Ladies and gentlemen, good day and welcome to the Westlife Foodworld Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. We would like to remind you that certain statements made by the management in today's call may be forward-looking statements. These forward-looking statements reflect management's best judgment and analysis as of today. The actual results may differ materially from the current expectations based on the number of factors affecting the business. Please refer to the Safe Harbor disclosure and earnings presentation. I now hand the conference over to Mr. Chintan Jajal. Thank you, and over to you, sir. Thank you, Rutuja. Good evening, everyone, and thank you for joining us on Westlife Foodworld earnings conference call for the fourth quarter and full year ended 31st March 2026. I am Chintan Jajal, Head of Investor Relations at Westlife Foodworld. From the management team, I have with me Mr. Akshay Jatia, President and CEO, Mr. Saurabh Kalra, Managing Director, and Mr. Shardul Doshi, Chief Financial Officer. As always, we will begin today's session with Akshay sharing his perspective on company's overall strategy and outlook. This will be followed by Saurabh taking us through the key operational and financial highlights. Post that, we will then open the forum for questions and answers. Throughout the call, we will be referring to earnings presentation and financial releases, which are available on the NSE, BSE, as well as investors page of our website. With that, I now request Akshay to commence the session. Thank you, and over to you, Akshay. Hello, good evening, everyone. Thank you for joining us today. I hope you've had the opportunity to review our Q4 and full- year FY 2026 results. This quarter, our performance was anchored in strengthening our Everyday Value platform and on-ground execution. Our focus was primarily on driving guest count growth by making Everyday Value accessible to everyone. Despite the challenges, we delivered a steady performance underpinned by improving guest count trends and sustained profitability. For the quarter, same-store sales growth stood at 1.5%, while overall top line grew 9% year-on-year. What is particularly reassuring is the underlying improvement in footfall trends with positive growth across footfalls across all three months of the quarter. Similar momentum is continuing into April as well, setting the base for a good start to the new fiscal year. That said, these are still early days, and we would refrain from calling this a sustained revival until we see a few more quarters and months of consistent momentum. Our consumer proposition is very clear. Accessible Everyday Value combined with iconic McDonald's experiences delivered with consistency and backed by strong economic discipline. We are encouraged by the early evidence of this strategy translating into sustained guest count traction. At the heart of this performance is our unwavering focus on Everyday Value. Value at McDonald's is trusted, predictable, and habit-forming. Our INR 99 Everyday Value Meal continues to witness strong traction and has driven encouraging dine-in footfall growth across all our regions. Building on this proposition, we are leveraging McCafé as well to drive a daily habit of coffee consumption in India. Our coffee is already loved by millions of people, and to further amplify this, last quarter, we launched a monthly coffee subscription program to drive repeat visits and strengthen McCafé loyalty. We continue to focus on deepening consumer engagement to keep the brand contemporary and culturally relevant. During the quarter, we rolled out two merchandise-led campaigns featuring a sipper and a tote bag aimed at driving Gen Z engagement and sustaining brand buzz within the cohort. These engagements were driven primarily through leveraging digital media, and we are encouraged by the strong response and brand affinity that they generated. I'm also delighted to share that last quarter we achieved a major milestone in our sustainability journey. We were ranked sixth globally in the restaurants and leisure facilities sector according to the S&P Global Corporate Sustainability Assessment and were included in the Sustainability Yearbook for 2026. This recognition was awarded to only six companies out of 126 in our industry globally, reflecting our continued commitment to embedding sustainability to be at the core of our long-term growth strategy. Looking ahead, we remain focused on disciplined and prudent network expansion aligned with improving demand trends and strong capital efficiency. We opened a record 48 restaurants this year, taking our footprint meaningfully higher across both existing and newer markets. Going forward, we plan to further accelerate our expansion by opening 60+ restaurants annually, with all new stores fully equipped with digital modern design and McCafés, reflecting our confidence in the strength of our industry and the opportunities that lie ahead. Before I hand it over, I'd like to reiterate that our philosophy remains rooted in profitable and sustainable growth with a clear focus on stakeholder value creation. We are building Westlife for the long term through cycles with discipline and with our consumer proposition firmly at the center of every decision we make. With that, I'll now pass it to Saurabh to take you through the operational and financial highlights for the quarter. Thank you, Akshay. Good evening, everyone. I hope all of you are doing well. Coming back to the results, the fourth quarter reflected steady execution amid challenges with our