Ladies and gentlemen, thank you for your patience. We will be beginning with the conference in a short while. Thank you. Ladies and gentlemen, good day, and welcome to the United Foodbrands Limited Q1 FY 2027 earnings conference call hosted by MUFG Intime. 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Bijay Sharma from United Foodbrands Limited. Thank you, and over to you, Mr. Sharma. Thank you. Welcome, everyone, to United Foodbrands Limited Q1 FY 2027 earnings conference call. For today's call, I have with me Mr. Kayum Dhanani, Managing Director; Mr. Rahul Agrawal, CEO and Whole Time Director; and Mr. Amit Betala, CFO. Before we begin, I would like to remind that some of the statements made on today's conference call may be forward-looking in nature and may involve risks and uncertainties. Kindly refer to our earnings presentation for a detailed disclaimer. The results and earnings presentation have been uploaded on exchanges and our website and are available for anyone to access. We'll begin this quarter's call with Mr. Dhanani sharing his perspective on the quarter, followed by a detailed discussion on operating and financial performance by Mr. Agrawal. We'll then open the forum for questions. I'll now hand over the call to Mr. Kayum Dhanani. Thank you, and over to you, sir. Thank you. Good evening, ladies and gentlemen, and thank you for joining us for our Quarter one FY 2027 earnings conference call. Over the last two quarters, we have consistently demonstrated that the strategic and operational initiatives we have been executing are translating into stronger business performance. Quarter one FY 2027 builds decisively on the momentum and, in many ways, marks an important milestone for Barbeque Nation. This has been the strongest operating quarter in recent years, with multiple performance benchmarks being achieved simultaneously. More importantly, the momentum is broad-based. Every business segment, every channel, and every geography has contributed to our growth, giving us confidence that our performance is underpinned by structural improvements rather than isolated factors. Let me briefly highlight some of the key numbers. Consolidated same-store sales growth for the quarter was 28.7%. Consolidated revenue grew 43.4% year on year to INR 426 crores. Dine-in transaction volumes increased by 63.5%, accelerating further from strong momentum we witnessed in the previous quarter. Our delivery business also continued its excellent trajectory, growing 62% year- on- year. Pre-Ind AS adjustment operating EBITDA margin improved to 8.1%, reflecting a year-on-year growth of 152%. Within the portfolio, Barbeque Nation India delivered same-store sales growth of 33.5%, supported by dine-in transaction growth of 68.6%. Our international business continued its strong performance with revenue growth of 46.6% and same-store sales growth of 8.5%. Our premium casual dining restaurant business delivered revenue growth of 36% with some same-store sales growth of 13.6% while continuing to maintain healthy restaurant operating margins. While these numbers are encouraging, what gives us greater confidence is what they represent. Over several years, we have invested patiently in strengthening our customer value proposition, deepening our captive customer ecosystem, building a more efficient supply chain, improving restaurant operations, and developing a diversified multi-brand portfolio. For some time, we spoke about building these capabilities. Today, we are beginning to see the cumulative impact of these initiatives reflected consistently in our performance. Importantly, this growth is being delivered alongside stronger profitability and healthier unit economics. Our mature restaurant operating margins reached 16.2% during the quarter, demonstrating that we are not pursuing growth at the expense of returns. Instead, we are building a business that can sustainably deliver profitable growth while continuing to invest for the future. Another encouraging aspect of the quarter is the continued strength of our diversified portfolio. Barbeque Nation remains our anchor growth engine. Our international operations continue to scale profitably, and our premium casual dining brands are delivering healthy growth while maintaining robust margins. Together, these businesses provide us with multiple growth drivers and greater resilience across market conditions. Looking ahead, we remain optimistic while also remaining disciplined. We recognize that the exceptionally strong same-store sales growth reported this quarter creates a higher base. As the year progresses, reported growth rates will neutralize moderately. We view this as a mathematical consequence of stronger comparatives rather than any change in underlying consumer demand. Our priorities remain unchanged. We will continue to focus on driving healthy transaction growth, strengthening restaurant-level economics, enhancing customer engagement, and expanding our network in a disciplined manner. We remain confident in our expansion plan, which continues to be funded largely through our internal accruals, reflecting the strength of our cash generation. Finally, I would like to acknowledge our restaurant teams and colleagues across all our support functions. The performance you see today is the outcome of several years of disciplined execution, resilience, and unwavering commitment from our people. They have helped build a strong organization, and this quarter reflects the quality of that collective effort. While we are encouraged by the strong start FY 2024, we believe the opportunity ahead remains significantly larger. We will continue to execute with discipline, remain focused on creating long-term shareholders' value, and build on the momentum we have established over the past three quarters. With that, I will now hand over to Rahul, who will take you through the operating performance in greater detail. Thank you. Thank you, Kayum. Good evening, everyone, and thank you for joining us today. I'll walk you through the operating and financial performance and our outlook for the year. Quarter one FY 2027 has been a strong quarter across every dimension of our business. Consolidated revenue for quarter one stood at INR 426 crore, growing 43.4% year-on-year. Consolidated same-store sales growth was 28.7% on top of the 14.4% we delivered in quarter four FY 2026. Our growth continues to be entirely volume-led. We have not taken any price increase during quarter one, and our average per capita spend continues to reflect changes in business segment mix, daypart and session mix, and value-led initiatives that we started from quarter two FY 2026. Consolidated dine-in transaction volumes grew 63.5% year-on-year. This is meaningfully higher than the 43.4% we delivered in quarter four FY 2026 and reflects the compounding of the customer acquisition and engagement work we have been doing over multiple quarters. Let me dive into each of our business segments. Barbeque Nation India delivered another exceptional quarter. Same-store sales growth was 33.5%, revenue growth was 43.4%, and dine-in transaction volumes grew 68.6%. Every metric was higher than the strong quarter four FY 2026 levels. The strategic interventions we have been building for several quarters are now scaling meaningfully. Our value-led campaigns, doing some dayparts, the food-led occasions we have created, our big buffet format in tier one and tier two markets, and