ECONOMY OVERVIEW GLOBAL ECONOMY
The global economy demonstrated resilience amid a complex and evolving macroeconomic environment during FY 2025-26. While geopolitical tensions, trade uncertainties, supply-chain disruptions and uneven recovery across major economies continued to pose challenges, global economic activity remained relatively stable. The moderation in inflation from the elevated levels witnessed in the preceding years provided greater flexibility to central banks in recalibrating monetary policies, supporting a gradual improvement in global economic conditions.
During FY 2025-26, global growth remained uneven across regions. Developed economies continued to face relatively subdued growth prospects amid tight financial conditions, structural challenges and cautious consumer and business spending. In contrast, several emerging and developing economies demonstrated stronger growth momentum, supported by domestic consumption, infrastructure investment, improving manufacturing activity and policy support.
India continued to remain one of the key drivers of global economic growth. The Indian economy maintained a comparatively strong growth trajectory, supported by resilient domestic demand, increased public and private investment, infrastructure development, digitalisation and the continued expansion of the services sector. The Governments focus on capital expenditure, manufacturing, infrastructure and economic reforms further supported the countrys medium-term growth prospects.
At the same time, the economic outlook remains subject to risks arising from geopolitical developments, fluctuations in commodity and energy prices, global trade policies, currency movements and potential disruptions in international supply chains. Nevertheless, Indias strong domestic fundamentals, expanding consumer market and improving investment environment provide a relatively favourable outlook for sustained economic growth during FY 2025-26 and beyond.
INDIAN ECONOMY
India, the worlds most populous nation, has been an outlier in terms of economic growth over the past few years. While many economies have struggled with high inflation and slow recoveries, India has maintained a more robust growth trajectory, and its economic outlook for 2026 remains positive.
• Growth Rate: India continued to remain among the fastest-growing major economies during FY 2025-26. Economic growth was supported by robust domestic consumption, public and private capital expenditure, infrastructure development, a growing services sector and continued structural reforms. Strong domestic demand, rising digitalisation, expanding manufacturing capabilities and the Governments focus on infrastructure and investment provided a strong foundation for sustained economic activity.
• Inflation and Monetary Policy: Inflationary pressures moderated during FY 2025-26 compared with the elevated levels witnessed globally in the preceding years. The Reserve Bank of India continued to adopt a calibrated monetary policy approach, balancing the objectives of maintaining price stability while supporting sustainable economic growth. Moderation in inflation, along with stable domestic demand and improving economic conditions, provided greater flexibility for monetary policy measures during the year.
• Geopolitical Resilience: India continued to demonstrate resilience amid an uncertain global geopolitical environment. While geopolitical tensions, trade disruptions, commodity price volatility and changes in global trade policies remained key external risks, Indias large domestic market, diversified economic base and strengthening trade relationships helped mitigate their impact. Indias growing engagement with ASEAN, the Middle East, Africa and other major global economies further strengthened its position in international trade and investment.
• Investment and Structural Transformation: During FY 2025-26, continued investments in infrastructure, manufacturing, renewable energy, technology and digital infrastructure supported Indias structural transformation. Government initiatives aimed at strengthening domestic manufacturing, improving ease of doing business and promoting investment across strategic sectors are expected to contribute to Indias long-term growth potential.
Overall, Indias economic fundamentals remained relatively strong during FY 2025-26, supported by resilient domestic demand, infrastructure-led growth, policy continuity and increasing integration with the global economy. While external uncertainties continue to present risks, Indias favourable demographic profile, expanding consumer base and ongoing structural reforms provide a positive foundation for sustainable economic growth over the medium to long term.
Sectoral Growth and Reforms
Indias economy in 2026 will benefit from several key factors:
• Digital Transformation and Innovation: Digital transformation continued to be a major driver of Indias economic growth during FY 2025-26. The information technology and software services sectors remained important contributors, supported by increasing adoption of cloud computing, artificial intelligence, automation, cybersecurity and digital platforms. Indias expanding digital ecosystem, along with continued activity in fintech, e-commerce, healthtech and other technology-led businesses, created opportunities for innovation, entrepreneurship and investment.