performance driven by improving guest count momentum, disciplined execution, and sustained profitability margin. Throughout the quarter, we remained firmly focused on sharpening our consumer value proposition, which Akshay also spoke about, while consistently delivering the great customer experience McDonald's is famous for across both dine-in and delivery channels. For the quarter, consolidated revenue stood at INR 6.6 billion, growing 9% year-on-year. For the full year of FY 2026, revenue stood at INR 26.3 billion, translating into 5% year-on-year growth. The quarter ended with a positive same-store sales growth of 1.5% at the system level, driven by mid-single-digit guest count growth, which is the real heartening part. While the West continued to outperform, I'm especially encouraged by the progress in the South, where same-store sales growth also ended the quarter nearly flattish and a meaningful improvement versus the previous quarters. And that too on the back of GC momentum, which was marginally positive. From a channel standpoint, on-premise sales grew 9% year-on-year, while off-premise sales increased 6% year-on-year. Growth across both channels was supported by positive comparable guest count, primarily driven by Everyday Value meals and sharper digital engagements. Importantly, the McDelivery platform continued to gain scale and salience, witnessing strong growth across day parts and demonstrating early evidence of a robust and sustainable growth engine. Moving to profitability. Our continued focus on execution discipline and cost optimization helped anchor our margin performance. Gross margin for the quarter remained near historic high levels of 68.1%, improving by around 60 basis points sequentially. Restaurant operating margins improved by approximately 70 basis points year-on-year. Our operating EBITDA remains broadly stable year-on-year, despite higher advertising and promotion spend and continued growth investments. Cash profit after tax stood at INR 487 million, representing 7.4% of sales. FY 2026 witnessed continued inflationary pressures across key commodities, notably cocoa and coffee. However, the impact was mitigated through supply chain efficiencies and our full year like-for-like gross margin stood at 67.7%, improving by around 140 basis points year-on-year. Restaurant operating margin grew approximately 100 basis points year-on-year to 20.3%, while operating EBITDA remained stable at 13.2%. For the full year, cash PAT was at INR 2.4 billion, representing 9% of sales. Our digital sales contribution stood at 76%, increasing over 100 basis points year-on-year, primarily driven by higher engagement across McDonald's app, McDelivery platform, and self-ordering kiosks. These continue to enhance frequency, personalization, and operation throughput at scale. Cumulative app download have now crossed 52 million, with approximately 3.5 million monthly active users, growing at a healthy double-digit rate year-on-year. On the network expansion, we continue to follow disciplined and a prudent approach. We opened 21 new restaurant in Q4, taking our total tally to 478 restaurants across 78 cities. New store performance remains encouraging, supported by improved site selection and a stronger execution rigor. On the operations front, we continue to closely monitor LPG situations and have taken proactive measures to mitigate operational risk as much as possible. Prior investment in store modernization capability upgrades have translated into greater resilience in this current environment. All our restaurants are operational with less than 10% of the restaurant operating on limited menu. To conclude, Q4 reflects the strength and resilience of our core business fundamentals, our continued focus on Everyday Value, disciplined execution, and structured profitability. This positions us well as demand trends improve gradually. As we move forward, our priorities remain clear: driving guest count-led growth, strengthening our consumer value proposition, building brand affinity, scaling digital capabilities, and expanding our network responsibly. With that, thank you very much for your time. We are very happy to take whatever questions you have. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to only use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Devanshu Bansal from Emkay Global. Please go ahead. Yes, hi, good afternoon, good evening, everyone. Congratulations on good store openings as well as good gross margin performance. Sir, Q4 was impacted by supply. Hi, Devanshu, can you be a little louder? Yeah. Am I audible now? Yeah, better. Yeah, I was saying, Q4 was impacted by supply-side disruptions. There was some preponement of Navratri as well. Wanted to check if you could help us better understand the normalized SSSG during the quarter. This would help us better project the underlying consumption trends. As I spoke when I was giving you the review of Q4, we had mid-single digit guest count comps. Needless to say, there were other pressures, beyond Navratri also, like LPG not being available in a few restaurant. Ten percent of our stores were impacted pretty much from 10th of March onwards. I think but all of this in the big picture is all fair because last year also something would have happened. What we would like to believe is if we take the same store bucket, what has it done this year? This is the number which comes, so I would not like to break it further and be able to say, you know, we will remove Navratri. Something or the other keeps happening in an Indian environment, and it's the real