our sustained investment in captive digital engagements are each yielding very positive results. Our monthly active users on our digital platform have grown to approximately 1.4 million, which is up by almost 60% year-on-year. Our captive digital ecosystem contributes to 65% of overall Barbeque India dine-in transactions, up from around 61% in quarter four FY 2026. Approximately 90% of our dine-in volumes continue to come from our own captive channels, that is our app, our website, our reservation call center, and walk-ins to our restaurants. This captive demand architecture is a structural feature of our business, and Q1 FY 2027 shows it deepening further. Barbeque Nation International delivered another strong revenue growth of 46.6% year-on-year with same-store sales growth of 8.5% and dine-in volume growth of 45.2%. Gross profits grew 40.3% and pre-Ind AS restaurant operating margins grew year-on-year by 22%, with restaurant operating margins of 18.7%. During the quarter, we added one new restaurant in UAE. Delivering this level of performance against the backdrop of ongoing Middle East geopolitical situation is a very strong outcome and reflects the operational discipline and execution quality of our teams on the ground. Our international business continues to operate with the strongest unit economics in our portfolio. This is despite the fact that quarter one restaurant operating margin came in at slightly softer than typical levels. This is mainly due to the impact of higher food inflation for a large part of our input categories. While this is linked to the ongoing and uncertain geopolitical crisis, we're taking effort to reduce the impact of this in our overall business. We continue to focus on building volume-led growth in our international business also and believe that short-term margin impact will correct over time as situation normalizes. Going to our Premium CDR business. Our Premium CDR business delivered around 36% revenue growth with 13.6% same-store sales growth and around 40% dine-in volume growth. During quarter one, we added one Premium CDR restaurant and closed one, ending the quarter with same total network. Our mature Premium CDR restaurant continued to deliver restaurant operating margins of upwards of 20%. The quarter four FY 2026 cohort of new restaurants is now progressively maturing through FY 2027 and is expected to lift the segment restaurant operating margin as we move further in the year. Across all three engines, quarter one FY 2027 marks the third consecutive quarter of every segment and every channel growing at healthy double-digit rates simultaneously. We closed quarter one with 266 restaurants, with five new additions during the quarter. As of today, we have 15 restaurants that are under construction, and these will operationalize through quarter two and quarter three of this financial year. Our new store pipeline is also healthy, and we believe that our FY 2027 expansion trajectory is well on track. I'm moving to financial section now. Pre-Ind AS adjusted operating EBITDA margin for quarter one came in at 8.1%, which was around 350 basis points higher than quarter one of last year. On a sequential basis also, Pre-Ind AS adjusted operating margin have increased from around 5.5% in the previous quarter to 8.1% this quarter. This reflects the operating leverage that we've been always talking about through our investment that we made in the previous year. Let me also walk you through the sub-components of this margin profile. First of all, gross margin. I think gross margin has begun to improve. On a sequential basis, our consolidated gross margin improved by approximately 30 basis points versus quarter four FY 2026. More importantly, Barbeque Nation India gross margin improved by approximately 130 basis points, which is reflecting the beginning of recovery from the value-led investments that we observed in quarter four FY 2026, combined with the procurement and scale benefits. This was partially offset by international segment, where gross margin was softer due to the Middle East crisis-related inflation impact that I just mentioned earlier. Premium CDR gross margins have been steady and at healthy levels. Secondly, on our matured portfolio ROM, we have seen this continue to improve. Quarter one FY 2027 matured portfolio Pre-Ind AS restaurant operating margin came in at 16.2%. This was again around 290 basis points higher than quarter one of last year. This single matrix, I think, depicts the strength of underlying unit economics. Every incremental rupee of same-store sales growth is flowing to our restaurant profitability at a healthy rate. This is a structural operating leverage in our business that we've been building on. The margin expansion is despite the lower gross margin on a year-on-year basis. This is despite the higher investments in marketing spend that we have done, inflationary pressures that we saw from energy and manpower cost, and also when compared to last year, the share of delivery business has increased by around 2 percentage points. Third on the margin profile on our new restaurant portfolio has also increased, which is accelerating our overall payback periods of restaurants. Our new restaurant portfolio reported 6% Pre-Ind AS restaurant operating margin, which is the highest that we have seen in last few quarters. We have done five additions this quarter, the FY 2026 cohort is also maturing well, so the drag from this portfolio will also reduce over a period of time. The gap between matured portfolio and the consolidated operating margin have also reduced to 1.6% versus 1.8% in the previous quarter. The overall impact of the above three levers is an expansion of around 310 basis points in our consolidated pre-Ind AS restaurant operating margin, which has increased from 11.5% in quarter one of FY 2026 to 14.6% in quarter one of FY 2027. On an absolute basis, overall restaurant operating margin increased by around 82% on a year-over-year basis. Lastly, I think our back-end cost is also delivering operating leverage as revenue is scaling. We have mentioned in the previous call that our back-end cost has increased because of investment that we have made in our culinary team, marketing team, digital and central capabilities. I think these as a percentage of revenue stepped up in the last quarter. In quarter one, we have seen that operating leverage working in our favor. Our back-end cost as a percentage of sales have reduced from 7.1% in quarter four FY 2026 to 6.5% in quarter one FY 2027. Moving to our balance sheet and cash flow. I think our net debt positions has moved marginally up from INR 102 crore at the end of FY 2026 to INR 106 crore at the end of quarter one FY 2027. This is marginally higher due to the investments that we have made in our CapEx and also the ongoing pipeline that we have. I think the capital allocation discipline is unchanged. We'll continue to fund expansion largely from internal accruals, we'll keep the borrowings at current levels related to the underlying business profile that we have. Moving on to our outlook for the year. I think on same-store sales growth, as Kayum mentioned in his opening remark, we are conscious that the same-store sales growth will moderate as we move through FY 2027. This again is more mathematics than our comment on demand. Our comparable-based items meaningfully as we move through the year with quarter three FY 2027 and quarter four