• Manufacturing and "Make in India": Indias manufacturing sector continued to gain momentum during FY 2025-26, supported by the Governments focus on domestic manufacturing, production-linked incentives, supply-chain diversification and the "Make in India" and "Atmanirbhar Bharat" initiatives. Electronics, pharmaceuticals, automobiles, engineering goods and other strategic sectors remained key areas of opportunity. Indias growing role in global supply chains, together with improving manufacturing capabilities and infrastructure, is expected to strengthen the countrys position as a competitive manufacturing destination. •
• Green Energy and Energy Transition: The transition towards clean and sustainable energy remained a significant growth opportunity during FY 2025-26. Investments in solar and wind energy, electric mobility, battery storage, green hydrogen and other clean-energy technologies continued to expand. Indias focus on increasing renewable energy capacity and reducing carbon intensity is expected to create opportunities across the renewable energy value chain while attracting domestic and international investments in sustainable technologies.
• Infrastructure Development: Infrastructure development continued to be a key pillar of Indias economic growth during FY 2025-26. Significant emphasis was placed on roads, railways, airports, ports, logistics, urban infrastructure and digital connectivity. Continued public capital expenditure, along with increasing private-sector participation, supported economic activity and improved connectivity and efficiency. The development of integrated transportation and logistics infrastructure is expected to provide long-term benefits to businesses and strengthen Indias competitiveness.
• Consumption and Services: Indias large and increasingly aspirational consumer base continued to support growth across retail, hospitality, travel, food services, financial services and other consumer-oriented sectors. Rising disposable incomes, urbanisation, digital adoption and changing consumer preferences are expected to create sustained opportunities for businesses operating in the services and consumption-driven segments.
Source: Economic Times; Ministry of Statistics & Programme Implementation; Ministry of Commerce & Industry; Ministry of Finance; Groww.in; Ministry of Statistics & Programme Implementation
INDUSTRY OVERVIEW & OUTLOOK
The global foodservice industry continued to expand during FY 2025-26, supported by changing consumer lifestyles, increasing urbanisation, rising disposable incomes and growing demand for convenience-led food options. Recent industry estimates indicate that the global consumer foodservice market reached approximately USD 3.90 trillion in 2026, with the sector recording year-on-year growth despite continued cost-of-living pressures. Delivery has also become an increasingly important channel, accounting for approximately 22% of global consumer foodservice spending in 2026, reflecting the sustained shift towards digital ordering and off-premise consumption.
The Indian foodservice market remained one of the more attractive growth markets globally during FY 2025-26. Various industry estimates place the size of the Indian foodservice market in 2026 in the range of approximately USD 85 billion to USD 112 billion, depending on the scope and methodology adopted. The market is expected to continue expanding at a healthy pace, supported by urbanisation, rising disposable incomes, increasing workforce participation, digital adoption and the growing preference for dining out and ordering prepared food.
The growth of Indias organised foodservice segment is particularly significant. Consumers are increasingly shifting towards branded restaurants, cafes, quick-service restaurants and organised food chains due to greater emphasis on consistency, hygiene, convenience and overall dining experience. The organised segment is expected to grow faster than the broader foodservice market, creating opportunities for established brands as well as new formats and concepts.
Consumer behaviour continued to evolve during FY 2025-26. The rise of dual-income households, nuclear families, working professionals and an increasingly young consumer base has strengthened demand for convenient, readily available and experience-oriented food. Online ordering, digital payments, food delivery platforms and cloud kitchens have further expanded access to foodservice offerings. At the same time, consumers are increasingly seeking value, quality, food safety and differentiated dining experiences.
Health and wellness also remained important themes across the industry. Consumers are showing greater interest in healthier ingredients, plant-based and vegan alternatives, lower-calorie offerings, clean-label products and greater transparency regarding food ingredients. Restaurants and foodservice operators are responding through menu innovation, customised offerings and the introduction of products aligned with evolving dietary preferences.
Technology continued to reshape the industry through digital ordering, delivery platforms, loyalty programmes, data- driven menu optimisation, automated operations and technology-enabled customer engagement. The expansion of delivery and digital foodservice is also supporting the growth of organised players and enabling brands to reach consumers beyond traditional restaurant locations. In India, delivery channels and cloud kitchens are expected to remain among the faster-growing formats, while Tier-2 and Tier-3 cities are emerging as important markets for expansion.
