Belgian Waffle Co

Executive Summary

The numbers the business is judged on, where the growth is coming from, and the three moves that matter this week.

01 Oct 26 to 10 Oct 26 data as on 10 Oct 2026Sample, dummy dataData notes
+ Daypart
This month01 Oct 2026 to 10 Oct 2026All channels, all storesSample dummy data
Belgian Waffle Co. 702 outlets across 199 cities, FOFO heavy. The waffle pioneer in India, since 2015. Started as a kiosk in INOX Mumbai.
Net salesi
52.4 Cr
6.4%Prev 49.2 Cr
Sum over the selected period, vs a year earlier
Billsi
14,10,000
4.9%Prev 13,44,000
Bills net of cancellations
AOV grossi
372
1.8%Prev 379
Gross bill value per order
Outlets livei
702
+12 netPrev 690
62 COCO and 640 FOFO
Online mixi
41%
3.2 ptsPrev 37.8%
Swiggy plus Zomato share
Discount ratei
8.2%
2.1 ptsPrev 6.1%
Vs plan of 6.1 percent

AI Insights

Written weekly against a fixed 30 day window, grouped by the team that has to act.

What to doOpsMedium confidence
12 stores slipping on conversion
Mostly a footfall gap, not a billing gap. 5 of the 12 sit in West metro, a cluster, not random.
Do: weekend staffing plus a combo offer on the 5 metro stores.
What to doMarketingHigh confidence
Discounting up 2.1 pts, 1.2 Cr at risk
Concentrated in 2 aggregator campaigns and 3 regions. Most of it is non-incremental.
Do: cap the 2 campaigns and protect the monthly margin line.
What to doMerchHigh confidence
Dubai Chocolate Waffle driving +18% attach
Live in 180 outlets and pulling shakes and add-ons with it. The 2026 viral flavour, landing hard.
Do: roll out to the next 120 high-footfall outlets.

Net sales trend

Daily, This month vs last year (dashed), in Cr

Channel mix

Share of net sales, MTD

Top performing stores

By SSSG, MTD

StoreSalesSSSGType
Bandra Linking Rd, Mumbai24.2 L+14.2%COCO
Koramangala, Bangalore22.6 L+12.8%COCO
CP Connaught Place, Delhi21.1 L+11.1%FOFO
JM Road, Pune19.8 L+9.6%COCO

Needs attention

By SSSG, MTD

StoreSalesSSSGType
Viman Nagar, Pune4.8 L-9.4%FOFO
Salt Lake, Kolkata5.2 L-7.1%FOFO
Gachibowli, Hyderabad5.6 L-5.8%FOFO
Dharampeth, Nagpur6.1 L-3.2%FOFO
Net salesi
52.4 Cr
6.4%Prev 49.2 Cr
Sum over the selected period
LFL growthi
+4.1%
1.3 ptsPrev 2.8%
Like for like vs last year
NOBi
14,10,000
4.9%Prev 13,44,000
Number of bills, net
ADSi
1.75 Cr
5.1%Prev 1.66 Cr
Average daily sales in the period
AOV neti
344
2.3%Prev 352
Net of discount per order
Discounti
8.2%
2.1 ptsPrev 6.1%
Vs plan of 6.1 percent

Net sales trend

Daily, This month vs last year (dashed), in Cr

AOV price bands

Share of bills

COCO vs FOFO

Net sales and SSSG

Sales by region

MTD

RegionSalesShareSSSG
West19.4 Cr37%+8.1%
South15.2 Cr29%+6.9%
North11.6 Cr22%+2.7%
East6.2 Cr12%-1.4%
Bandra Linking Rd took 24.2 L on 6,500 bills, an average bill of 372 across 13,650 units, running at 78,000 a day and 108% of target banked.
Sales
Stores livei
702
+12 netPrev 690
62 COCO and 640 FOFO
Target achievementi
108%
4 ptsPrev 104%
Of month target banked
Store EBITDAi
26.1%
1.2 ptsPrev 24.9%
Company store, franchisees share theirs
Openings / closuresi
14 / 3
MTDPrev 11 / 4
New sites this month, franchise led

Store sales trend

i

Bandra Linking Rd, monthly net sales last 12 months vs prior year (dashed), in lakh