lapping onto our strongest quarter of FY 2026. Our focus will continue to remain on building up healthy volume growth on top of the business that we have already built at scale. On margins, our approach to FY 2027 is to continue to building on unit economics improvement that we are demonstrating and the gross margin recovery in India, the matured portfolio restaurant operating margin improvement, the improvement in margins of our new store cohort and operating leverage in the back-end cost base. Each of these is directional levers that we expect to continue delivering throughout the year. On network expansion, we continue to remain on track. We are committed to reaching 300 restaurants by FY 2027, we'll build our portfolio from there. The pace will continue to be disciplined and calibrated, we'll not chase to recon just at the cost of underwriting discipline. On capital allocation also, our priorities remain unchanged, as we continue to fund our expansion largely from internal accruals. We'll continue to invest in our multi-engine portfolio that we have built. Overall, we'll continue to focus on building volume led growth and deepening our captive demand architecture. This is the operating discipline that has helped us to deliver quarter one of this year, and the same discipline is that will guide us through the rest of the year. To summarize, the business has reached a new operating scale. The new economics are stronger than what we have seen ever. Our multi-engine portfolio is working very well, and we'll build forward from this base with the same discipline. Thank you. We can open the lines for questions now. Thank you very much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to 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 Viraj Mehta from Enigma Small Opportunities Fund. Please go ahead. Yeah. Hi. Congratulations, Rahul and entire team of Barbeque for an absolutely outstanding performance. Rahul, just had one question. Post the introduction of Big Buffet and the success that you have seen, in terms of the number of new markets that it opens up like tier three, tier four markets, which probably could not take the price point earlier but can take Big Buffet price point. In your view, how much more market does it open up for you, probably wasn't really a market for you two years back? Yeah. Thank you, Viraj. I think this is a good question. As you know, two and a half, three years back, we were struggling in our tier two, tier three markets portfolio, and we've been internally working to see how we can change our operating model. Frankly, we have taken the same operating in metro markets to these markets. We have experimented it. We have enough data for almost six quarters now. We are doing a mix of strategy. In some places, we are doing exclusively only Big Buffet, and in some cases, we are doing mix of both Big Buffet and regular buffet that we do. Frankly, in my view, if there are 700 districts that we can look at, the Big Buffet model, we have taken to some markets where the population is as low as three lakh people. Overall, if I look at the dynamics that we have with respect to the metro markets, the tier one markets and the tier two, tier three markets, I think at the current scale, the brand, which is Barbeque Nation India, can take it up to around 600 restaurants. Sure. Earlier, what you thought was like the upper end of 400, 450 restaurants. Now you think we can go to 600 restaurants with Big Buffet. Yes, and this is the current number. I think one of the other things that we have seen is that our penetration in some of the cities have also been increasing very well. There are markets where we are only operating one restaurant, and we are operating very profitably. As we expanded to two and three restaurants, we have not seen the first restaurant economics deteriorating, right? Classic example is a city like Visakhapatnam. Just three years back, we only had one restaurant. In fact, during the period, we opened two more, we closed one. And today we opened two more, and all four of them are doing exceptionally well, and we have fifth under discussion right now. Cities like Visakhapatnam, and lot of state capitals, lot of second, third largest cities are also opening up multi-store opportunities for us. Today, I think with Barbeque India having a portfolio of only 210, I am not concerned about availability of trade areas to open new stores. Thank you so much, and best of luck. Thank you, Viraj. Thank you. The next question is from the line of Pooja Sanghvi from InCred Finance. Please go ahead. Congratulations on a good set of numbers. I wanted to know that what were the key growth drivers for the improvement in SSSG, because if we see in the last five quarters, this quarter has shown the best of SSSG, like almost 2x in some of the areas. If you can help me understand for Barbeque India, for Barbeque International, and the Premium CDR segment, what drove the SSSGs? I mean, the underlying strategy is as follows. We were just targeting value-driven volume growth across our business. Yes. This started first in Barbeque Nation India, and then taken over to international and also in some manner, Premium CDR. The moment we have come up with a great value offer for our guests and that too also weaker day parts, we increased our marketing spend. Earlier, this used to be approximately 1% or 2%, which has now moved by one percentage point higher. On a higher revenue base, the quantum becomes also larger to ensure that these value initiatives are reaching the customers appropriately through proper campaigns and initiatives. Third most important part is that we have really in our own digital assets, which is helping us to convert the demand or the inquiries that are coming inside the system into a real transaction or a sales transaction. All three put together has been accelerating. We pretty much started this in quarter two of last year. We have already started to see the impact of those in the months of September, October. I think that momentum built up in quarter three. It carried on in quarter four and it's carrying on in quarter one of this year. What's most exciting is that our average revenue per mature restaurant have now increased to around INR 7 crore. Obviously, moving at the same pace from this number, it's not easy. We are seeing that momentum continuing. As I said earlier in my opening remark, the focus is absolutely clear. We will drive transaction growth, we'll drive volume growth, and we'll let other parts of the business settle down on its own. This is exactly the playbook that we have also taken in international business, and in some manner in the Premium CDR business as well. Okay, got that. One more question. How much time does it take for the Premium CDR restaurants to mature? Historically, we have seen around 18 months to around 24 months. That's the timeframe. In Premium CDR also was a very South region specific brand. We started expanding in Pune a few years back. We went to Bombay almost four or five quarters back. We went to Delhi four, five quarters back. A restaurant in a South market like Chennai or Bangalore will mature faster. Expansion in a newer territory altogether, like Bombay or Delhi, would take some more time to mature. That's the trajectory where we are in also right now. Okay, got that. Thank you, sir. All the best. Thank you, Pooja. Thank you. The next question is from the line of Palak Shah