performance is what comes out. For us, that's how I would put it, as 1.5% is what we've delivered with a mid- single- digit guest count comps, which is the number of invoices. We are pleased that after a long time now we've started hitting a momentum which is 8%-10% on growth. We believe we are well poised to continue this momentum. Got it, Saurabh. Saurabh, I also wanted to check across regions. You indicated that south has turned positive and despite that we are at 1.5%. I wanted to check, has there been a dip in SSSG in the West region? If you could throw some light there. What I talked about South was South has made a significant amount of improvement on the sales side while the guest count turned positive. That is something which was a problem which we had pointed out in the previous call, so we wanted to let you know about that. Like I said, there were multiple disruptions even in west to like LPG, et cetera. We are happy with what we have been able to achieve in terms of 1.5%. West remains strong. Obviously, most of you are based out of West, you can go to the restaurants and see West remains a very strong driver of growth for us. What we are seeing is green shoots in West, definitely. South also coming in as I'm talking to you. Understood. You're saying that guest count has turned positive for the South for the quarter? Correct. Right? On a same-store level. Yes. Okay. Sir, last question from my end. We have taken conscious efforts to ramp up our delivery channel. Plus, last quarter we indicated improved relationship with aggregators also. In your commentary you mentioned that the monthly active users are growing at double digits, right? If we see overall growth, it is around 5%, 6%. When do you expect these initiatives to reflect into better growth for us? On total growth, I think there was a fundamental change we made, and we spoke about it last year, starting second half onwards, that what we do need is volume growth, which means guest counts need to start come. Value is not difficult in a current environment to get, but we wanted to really, really focus on volume. That's what we did, and we got good volume growth on our own channel, 3PO, and our dine-in. While it grew, there was a 2%-3% difference, and we are happy that dine-in grew faster. Normally, if I look at an overall, and I reflect back or reflect forward, I think we would. I would like to believe we would actually grow at a similar level with both dine-in and deliveries. That's how we are looking at the business going forward. Two percent, 3% here and there keeps happening quarter by quarter. On the longer term outlook, what I would like to believe is while delivery has grown 6%, the guest count was far higher. While dine-in has grown 9%, the guest count was far, far higher. We would like to balance equal amount of growth coming from both dine-in and delivery channels, and all of them led by both more volume than value. Fair enough. Just small follow-up. For your own delivery channel, is this monthly active user double-digit growth also reflecting into transacting users for you? That's correct. That's correct. For our own channel, we see the highest amount of growth coming on our own channel. Obviously, the base of our own channel is smaller, relatively speaking, so it does not really come into the result directly as of now, but we believe it should start reflecting over a period of time. Okay. Great, Saurabh. Thanks for taking my question. Thank you. Thank you. The next question is from the line of Kaivalya Baing from IIFL Capital. Please go ahead. Hi, this is Percy Panthaki here. I just wanted to get some insight into your gross margin. What is the reason for the very healthy expansion that you have seen there? Percy, we have been able to always. There are three, four levers in gross margin, and when all of them play together, we are always able to maintain and improve margins. I think last year, inflation was a little bit in our favor versus what we normally get. It might not repeat this year. In addition to that, if I look at it, we have got supply chain initiatives and we did a cost project internally, which has worked out quite well for us, and we have been able to save some amount of gross margin, which was able to not only mitigate inflation, but also we were saving beyond that, which is what you see. Okay. Any price increases that you have recently taken? I believe Domino's has taken some price increases already, and there are some inflationary pressures building up. What are your thoughts on FY 2027? What kind of contribution of pricing can we assume from the growth? We have always maintained that year on year we pass on 2%-4% of price increase year on year. We generally don't talk about when do we do it, how do we do it. Normally, we do it in three, four branches. It's a very small increase which you will not even be able to identify. For now, we've not been able to take any price increase in the last four, five months. For immediate future, we don't have a plan as of now. We will come back to you. We believe all the inflation which is hitting, we should be able to manage. If there is a small price increase here and there, it might happen. For the year, the outlook remains constant, 2%-4% is what we take so that we are able to manage inflation better. On South India, what exactly were the initiatives or the actions that you have put in, the interventions that you have put in, which has worked? Can you just explain it a little bit in detail? South, really we were doing a lot of things. We put a stop to everything, and we went