Outlook
Overall, the global food and restaurant industry is undergoing a significant transformation, driven by technology, changing lifestyles, evolving consumer preferences and increasing demand for convenience. During FY 2025-26, the industry demonstrated resilience while adapting to inflationary pressures, changing input costs and evolving consumption patterns. Going forward, opportunities are expected to arise from organised foodservice, digital ordering and delivery, premiumisation, healthier food choices, innovative formats and expansion into emerging markets.
For India in particular, the combination of a large and youthful consumer base, increasing disposable incomes, urbanisation, digital penetration and growing preference for organised dining provides a favourable long-term outlook for the foodservice industry.
Indian Food Services Market
The Indian food services industry continued to witness strong structural growth during FY 2025-26, supported by rising disposable incomes, urbanisation, increasing workforce participation, changing lifestyles and the growing preference for convenience-led consumption. While estimates vary depending on the definition and scope of the market, industry research indicates that Indias foodservice market was valued at approximately USD 85 billion in 2025 and is estimated to reach approximately USD 94 billion in 2026, representing a growth trajectory of around 10% over the medium term.
The organised foodservice segment continued to gain market share as consumers increasingly preferred branded restaurants, cafes, quick-service restaurants and organised dining formats offering consistency, hygiene, quality and convenience. The National Restaurant Association of India (NRAI) estimates that the Indian food services industry was valued at approximately Rs. 5.69 lakh crore in 2024 and is expected to reach Rs. 7.76 lakh crore by 2028, with the organised segment growing significantly faster than the overall industry.
Digitalisation and Food Delivery: Digital ordering, online food delivery and digital payments remained important growth drivers during FY 2025-26. Consumers are increasingly using technology-enabled platforms for ordering meals, discovering restaurants and making payments. The expansion of food delivery into Tier-2 and Tier-3 cities is further broadening the addressable market. Industry estimates indicate that online delivery is expected to increase its share of Indias food services market over the coming years, supported by increasing digital adoption and convenience-driven consumption.
Growth of Organised Formats: Organised restaurant chains, QSRs, cafes and other branded foodservice formats continued to expand, supported by increasing consumer preference for reliable quality, standardised products and enhanced dining experiences. The organised segment is expected to grow substantially faster than the unorganised segment, providing significant opportunities for established brands to scale across metropolitan as well as emerging markets.
Cloud Kitchens and Technology-led Operations: Cloud kitchens and delivery-focused formats continued to emerge as important components of the evolving foodservice ecosystem. Lower infrastructure requirements, focused menus, centralised preparation and data-driven menu optimisation can enable operators to improve operating efficiency and reach a wider customer base. Technology is also increasingly being used for inventory management, demand forecasting, customer engagement and automation of restaurant operations.
Changing Consumer Preferences: Consumers during FY 2025-26 increasingly sought convenience, value, quality and differentiated experiences. Rising urbanisation, nuclear households and greater participation of women in the workforce have contributed to increased demand for prepared meals and eating-out occasions. At the same time, growing awareness around health and wellness is encouraging foodservice operators to introduce healthier, plant- based, clean-label and customised menu options.
Regulatory and Operational Environment: The sector continues to operate within an increasingly formalised regulatory environment, including food safety and hygiene requirements. While compliance and rising input, labour, rental and logistics costs remain challenges for operators, greater formalisation is also supporting consumer confidence and creating a more structured environment for organised foodservice businesses.
Outlook
Overall, the Indian food services industry remains a high-growth and structurally attractive sector, supported by favourable demographics, rising consumption, urbanisation, digitalisation and the continued shift from unorganised to organised foodservice. The increasing penetration of branded chains, QSRs, cafes, delivery platforms and technology-enabled formats is expected to create significant opportunities during the coming years. At the same time, operators will need to focus on cost efficiency, product innovation, food safety, sustainability and differentiated customer experiences to maintain profitability in an increasingly competitive market.
GOVERNMENT INITIATIVES
The Indian government has implemented several initiatives to support and develop the food and restaurant industry. Here are some key initiatives:
1. Food Processing Policies
Pradhan Mantri Kisan Sampada Yojana (PMKSY): Aims to increase the value addition of agricultural produce and improve the food processing infrastructure.
