Subway India Franchise
Subway India: master franchisee runs 678 of 1,008 stores; franchised stores fell from 501 to 330. No public franchise terms; fake-franchise alerts.
We couldn't confirm Subway India is taking franchisees right now
Treat this as research, not an open offer, until the brand confirms its programme in writing. See the note below.
About This Listing
Subway India's website publishes no franchise page, fee or terms, and carries a scam alert saying fake sites and WhatsApp groups are selling Subway franchises in its name. The master franchisee, Culinary Brands India (part of EverBrands India), reports that franchisee-owned stores fell from 501 (FY24) to 330 (Mar 2026) while company-owned stores rose from 311 to 678, and its planned IPO money is earmarked for new company-owned stores. We could not confirm that new franchise partners are being signed, so we list Subway India as 'unknown' rather than open.
Source: Subway India's website (scam alert and about text) and EverBrands' draft prospectus filed with SEBI (dated 28 Sep 2026)
Subway India franchise at a glance (terms checked Oct 2026)
Investment
Not published
The brand doesn't publish its investment
Ongoing take
Not published
Franchise fee
Not published
Payback
Not published
- Outlet network shrank from 501 (Franchisee-owned stores (FY24)) to 455 (Franchisee-owned stores (FY25))
- Disputes with franchisees: None found (records checked Oct 2026)
- Revenue trend: +44% revenue FY25→FY26
Franchisor strength isn't franchisee profit — check real outlet numbers.
Outlets
1,008 (brand claim)
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Profit or loss
- • Company standing
Ask before you sign
- Get written confirmation that Subway India is taking franchisees at all before paying anything — see the note at the top of this page.
- Ask for the one-time franchise fee in writing, and whether any part is refundable.
- Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
Franchise terms checked against Subway India's official website (about text and scam alert; no franchise page) on 17 Oct 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Unit Economics
Mixed sourcesHow Subway India says an outlet's numbers work. These are illustrations, not guarantees — check them against existing franchisees before you sign.
Company-owned Subway stores (average)
- Average daily sales per storeDraft-prospectus figure (FY25: ₹30,316; FY24: ₹29,671). Company-run stores, not franchisee stores.
- ₹32K per store per day
- Gross marginGross profit margin from company-operated store sales (72.47% in FY24, 71.51% in FY25), per the draft prospectus; before rent, staff and overheads.
- 72.03 % of store sales
Reputation & News
3 red flags to checkWhat the press, courts and real franchisees or customers have said about Subway India — summarised by us, with every source linked.
âš Scam alert
Subway India warns of fake franchise offers by website, email and WhatsApp
Subway India's own scam alert says unknown people pose as its staff to sell franchises through fake websites, emails and social-media groups and ask for 'franchisee fees'; it says it never solicits fees or approaches the public on WhatsApp, Facebook or Instagram to find franchisees.
Source: Subway India (company notice) (the brand's own site)- In the news· 28 Sep 2026
Franchisee-owned stores fall from 501 to 330 as the company buys and opens its own
EverBrands' draft prospectus: franchisee-owned stores fell from 501 (FY24) to 455 (FY25) and 330 (FY26) while company-owned stores rose from 311 to 678; the company acquired and converted 101 franchisee stores in FY26.
Source: EverBrands draft prospectus (SEBI) - In the news· 28 Sep 2026
EverBrands posts FY26 loss of ₹58 Cr, up from ₹17 Cr in FY24
EverBrands' draft prospectus shows revenue up to ₹966.17 Cr but a loss for the year of ₹58.19 Cr (FY25: ₹28.26 Cr; FY24: ₹16.67 Cr), after ₹122.15 Cr of depreciation and amortisation.
Source: EverBrands draft prospectus (SEBI) - Franchisee view· 13 Sep 2024
The Ken reports franchisee unhappiness at Subway India
The Ken (13 Sep 2024, Aakriti Bhalla) interviewed eight Subway franchise owners in Mumbai, Pune, Kolkata and Delhi; it says the company (Eversub) owned roughly 40% of the 800-plus India stores and small franchisees the rest. Part of the article is paywalled.