back to what we are really famous for, which is Everyday Value platform. What we've done in West, we tried in South first, and we have then started to roll out. Except Chennai, pretty much everywhere we are doing Everyday Value platform. In Chennai we are experimenting in half the restaurant, which has given great results. This quarter we plan to roll Everyday Value platform, including in Chennai. Other than Chennai, the entire South we have done Everyday Value platform, which has started giving us good traction. When you say that you are doing a lot of things earlier which you have put a stop to, what exactly does that mean? I'll just clarify for Saurabh as well that I think, you know, Everyday Value platform and what McDonald's is known for, which is delivering quality service and cleanliness in every one of our restaurants, is what we've really focused on. We went back to the basics. I think in the South, while we continue to leverage our different menu categories, we focus primarily on our core, which is ensuring that customers get Everyday Value, and we offer them the best possible experience in our restaurants. Okay. Got it. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, we request you to please limit your questions to two per participant. The next question is from the line of Krishnan Sambamoorthy from Ashika Institutional Equities. Please go ahead. Hi. two questions from me. One is on the store openings front. you've guided for 60+ openings in FY 2027, which is higher than the usual 40- 50 stores that you've been guiding for. can you take us through the rationale and your confidence? how do you have arrived at this number? I think, you know, we always committed to this larger number of 580-630 restaurants in our Vision 2027. As we've been deploying all our initiatives to further grow our average unit volume, we've seen great momentum. We do feel that in our region there's a lot of opportunity for penetration. I've always, and we've always maintained that we will continue to penetrate as we feel is logical. We feel now from 45-50 restaurants, 60+ is the number that our market can handle in order to grow sales profitably. I think that's how we came to give out this guidance. We're quite confident that it will further add to our growth aspirations. Thanks. The second question is on store closures. While McDonald's has typically done a great job in terms of store openings, over the last couple of years you had between seven to eight store closures, which is not a very significant number of the overall number, but still higher than the longer term average. My question is, what are the reasons for store closures and particularly the store closures for the current year? Would this be a feature in subsequent years as well? In a retail environment, actually to operate most optimally, you do have to keep reevaluating your portfolio. We call it portfolio management. Across 500- odd locations, there will be locations that either become redundant or are no longer commercially viable. Actually it's best for the network that you optimize. It's one of the, you know, most effective ways to, you know, run a network. I think in the past we've been very prudent. We will continue to be. As our network keeps expanding, you will see store closures to optimize our portfolio. I think the current number would probably be a fair representation of, you know, the guidance that we would give. I think that it's only for the benefit of our portfolio. Just a follow-up to that. Because of the relocating South India business, were more of the store closures skewed towards the southern market? No, nothing like that. Like Akshay said, and you also know that we don't like to close too many stores. We would like to do it for portfolio management. If you look at from a portfolio standpoint, you would have closed two, three stores, two, three malls shut down. Some of the places there is a new highway which comes up, and all of a sudden accessibility is blocked. It's not that we are keen on closing more stores. As a portfolio, like he said, we will continue to close six, seven stores because three, four stores automatically comes as some or the other problem occurs in this kind of a network. One percent store has an issue which occurs. And there is one or two more closure which can happen due to tenure, et cetera, et cetera. It's nothing major which we would like to call it. It's a part of our portfolio management and ways of working. Very useful. Thanks a lot. Thank you. The next question is from the line of Rishi Mody from RDM Advisory LLP. Please go ahead. Yeah. Hi, guys. Can you hear me? Yes, we can. Please go ahead. Firstly, I just wanted to understand the 80 basis points YoY improvement in OpEx from. Actually, your voice is not clear. It's a little wobbly. Um- If you can be closer and can be louder. Is this better? Little better. All right. I wanted to understand firstly the 80 bps YoY improvement that you all have shown on the OpEx front in your slides. What has that led to? Like, what's led to that improvement, if you could help me understand that? I think that, you know, we’ll just take a look at what you’re referring to. Which number are you talking about? Just a second. I have the PPT open with me. I think, Rishi, I think this question we can take offline. You can reach out to Chintan. I think he can explain that to you along with our CFO. All right. You know, we'd like to limit the discussion to more strategic points. Okay, fine. Second, you mentioned in the Q3 call that the toys issue is a BIS issue. I was just reading