450% rise in YTD! Multibagger small-cap stock hits upper circuit after this business update

Multibagger small-cap stock: Spice Lounge Food Works share price hit 5% upper circuit on Thursday, December 4, after the company announced that it has secured exclusive master franchise rights for WingZone.

The small-cap stock has opened at ₹52.70 apiece on Thursday, as compared to the previous close of ₹50.47 on Wednesday. Spice Lounge Food Works share price has given multibagger returns by surging over 137.62% in just six months, 454.29% in terms of year-to-date (YTD) and 896% in the last one year.

What's behind the rally?

In a release dated December 4, the Spice Lounge Food Works announced that it has secured the exclusive Master Franchise rights for Wing Zone, an internationally recognised quick service restaurant (QSR) brand renowned for its chicken-based offerings and flavour-forward menu innovation.

The company plans to introduce Wing Zone to consumers across India through a strategic mix of high-street outlets and cloud-kitchen formats, enabling strong accessibility and scalable growth.

“We are delighted to bring Wing Zone to India and believe this partnership marks an important milestone in our long-term growth strategy. The Indian QSR market is experiencing strong momentum, driven by evolving consumer preferences, rising urbanisation and increasing adoption of global food formats. Wing Zone’s internationally acclaimed flavours, paired with our operational expertise, position us well to capture this opportunity," Mohan Babu Karjela, Chairperson and Director of Spice Lounge Food Works Ltd.

According to release, the company will launch India’s first Wing Zone outlet in Koramangala, Bangalore, in January 2026.

Following the launch, Spice Lounge Food works intends to expand Wing Zone’s presence with additional outlets across Bangalore, Hyderabad and Chennai, with further rollout planned in other major cities as part of a structured, multi-phase expansion strategy.

"Our launch in Koramangala, Bangalore, is only the beginning. We have a clear roadmap for expansion across key metros through a combination of high-street stores and cloud kitchens, ensuring both accessibility and scalability. This acquisition further strengthens our vision of building a diversified multi-brand portfolio and reinforces our commitment to becoming a leading player in India’s fastgrowing food services sector,” Kerjela added.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.