Source: The Ken - In the news· 28 Sep 2026
EverBrands files draft prospectus for ₹600 Cr IPO
EverBrands' draft prospectus (dated 28 Sep 2026): fresh issue of up to ₹600 Cr; ₹326.85 Cr to open about 460 company-owned Subway stores in FY28-FY29 and ₹125 Cr to repay the Subway master franchisee subsidiary's borrowings.
Source: EverBrands draft prospectus (SEBI)
Show 1 moreShow fewer
- In the news· 28 Sep 2026
Playbook India Fund II invests ₹105 Cr in EverBrands
EverBrands' draft prospectus shows Playbook India Fund II bought preference shares for ₹1,050 million on 26 Dec 2025 (4.15% pre-IPO) and lists the opening of Subway's 1,000th India store in 2026.
Source: EverBrands draft prospectus (SEBI)
Key Terms at Subway India
The clauses that shape day-to-day running and your exit — read these before the fee.
- Payments to the brand
- The draft prospectus says EverBrands retains about 2% of sub-franchisee gross sales after paying Subway Global, while the sub-franchisee keeps the remaining operating margin. This is the master franchisee's net share, not what a franchisee pays; the franchisee-side royalty and ad fees are not published.
- Under its master franchise agreements EverBrands pays Subway Global a monthly royalty of 6.00% of gross sales on stores that stay sub-franchised and 6.50% on its company-operated stores, plus a master franchise fee and an initial fee per sub-franchise agreement (draft prospectus).
- Territory
- EverBrands holds exclusive master franchise rights for Subway in India, Sri Lanka and Bangladesh.
- Renewal
- Each sub-franchise agreement runs 20 years from signing and can be renewed, subject to conditions, for 10 more. It covers franchise, transfer, royalty and advertising fees (amounts not published).
- The master franchise agreements run to 15 Dec 2031, extendable at EverBrands' election to 15 Dec 2041, subject to meeting the development schedule.
- Other terms
- The development schedule requires EverBrands to reach over 2,500 Subway stores across India, Sri Lanka and Bangladesh by 2031; it says it has not met the Sri Lanka and Bangladesh store requirements and no non-compliance notice has been issued.
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Not specifiedContract Duration
20 yearsRenewal Available
YesTerritory Exclusivity
—Non-Compete Clause
—Exit Clause
—About the Brand
Brand USP
Sandwich chain in India with 1,008 stores (Mar 2026), now mostly run by its master franchisee rather than franchisees.
Why invest in Subway India?
Subway India by the Numbers
Source marked on each figure1,008 (678 company-run, 330 franchisee-run); company stores in over 160 cities
Stores in India · 31 Mar 2026
Company filing₹966.17 Cr, up 34.9%; loss for the year ₹58.19 Cr
Master franchisee's FY26 revenue (EverBrands, all businesses) · FY26
Company filing+6.2% in FY26 after -2.4% in FY25
Company-store same-store sales growth · FY26
Company filingAbout 460 across FY28-FY29, funded from IPO proceeds (₹326.85 Cr)
Planned new company-owned stores · Sep 2026
Company filingSubway India Outlet Network
| Year | Opened | Closed | Transferred | Net |
|---|---|---|---|---|
| Franchisee stores bought by the company in FY26 | — | — | — | — |
| New company-owned stores opened in FY26 | 151 | — | — | — |
By country · 31 Mar 2026 (draft prospectus)
- Subway stores in India1,008
- Subway stores in Sri Lanka (all franchised)8
By channel · 31 Mar 2026
- Company-owned, company-operated Subway stores in India678
- Franchisee-owned, franchisee-operated Subway stores in India330
Outlet count over time
- 31 Mar 2024311
Company-owned stores (FY24) · sebi.gov.in
- 31 Mar 2025434
Company-owned stores (FY25) · sebi.gov.in
- 31 Mar 2024501
Franchisee-owned stores (FY24) · sebi.gov.in
- 31 Mar 2025455
Franchisee-owned stores (FY25) · sebi.gov.in
Company Financials
Brand-level, publicly reportedThe franchisor's own company health — separate from what a single franchise outlet earns.