from Entrust Family Office. Please go ahead. Hi, Rahul. Thank you for taking my question. Hi. Congratulations on a very good set of numbers. Thank you. My first question is regarding our matured restaurant margin. With the growth that we have seen, like 30% growth on the revenue per store we have seen a 16.2% reported EBITDA margin for India. Even if I adjust for the 200 basis points of gross delta that has happened over the last one year, it is still at 18%. Is it fair to say that at 18% we cap our restaurant margins, or there is still some juice left to be extracted from the operating margin? No, thanks, Palak. This is a very good question, you're absolutely right about it, with the amount of SSSG that we have seen, which is around 28%, the mature portfolio should have delivered more margins. Just pure flow through maths that we always spoke about. If the business would have increased by 28%, our last year base of 13%, ideally should have been around 20%. The base also shifts. Earlier you were comparing on, let's say INR 100, now you're comparing on INR 128. Overall, we have reported 16%. There is a 400 basis points lower than what we should have ideally delivered. I think this is very clearly driven by four factors. One, as you rightly mentioned, last year our gross margin was higher, there is a almost 2 percentage point impact on gross margin. Since the SSSG base also compares with last year quarter one, our marketing spend last year versus this year is also higher by approximately one percentage point. These two factors itself accounts for around 3% movement in the ideal number that we would have done. The third point is on our mix of dine-in delivery last year versus this year. There's a two percentage point incremental change between dine-in and delivery. Delivery comes with an incremental cost of commissions plus packaging costs, which is, let's say, around 30%. There's an impact of around 60 basis points coming also from the change in delivery mix. Fourth very important point is we are also living in a very high inflationary environment. The energy cost, specifically gas and fuel cost has been really higher versus last year. We also have higher manpower cost due to some minimum wage changes that we have seen. There are some other items which had led to inflation below the gross margin levels. These together have again contributed to around 140, 150 basis points. These four factors together has an impact of around 5%. Ideally, what would have been around 20% is actually 16.2%, despite the fact that there's a drag of 5% from these factors. I think some of these we are already working on. I won't say that the mature portfolio margin caps at 18%. I think businesses go through cycles. Once we are in a slightly favorable cycle, we also see that the gross margin impact is sequentially helping us between quarter four and quarter one. Some of these initiatives will help us further. Go ahead. Does this higher A&P spend and parsley packaging also explain the higher corporate overhead expenses? Because if I look at your year-over-year, INR 20 crore and INR 25 crore in last one year as a corporate overhead. I'm just subtracting your restaurant level EBITDA minus the corporate EBITDA that you have reported as pre-Ind AS. Right. Sorry, I didn't get the question. There was sound in the background. Okay. I'm so sorry. Is it audible now? Yeah. I'm saying, when I look at your corporate overhead, which is a very basic mathematic, subtracting your restaurant EBITDA cumulatively minus the reported EBITDA margin, pre-Ind AS EBITDA, that number has jumped up by 32% on a year-over-year basis. Ideally, in a high SSG area, would have expected a much larger operating leverage there. Is part of this because of the A&P spend or there is some initial investments that you are making for the faster growth in other areas? No. All the A&P spends are actually sitting in our store cost. Our risk competing margin is after all this. There's nothing to do with that. As we mentioned in the previous call also, that we actually continue to invest in our back-end capabilities also. We have beefed up our culinary team. We have a new chief culinary officer joining. Under them, we have created regional SPOCs for culinary heads. We earlier had the SPOCs for operations, but not directly for culinary. We have built in approximately four senior people, all joining us from five-star hotels with good culinary backgrounds, with an experience of around 20 years. We have beefed up our marketing team. Since we're making this investment, we have beefed up our investments in our brand team and digital team. We also strengthen our core tech digital team, which is on our app and website. We have also invested in some of the other specific functions where we found that needs specific areas of improvement because the business at scale and one improvement on, let's say, one rupee of invent will also add close to INR 1.5 crores of annual cost impact. These investments have been done. I think the right matrix to track is, how did quarter four last year versus quarter one this year? We are broadly on track. The only impact would be increments which happen in the April month in our company. Other than that, I think this is the normalized level. We'll continue to invest in these positions if we believe that this particular segment of the business or area of the business requires a dedicated focus, and we'll not shy away from that to build our focus. Today is build volume growth, build scale, and simultaneously also keep focusing on extracting cost-saving initiatives, efficiency initiatives, and thereby deliver margins. You mentioned that you are now the TAM for Barbeque India is likely 600 stores. Does it expedite your store expansion plans given that your model is better now and you believe that it is scalable? Or you still believe in a more measured expansion over the next five, six years in the decade? Overall, this year, to achieve a target of, let's say, 300 restaurants, we are adding 40 restaurants. Last year, we added around 35. We are also making investments in our business development team, our projects team, the legal team for these areas. That's continuing. That's why today, with respect to the strong under-construction pipeline that we have or the new store pipeline in the early stages is there. I feel that we'll keep adding more and more if we get a good site at a rental that we like. I think overall, yes, there is a larger TAM and yes, there is an opportunity to build it at the right scale given the business front is also holding up pretty well. We will continue to make those investments to maybe accelerate the pace if the site that comes to us justifies that. I don't need to hold back anything for that. Sorry to interrupt, Mr. Palak. There is a lot of disturbance coming from your end. You're not audible. I just wanted to thank Rahul and all the best. Thank you, Palak. Thank you. The next question is from the line of Dhwanil Desai from Turtle Capital. Please go ahead. Hi, good evening, Rahul, congratulations from fantastic set of numbers and execution. Thank you, Dhwanil. My first question, Rahul, is that you alluded to that the mature stores are already doing INR 7 crore per outlet kind of a number. Now looking, let's say, one year out, if you have to grow on that base, I think in the earlier cycle, we were doing around similar numbers at the peak. What are the levers that you have to