Splendour Services Ltd., operating under brands like Birdy's, is an Indian food and beverage (F&B) retail company. Its core business involves manufacturing and retailing bakery, patisserie, and confectionary products. The company operates a chain of retail outlets (cafés, bakeries, patisseries) where it sells a variety of items including cakes, pastries, savouries, breads, desserts, and beverages directly to consumers. It makes money by selling these F&B products through its company-owned and potentially franchised stores, catering services, and online delivery platforms.

2. Key Segments / Revenue Mix

While specific revenue contributions are not publicly detailed, the company's business can typically be segmented by product categories:

Bakery Products: Breads, buns, rolls, etc.

Patisserie & Confectionery: Cakes, pastries, muffins, tarts, chocolates, cookies.

Savouries: Puffs, sandwiches, quiches, and other ready-to-eat items.

Beverages: Coffee, tea, juices, shakes, often offered as complementary items.

Catering & Bulk Orders: Serving events and corporate clients.

The primary revenue drivers are likely from cakes, pastries, and savouries sold through its retail outlets.

3. Industry & Positioning

Grill Splendour Services operates in the highly competitive and fragmented Indian F&B retail industry, specifically within the bakery, café, and quick-service restaurant (QSR) segments. The industry includes numerous local standalone bakeries, regional chains, national brands, and international chains. The company, primarily known for its "Birdy's" brand, appears to have a strong regional presence, particularly in urban centers like Mumbai. It positions itself as a quality provider of bakery and patisserie products, catering to daily consumption and special occasions, standing against both unorganized players and larger organized chains.

4. Competitive Advantage (Moat)

The company's primary competitive advantages (moats) likely include:

Brand Recognition & Loyalty: "Birdy's" has established brand recall and customer loyalty in its core operational regions, built over years of operation.

Localized Network & Distribution: A dense network of outlets in specific urban areas allows for convenient access and efficient distribution of fresh products.

Product Quality & Innovation: Consistent quality and a diversified menu, coupled with seasonal and new product introductions, help retain customer interest.

Operational Efficiency: Localized supply chains for fresh ingredients and efficient store operations contribute to maintaining product freshness and service standards.

5. Growth Drivers

Key factors that can drive growth over the next 3-5 years include:

Store Network Expansion: Opening new outlets in existing and new Tier-1 and Tier-2 cities, leveraging brand equity.

Menu Diversification & Innovation: Introducing new product lines (e.g., healthier options, premium desserts) and seasonal offerings to attract a wider customer base.

Digital Integration & E-commerce: Strengthening online presence through proprietary apps and partnerships with food delivery aggregators.

Increasing Disposable Income & Urbanization: Growing middle-class population and changing lifestyles in India are driving higher out-of-home food consumption.

Catering & Corporate Orders: Expanding into institutional sales and event catering to tap into B2B revenue streams.

6. Risks

Intense Competition: Facing stiff competition from both organized (local, national, international chains) and unorganized players.

Rising Raw Material Costs: Volatility in prices of key ingredients like flour, sugar, dairy, and edible oils can impact profit margins.

High Operating Costs: Escalating costs for rent, labor, utilities, and marketing in urban areas.

Changing Consumer Preferences: Evolving tastes, health consciousness, and dietary trends can require continuous menu adaptation.

Food Safety & Quality Control: Any lapses in food safety or quality can severely damage brand reputation and lead to regulatory action.

Economic Downturn: Discretionary spending on F&B can be impacted during economic slowdowns.

7. Management & Ownership

Grill Splendour Services Ltd. is likely a promoter-led company, a common structure in India. The promoters (founding family or individuals) typically hold a significant equity stake and play an active role in strategic decision-making and day-to-day operations. The management team would be responsible for store operations, product development, supply chain management, and marketing. Ownership structure would include promoter holdings, institutional investors (post-listing), and public shareholders.

8. Outlook

Grill Splendour Services operates in a dynamic Indian F&B market characterized by strong growth potential driven by urbanization and rising disposable incomes. The company benefits from established brand recognition in its core markets and a clear focus on the bakery and patisserie segment. However, it faces significant challenges from intense competition, fluctuating raw material costs, and the need for continuous innovation to keep pace with evolving consumer tastes. Future growth will hinge on its ability to profitably expand its store footprint, maintain product quality, optimize its supply chain, and effectively adapt to market trends while navigating operational complexities and competitive pressures.

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Grill Splendour Serv Key Financials

Market Cap ₹71 Cr.

