Burma Burma crosses Rs 100 Cr revenue in FY25; almost breaks even

Burma Burma, a vegetarian pan-Asian restaurant chain, nearly achieved break-even in the fiscal year ending March 2025 as the firm narrowed its losses by 78%. The company also recorded 47% year-on-year growth in operating revenue, crossing the Rs 100 crore mark during FY25.

Burma Burma’s revenue from operations rose to Rs 106 crore in FY25 from Rs 72 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). 

The company operates a restaurant chain serving Burmese cuisine influenced by Indian, Chinese, and Thai flavors across more than a dozen locations in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata, and Ahmedabad. Its entire revenue in FY25 came from these restaurants.

Employee benefits and cost of material formed 53% of the company’s total cost. Employee benefit rose 29% to Rs 29 crore in FY25 on the other hand cost of material increased by 33% to Rs 28 crore in FY25. Rent expenses for the restaurants’ outlets jumped 64% to Rs 18 crore in FY25 from Rs 11 crore in FY24, while depreciation increased 43% to Rs 10 crore during the year. 

Other overheads, including utilities and miscellaneous costs, collectively stood at Rs 23 crore. Overall, total expenses grew 37% to Rs 108 crore in FY25 as against Rs 79 crore in FY24. For a more detailed expense breakup, refer to TheKredible.

The strong growth helped Burma Burma to cut its loss by 78% to Rs 1.3 crore in FY25 from Rs 6 crore in FY24. The company reported a positive EBITDA of Rs 6.6 crore in FY25 with EBITDA margin of 6.23%.

Its return on capital employed (ROCE) improved from -48.6% in FY24 to -6.9% in FY25. On a unit level, Burma Burma spent Rs 1.02 to earn a rupee of operating revenue in FY25. The restaurant chain closed the year with Rs 9 crore in cash and bank balances and current assets worth Rs 19 crore in the last fiscal year.

According to TheKredible, Burma Burma has raised a total of $7 million of funding till date, having Negen Capital and Bbigplas Poly Pvt Ltd as its lead investors. The company’s co-founders Chirag Chhajer and Ankit Gupta together own 88% of the company.

The high promoter holding is well reflected in the careful spending at Burma Burma. There has been no rush to expand headlong, even as losses are well within control, linked no doubt to cash in hand. The vegetarian ‘niche’ will keep demanding more advertising or promotional push, keeping a lid on expanding too fast. While operating in a peer group that is still mostly struggling to churn profits, Burma Burma backers surely still wonder if the Vegetarian plus South East Asian vibe will deliver in the long term.