Speciality Restaurants Limited operates 118 outlets across nine cities and seven states, with franchise formats requiring an investment of approximately Rs 75 lakh to Rs 1.25 crore, depending on brand and location.
India’s organised restaurant industry is entering a new phase, shaped by changing consumer preferences, rising urbanisation and growing demand for differentiated dining experiences. The challenge for restaurant companies is not just opening more outlets but building brands that remain relevant, profitable and consistent as they scale across markets.
Specialty Restaurants Limited is pursuing this opportunity with a mix of established dining brands, newer concepts and multiple restaurant formats. The company has 118 outlets in the network and is now working to strengthen its core brands, while looking for newer categories like QSR and confectionery. Its expansion strategy also includes a measured use of franchising alongside company-operated restaurants.
Speaking about the company’s approach, Avik Chatterjee, Director and CEO, Speciality Restaurants Limited, said, “Our philosophy has always been simple: build brands, not just restaurants. Every brand needs to have a clear identity, a strong consumer proposition and, importantly, the ability to deliver consistently as it grows.”
“We have built our portfolio with the belief that each brand should stand for something distinct and have a clear reason for the consumer to come back. Today, we have a total restaurant network of 118 outlets across our brands and formats, and our focus remains on growing the right brands in the right markets rather than expanding just for the sake of adding outlets,” he added.
Strengthening the Brand Portfolio
The company’s next phase of growth is expected to come from a combination of strengthening established brands and developing newer concepts. Asian dining remains an important part of the portfolio, while the company is also testing formats that can address different consumption occasions and market segments.
“Our immediate focus is on strengthening our Asian brands, particularly Mainland China, Asia Kitchen by Mainland China and GONG, while also building newer concepts such as Siciliana and WALTERS, which is our new QSR model,” noted Chatterjee.
“At the same time, we are working on improving restaurant productivity and expanding selectively across India. Technology and data will also play a larger role in helping us understand our customers better and make the business more agile. We currently have 20 active brands, including Mainland China, Asia Kitchen by Mainland China, Oh! Calcutta, Sigree Global Grill, GONG, Café Mezzuna, Siciliana, Episode One and Sweet Bengal.”
A Mix of Formats
As restaurant brands expand, choosing the right operating model becomes increasingly important. Speciality Restaurants follows a combination of company-owned and franchise-led outlets, depending on the nature and stage of each brand.
“It really depends on the brand, where it is in its lifecycle and how complex it is to operate. For some brands, company-owned outlets make more sense because maintaining direct control over the experience is important. For others, franchising can help us expand faster and enter markets where a strong local partner can add value,” Chatterjee explained.
“In many cases, we believe a combination of the two works best. At present, our network comprises eight franchise-led outlets and 110 company-operated outlets.”
Protecting the Customer Experience
Franchising can accelerate geographical expansion, but maintaining consistency becomes a key consideration. For Speciality Restaurants, the selection and management of franchise partners therefore remain important elements of the model.
“For us, the right franchise partner is someone who brings capital, local knowledge and operational discipline, but more importantly, someone who genuinely shares our passion for the brand,” said Chatterjee.
“Franchising only works when both sides are aligned on how the brand should be experienced by the customer. We therefore put a strong emphasis on SOPs, training and regular audits to ensure that the experience remains consistent across locations.”
The company is also maintaining a measured pipeline of new openings. Between August and November 2026, nine openings are scheduled across Mumbai, Pune and Delhi, while another four restaurants are planned across Bengaluru and Kolkata.
Looking Beyond Existing Markets
Speciality Restaurants currently operates across nine cities and seven states. While Western and Eastern India remain important markets, the company sees scope for expansion in the North.
“We currently operate across nine cities and seven states. Our business has traditionally been concentrated in Western and Eastern India, and we now see an opportunity to expand further into the North,” stated Chatterjee.
“At the same time, we will continue to look at individual markets based on their potential rather than following a one-size-fits-all expansion strategy.”
Responding to New-Age Consumers
Restaurant consumption is increasingly influenced by younger consumers who are looking for experiences alongside food. This is pushing restaurant operators to rethink menus, formats, ambience and digital engagement.
