Macquarie Warns Of Delayed QSR Recovery; EPS Cuts, Delivery Outpaces Dine-In

The QSR sector remains under pressure as demand continues to stay subdued, according to Macquarie’s 2026 outlook. The brokerage notes that food delivery continues to outperform dine-in, delaying a broader recovery across quick service restaurant chains. Reflecting the weak demand environment, Macquarie has cut EPS estimates by 7–23% and expects a meaningful recovery only in the second half of calendar year 2026. While consolidation among players like Devyani and Sapphire is underway, near-term stock performance may remain range-bound as synergies take time to materialise. Macquarie prefers larger, pan-India operators such as Jubilant FoodWorks and Westlife Foodworld, which are better positioned to benefit when demand revives. For investors, staggered accumulation via SIPs could be a prudent strategy.