up on it online. It seems that there's a structural move by McDonald's globally away from toys to books for some sustainability reasons. Just wanted to understand, are toys gonna come back for your Happy Meals? If you could just give some clarity on that, please. Like you rightly said, there was a BIS issue, and government has also opened up a few countries now. We are working very hard with the supply chain team to make sure the toys come as soon as possible, including getting the BIS-certified factories supplying us toys. We were also working parallelly for Indian vendors to get BIS approved. That's our Indian vendors be both McDonald's and BIS approved. That is happening in the background. We foresee that by next year it will still take almost nine months to one year is in our judgment to be able to bring toys back. Books are already there. Since the time toys were banned, we have been using books as a Happy Meal, Happy Meal giveaway, in our restaurants. That's what an update on that is. Okay, got it. Finally, just one structural piece on consumer behavior, right? You all launched this Protein Plus Slice thing. Just wanted to understand, is there, like, are consumers justifying coming in to have McDonald's with the Protein Plus Slice as a healthier version, or people are moving away from QSR, restaurant QSR, citing health reasons? Like, just what's your read on the consumer behavior? Is there a health-conscious consumption wave that is structural in nature, or it's people revert back to QSR? Let me come back to you on this point in two parts. The first part is, as I talked about, that there was a mid-single-digit consumer, the guest count growth, which means the number of consumer came were 5% extra, and we are seeing the momentum grow even higher. I don't think that there is an issue when you talk about health. In fact, as McDonald's, I've always maintained, and I always maintain this to everybody, that if there could be absolute transparent norms where people choose what they eat, McDonald's would be better than most things people eat, sometimes even better than what you eat at home, is would be my argument. Having said that, I think as McDonald's, we charted a path in 2016 on Real Food, Real Good. The first thing we did was made McAloo Tikki burger, which is our highest selling product, into a balanced meal that broadly it confines to all the parameters, which is calories coming out of carb, fat, and protein are balanced based the National Institute of Nutrition guidelines. We did this in the background. Obviously, you don't sell by saying healthy McAloo Tikki, right? Or you say, "Oh, it's a nutritious McAloo Tikki." This is what we did in the background. We kept working on saying, "Can we reduce sodium on french fries?" When we went out about reducing fat in our mayonnaise, right. That's something which has been happening from last 10 years in the background. Last year was Protein Plus Slice. For people who want to have excess protein in their diet, they know that you can always add 5 g of protein. It's a journey which McDonald's is taking not because there is health. Eventually, we would like our consumers to choose what they eat. In that spirit, Millet Bun was a choice. This is a choice. We want to provide as many choices to our consumer as possible. All right. Got it. Just a very quick request, Mr. Mody, to please rejoin the queue so we can have the pipeline. Yeah, just a quick follow-up. Let me just check that with the management. When you said 5% customer growth, you meant 5% unique customer growth, or you meant, like, 5% bill cut growth? Obviously, we don't give breakups. Needless to say, any business is a Pareto. A lot of people customer come new, some are regulars. On this call, we do not give and share that information, when you see 5% growth, in any company, there will be a lot of new customers which would have come in the fold and a lot who would have continued to transact with us. All right, got it. Thank you. That's it from my end. Thank you. Participants are requested to please limit their questions to two per participant. The next question is from the line of Gaurav Jogani from JM Financial. Please go ahead. Thank you for taking my question. I have two sets of questions largely related to margins. First one is with regards to your guidance on the gross margin front. You have, you know, mentioned that in the near term, the gross margins could be that 67%+. Is it largely in consonance with the inflation that we are seeing on multiple counts? If yes, you know, that's at approximately 100 basis points lower versus the current levels. Any guidance on the same will be helpful. Yeah, it is in line with the inflation which we are seeing currently in the market. There is of course, lot of pressure, which is there on the supplies too, when with the, with the geopolitical situation. There'll be some inflation. There are also some cost optimization programs which we've done, and hence we have given you the indicative number of in terms of the 67% COGS going forward. Sorry, the gross margin going forward. Okay. Okay. Thanks. Just a leading question to this is with regards to the, you know, guidance for the Vision 2027 margins. You know, now, for this year, if you look at the pre-Ind AS EBITDA margins, they're suffering there is around 7.5%. Now, for that Vision 2027 number, we are, you know, hardly one and a half years away from that number. So, is there any change to the guidance or we're still confident that we'll be able to achieve that guidance? Any change in the outlook if you can highlight? Just