What this store sells

Net sales by category, in lakh

Store P&L league

Top of the table by EBITDA margin, MTD

StoreTypeSalesNOBAOVTarget ach.EBITDA %
Bandra Linking Rd, MumbaiCOCO24.2 L6,505372108%26.1%
Koramangala, BangaloreCOCO22.6 L6,125369104%24.3%
CP Connaught Place, DelhiFOFO21.1 L5,765366101%22.8%
JM Road, PuneCOCO19.8 L5,41036696%19.4%
Hauz Khas, DelhiFOFO18.4 L5,01536794%18.1%
Viman Nagar, PuneFOFO4.8 L1,35035672%10.4%

Note: full store P&L needs per-store cost data (rent, manpower, COGS, aggregator commission). For FOFO stores we show what the franchise shares. Depth of P&L is a data input we will confirm.

UPTi
2.1
0.1Prev 2.0
Units per transaction
Attachment ratei
36%
2 ptsPrev 34%
Orders with an add on
Active SKUsi
120
+8 newPrev 112
Live on the menu
Top categoryi
Belgian Waffles
48% of mixPrev 47%
Share of net sales

Category mix

Share of net sales

Hourly sales movement

i

Average day, share of sales by hour

Top SKUs

MTD

SKUUnitsShareAttach
Naked Nutella2,66,0009.0%Bestseller
Belgian Chocolate2,36,0008.0%Med
Chocolate Overload1,77,0006.0%High
Lotus Biscoff1,45,0004.9%Med
Ferrero Rocher1,30,0004.4%High
Red Velvet1,18,0004.0%Med
Ferrero Rocher Shake1,21,0004.1%Med

Pilots & new launches

Tracking since launch

LaunchOutletsDaily salesCat. share
Dubai Chocolate Waffle1809.2 L7.0%
Mini Waffle Party Box1404.6 L3.5%
Kinder Bueno Swirl903.1 L2.4%
Active pilotsi
3
live nowPrev 2
On test across outlets
Outlets coveredi
410
37%Prev 300
Running at least one pilot
Pilot daily salesi
16.9 L
22%Prev 13.9 L
Combined across pilots
Best attach lifti
+18%
4 ptsPrev 14%
From Dubai Chocolate Waffle

Daily sales since launch

i

By launch, week 1 to week 8 since launch, in lakh

Outlets live by launch

Current footprint

Category share per launch

Share of its parent category

Launch tracker

Tracking since launch

LaunchOutletsDaily salesCat. shareSignal
Dubai Chocolate Waffle1809.2 L7.0%Scale
Mini Waffle Party Box1404.6 L3.5%Hold
Kinder Bueno Swirl903.1 L2.4%Watch
What to doMerchHigh confidence
Dubai Chocolate Waffle is the clearest scale signal this quarter
Daily sales 9.2 L across 180 outlets and climbing, up 22% from week 1 to week 8. It lifts attachment 18%, customers add a shake with it. The 2026 viral flavour.
Do: roll out to the next 120 high-footfall outlets, lead with the attach combo. Keep Kinder Bueno on watch for 2 more weeks before the call.
Repeat revenuei
56%
3 ptsPrev 53%
Share from known customers
Loyalty membersi
18.5 L
9.1%Prev 17.0 L
Enrolled and active
M3 retentioni
22%
1.4 ptsPrev 23.4%
Buying in month three
Coupon redemptioni
11.3%
0.8 ptsPrev 10.5%
Of bills used a coupon

New vs repeat revenue

Last 12 months, identifiable base

Cohort retention

Share of a cohort still buying, by month since first order

Coupon and offer analysis

MTD

OfferRedemptionsRevenueAvg discountIncremental?
Flat 20% weekday2,40,0005.2 Cr19.6%Low
Buy 1 Get 1 shakes1,45,0003.2 Cr24.1%High
Loyalty birthday treat72,0001.3 Cr12.3%High

Honest caveat: new vs repeat and cohorts are computed on the identifiable base, loyalty, app and direct. Swiggy and Zomato anonymise the customer, so aggregator walk-ins sit outside cohort maths. We size and label this clearly rather than overstate it.

