Is the soya chap and biryani effect over? 4 QSR stocks with an upside potential of more than 36%

Till a few years back, there were only two quick service restaurant (QSR) stocks listed on the market. One selling pizzas and the other selling burgers. Then came a slew of IPOs. All of them received good responses and did well for some time. Then the phenomenon called Zomato hit all these companies because it transformed every “soya chap seller” and biryani maker into QSRs capable of reaching customers everywhere. While the business hit these companies suffered was considerable, the hit on valuations was higher. FPIs, which were bullish on the pizza seller, have reduced their holdings in the last two years. But there is a limit to any up or downside. Have these businesses stabilized? Does sentiment need to change?