Boba Bhai revenue and losses jump over two-fold in FY26

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Bengaluru-based tea and beverage chain Boba Bhai more than doubled its revenue in the fiscal year ending March 2026, but its losses also widened as the Titan Capital-backed company expanded its operations and opened several dozen new stores.
The company’s revenue from operations spiked 139% to Rs 68 crore in FY26 from Rs 28.44 crore in the previous fiscal (FY25), according to its financial statements reviewed by Entrackr.
Food and beverage sales, the primary source of revenue, surged 137.1% to Rs 67.26 crore in FY26, accounting for 99% of the company’s operating revenue. Revenue from scrap sales also increased to Rs 28 lakh from Rs 7 lakh in the previous fiscal year. 
Additionally, the company reported Rs 1 crore in other income, taking its total income to Rs 69 crore in FY26 from Rs 29.44 crore in FY25.
When it comes to costs, Boba Bhai’s cost of materials consumed, the largest expense head, surged 138.5% to Rs 25 crore in FY26, while employee benefit expenses increased 210.3% to Rs 13.5 crore. Advertising and promotional expenses also jumped 139.9% to Rs 13 crore, whereas commission expenses surged 155.9% to Rs 11.44 crore.
Other expenses, which accounted for 35% of the total expenditure, increased 120.3% to Rs 31.46 crore in FY26 Overall, Boba Bhai’s total expenses jumped 2.3X to Rs 90.4 crore in FY26 from Rs 39 crore in the previous fiscal year. Importantly, the company reported 188 employees at the end of March 2026.
Despite the strong growth in operating revenue, Boba Bhai’s losses widened 2.2X to Rs 21.8 crore in FY26 from Rs 9.96 crore in FY25. However, its operating efficiency improved marginally, with expenses incurred to generate every rupee of operating revenue declining to Rs 1.33 from Rs 1.37 in the previous fiscal year.
Its EBITDA margin improved to -30.35% from -34.67%, while ROCE deteriorated to -41.12% from -32.47%. Meanwhile, cash and bank balances declined sharply to Rs 2.85 crore from Rs 24.07 crore.
Boba Bhai raised Rs 40 crore in March 2026 as it continued to expand its store network. The company currently operates around 100 stores across eight cities and plans to expand to 10 cities in FY27, while adding another 150-200 stores by the end of the fiscal.
The company’s next phase will test whether its expansion can translate into better unit economics. With employee, marketing and material costs rising alongside revenue, Boba Bhai will need to improve store-level profitability and cash generation as it scales.

document fetched 2026-11-01 02:57