Operates the Burger King quick-service restaurant brand in India and the Burger King and Popeyes brands in Indonesia. India is the larger business, contributing 80.5% of FY26 segment revenue at Rs 2,271.723 crore with a 15.0% EBIT margin, while Indonesia contributed 19.5% at Rs 550.917 crore with a negative 2.1% EBIT margin. The India segment ran 581 restaurants at end-FY26 after adding 68 in the year, with same-store sales growth of 6.3% in Q4 FY26 (highest in 12 quarters) and 4% for the full year, supported by a value-plus-premium menu approach. Digital channels drove 91% of orders, with CRM monthly active users up 51% year-on-year, and the QSR network is guided to add 60-80 net new restaurants annually. The Indonesia business runs Burger King, which turned EBITDA-positive in FY26, and Popeyes, which remains loss-making and is undergoing structural review under new promoters. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. India (Burger King brand) (81%), Indonesia (Burger King and Popeyes) (20%). Asset-heavy multi-brand QSR operator running Burger King in India and Indonesia plus Popeyes in Indonesia.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,490 | 2,054 | 2,437 | 2,551 | 2,823 |
| EBITDA (ex other income) | 71 | 111 | 242 | 268 | 326 |
| margin % | 4.8 | 5.4 | 9.9 | 10.5 | 11.5 |
| Owners' profit | (196) | (221) | (218) | (216) | (187) |
| EPS, as reported (₹) | (4.94) | (4.48) | (4.40) | (4.33) | (3.19) |
| ROE % · ROCE % | (22.0) · (7.4) | (28.6) · (7.2) | (37.6) · (4.6) | (26.0) · (2.7) | (29.6) · (0.6) |
| Debt / equity (x) | 0.13 | 0.19 | 0.27 | 0.33 | 0.39 |
| Cash from operations | 69 | 124 | 346 | 350 | 303 |
| Capex | (138) | (331) | (282) | (277) | (372) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 632 | 639 | 633 | 698 | 703 | 715 | 707 | 823 |
| Profit before tax | (65) | (55) | (60) | (45) | (63) | (48) | (47) | (33) |
| Net profit | (65) | (55) | (60) | (45) | (63) | (48) | (47) | (33) |
| EPS (₹) | (1.21) | (1.01) | (1.13) | (0.72) | (1.01) | (0.75) | (0.73) | (0.45) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 2,272 | 80.5 |
| Indonesia | 551 | 19.5 |
| Total, before eliminations | 2,823 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 31,029 | 71.6 | 13.00 | 16.9 | 18.6 | 8.8 | 23.5 | 20.3 |
| DEVYANI INTERNATIONAL LTD | 17,015 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Burger King India opens 600th restaurant, marks growth milestone | business updates | medium | — | — |
| 4 Sept 2026 · Food Safety Act order: Rs 1.6 lakh fine from ADM Agra | regulatory legal | high | — | — |
| 26 Aug 2026 · RBA to participate in three investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · RBA to participate in three investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · RBA to participate in three investor conferences in September 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Allotment of 3,59,468 equity shares under ESOP Scheme 2015 | capital market events | low | — | — |
| 21 Aug 2026 · Restaurant Brands Asia gets two food safety penalties in Mathura totalling Rs 3.6 lakh | regulatory legal | high | — | — |
| 20 Aug 2026 · AGM 2026: All 4 resolutions passed including financials and director appointments | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · Restaurant Brands Asia 13th AGM held on August 20, 2026 | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Promoter Lenexis pledges 14.84% RBA shares for acquisition funding | ownership changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| — |
| 9.03 |
| 20.5 |
| (2.3) |
| (1.1) |
| — |
| 17.3 |
| TRAVEL FOOD SERVICES LTD | 16,486 | 34.6 | 11.26 | 22.1 | 30.9 | 33.5 | — | 46.0 |
| WESTLIFE FOODWORLD LTD | 8,878 | 279.1 | 14.34 | 21.5 | 5.2 | — | 21.6 | 13.5 |
| SAPPHIRE FOODS INDIA LTD | 7,198 | — | 5.18 | 14.9 | (2.3) | (1.4) | — | 16.3 |
| RESTAURANT BRAND ASIA LTD ◆ | 6,975 | — | 10.13 | 19.3 | (29.6) | (7.8) | — | 14.6 |
| UNITED FOODBRANDS LIMITED | 2,734 | — | 8.51 | 13.7 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 2,296 | 91.5 | 18.67 | 145.5 | 7.9 | 3.9 | — | 13.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 10.1 | 9.0 | 7 of 11 | 40% |
| ROCE | (7.8) | 2.4 | 12 of 12 | 0% |
| ROE | (29.6) | 0.3 | 11 of 11 | 0% |
| Debt / Equity | 0.4 | 0.4 | 6 of 11 | 50% |
| EBITDA margin | 14.6 | 17.3 | 9 of 11 | 20% |
| Revenue growth | 17.9 | 16.6 | 5 of 12 | 64% |
| Profit growth | 27.4 | 113.8 | 9 of 11 | 20% |
| Market cap | 6975 | 2734 | 6 of 13 | 58% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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