to answer that, firstly, you know, from an Ind AS- to- Ind AS comparison, I think, we're talking about roughly this, 7.5% or 7.8% that you mentioned going to around 13%-15%. I think, a lot of the improvement is gonna come through operating leverage. When we're seeing such momentum in terms of same-store sales growth and guest counts, we're quite confident that we will move closer towards what we've committed. In terms of Vision 2027, the journey is for us to balance comp sales as well as new store additions over the next year and first cross, say, INR 3,000- odd crore in sales. I think that's how we are looking at it, and then we will talk about the breakup for the next two years sometime closer to the start of the next financial year to give more color on Vision 2027. Okay. Sure. Thanks. That is all now. Thank you. The next question is from the line of Tejas Shah from Avendus Spark Institutional Equities. Please go ahead. Hi. Thanks for the opportunity. My first question pertains to the interplay between SSSG, gross margin and footfall that you have called out. Clearly the fact that footfall has been higher than SSSG, I'm assuming that a lot of recruitment of mix would have gone on the value format side. Still we delivered very good gross margin. I was just trying to deconstruct that what worked on raw material side that you, which worked in our favor this quarter. Luckily for us, supply chain is managed on an annual basis. We have got contracts. Sometimes those contracts, we are able to deliver higher volumes, so cost comes down, and then the next protocol starts, et cetera, et cetera. To me, that's why we gave a guidance, saying this quarter we have been able to achieve this, which is true for the year. Our goal, internal goal is to be able to as close of the yearly number as possible for the next year. Realistic guidance is what Shardul gave you, that that's what we see is sustainable. Got it. Second, Second, the acceleration on store expansion target, restaurant expansion target that we have. You called out that it's a very volatile environment as we are entering this year. Just wanted to know, have we budgeted in this guidance that let's say if this situation has to persist for six months, this guidance will stay intact, kind of factoring for this scenario to prolong? Which scenario? The current raw material scenario or the LPG and the other crisis that you called out which is hurting up one part of the demand, I'm saying in this guidance, have we built a scenario that if this persists for, let's say, for six months, we remain committed to this store expansion target? We will because I think these are things which are not new to India. I think something or the other always comes up in a country like as dynamic as India, and I believe this volatility is also a friend of businesses if you are able to use it effectively. These are all opportunities. I don't look at changing that. There are levers in our hand. For example, if it goes up dramatically, it'll go up for the entire industry and everybody takes up a little bit of price increase because of that. I think we've got, we've got more than enough to manage. At least on the cost side of it, I'm not too worried. Our key goal, like Akshay said, remains how do we make sure that we deliver more comp sales and more growth with new store opening? As long as that happens, the rest will fall in place. Got it. Thanks. Thank you. The next question is from the line of Saurabh Kundan from Goldman Sachs. Please go ahead. Yeah. Thank you very much for the opportunity. Your value platform initiatives have obviously given you encouraging results with guest count being in mid-single digit. Going forward, do you plan to accelerate these initiatives? A related question is this the INR 99 Value Meal, maybe other value initiatives that you have they been completely rolled out or you expect to sort of roll them out further into your network? I think like I said, value is something which is intrinsic to the industry and especially McDonald's globally. We do the highest guest count and sales numbers across the globe because we are a strong value player in an omni-channel environment, right. There are plays which are not yet played out. You will see us having a lot of exciting stuff coming in the next one to two years, and value is the work has just started in our opinion. Okay. Just trying to ask it another way. There's a gap between the SSSG that you reported and guest count. Can we expect this gap to further widen or contract or remain the same, is what I meant to ask basically. Yeah. No, no. Obviously we are working hard because in most cases, value platform should not mean dilution of so much. We were very clear we wanted to get volumes first. We had been volume starved a little bit in the last two years, and we had to reimagine our strategy. I think value, we have got multiple levers in place to pick it up whenever. We will remain disciplined around whatever we have done and not giving up any further margin than this as far as the product mix is concerned. All right. All right, thank you. Thank you. The next question is from the line of Siddharth from NAFA. Please go ahead. Hello, sir. Thanks a lot for the, you know, permission from me to, you know, raise a question to you. My question is around that, in the recent quarters, we've seen some, you know, slowdown in the, you know, QSR space as a whole. Considering the, you know, recent Middle East tensions and the, you know, LPG crisis going around, what's your forward-looking, you know, outlook in terms of the SSSG