Sisters-Founded Bakery Chain Theobroma Reports Rs 574.5 Crore Revenue in FY25; Profit at Rs 22.5 Crore

Theobroma, a popular Indian chain of bakery cafés, reported a 27% surge in revenue in FY25, reaching Rs 574.5 crore from Rs 451.6 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

Its operating revenue stood at Rs 573.7 crore in FY25, compared to Rs 448.3 crore in FY24, reflecting a 28% increase. The cost of goods sold rose 19% year-on-year to Rs 179.3 crore in FY25, up from Rs 150.5 crore in FY24. In the same period, employee benefit expenses increased by 25% to Rs 91.6 crore in FY25 from Rs 73.3 crore in FY24.

The company spent Rs 10.5 crore on advertising, accounting for nearly 2% of its total expenses in FY25, compared to Rs 11.6 crore in FY24. The company’s finance cost stood at Rs 6.2 crore in FY25. Overall, total expenses rose 29% to Rs 550 crore in FY25 from Rs 427.6 crore in FY24.

The company’s net profit declined by 19% to Rs 22.5 crore in FY25, down from Rs 27.7 crore in FY24. On a unit economics basis, the company spent Rs 0.96 to generate every rupee of revenue in FY25, compared to Rs 0.95 in FY24.

Net cash flow from operating activities remained positive at Rs 76 crore in FY25, increasing from Rs 57 crore in FY24.

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About Theobroma

Theobroma is a leading Indian bakery and patisserie chain widely known for its signature brownies and its “Food of the Gods” branding. Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, the brand has grown from a single outlet in Mumbai into a large pan-India chain.

As of early 2026, the company operates nearly 250 outlets across more than 45 cities in India. Theobroma is known for its home-style recipes and high-quality ingredients. Its key product categories include signature brownies such as Overload, Millionaire, and Red Velvet; a wide range of cakes and desserts, including pastries, tarts, and custom celebration cakes; and breads and savouries such as freshly baked sourdough, baguettes, puffs, and sandwiches.

IIT BHU and IIM Ahmedabad alumnus Rishi Gour has served as the Chief Executive Officer since February 2020.

The company primarily follows a company-owned store model to maintain strict quality control across its outlets. In mid-2025, private equity firm ChrysCapital acquired a controlling 85% stake in the company in a transaction valued at over Rs 2,000 crore. Earlier, in 2017, Theobroma had raised Rs 120 crore in funding from ICICI Venture.

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