The beverage chain grew revenue 139% in FY26 and now operates around 100 stores across eight cities, with plans to expand its footprint further in FY27.
Bengaluru-based beverage chain Boba Bhai reported strong revenue growth in FY26 as it expanded its store network and strengthened its presence in India’s growing bubble tea and beverage market. The Titan Capital-backed company recorded ₹68 crore in revenue from operations, a 139% increase from ₹28.44 crore in FY25, reflecting growing scale across its business.
Food and beverage sales remained the company’s primary revenue driver, rising 137.1% to ₹67.26 crore and contributing approximately 99% of operating revenue. Revenue from scrap sales also increased to ₹28 lakh from ₹7 lakh in the previous fiscal. Including ₹1 crore in other income, Boba Bhai’s total income reached ₹69 crore in FY26, compared with ₹29.44 crore a year earlier.
The company’s expansion was accompanied by higher operating costs. Material costs increased 138.5% to ₹25 crore, while employee benefit expenses rose 210.3% to ₹13.5 crore. Advertising and promotional expenses climbed 139.9% to ₹13 crore, and commission expenses increased 155.9% to ₹11.44 crore.
Total expenses grew 2.3 times to ₹90.4 crore from ₹39 crore in FY25. Consequently, net losses widened to ₹21.8 crore from ₹9.96 crore. However, the company’s operating efficiency showed signs of improvement: expenditure per rupee of operating revenue declined to ₹1.33 from ₹1.37, while its EBITDA margin improved to -30.35% from -34.67%.
Boba Bhai had 188 employees as of March 2026. Its cash and bank balances stood at ₹2.85 crore at the end of the period, compared with ₹24.07 crore a year earlier. The company raised ₹40 crore in March 2026 to support its continued expansion.
Boba Bhai currently operates around 100 stores across eight cities and plans to enter two additional cities in FY27. It also aims to add another 150–200 stores by the end of the fiscal year.
The next phase will focus on translating rapid expansion into stronger store-level economics. With revenue growing substantially and operating efficiency improving modestly, Boba Bhai’s ability to manage costs, improve profitability and sustain cash generation will be important as it scales its beverage business.
Source: Based on publicly available reporting by Entrakr, with additional editorial adaptation and analysis.