in terms of, you know, existing population? I would just like to have a view on that. I think we have been repetitive on this one. We reap what we sow. I think we did not shy away even when we had negative growth, that these are things of our making and some decisions which we made did not play out the way we anticipated it to play out. We have gone back, like Akshay said, back to our basics, to be able to go back to a model which works globally also and replicate that playbook in India back to basics, back to EVM. We do not see with that strong platform us not having enough to increase the momentum on the same- store sales growth front. Okay, understood. Is there any revenue guidance you may possibly, you know, give me a idea on in terms of. No. You know, kind of. Sir, we don't give any forward-based margins guidance for sure. But like as Akshay just spoke, we would like to go to INR 3,000 crore as early as possible, right? We would like to grow our same-store sales growth as early as possible towards mid- single digits. Okay, understood. Thank you and, you know, wish you all the best. Thank you. Thank you. The next question is from the line of Vishal Punmiya from YES SECURITIES. Please go ahead. Yeah, thank you. Question is on the McCafé performance. McCafé will be inside your [inaudible] Sorry, we are unable to hear you, Mr. Vishal. Vishal, voice is little fumbly. Yeah. Is it better now? Yes. Sorry, we have lost the line from Mr. Vishal. Participants who wishes to ask a question may press star and one now. The next question is from the line of Devanshu Bansal from Emkay Global. Please go ahead. Yes, sir. Hi, thanks for the follow-up opportunity. I just wanted to sort of check on this partnership, which we've entered with Jio-bp. Is that also leading to this improvement in store outlook that we're sharing? Actually, we've got partnerships with HPCL, BPCL and now Jio-bp. Those partnerships are meant to expand our footprint on the highways. We've done a good job as far as Mumbai-Pune highway is concerned, and we see a lot of access control highway coming in, and we want to make sure that we have strong partnerships so that we can put the network in. All this was already baked in when we had given the guidance of going to 45-50 and then now 60+. It'll not be basis one partner or one place. It is holistic. We do want to have more restaurants in airports. We want to have more restaurants in infrastructure-led growth, including malls and highways. That's one part of the portfolio. The second part of it is we want to continue penetrating markets, the six key markets like Mumbai, Pune, Bangalore, Hyderabad, Ahmedabad, Chennai. That's not going out of flavor. If we do stores there So it's a balanced portfolio which we want to drive, and Jio-bp is one such partnership in that direction. Understood. Sir, just wanted to check on this new beverages that have been launched globally under the McCafé platform. Any chances to bring those products to India as well? There's a lot of noise around that. I think global has done a fantastic job. They will also come as a part of global core. We will make that choice when we need to. For now, we think we have got work to be done as far as the coffee category is concerned in the McCafé. It will play out at some point in time. Like I said, we've got multiple things up our sleeves. Without giving you directly saying this is a global beverage platform build up in India also, I would rather give you a guidance that we are very closely focusing towards the consumer, and we are taking cognizance of this beverage trends amongst Gen Z too. The first play we see is strengthening McCafé and coffee credential as the most important play as we go and solidify our beverage credentials. Got it, sir. Got it. Thanks for taking my question. Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Vishal Punmiya from YES SECURITIES. Please go ahead. Yeah. Am I audible now? Yes, Vishal, loud and clear. Okay. My question was on McCafé. If you could help with McCafé's performance in FY 2026, in terms of maybe revenue contribution or how revenue per store for McCafé has improved in FY 2026, that would be helpful. Secondly, in terms of strategy for McCafé going forward, while there are many smaller cafes opening up every nook and corner, we also have a big QSR now entering the cafe space. Any change in thought process or strategy for McCafé going forward or in terms of aggression? I think the more the merrier. As far as coffee is concerned, coffee is a category which I think is underplaying right now in India, and it's got a huge potential to grow. The more people who can work on creating daily habits, the better for us and better for coffee business. I think our job we have cut out, if you look at it, our proposition is differentiated. Probably we do the best coffee in the country at a price which is unbelievable. That we do because we want to create a daily coffee consuming habit in the country and democratize the coffee experience. We want it to continue grow. We see it as a growth lever even for the next two to three years to come. I'm not, we don't really worry about who's coming, who's not coming, because coffee scene has been hot pretty much with coffee shops, et cetera, from the last five years, and we've still been able to do a substantial job. I would argue that in most places we sell more coffees than any coffee shop in the trade area, so, in most locations. I am quite confident of our McCafé proposition, and I think our job is to democratize and make more people habituated to drink everyday coffee