Investor and Analyst Call Transcript
RBA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Restaurant Brands Asia reported strong Q4 FY26 performance with 6.3% SSSG growth, the highest in 12 quarters. India gross margins reached 70% in Q4, beating the FY29 target a year ahead of schedule. Restaurant EBITDA margins doubled over 5 years from 5% to 11.6%, while company-level EBITDA grew from 2.5% to 5.8%. Total FY26 revenue was INR 2,271 crores with 91% digital orders and 51% growth in monthly active users. Indonesia's Burger King business turned profitable at store level (positive EBITDA), but Popeyes continues to be a concern with IDR 25 billion losses. The company took INR 120 crore impairment on Indonesia and is awaiting CCI approval for Inspira Global's acquisition. Management targets free cash flow breakeven by FY28.
The India business shows strong execution with margin expansion ahead of schedule, though cash burn remains (~INR 350 crores used this year). The pending promoter change and Indonesia losses create uncertainty. Investors should monitor the new promoter's plans for Indonesia (likely structural exit from Popeyes) and updated guidance post-deal closure.