India's quick service restaurant (QSR) sector experienced a faltering recovery in Q3FY26, with demand remaining uneven and heavily value-driven, according to PL Capital analysts. Despite the festive season and GST rationalization, industry footfalls did not meet expectations. While some operators saw sequential improvements, particularly in urban areas, overall consumption is constrained by discretionary spending pressures. Value offerings are outperforming premium categories, and trends vary significantly among major players like Jubilant FoodWorks, Westlife Foodworld, and Restaurant Brands Asia.