move from, let's say, INR 7 crore to INR 8 crore? If you can elaborate on that would be very helpful. Look, our levers are very simple. We are just focusing on building up volume growth across all our restaurants. To build that, we have a focused strategy by day part, by sessions. The team actually, we have data insights to understand which restaurant is not working on, let's say, Monday lunch or the second session of, let's say, Tuesday dinner. Team is structured like that, and our inquiry system that comes in either on our digital platform or on our call center, reservation call center, also tweaks some of these with respect to ensuring that the volume is built up. We obviously also have a dedicated, defined metrics for where the offer will go up to. This is the way that we are building it. That is one big lever that we have. Since we started all this, we have not taken any price hike in our business. We also are impacted by inflation a bit, but at the right moment, we will take that also. We will not do anything which impacts our volume growth momentum that we're building. If we feel that the momentum or the volume has stabilized now on a larger base, and in some of the places the volumes are stabilized and there's the opportunity to take some price hikes, we can take that in those. But that's also very selective decision based on that unit level itself. The second one is delivery. Our delivery business has also grown very well. The only impact on delivery is that the flow through to the growth is lower because delivery also comes at a cost of higher marketing spend, slightly higher food cost as per our system, and packaging cost, and obviously commissions. On the revenue bit, as long as it is incrementally generating absolute EBITDA for us, we are okay to do that. Overall, I think, one number that I can tell you is that our average performance throughout the entire, let's say, quarter, is still lower than what we do in last two weeks of December, when the business is really good. We are looking at that gap and saying, "Look, there's an opportunity. There's a customer who's dining out somewhere. Why can't they come to Barbeque Nation?" Because the value proposition is super strong. Whether it goes to eight, or eight and a half, or nine, or seven and a half, look, I don't know that right now. Our focus is absolutely clear. We will continue to build on volume growth and let everything else settle for itself. Got it. Very clear. Second question is, I think, this year, how do we look at going to double-digit EBITDA margin on a pre-Ind AS basis? Do we have a kind of line of sight for that, or what are the things that need to be falling in place to get to that number? Look, I believe moving ahead in the right our overall business economics. Rather than chasing a number, I would like to focus on what are the levers of this margin improvement and track this, let's say, quarter on quarter as well. I think our margin lever as a big lever. We have mature restaurant operating margin expansion portfolio as one of the big levers. Restaurant coherence now. I think the new stores are maturing faster in case of Barbeque Nation than, let's say, in case of Premium CDR and the current year, the expansion is more geared towards Barbeque Nation than Premium CDR. Lastly, one of the other lever is operating leverage on our backend cost as we scale up revenue. Each of these levers are, in my view, moving in the right direction, and our performance in quarter one obviously confirms this. Going forward, as we've always done, we'll continue to report against each of these levers. Hello, Mr. Rahul. Yeah, I can hear you. Hello. Yes. There is some disturbance. Your voice is getting cut again and again. Oh, sorry. Yes, now it's clear. Okay. Sorry. Please continue. I'll repeat that. I don't know where I dropped, but I think what I was saying was, we are moving in right direction and rather than chasing a number, we should look at what are the levers of margin improvement and are we tracking well on these quarter-on-quarter. Be clear. One is gross margin recovery. We have seen Sorry to interrupt, Mr. Rahul. I'll just reconnect you because there is an interruption coming again and again. Okay. Sure. Ladies and gentlemen, please hold while we reconnect. Yes, we have Mr. Rahul back with us. Please continue. Thank you. Yeah. Hi. Sorry for this. We're talking about margin levers. Rather than chasing a number, I think we should look at what are these margin levers and are we moving in the right direction. I think the margin levers in our view is very clear. One is gross margin recovery. We have seen that happening in the previous quarter. Our operating margin of the mature portfolio should expand. Our new store cohorts should also mature appropriately. I think given that a lot of new store expansion is happening in Barbeque Nation, where the path to maturity is faster, so that should help. The operating leverage in our backend cost, which should also help as the revenue scales up. I think all of these levers are moving in the right direction, and our performance in the previous quarters is just confirming this. We'll continue to report on each of these levers as we move, and I believe the margin will be an outcome that will follow from these levers. Got it, sir. Thank you, and wish you all the best. Thank you, Dhwanil. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. I repeat, please limit your questions to two per participant. The next question is from the line of Keval Shah from IIFL Capital. Please go ahead. Hello, am I audible? Yes. Yeah. First of all, congrats on a great set of numbers, sir. Sir, my first question, I just wanted to touch upon delivery. Delivery, we have seen a very strong growth. I understand that the overall growth has been strong in general, but are there any specific initiatives that we are taking out for delivery? I'm presuming that since we are more dine-in focused, our marketing initiatives would be more oriented towards driving those sort of dine-in volume growth. Anything specific on that? Yeah. On delivery, one, whatever marketing initiatives that we have done also have, to some extent, rub-off impact on delivery. Our consumers know that we also do delivery from our stores. We have been doing it for now almost seven, eight years. More marketing campaigns, while they are all targeted towards dine-in business, also bring in a very good brand recall, which converts into a delivery transaction for us. Specifically on delivery, also, we have continued our focus on building up transactions and on value. Specifically, we have three brands that we operate. One is Barbeque Nation, which is focused more towards starters and pickles. Second is UBQ, which is more towards meals and daily bowls. Third is Dum Safar, which is for biryani. Across all of these platforms, we have launched value SKUs, and they have done extremely well in most of these restaurants. We also run various campaigns for these specific SKUs for various day parts which are not performing so well. For example, there's an item called Bakery Biryani in Dum Safar, which does extremely well during weekday lunch session because their price points are starting from as low as INR 129 for a veg format and going up to INR 250 for a non-veg item. These initiatives have helped. We also increased our marketing spend on the platforms to get delivery. It's a mix of all of these three items that I spoke