National Food Processing Policy: Seeks to boost investment, improve infrastructure, and enhance value addition in the food processing sector.
2. Financial Support and Incentives
Food Processing Fund: Provides financial assistance to food processing units for setting up new projects or expanding existing ones.
Subsidies and Tax Incentives: Various subsidies and tax breaks are available for the food and restaurant industry to encourage investment and growth.
3. Skill Development
Skill Development Programs: Initiatives like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) offer training and skill development programs for individuals working in the food and restaurant industry.
4. Hygiene and Safety Standards
Food Safety and Standards Authority of India (FSSAI): Regulates food safety standards and provides guidelines for the safe production and serving of food.
Eat Right India Movement: An initiative by FSSAI to promote healthy eating and ensure the safety and hygiene of food served in restaurants.
5. Promotional Campaigns
Incredible India: A campaign to promote Indian cuisine and dining experiences to both domestic and international tourists, boosting the restaurant industry.
Food Street Initiatives: Development of food streets in various cities to promote local cuisine and enhance the food tourism sector.
6. Support for Small and Medium Enterprises (SMEs)
MSME Support: Special programs and schemes to support small and medium-sized enterprises in the food and restaurant sector, including easier access to credit and subsidies.
7. Technology and Innovation
Digital Payment Promotion: Encouraging the adoption of digital payment methods in restaurants through incentives and support.
Technology Upgradation Fund: Assists businesses in upgrading their technology and processes to improve efficiency and service quality.
8. Environment and Sustainability
Waste Management Guidelines: Regulations and guidelines to manage food waste and promote sustainable practices in the food industry.
These initiatives aim to enhance the growth and sustainability of the food and restaurant sector in India, making it more competitive and resilient.
RISK MANAGEMENT
Risk Management Framework
Effective risk management is integral to GGIL operations and is embedded in its day-to-day business transactions and activities. Theframework in place seeks to identify, prioritize, mitigate, monitor and appropriately report any significant threat to the organisationsstrategic objectives, its reputation, operational continuity, environment, compliance, and the health & safety of its employees.
Summarized below are the key risk factors that are identified as well as the proposed mitigation strategies.
SEGMENT WISE PERFORMANCE
The Company deals in only one segment i.e. Food Business. Therefore, it is not required to give segment wise performance.
COST AND MARGIN MANAGEMENT
Cost management continues to be a critical focus area for the food services industry, given the sensitivity of restaurant margins to food, manpower, rent, utilities, logistics and packaging costs.
The Company continues to focus on:
• Vendor optimisation and procurement efficiencies;
• Standardisation of recipes and portion sizes;
• Inventory management;
• Reduction of food wastage;
• Monitoring of food cost percentages;
• Manpower productivity;
• Energy efficiency;
• Outlet-level profitability monitoring; and
• Periodic review of pricing and product mix.
The Company believes that disciplined cost management, combined with revenue growth and improved outlet productivity, will remain important for sustainable margin expansion.
SUPPLY CHAIN AND PROCUREMENT
A reliable and efficient supply chain is critical to maintaining consistent product quality and service standards.
During FY 2025-26, the Company continued to focus on strengthening procurement processes, vendor relationships, quality checks and inventory management. Greater standardisation of raw materials and operating procedures can support consistency across locations and improve cost visibility.
The Company also remains cognisant of risks arising from fluctuations in commodity prices, logistics costs, availability of key ingredients and supply-chain disruptions.
Opportunities and Challenges in the Indian food services market OPPORTUNITIES
• Rapid Urbanisation
The surge in urbanisation in India is driving demand for food services, with an increasing number of people living in urban areas seeking convenient dining options due to changing lifestyles and busy schedules. Further, urbanisation has exposed consumers to numerous cuisines. The growing inclination of millennials towards fast food consumption further supports the growth of the market.
• Increasing disposable income
Rising disposable income levels in India are leading to increased spending on eating out and exploring new culinary experiences. This presents opportunities for food service providers to cater to evolving consumer preferences and offer diverse and innovative food options.
