NSE: RBA · BSE: 543248
RESTAURANT BRAND ASIA LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 2,272 | 80.5 |
| Indonesia | 551 | 19.5 |
| Total, before eliminations | 2,823 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 28,340 | 65.4 | 11.87 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 14,946 | 31.4 | 10.21 | 20.0 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 14,777 | — | 7.84 | 17.9 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 9,325 | 293.1 | 15.06 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD ◆ | 6,840 | — | 9.93 | 18.9 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,444 | — | 4.64 | 13.4 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,564 | — | 7.98 | 12.9 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,413 | 56.3 | 11.49 | 91.8 | 7.9 | 3.9 | — | 13.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 9.9 | 8.0 | 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 | 5 of 10 | 56% |
| 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 | 6840 | 2564 | 5 of 13 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Investor call set for Q2 and half-year results on October 29 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting to approve September 2026 financial results | results | low | — | — |
| 14 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 28 Sept 2026 · Restaurant Brands Asia Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 28 Sept 2026 · RBA allots 1,39,999 shares under ESOP 2015 scheme | capital market events | low | — | — |
| 16 Sept 2026 · RBA buys 26% in solar SPV, to invest up to IDR 100 bn in Indonesia unit | credit debt | medium | — | — |
| 15 Sept 2026 · RBA completes preference share investment in Indonesian subsidiary | fund raising | medium | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.