about, which has given us fantastic results on delivery. Sir, you mentioned that we focused, I mean, dialed down on these value initiatives from 2Q FY 2026. That's correct, right? Yes. Secondly, sir, just to recall to the commentary in 4Q. We were optimistic on a, let's say, high single-digit to early double-digit sort of SSSG, if I'm not wrong. Are we still firm on that or slightly higher on the optimistic side? Look, our focus remains to build volumes in our business. All of these volumes are translating into obviously larger average revenue per store, specifically in our mature portfolio. I think rather than looking at a number for the full year, what's important is to look at how the overall business action is moving. If I look at last year, I think the story was more around inflection. This year, I think the story is more about the business has reached a new operating scale, and we are trying to compound from here. I think more than a strategy, what matters more is our underlying volume growth and our own captive customer engagement that will continue to deepen and the operating leverage that will continue to work for us at scale. I believe quarter one has worked across all of these parameters. This is the direction that we would like to think about in our business. We are obviously very excited about the fact that this is the first time ever that we crossed INR 400 crore of revenue. While initially beginning of the quarter, we thought we'll cross INR 400 crores, but we delivered INR 425 crores. I think the momentum is building up well. It's continuing in the month of July, too. We're just doing our work to build up our volumes and transaction, and then SSSG will be an outcome of that. Understood. Okay, sir, that's all from my side. Wishing you the very best for future quarters. Thank you. Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead. Yeah. Thanks for the opportunity. Congratulations for a great set of numbers. Rahul, on the gross margins front, we have seen inflation, we are focusing more on Big Buffet, we are focusing more on lunch part. On a normalized basis, one or two years down the line with inflation moderating, how should we look at our gross margins? The operating leverage will definitely come below the gross margins with the scale-up that is happening and with the growth on the SSSG front. On a normalized basis, with the kind of focus we have on The Big Buffet and all, how should we look at our normalized gross margins going ahead? Sure, Ankit. Thank you, first of all. Look, gross margin recovery is directionally right, and I think this has been driven by factors like any pricing change, obviously inflation, mix of business across, let's say, day parts, right? Our pricing on weekday lunches is far lower than what we do on weekend dinners, for example. The value-led investments that is compounding into volumes, right? We also have procurement benefits that helps and the scale benefits that helps you in sourcing also. India gross margin is sequentially improved, so we are moving in the right direction there. International gross margin was again lower due to inflation and Premium CDR is largely intact. I think the current levels of around 66%-67% range is a good operating band and would expect to move directionally from here over time. Our current gross margin of around 66%-67% band, I think reflects three things. One is the current level of gross margin is a result of deliberate value investments that we have made in our business, which is buy day part or buy sessions to drive volume. As long as these investments are compounding into strong same-store sales growth, we like this, and we are not worried about gross margin. Second, we have some segment mix impact. Barbeque India, which is at a lower gross margin than, let's say, International and Premium CDR, is today growing faster than the other two segments and which is pulling the consolidated gross margin down. I think this is a good problem to have. Barbeque India is the flagship brand. As long as the flagship brand continues to grow at a faster rate than other two brands, at least, I think good problem to have. Got you. Third, I think our international business has been softer this quarter. The Middle East geopolitical situation is, we all know that, and the inflation impact there is real. In some cases, we are seeing commodity prices going up by almost 30%, 40%. All of these, I think, will taper off as we move sequentially. In terms of recovering or coming back to the earlier levels, I think some reversal will happen and some reversal will not happen also. For example, the India gross margin will directionally move better, and I think that will happen through some of the levers that we spoke about. International also, at some point of time, will find its balance. The impact of business mix change, which is Barbeque India growing faster than the other two segments, may actually just structurally also keep the gross margin lower. We don't know that, but that's a problem that we're not worried about. I think we keep looking at our gross margin by segments, and as long as each segment is growing higher, the mix impact don't bother us. Lastly, I think, see, gross margin also is a headline number. What's also important is how does it flow through your restaurant operating margin and your overall EBITDA. I think those are also moving in the right direction. Despite the fact that versus last year, the gross margin is lower by two percentage point, the restaurant operating margin is up by around three percentage and also this has flowed down in your overall India's EBITDA margin. We are more concerned about that absolute number. As long as the direction is right and the flow through to bottom line is very strong, we are very happy with the absolute profitability that is maximized. Sure. Secondly, on the. Sorry to interrupt. Mr. Ankit, please join the queue for the follow-up question. Sure. The next question is from the line of Shwetha from ithoughtPMS. Please go ahead. Hi. Thank you for the opportunity. Sir, you had mentioned that this 30% SSSG growth that we saw is mostly due to value-driven customers. Could you give me a sense of the repeat rate on these customers? Shwetha, our repeat rates have been very strong and, in fact, since we have started these initiatives, we have just seen that the number of days in which the repeat customer is coming back is also shrinking. I think overall transaction growth is upwards of 60%, which can only happen through a mix of both new customer coming back at a faster rate than previously and also new customer coming back at a faster rate than previously. Typically on any particular period, our repeat business is approximately 45%-47%, and the balance is new customers. During this period of exploration, we're also seeing that our ratio of new versus repeat is actually shifting slightly in favor of new customers. That's also very good because we are adding more and more new guests to our overall pipeline, which will obviously translate into repeat business. Just one fact about our repeat business number. In our business, on average bill, we have around 4.3 packs per bill, out of which you only get one mobile number. The only way to track repeat is through that mobile number. The number of repeat business that I am talking about is actually depending with that matrix. Directionally, in the same like-to-like comparison, the repeat business growth