Restaurant India News: Trimex Foods Seeks Minority Stake Sale at ₹700–800 Crore Valuation to Fund Expansion

Trimex Foods, which operates Chili’s, Cinnabon and Paul Bakery in India, is looking to sell a minority stake in the company at a valuation of ₹700–800 crore. The move is aimed at raising capital to support an aggressive expansion plan. The company reported revenue of ₹206 crore in FY24 and posted a strong rise in EBITDA over the past few years. It currently operates more than 50 outlets and plans to expand to over 200 outlets by 2030. 

Trimex’s expansion plans come at a time when India’s food services market is growing steadily. The sector is expected to reach ₹7.76 trillion by FY28, supported by urbanisation, rising disposable incomes and a young consumer base. The quick-service restaurant (QSR) segment in particular is projected to grow at a strong pace, with organised players gaining market share.

The company operates global brands under franchise agreements, including Chili’s Grill & Bar, Cinnabon and Paul Bakery. Internationally, Chili’s parent company Brinker International has reported strong revenue growth, indicating renewed momentum for the brand.

At the proposed ₹700–800 crore valuation, Trimex’s price-to-sales multiple is estimated at around 3.4–3.9 times its FY24 revenue. This places it in a similar range to some listed QSR players in India, though many of these companies have reported volatile profits and high valuation multiples.

Recent public listings in the sector, such as Devyani International and Sapphire Foods, highlight investor appetite for food retail businesses despite profitability challenges. While the sector outlook remains positive, Trimex faces execution risks as it aims to scale from 50 to over 200 outlets in five years. The company also carries open financial charges, suggesting a leveraged capital structure.

With India’s food services market continuing to expand, Trimex Foods’ fundraise could help it strengthen its presence in casual dining and QSR segments. The success of the stake sale will depend on investor confidence in its growth plans and ability to deliver consistent financial performance.