Revenue (FY26)
₹693.09 Cr
Notable investors
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Subway India's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Pending cases against it
- 48
Group companies
- EverBrands India LimitedHolding company
- Culinary Brands India Private LimitedSubsidiary
- Everstone Grouppromoter
- Playbook India Fund IIshareholder · 4.15%
Source: EverBrands draft prospectus (consolidated borrowings, 31 Mar 2026; tax disputes listed under litigation) (checked Oct 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Subway India Financials Over Time
Figures for the brand, from filed or reported accounts.
Source: EverBrands' QSR (Subway) vertical revenue, draft prospectus. Group (all businesses) FY24: revenue ₹548.85 Cr, loss ₹16.67 Cr. · EverBrands' QSR (Subway) vertical revenue, draft prospectus. Group FY25: revenue ₹716.06 Cr, loss ₹28.26 Cr. · EverBrands' QSR (Subway) vertical revenue; EBITDA shown is the group's (all businesses) EBITDA of ₹98.13 Cr per the draft prospectus. Group FY26: revenue ₹966.17 Cr, loss ₹58.19 Cr.
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Culinary Brands India Private Limited (formerly Subway Systems India Private Limited)
- Company type
- Private Limited Company
- CIN
- U55101MH2002PTC416960
- Incorporated
- 10 Sep 2002
Company details source: EverBrands draft prospectus (names Culinary Brands India Pvt Ltd, CIN U55101MH2002PTC416960, as the wholly owned subsidiary holding the Subway master franchise); Subway India website
Subway India Timeline
Nov-Dec 2021
Everstone acquires Subway master franchise
EverBrands' group signs share purchase agreements with Subway International to buy the India master franchisee; the company was renamed Eversub India in Feb 2022 (draft prospectus).
SourceSep 2024
Franchisee tension reported
The Ken reports unhappy franchise owners and a roughly 40/60 split of stores between the company and franchisees.
Source26 Dec 2025
Playbook India Fund II invests ₹105 Cr
Preference shares; 4.15% of EverBrands before the IPO (draft prospectus).
Source31 Mar 2026
1,008 stores in India
678 company-run and 330 franchise-run.
Source28 Sep 2026
Draft prospectus filed
EverBrands files a draft prospectus with SEBI for a fresh issue of up to ₹600 Cr.
SourceFY28-FY29 (planned)Announced plan
About 460 new company-owned stores
Funded from IPO proceeds.
Source
FranchiseChuno Analysis
Our analysis of verified dataHow Subway India looks once the numbers are checked side by side.
- !3 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
55%
- ✓ Terms checked against the brand's own page
- ✓ Published investment (not an estimate)
- â—‹ Franchise fee
- â—‹ Royalty
- â—‹ ROI or payback claim
- ✓ Agreement term
- â—‹ Training details
- â—‹ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Subway India does and doesn't publish.
- 1Get written confirmation that Subway India is taking franchisees at all before paying anything — see the note at the top of this page.
- 2Ask for the one-time franchise fee in writing, and whether any part is refundable.
- 3Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
- 4Ask whether you get an exclusive territory, and how large it is.
- 5Ask the brand to respond to each red flag listed under Reputation & News.
- 6Have a lawyer review the franchise agreement before paying anything.
- 7Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
—
Staff Needed
—
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Training Cost
Covered by franchisor
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
What Subway India franchisees say
We haven't yet heard from enough Subway India franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Subway India outlet — share how it went