rate has been very handsome. Got it, sir. My second question is on the improvement of the ROMs of the new stores. This has been the highest in the past four, five quarters, if I am not wrong. Could you just give me a sense of what drove this improvement and if this will be sustainable for the stores we are opening in the future? This is largely driven by expansion of Barbeque Nation in both India and internationally. The payback profile of Barbeque Nation is faster. Whenever we open up a new Barbeque Nation in, let us say, existing territories or in a new market altogether, we have seen that the brand is known very well. In fact, in the initial first two months, three months, we see a real jump in our transaction for people coming and trying. Then it slightly taper off for the next couple of quarters and then it again come back. Then, as we build our volumes, we also keep working on our initial cost and bring it to the regular track. If you compare with previous quarters, it is largely a mix. More and more Barbeque Nation opening will improve this because the profile of Barbeque Nation reaching maturity is faster than, let us say, Premium CDR segment because they are also entering into newer territories. As the brand become mature in those newer territories, I think that impact will also reduce. Got it, sir. Thank you. Thank you. Thank you. The next question is from the line of Disha Chamriya from Trinetra Asset Managers. Please go ahead. Good evening, sir, and thank you for the opportunity. I hope my voice is clear. Yes. Thank you. Yes, sir. Sir, my question was, maybe you have already answered it, How much was the revenue driven by higher footfall or guest traffic versus higher average order value for this quarter, and what would be sustainable over the medium term? The entire revenue growth is driven by more walk-ins in the restaurant. If you look at the headline numbers in our presentation, we have grown our dine-in volume by around 63%, our revenue growth is around 40%, 43%. There is in fact, because of our initiatives, value initiatives, there is a decline in average price point. Those price points is pretty much now stabilized. Whatever we're doing in quarter one is actually very similar to what we did in quarter four of last quarter. That's the normalized number. Despite inflation, we have not taken any price hike. There is some opportunity here, there, we're very prudent in terms of taking that, and we'll never take that at the cost of some margin volumes. That's the way we think about it right now. Got it, sir. Just a small question. Could you please update what is the profitability for the delivery business? As the delivery scales, do you expect it to become meaningfully margin accretive or will dine-in continue to remain only the primary earning driver? Look, delivery. My view is dine-in is more captive for us and like I've always said, 90% of our business comes from our own captive sources. We are building our own ecosystem of digital sources, our call center, our walk-ins, and we're not dependent on any third-party aggregator or suppliers of demand to us. Dine-in is the core of our growth model. We are obviously not averse to delivery and as long as delivery is incremental to us and delivering higher margins, on higher absolute margins, we'll do that. The delivery is also non-captive for us. We depend on aggregators for these delivery businesses. On delivery, the margins, as long as on absolute basis it is better and on the contribution margin level it's better for us, we'll continue to do that. Got it, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Manjeet Buaria from Saamya Advisors LLP. Please go ahead. Thanks for giving me the opportunity. Rahul, first I would just thank the team for the hard work which has gone in over the last two years to improve the value proposition for our customers. I had two questions. Sorry. Thanks. I had two questions, Rahul. One was, once the low base of the previous year is behind us, I'm talking about BBQ India specifically, what SSSG range is practically possible in this business model of BBQ India? Assuming a steady consumption environment and also keeping in mind the constraint of we don't want to really step away from the value focus which you have brought into the business over the last two years. Like I said earlier also, I think the focus is just driving volume growth. We are today at an average number of, let's say, on BBQ India, around maybe six and a half. I don't know that number, we may not report that, but my sense is it's around that. Because inflation is higher and the premium today is slightly higher. The average in mature market is around 7.1%. The real question to ask is: Is there a capacity to take more? The answer is yes. If you look at our restaurants, do our weekday business as much as weekend business? No. Is our dinner business as much as lunch business? No. We are seeing all of these as opportunities. We are taking efforts to look at all of these sessions and try and build on our volumes. The point is, will the growth in these Barbeque India business now still happen because we have reached our max capacity? The answer is no. I think also in some of the other day parts or weekends where we do well, we still don't do as much as we have done in, let's say, peak days of our business. You have been following our company for quite some time, you know that we have also done changes in our sizes of restaurants. We've become more efficient there. We're only doing 4,500 sq ft, now doing 3,000 sq ft. Despite that, and last 40 restaurants would have been in this model. Despite that, the revenue per restaurant is among the highest. We have actually also figured out slotting better. We have figured out how to move demand better with respect to value that the guest needs. I think though these are open and even if we feel that we have a capacity constraint and there is demand, we are very happy to go ahead and open one more restaurant nearby, which will give us that. I think I'm not too worried about SSSG number right now. I think the team inside is primarily focusing on building up our volumes. Once the volume happen, we have seen that the operating leverage benefit flows through at various points of time for us. I don't know, Manjeet, if that answered your question. It does, Rahul. I will touch upon this later once more. I have a second question. You mentioned about some investments which you are making in the backend. Are these mainly to support the restaurant growth which you are sort of forecasting, or they will also contribute in any way to the gross margins in the longer run? I mean, gross margin improvement in the longer run. Just one housekeeping with it was, what is the total CapEx you expect for FY 2027 including new restaurants and the backend and the maintenance CapEx, if any, for our existing refurbishments? Thank you, Rahul. On the investments in the backend team, it is across the level. When you spoke about culinary team, this is largely on the product end of it. How can we make the current offering to the guest better? The culinary team that has come up now is doing that. We have done a lot of innovations inside our kitchens, which is helping us. The new chef-led driven activities that we do in most of our restaurants is actually also driven by this new culinary team which have come up. This is also into marketing. This is also in, let's say, our sourcing