Complaints MTDi
7,400
8% MoMPrev 8,043
Logged across channels
Avg resolutioni
7.4 hrs
1.1 hrsPrev 8.5 hrs
Time to close a ticket
Aggregator ratingi
4.2 / 4.1
Swiggy / ZomatoPrev 4.1 / 4.0
Rolling 90 day average
Audit scorei
86%
2 ptsPrev 84%
Average store audit

Complaints by category

MTD

Aggregator funnel

Impression to order, blended Swiggy and Zomato

Store watch, ops

Highest complaints per 1,000 bills, MTD

StoreComplaintsper 1k billsTop issueAudit
Salt Lake, Kolkata14214.1Delivery delay79%
Gachibowli, Hyderabad11811.8Quality81%
Viman Nagar, Pune969.2Missing item83%
Dharampeth, Nagpur717.6Packaging88%
BWC AnalystLive on this sample, 702 outlets
QuickStandardDeep
Which stores are slipping on conversion this month?
12 stores below conversion target, MTD
Why:
  • 8 of 12 are a footfall gap, walk-ins down 9 to 14% vs last year.
  • 4 are a billing gap, footfall fine but conversion of walk-ins is low.
  • 5 of the 12 sit in West metro, a cluster, not random.
StoreConv.TargetGap
Viman Nagar, Pune38%52%-14
Salt Lake, Kolkata41%52%-11
Gachibowli, Hyderabad44%52%-8

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How it works

Quick for a number, Standard for a short deep dive, Deep for the full why. It writes the queries, pulls the data, and comes back with the action, every figure tied to a real query. On the live version it runs on your own data and never leaves your environment.

Actual scrape
Ratings and customer remarks on this page are scraped from Belgian Waffle Co's live public reviews on Zomato, Google and Swiggy. The sentiment split and NPS are our read of those reviews. Every other page on this panel is sample dummy data.

Reviews and rating

i
4.1★★★★☆
across 88,000 reviews this month, all channels
Top themeVariety and flavours
Top riskCrispiness on delivery

Net promoter score

i
44
Room to lift
56%
Promoters
32%
Passives
12%
Detractors
NPS = Promoters minus Detractors = 56 minus 12 = 44
Blended ratingi
4.1 / 5
0.26 mo ago 4.3
Across Zomato, Swiggy, Google
Reviews this monthi
88,000
publicall channels
Across 702 outlets
Positive sentimenti
58%
42% neutral or negative
Share of classified reviews
Top risk themei
Crispiness on delivery
rising
Most frequent negative theme

Channel ratings

i

Average star rating by channel and mode

Volume is real and large: one Mumbai outlet alone carries 5,797 delivery reviews, and one Delhi outlet 8,217 dining reviews. Ratings are weighted by that volume.

Ratings trend

i

Blended rating, last 12 months

A gentle slide from 4.3 to 4.1. Small on paper, but it is the number aggregators rank you on. This is recoverable.

Sentiment by theme

i

Share of classified reviews, positive and negative themes

What customers are actually saying

Verbatim public reviews pulled this month, tagged by sentiment and channel.

"
Waffle was super soft and not crispy, really very small. Quality seems to be going down.
NegativeQualityZomato
"
Soggy within minutes of delivery.
NegativeDeliverySwiggy
"
A bit overpriced according to the quantity.
NegativeValueGoogle
"
Nutella shake had just one small spoon of Nutella.
NegativeToppingsZomato
"
Did not receive the full order and was told to order again instead of getting the missing items.
NegativeDeliveryZomato
"
Rocky Road waffle, slightly sweet, crunchy almond and cold ice cream blended perfectly.
PositiveTasteZomato
"
Got 2 sundaes for 249 during happy hour, both really good.
PositiveValueZomato
What to doOpsHigh confidence
Fix soggy-on-delivery and sparse toppings first
Soggy-on-delivery and sparse toppings drive most of the 1 and 2 star delivery reviews. These are packaging and portion problems, not taste problems.
Do: fix packaging and run a QC check on the 8 lowest-rated outlets to move delivery rating from 4.2 toward 4.4.

What is real here: the channel star ratings and the verbatim quote cards are scraped from live public reviews on Zomato, Google and Swiggy. The 88,000 review count, the sentiment split and the NPS are our read of those reviews, illustrative. The live version streams these daily from every channel and ties each theme to store and SKU.

Sample built for Belgian Waffle Co by dataeze. Operational numbers are illustrative dummy data. The Customer Experience page uses real public reviews. dataeze.ai