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“Consumers today are looking for more than just a meal. They want experience, discovery and value, and that is changing the way they choose where to eat,” Chatterjee said.
“We are responding by evolving our menus, formats, ambience and digital engagement, while being careful not to lose what makes each of our brands distinct. The idea is to keep the brands relevant to changing consumer preferences without moving away from their core identity.”
For franchise formats, the typical investment requirement is around Rs 75 lakh to Rs 1.25 crore, depending on the brand and city. The indicative payback period is four to five years, subject to the business area and competitive conditions in a particular market.
Location Before Expansion
For restaurants, the right location can have a significant impact on store economics and long-term viability. The company evaluates factors such as catchment, demographics, visibility, accessibility and rental costs before entering a market.
“Location is critical to the success of a restaurant. We look at several factors before entering a market, including the catchment, demographics, visibility, accessibility and rental economics,” mentioned Chatterjee.
“Tier II and emerging markets offer a lot of potential, but the format has to be right for the local consumer. What works in one market may not necessarily work in another, so we look at the market, the consumer and the economics before deciding on the format.”
The company aims to maintain a run rate of eight to ten restaurant openings annually. Chatterjee expects the broader portfolio, including WALTERS and Sweet Bengal, to create a larger overall footprint over time.
“Our ambition is to maintain a run rate of opening eight to ten restaurants per year. If we can sustain that pace, we should be around 150 restaurants added. With WALTERS in the QSR category and our Sweet Bengal confectioneries, we should be nearing 250 units,” he said.
The Numbers Behind Scalability
Expansion alone does not determine whether a restaurant concept is successful. Store-level economics, customer frequency and operational efficiency are among the factors that determine whether a format can be replicated across locations.
“We look at a combination of metrics rather than any one number. Same-store growth, revenue per outlet, margins, store-level EBITDA, occupancy and labour costs, customer frequency and payback period are all important,” Chatterjee explained.
“At the end of the day, scalability comes down to whether the unit economics are repeatable. If a format works well in one location but cannot be replicated without compromising the economics or the customer experience, it is difficult to call it truly scalable.”
Test, Learn and Scale
New concepts also need to demonstrate their potential before significant capital is committed. Speciality Restaurants follows a process that begins with understanding the consumer and then evaluating the proposition, pricing, menu and economics.
“We start with the consumer. We ask ourselves what need we are trying to address and whether there is a clear reason for the consumer to choose the concept,” said Chatterjee.
“From there, we look at the proposition, pricing, menu, format and overall economics. We prefer to test, learn and then scale, rather than commit significant capital upfront. This allows us to understand what is working, make changes where required and then take the concept forward with greater confidence.”
Quality Growth Ahead
The organised restaurant industry has significant room to grow, supported by rising incomes, urbanisation and a young consumer base. However, operators will also have to manage increasing costs and competition.
“The opportunity is significant. Rising incomes, urbanisation and a young, aspirational consumer are all contributing to the growth of organised dining in India,” said Chatterjee.
“At the same time, the industry has its share of challenges. Real estate costs, manpower, inflation and intense competition will continue to put pressure on operators.”
He believes the next phase of the industry will favour companies that prioritise sustainable unit economics over expansion at any cost.
“I believe the businesses that will do well are those that focus on quality growth rather than simply adding outlets. Growth has to be supported by good unit economics, a strong customer proposition and the ability to consistently deliver the experience that the brand promises.”
Building for the Long Term
For Chatterjee, the company’s future success will ultimately be measured not only by its restaurant count but by the strength and longevity of its brands.
“For me, success would be about building a portfolio of strong, differentiated and scalable brands across India, while continuing to deliver good guest experiences and healthy economics. Scale is important, but it is not the only measure of success,” he said.
“I would like Speciality Restaurants to be a company that is respected for the brands it has built, the experiences it creates for its guests, and the way it operates its business. Ultimately, the goal is to make Speciality Restaurants one of India’s most respected and enduring restaurant companies,” he concluded.
Dining and Cooking