Everbrands India IPO (Subway IPO) (DRHP filed)
EverBrands India Limited filed its draft red herring prospectus with SEBI on 1 Oct 2026 for an issue of about ₹600.00 Cr. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 1 Oct 2026
- Days since
- 17
- Issue size
- ₹600.00 Cr
- Board
- Mainboard
- Price band
- TBA
Everbrands India IPO (Subway IPO) status
EverBrands India Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 1 Oct 2026 |
|---|---|
| Days since filing | 17 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not Less Than 75% of the Net Issue |
| Retail Investors | Not More Than 10% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
EverBrands India Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹741.82 Cr to ₹991.25 Cr, and profit after tax fell from -₹28.26 Cr to -₹58.19 Cr. The PAT margin for 31 Mar 2026 was -5.87%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,615.90 | 1,213.33 | 1,085.30 |
| Total Income | 991.25 | 741.82 | 580.11 |
| Profit After Tax | -58.19 | -28.26 | -16.67 |
| EBITDA | 98.13 | 64.21 | 43.37 |
| Net Worth | 568.09 | 487.31 | 510.65 |
| Reserve & Surplus | -21.28 | 24.10 | 45.73 |
| Total Borrowings | 149.71 | 50.01 | 0.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| RoNW % | -10.16 | -5.80 | -3.61 |
| Pat Margin % | -6.02 | -3.95 | -3.04 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment in the whollyowned Subsidiary, CBIPL for repayment and/or prepayment, in full, or in part, of the outstanding borrowings availed by CBIPL | 125.00 |
| 2 | Investment in the whollyowned Subsidiary, CBIPL for the purpose of funding capital expenditure for setting up of New Subway Stores under the COCO format | 326.85 |
| 3 | General corporate purposes | — |
| Total | 451.85 |
About EverBrands India Limited
Incorporated in November 2017, EverBrands India Limited is a multi-brand food and beverages (“F&B”) platform with operations across the quick service restaurant (“QSR”) and beverages segments. The Company holds exclusive master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh, with additional rights relating to Nepal and Bhutan. Its beverages portfolio comprises premium international brands, including Lavazza and Dilmah, as well as its owned Fresh & Honest coffee brand.
Through its QSR vertical, the Company operates and develops Subway restaurants across its designated territories. As of March 31, 2026, the Company operated 1,008 Subway stores across India, comprising 678 company-owned, company-operated (“COCO”) stores and 330 franchise-owned, franchise-operated (“FOFO”) stores.
The Subway offering is focused on fresh, made-to-order and customizable food products, including sandwiches, wraps and salads, with menus tailored to Indian consumer preferences. The Company’s QSR vertical generated revenue from operations of ₹6,930.87 million in Fiscal 2026, compared with ₹4,803.79 million in Fiscal 2025 and ₹3,553.08 million in Fiscal 2024.
The beverages vertical operates as a multi-brand platform comprising Lavazza coffee, Dilmah tea and the Company’s owned Fresh & Honest coffee brand. The Company is the exclusive brand partner for Lavazza and Dilmah in India and offers products across premium and value-oriented segments through multiple channels. Its beverage operations encompass coffee machine solutions, consumables, servicing and the distribution of tea and coffee products. As of March 31, 2026, the Company had an installed base of 9,455 coffee machines. Revenue from operations from the beverages vertical increased to ₹2,405.66 million in Fiscal 2026, from ₹2,063.58 million in Fiscal 2025 and ₹1,721.62 million in Fiscal 2024.
The Company operates an integrated platform spanning the QSR and beverages segments, supported by exclusive brand mandates, multi-format operations and an asset-light business model. It manages the coffee equipment lifecycle across importing and manufacturing machines, sales, servicing and the supply of consumables. The Company also benefits from cross-brand synergies, including the supply of Fresh & Honest products to 89.38% of its COCO Subway stores as of March 31, 2026. Its key growth initiatives include expanding the Subway COCO network, increasing its installed coffee machine base, expanding e-commerce and retail formats, scaling in-house machine manufacturing capabilities and improving operating margins.
As of March 31, 2026, the Company had a total workforce of 4,167 permanent employees. This included 3,570 store managers and store employees, as well as personnel engaged across operations, human resources, training, maintenance, supply chain, business development, marketing, finance, administration, legal, information technology and other functions.
Promoters
Sameer Sain
Atul Kapur
Everbrands Ventures Pte.Ltd.
Everstone Stratvest Pte.Ltd.
Evergroup Ltd.
Contact details
Everbrands India Ltd.
1501 and 1505, 15th Floor
Eros Corporate Towers
Nehru Place Delhi, New Delhi, 110019
Tel: +91 92173 33455
Email: investor@everbrands.in
Website: https://www.everbrands.in/
Everbrands India IPO (Subway IPO) FAQs
- Has Everbrands India IPO (Subway IPO) filed for an IPO?
- EverBrands India Limited filed its draft red herring prospectus (DRHP) with SEBI on 1 Oct 2026.
- When will the Everbrands India IPO (Subway IPO) open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Everbrands India IPO (Subway IPO) price band?
- The price band is announced a few days before the issue opens. It is not available yet.
- What is the Everbrands India IPO (Subway IPO) size?
- The DRHP proposes an issue of about ₹600.00 Crore. The final size can change in the RHP.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.