In-Depth Company Analysis: Biryani By Kilo – Financials, Growth, and Outlook

Biryani By Kilo (BBK) has emerged as one of the leading cloud kitchen brands in India, redefining how traditional Indian biryani is served. Operating within the fast-growing Food & Beverage (F&B) sector, BBK has established a niche in the online food delivery space by combining authentic recipes with tech-driven operations.

This analysis aims to provide a detailed understanding of BBK’s business fundamentals, financial health, competitive positioning, and growth outlook for investors, stakeholders, and business analysts.

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📌 A. Company Overview

Details	Description
Founded	2015
Headquarters	Gurgaon, Haryana, India
Industry	Food & Beverage, Cloud Kitchen
Key Products/Services	Handi Biryani, Kebabs, Desserts, Beverages
Market Presence	India (Multiple cities), exploring global expansion
Customer Base	Online food delivery consumers, biryani lovers

Key Highlights:

• Specializes in handi-cooked biryani delivered in the same pot.
• Operates over 60+ outlets across India.
• Partners with Swiggy, Zomato, and also runs its own delivery fleet.

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💼 B. Business Model and Revenue Streams

BBK follows a cloud kitchen model – food is prepared centrally and delivered through online orders without dine-in facilities.

Revenue Streams:

• Online Orders: Through Zomato, Swiggy, and BBK App.
• Subscription Plans: Monthly biryani packs.
• Franchise Income: Commission from partners.
• B2B Corporate Orders: Events and catering.

Unique Value Proposition:

• Slow-cooked in clay handis, sealed with dough.
• Individualized packaging enhances hygiene & freshness.
• Focus on tech-enabled kitchens, order-tracking, and quality control.

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📊 C. Financial Performance and Ratios

Financial Metric	FY 2023	FY 2022	FY 2021
Revenue (₹ Cr)	160	125	87
Net Profit Margin	-6%	-10%	-18%
ROE (%)	-5%	-8%	-12%
Debt to Equity Ratio	0.7	0.9	1.2
Current Ratio	1.3	1.1	0.95
Interest Coverage	1.5x	1.2x	0.8x
P/E Ratio (Estimated)	N/A (Net Loss)	N/A	N/A

Note: BBK is still in a growth stage with improving but negative profitability.

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📅 D. Recent Financial Results and Earnings Report

FY 2023 Highlights:

• Revenue grew 28% YoY, driven by expansion in Tier-2 cities.
• Net loss narrowed from ₹12.5 Cr to ₹9.6 Cr due to operational efficiencies.
• EBITDA margins improved to -1.5% from -5%.

Key Initiatives:

• Launched 10 new kitchens.
• Introduced new products like biryani bowls and party packs.

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⚔️ E. Competitive Analysis

Key Competitors:

• Behrouz Biryani (Rebel Foods)
• Biryani Blues
• Paradise Biryani
• FreshMenu / Faasos

SWOT Analysis:

Factor	Description
Strengths	Strong brand recall, authentic experience, tech-driven kitchens
Weaknesses	Still unprofitable, high operational costs
Opportunities	Market expansion in India and GCC; new verticals
Threats	Fierce competition, rising food costs, tech dependence

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👨‍💼 F. Management and Leadership Team

• Kaushik Roy (Co-Founder & CEO): Ex-VP at Nirula’s, seasoned F&B executive.
• Vishal Jindal (Co-Founder & Co-CEO): Ex-investment banker; leads funding and expansion.
• Ankit Kumar (CFO): 10+ years of experience in finance & compliance.

Leadership Initiatives:

• Focus on unit-level profitability.
• Enhancing customer retention through loyalty programs.

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🚀 G. Growth Drivers and Challenges

Growth Drivers:

• Expansion into Tier-2 and Tier-3 cities.
• Rise of online food delivery apps.
• Premium packaging and hygiene-focused marketing.
• Possible international entry in UAE or SEA markets.

Challenges:

• Continuous need for funding to scale.
• High cost per kitchen setup (~₹50–60 lakh).
• Managing unit economics as operations expand.

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📈 H. Stock Performance and Valuation

Note: As of April 2025, BBK is a private company but is rumored to be eyeing IPO within the next 12–18 months.

Peer Valuation Comparison (Estimated):

Valuation Metric	BBK (Private)	Behrouz (Rebel)	Biryani Blues
P/E Ratio	N/A	40x (Rebel Foods)	30x (Est.)
EV/EBITDA	15x (Est.)	18x	12x
P/B Ratio	5x	6x	4x

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💰 I. Dividend Policy and Shareholder Returns

• No dividend payout policy currently due to net losses and reinvestment strategy.
• Focus remains on expansion and breakeven, rather than rewarding shareholders at this stage.

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🔮 J. Future Outlook and Analyst Recommendations

Company Guidance:

• Aim to hit ₹220 Cr revenue by FY2025.
• Plan to open 30 new outlets by end of 2025.
• Possible IPO by mid-2026.

Analyst Sentiment (Venture Capital Analysts):

• Rating: Moderate Buy (for VC/private investors)
• Target EV in 2026: ₹1,200–1,400 Cr (if revenue targets are met)
• IPO Outlook: Strong interest expected due to niche branding.

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⚠️ K. Risks and Concerns

• Operational Risks: Kitchen scalability, food quality control.
• Market Risks: Changing consumer preferences, food inflation.
• Funding Risks: Reliant on VC capital till profitability.
• Tech Risks: Dependence on apps and algorithms for delivery and operations.

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🧠 L. Conclusion and Investment Thesis

Biryani By Kilo presents a compelling growth story in India’s booming cloud kitchen and online food delivery sector. While the company is yet to achieve profitability, it has showcased consistent revenue growth, improving margins, and a strong customer brand.

✅ Investment Positives:

• High growth potential
• Niche market with loyal following
• Professional management team

❌ Risks to Watch:

• Unprofitable, high fixed costs
• Crowded biryani/food delivery space

Final Recommendation:

For private equity or venture capitalists, BBK is a Buy on growth momentum. For retail investors, wait for IPO listing and performance consistency before entry.

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📌 M. Disclaimer

This blog post is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. Always conduct your own research or consult a licensed financial advisor before making investment decisions.