division, which is now looking at each and every item sourced with a different lens, and saying, if the business has scaled up, let's say, in terms of volume, double of what we used to do two years back, how can we get better sources of these things? Can we source from an entirely different place and ensure that what lands up is of a better quality and better pricing? That will also bring in that gross margin efficiency benefit in our system. Large part also moved towards tech and digital, and our reservation centers. The volume of call that is coming in also needs to be handled in appropriate manner so that we do not lose on business. Simultaneously, we also used some AI inside our business center to make better conversion calls. Also built up our internal reporting matrix to see that the conversion is happening in the right manner. That is on the backend side. On CapEx, Amit, do you want to take it? Yes, Rahul. We guided previously. CapEx for full year would be around INR 140 crores, and of which INR 120 crores come from the new outlet expansion and INR 20 crores towards the maintenance CapEx and our brand-level CapEx. Got it. Thanks, Amit. And. Sorry. Yeah. Go. Thank you. Ladies and gentlemen, in order for the management to respond to all questions by all participants, I request you to restrict your questions to one per participant. Thank you. The next question is from the line of Aman Vij from Astute Investment Management. Please go ahead. Good evening, sir. My question is on the service part. Given the footfall, the way they are growing for the last few quarters. I have been observing, and I wanted your comment on the same, that there are a lot of comments and reviews on our various restaurants where people have been a little disappointed either with the service or the A&P and all those things. What are the steps we are taking to address the same, given the footfalls are mostly increasing at the time during weekdays, where maybe even the employees have not historically been attuned to this kind of footfall increase and all those things. A related question to this also, there was a video recently by a food blogger based on the quality of the food, quality of one of the items that he had done, and he was a very famous food blogger. There was some issue on the quality. Any comments on that also? Thanks, Aman, for bringing it out. I think, fundamentally, Barbeque Nation is known for service, and we've built this over last 20 years. Sorry to interrupt. Yeah. Can you hear me? Yes, I can hear you. Can you please rejoin the queue? Sorry. Can you hear me? Hello? Yes, I can hear you. Yes, go ahead. Let me just answer that question. Yes. We're talking about service part. Our business is built across last 20 years on service. We stand by that, and we have a very defined mechanism to track how is the service moving across all our restaurants, across various day parts. We have a GSI system where we call back our 20% of our guests and then take that review, and the team on the ground is reviewed on that. That number is intact. We did see some blip during the month of April, when we had some manpower crisis because of the situation wherein a lot of manpower from across many industries had moved back to East India for the election reason. Apart from that, as they came back, as we also build up our manpower, we have not seen that happening. In fact, the guest scores have only been improving over last three months on these counts. Maybe because of disproportionately higher volume, there may be some service impact, but we take that very seriously. In our own NPS scores that we are seeing over the last three months, we have seen improvements on that. It's a continuous process, and we'll keep working on that. Regarding the video you are talking about, I don't know which video is there. As a large brand, we keep spoken about a lot. A recent video just did came up wherein somebody commented about the chicken quality they have tested in their own labs. Look, we don't know what labs they have tested in and how it is made, so I can't comment on that. I'll tell you about our process. There are defined FSSAI guidelines on testing and on hygiene on our reviews. We follow all of these. In fact, we have a very strong internal audit team of around 30 people who goes and audits all our restaurants across all these FSSAI points on a monthly basis. Most of these scores that we are seeing is reviewed and tracked on a monthly basis, even though the FSSAI requirement is not monthly, and annual. In terms of lab testing of some of the product, based on the FSSAI requirement, these have to be done twice in a year. We have done that across all and with the NABL-accredited labs, and all the products that we have been launching, these are falling under appropriate limits there. Apart from that, it's very difficult for me to react on somebody on how they've done. We have actually engaged with them, but most of the time, once they have already put it out, they don't listen to you. Apart from that, I have no other comments to make on that. Thank you a lot for answering the question. Thank you, Aman. Thank you. The next question is from the line of Subhanu Bangal from 3 Head Capital. Please go ahead. Good evening. Hope I'm audible, sir. Sir, I have just two questions. First on UAE. Are you seeing same kind of inflation pressure on UAE business? Second, do you think this Q1 FY 2027 SSG was one-off? I am asking this question, as you mention every time your main focus will be on volume growth. Should I assume this SSG was one-off? Sorry, again, from the last point that you made, I will assume. I will repeat. Should I assume this Q1 FY 2027 SSG was one-off? On UAE inflation, yes, it's real. I think the inflation impact, I've also mentioned in the gross margin comment that it has impacted us a bit. In fact, our gross margin is lower by around, I think, three percentage point. The numbers are in the presentation. In terms of SSSG, I won't comment if it is one-off or not, but what I'll comment is that we moved out of a negative territory from quarter two onwards quarter three was around eight, which moved to around 40.5% in quarter four, which moved around 28% in quarter one. I think the momentum is continuing. The business is now at a particular operating scale, and we are just working to compound it from here. As we build volume, I think some of these SSG-related numbers will be as it is. How you will tackle with the inflation? Because inflation. [Non-English content] Hello, that's true, that will maybe impact our gross margin as it has. Like I said, beyond gross margin, there's also operating leverage. Even though with volume, the revenues goes up, and your gross margins are lower, your overall restaurant operating margins and overall compared with the margins are better. As long as the absolute EBITDA margins are better, I'm not too worried about gross margins. Just to sum it up, the inflation impact is more than offset by the volume growth that we have seen. Okay, got it. Thank you. Thank you, sir. Thank you very much. That was the last question for today. I now hand the conference over to Mr. Omkar Bagwe for closing remarks. Over to you, sir. Call today. We are MUFG Intime, investor relation advisors to United Foodbrands Limited. In case of any queries, please feel free to reach out to us. Thank you very much. On behalf of United Foodbrands Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.