• Technological advancements
Advancements in technology, such as online food delivery platforms and digital payment systems, are transforming the food services market in India. The increasing adoption of smartphones and internet penetration have made it easier for consumers to order food online, providing opportunities for food delivery and aggregator platforms to expand their reach.
• Cultureof experimentation in the food segment and global cuisine trends
The middle-class population is exposed to global trends in terms of newer formats and cuisines through travelling and seamless interaction facilitated by the internet and smartphones. They are willing to spend money on dining experiences similar to those found around the world. Indian consumers are increasingly seeking out regional and global cuisine options, presenting opportunities for food service providers to diversify their offerings and cater to varied tastes and preferences
CHALLENGES
• Higher inflation
Higher inflation presented challenges for the Indian food services market in FY 2025-26 as the soaring costs of fuel, freight, energy and ingredients impacted the industry. It also drives up menu costs and decreases consumer spending.
• Intense competition
The Indian food services market is highly competitive, with a large number of players ranging from local eateries to international restaurant chains. Competition can be fierce, making it challenging for new entrants to establish their presence and gain market share.
- • Qualityand safety concerns
Food safety and hygiene are critical concerns for consumers, and ensuring consistent quality across multiple locations can be a challenge for food service providers. Maintaining high food safety standards, adhering to regulations, and managing supply chains to ensure quality can be a challenge in a diverse and complex market like India.
• Changing consumer preferences
Indian consumers are known for their diverse tastes and preferences, and keeping up with changing consumer preferences can be challenging for food service providers. Staying relevant and meeting the evolving demands of consumers, such as changing dietary preferences, can require constant innovation and adaptation.
• Regulatory environment
The food services industry in India is subject to various regulations and compliance requirements, including licensing, food safety, labour laws, and taxation. Companies are required to register and
maintain multiple licenses and also adhere to hygiene standards laid by the Food Safety and Standards Authority of India (‘FSSAI). Navigating the regulatory landscape and ensuring compliance can be complex and time-consuming for food service providers.
HUMAN RESOURCES
The Company recognises its human resources as one of its most valuable assets and remains committed to developing a capable, motivated and performance-oriented workforce. During FY 2025-26, the Company continued to focus on the effective utilisation of human talent to support operational excellence and achieve its organisational objectives.
The Company undertook various initiatives to strengthen employee engagement and foster a positive, inclusive and collaborative work environment. Periodic employee interactions and feedback mechanisms were undertaken to understand employee satisfaction, identify areas of improvement and take appropriate measures to enhance the overall employee experience.
The Company continued to invest in training and development programmes at regular intervals to enhance employees functional capabilities, operational skills and leadership competencies. These initiatives were aimed at building a performance-driven culture and ensuring that employees remain aligned with the Companys evolving business requirements and service standards.
The Company continued to recruit and retain qualified and competent personnel across various functions, including its restaurants and Restaurant Support Centre (Corporate). Emphasis was placed on identifying individuals with the appropriate skills, experience and service orientation to support the Companys growth and maintain high standards of customer service and operational efficiency.
To recognise and motivate employees, the Company continued to implement recognition initiatives and performance- linked incentive programmes. These initiatives were designed to acknowledge individual and team contributions, encourage excellence and strengthen employee commitment towards the Companys organisational goals.
Going forward, the Company remains focused on strengthening its talent pipeline, enhancing employee capabilities, promoting internal growth opportunities and creating an engaging workplace culture that supports sustainable business growth and long-term organisational performance.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an efficient and well-defined internal control system for safeguarding its financial information and assets from unauthorised use or disposition, addressing the evolving risks in the business, reliability of financial information, timely and accurate reporting of operational and financial transactions, and stringent adherence to all the applicable regulatory laws and legislations. The Companys overall governance system including all policies and procedures is properly documented under expert supervision.
The Companys current systems of Internal Financial Controls (IFC) are aligned with the requirement of Section 134(5)(e) of the Companies Act, 2013 (Act). As stipulated under the said provisions, the IFC framework established by the Company encompasses the following elements:
• Orderly and efficient conduct of business
• Safeguarding of its assets
• Adherence to Companys policies
• Prevention and detection of frauds and errors
• Accuracy and completeness of the accounting records and timely preparation of reliable financial information
The Companys internal controls are commensurate with its size and the nature of its operations. They have been designed to provide reasonable assurance with regard to all the above stated IFC elements. To make the IFC framework robust, the Company worked on three lines of defence strategy:
First Line of Defence: Build internal controls into operating processes, which primarily include controls operated by the process owners under the overarching guidance of the Code of Conduct, Whistle-blower mechanism, budgetary controls, financial delegation of authority, accounting policies and manuals, period-end closing checklist, basis of accounting estimates and various other Company policies and procedures.
