Company Overview

Grill Splendour Services Limited, incorporated on November 29, 2019, is a hospitality company specializing in Cakes & Pastries, Snacks, Chocolates, and other food items. It operates a chain of gourmet bakeries and pâtisseries under the "Birdy's" brand, primarily across Mumbai. The company owns 26 retail stores and a centralized production facility, serving multiple corporate clients.

The company acquired the bakery and confectionery business, along with the Birdy's brand, from WAH Restaurants Private Limited. It offers a range of products including cakes, pastries, snacks, chocolates, beverages, and desserts under the Birdy's brand name.

Business Operations and Store Network

The company's operational model includes both company-owned outlets and franchise arrangements. Out of its 26 retail stores, 5 are run under a franchisee model (franchisee-owned, company-operated), while the remaining 21 are company-owned. This hybrid approach allows for expansion while maintaining quality control. As of February 29, 2024, Grill Splendour Services employed 77 people across retail operations, its central production facility, and corporate client services.

Stock Market Information

* Stock Symbol: BIRDYS

* Exchange: NSE SME / BSE

* Market Capitalisation: ₹53.1 Crore (as of 2025)

* 52-Week High: ₹133.7

* 52-Week Low: ₹57.25

* Recent Performance:

* Last 6 Months: +34.77%

* Last 1 Year: +39.16%

Financial Performance

FY25 Financial Results Summary

Grill Splendour Services reported audited FY25 results in May 2025, indicating a net loss. The company continues to face profitability challenges despite efforts to drive revenue growth.

Key Financial Metrics (Latest Available)

* Revenue: ₹10.3 Crore

* Profit/Loss: -₹4.75 Crore (Loss)

* Market Cap: ₹53.1 Crore (up 30.9% in 1 year)

Historical Performance Snapshot

* FY2022-2023 vs FY2021-2022: Revenue increased by 32.92%, and Profit After Tax (PAT) rose by a significant 5654.34%. However, recent periods have presented challenges.

Financial Ratios and Indicators

* PE Ratio: -198.70 (Negative due to losses)

* PB Ratio: 2.31

* ROE (Return on Equity): -17.0% (over last 3 years)

* ROCE (Return on Capital Employed): -24.5%

Management and Leadership

* Chairman: Shah Jay Pareshbhai

* Company Secretary: Gandecha Khyati Hareshbhai

* Promoters: Srinidhi V Rao, Vandana Srinidhi Rao, and Vivek Vijaykumar Sood

* Promoter Holding: Increased to 36.64% as of March 2025 from 36.64% as of April 2024.

IPO and Public Listing

Grill Splendour's IPO was a SME IPO that opened on April 15, 2024, and closed on April 18, 2024.

* Issue Size: 13,72,800 equity shares aggregating up to ₹16.47 Crores.

* Price Band: ₹120 per share.

* Subscription: 8.68 X

* Listing: The IPO listed at ₹127.35 against the offer price of ₹120.00 on NSE SME.

The company successfully transitioned to a public entity, raising capital to support its expansion and operational needs.

Recent Corporate Actions

* Preferential Allotment (June 2025): Allotment of 4.5 lakh equity shares at ₹85.61 each on preferential basis via warrant conversion.

* Management Changes: The company has also informed about changes in Directors/Key Managerial Personnel/Auditor/Compliance Officer/Share Transfer Agent.

Industry Position and Competitive Landscape

Grill Splendour Services operates in the competitive food and beverage retail sector, specifically targeting the premium bakery and confectionery segment in Mumbai.

* Main Industry: Hotels / Food & Beverage Retail

* Key Competitors (Services Sector): Restaurant Brands Asia, Barbeque-Nation Hospitality, Coffee Day Enterprises.

The company faces typical industry challenges such as high operational costs, intense competition, and the constant need for product innovation. Its premium positioning under the Birdy's brand aims to differentiate it, though achieving sustainable profitability remains a key focus.