Stock P/E -15

P/B 5.1

Current Price ₹137

Book Value ₹ 26.8

Face Value 10

52W High ₹154

Dividend Yield 0%

52W Low ₹ 101

Grill Splendour Serv Share Price

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Volume
Price

Grill Splendour Serv Quarterly Price

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Grill Splendour Serv Peer Comparison

Grill Splendour Serv Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Grill Splendour Serv Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 8 12 15 13 10
Other Income 0 0 0 0 0
Total Income 8 12 15 13 10
Total Expenditure 8 11 12 13 16
Operating Profit 0 0 3 1 -5
Interest 0 0 0 1 0
Depreciation 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0
Profit Before Tax -0 0 3 -0 -6
Provision for Tax 0 0 1 0 -1
Profit After Tax -0 0 2 -0 -5
Adjustments 0 0 0 0 0
Profit After Adjustments -0 0 2 -0 -5
Adjusted Earnings Per Share -0.2 0.2 13.2 -0.6 -9.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -23% -6% 0% 0%
Operating Profit CAGR -600% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 19% NA% NA% NA%
ROE Average -48% 47% 28% 28%
ROCE Average -25% 22% 17% 17%

Grill Splendour Serv Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -0 0 2 4 23
Minority's Interest 0 0 0 0 0
Borrowings 1 1 2 3 3
Other Non-Current Liabilities 0 0 0 0 -1
Total Current Liabilities 2 2 3 15 3
Total Liabilities 3 3 8 22 28
Fixed Assets 1 1 1 2 7
Other Non-Current Assets 0 0 3 17 15
Total Current Assets 1 1 3 4 6
Total Assets 3 3 8 22 28

Grill Splendour Serv Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 1 1
Cash Flow from Operating Activities 0 0 2 -0 -3
Cash Flow from Investing Activities -1 -0 -3 -16 -6
Cash Flow from Financing Activities 0 0 1 16 11
Net Cash Inflow / Outflow -0 0 1 -0 2
Closing Cash & Cash Equivalent 0 0 1 1 3

Grill Splendour Serv Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.24 0.23 13.19 -0.62 -9.12
CEPS(Rs) 0.19 1.03 14.27 -0.09 -8.2
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) -0.12 0.11 13.3 10.68 30.38
Core EBITDA Margin(%) 1.46 2.14 18.85 5.3 -51.21
EBIT Margin(%) 0.76 1.24 17.93 3.95 -55.34
Pre Tax Margin(%) -0.44 0.3 16.43 -1.72 -59.36
PAT Margin (%) -0.44 0.3 13.02 -1.76 -46.3
Cash Profit Margin (%) 0.34 1.35 14.09 -0.25 -41.64
ROA(%) -1.36 1.24 38.05 -1.6 -18.96
ROE(%) 0 0 196.66 -7.78 -47.7
ROCE(%) 6.54 12.36 86.08 4.32 -24.52
Receivable days 5.06 3.72 9.37 20.29 51.3
Inventory Days 12.39 8.27 5.27 5.29 6.98
Payable days 134.18 91.46 118.58 175.88 174.5
PER(x) 0 0 0 0 0
Price/Book(x) 0 0 0 0 3.25
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 0.11 0.11 0.13 1.38 5.07
EV/Core EBITDA(x) 7.16 4.84 0.7 25.28 -10
Net Sales Growth(%) 0 39.53 32.93 -11.95 -23.81
EBIT Growth(%) 0 129.12 1815.22 -80.62 -1167.93
PAT Growth(%) 0 195.32 5654.62 -111.93 -1899.79
EPS Growth(%) 0 195.32 5654.63 -104.7 -1372.76
Debt/Equity(x) -54.98 79.6 1.5 3.78 0.23
Current Ratio(x) 0.69 0.85 0.97 0.26 1.77
Quick Ratio(x) 0.54 0.69 0.91 0.24 1.71
Interest Cover(x) 0.63 1.32 11.9 0.7 -13.78
Total Debt/Mcap(x) 0 0 0 0 0.07

Grill Splendour Serv Shareholding Pattern

# Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 36.64 36.64 33.72 30.25
FII 0 0 7.95 22.82
DII 0 0 0 0
Public 63.36 63.36 58.32 46.93
Others 0 0 0 0
Total 100 100 100 100

Grill Splendour Serv News

Grill Splendour Serv Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 47%
  • Debtor days have improved from 175.88 to 174.5days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 30.25%.
  • Stock is trading at 5.1 times its book value.
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