Second Line of Defence: Create an efficient review mechanism, comprising monthly business performance reviews under which each business unit and function is reviewed on its performance.
Third Line of Defence: Independent assurance through internal audits performed by audit firms of international and national repute. The Audit Committee reviews reports submitted by the internal auditors and suggestions for improvement are considered. Additionally, the statutory auditors audited Companys financial statements included in this Annual Report and have also confirmed the adequacy and operational effectiveness of the Companys internal control over financial reporting (as defined in Section 143 of the Act).
STATUTORY COMPLIANCES
The Managing Director makes a declaration to the Board of Directors every quarter regarding compliance with provisions of various statutes as applicable. The Company Secretary ensures compliance with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and compliance with the guidelines on insider trading for prevention of the same.
OPPORTUNITIES
The Indian food services sector presents significant long-term opportunities due to structural changes in consumption patterns.
Key opportunities include:
Organised Market Expansion: The continued shift from unorganised to organised food services creates opportunities for established brands with standardised operating models.
Tier-II and Tier-III Expansion: Emerging cities offer increasing disposable incomes, lower operating costs and growing digital adoption.
Digital and Delivery Channels: Online ordering and delivery provide opportunities to expand customer reach beyond the physical footprint of restaurants.
Premiumisation: Consumers are increasingly willing to pay for differentiated products, speciality beverages, premium dining and experiential offerings.
Franchise-led Growth: Franchising can provide a capital-efficient mechanism for geographic expansion while leveraging local operating capabilities.
Technology: AI, analytics, automation and digital loyalty programmes can improve customer engagement and operating efficiency.
Hospitality and Tourism: Increasing domestic tourism, business travel and experiential consumption provide additional opportunities for food and beverage businesses.
FOOD SAFETY, QUALITY AND COMPLIANCE
Food safety and hygiene remain fundamental to the Companys operations.
The Company continues to place emphasis on adherence to applicable food safety regulations, hygiene standards, operating protocols and quality-control procedures. Employees involved in food handling are provided appropriate training, and operating processes are periodically reviewed to maintain required standards.
The increasing formalisation of Indias food services industry and regulatory focus on food safety are expected to benefit organised operators that maintain robust compliance and quality systems.
OUTLOOK
The GGIL Group believes in the immense long-term potential of the food service category in the under-penetrated emerging markets. Secular trends of young population, rising urbanization, growing affluence, accelerated shifts towards digitalization and shift in favour of the organized sector, and within that for big, established, credible brands will help aid growth of Foodservice industry in these markets. The Group through its Portfolio of Brands, key- competitive advantages of having its own-commissary and delivery network, in-house technology stack is well placed to capitalize the growth opportunity, and strengthened enablers is well placed to leverage the opportunity and deliver sustained profitable growth.
MANAGEMENT PERSPECTIVE
The management believes that FY 2025-26 has further strengthened the structural case for Indias organised food services industry. The combination of rising consumption, increasing formalisation, technology adoption, digital ordering, premiumisation and expansion beyond metropolitan markets provides a favourable long-term opportunity.
The Companys focus will remain on profitable growth rather than growth at any cost, with continued emphasis on outlet productivity, customer experience, brand development, talent, technology, cost efficiency and disciplined capital allocation.
The management remains confident that the Companys capabilities, operating experience and strategic focus will enable it to participate meaningfully in the evolving Indian food and hospitality landscape and create sustainable value for its shareholders and other stakeholders.
CAUTIONARY STATEMENT
The Management Discussion and Analysis may contain some statements describing the Companys objectives, projections, estimates, and expectations which may be ‘forward-looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those either expressed or implied in the Statement depending on the circumstances. Therefore, the investors are requested to make their own independent assessments and judgements by considering all relevant factors before making any investment decision.
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