in McDonald's. Yeah, agreed on the quality part. The product is obviously one of the better coffee in the, in the market. In terms of any marketing initiatives, do we need to scale up that part? Also if you could just update on the performance in FY 2026 in terms of revenue or mix within the overall business. On the overall business, obviously we don't break it out, but all I can tell you is, the biggest marketing work which we have done is look at it only from a standpoint of how do we make McDonald's the destination to drink their everyday cup of coffee. In that spirit, we rolled out the subscription in which a McCafé beverage is available if you come 10 times in a month only for INR 55, which is you don't have to think twice from a monetary standpoint. I think if we are able to get the success we want to in that, we don't have to worry about anybody else. Understood. Lastly on pies as a platform. Globally, pies does really well in terms of contributing to the meal. Any plans to basically add that to our India portfolio in a bigger way? We obviously have tried in the past, but any plans for future? On the menu, like I said, there'll be exciting stuff coming in. Typically we've got Pizza McPuff, which is our savory pie, which we sell right now. Whether we want to do sweet pie or not, I think in the priorities we have, we need to ruthlessly prioritize what will really give us results. That's something which we are, which we are working towards and then working with consumers to be able to say what will work and you will see that happening in the marketplace, and you will see exciting news even on menu from us. Okay. Understood. Just lastly, appreciated the recent marketing initiatives regarding the sippers and the tote bags. I think it did really well. It was out of stock across all stores. I couldn't find it anywhere. Kudos to the team for that. Thank you. Thank you very much, Vishal. You should talk to Chintan. He can send you the sipper and tote bag in advance when it comes next time. Okay. Sure. Sure. I will definitely do that. Yeah. Thank you. Done. Thank you, Vishal. Thank you. The next question is from the line of Tejas Shah from Avendus Spark Institutional Equities. Please go ahead. Hi. Thanks for the follow-up opportunity. Just one question, and this is one at industry level and one at our level. At a very broader level, QSR industry actually started massification or focus on value segment post COVID revival phase. Do you believe that from competitive landscape we have set the price point in terms of where where it doesn't make sense to go further below so that mix at industry levels should not deteriorate from here? That's one. This could be conjecture answer also. Second is, actually in our mix also, from price point perspective, do you think that we have reached to a stage where further democratization won't happen, at least on the pricing part? On, and on, and on, in terms of rollout also, do you believe or do you read that it has actually reached an optimum mix in terms of where you would like it to settle down at? I would like to believe that India is growing. Per capita income in India is growing. What we have currently is a great value proposition for the consumers. The first question will be for how long should we hold this to make sure that we keep unlocking the consumer base of India to which we want to? To me, that's the bigger question rather than us being able to say this is optimum, not optimum. See, what value means keeps changing. Immediately after COVID, when we created even the Vision 2027, a large amount of assumption was big burgers will play a big role. It's not exactly played out. It did a great job. There's a base which we have set up, and the base has remained pretty much consistent. When I look at value, I think it's these are cycles. These are pro-mix play. I think I am very sure that after value will at some point in time will go to core, then we'll go to premium, then come back to value. These are all cycles which will play out as they have played out in the past. Sure. From your past read-through, usually, what are the, like, approx number also, what are the tenure of that cycles? Cycles? Yeah. It depends on activity. That cycle I can't predict because when there is a lot of information flowing through, cycles last one year, sometimes cycles last seven years also. When we did branded affordability, a cycle was seven years. We became premiumization, that lasted for almost four, five years. It shortened just before COVID. It was almost two to three-year cycles. What will it now be depends on what people are feeling, and therefore we need to keep very close watch on what the consumer is thinking, what the consumer is going through. You know, there could be fatigue in when every day everybody's screaming new things. There could be a fatigue and people might go back to classics. For that, we need to always be listening to the consumer and create strategy accordingly. I will not predict the tenure of thing, but all I'm saying is nothing goes out of fashion. It always comes back. Totally agree. Thanks and all the best. Thank you. Thank you. Thank you. Participants to ask a question may press star and one. As there are no further questions from the participants, I now hand the conference over to management for closing comments. Thank you so much, everyone, and we look forward to seeing you next quarter. Thank you. Thank you. On behalf of Westlife Foodworld Limited, that concludes the conference call. Thank you for joining us, and you may now disconnect your lines. Thank you.