Restaurant Brands Asia Ltd
Restaurant Brands Asia Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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38 extracted metrics + investor summaries across FY18–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
5- Stock is trading at 8.60 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -2.04%
- Promoter holding is low: 9.22%
- Company has a low return on equity of -26.8% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoRestaurant Brands Asia (operator of Burger King and Popeyes in India) trades at a market cap of ~₹4,779 Cr with a negative PE of -23.5x and a negative 3-year average ROE of -27%. The company is growing revenue at 11% TTM with improving gross margins (67.7% in FY25, up 67 bps YoY) but remains loss-making with a consolidated net loss of ~₹159 Cr in FY25 and a stock price decline of -18% over one year.
- Revenue growing at 11% TTM and 23% CAGR over 5 years, with FY25 consolidated revenue reaching ₹25,507 million (+4.7% YoY consolidated, +12% standalone)
- India business revenue grew 16% YoY in recent quarters driven by 15% YoY store count expansion and SSSG of 2.8%
- Gross margin improved 67 bps to 67.7% on standalone basis in FY25 (from 67.03% in FY24), and further to 68.3% in Q2 FY26
- Company EBITDA turned positive at ₹526 million in FY25 (loss to profit YoY), with Restaurant EBITDA at ₹1,935 million (+11.6% YoY)
- Continued store expansion with 58 net new stores in FY25 and 69 stores added in India in Q3 FY25 alone, building long-term scale
- Compounded profit growth at 14% TTM indicates improving trajectory toward breakeven despite still being loss-making
- Operates Burger King, a globally recognized QSR brand, in a structurally underpenetrated Indian market with rising eating-out culture
- Company remains loss-making with consolidated net loss of ~₹159 Cr in FY25 and Q3 FY25 loss widening to ₹50.3 Cr from ₹36 Cr YoY
- Negative ROE of -26.8% over last 3 years (-23% last year) indicates sustained value destruction for shareholders
- Stock trading at 5.42x book value and 2.95x P/B despite being loss-making, implying expensive valuation with no earnings support
- Promoter holding is very low at 9.22% and declined by 2.04% in the last quarter, signaling weak promoter commitment
- Stock price has declined 18% over 1 year and 17% CAGR decline over 3 years, significant sustained underperformance
- Low interest coverage ratio indicates limited financial flexibility to service debt while funding aggressive store expansion
- Zero dividend yield with no visibility on when the company will generate distributable profits
- SSSG of only 2.8% is modest for a growth-stage QSR company, suggesting limited same-store operating leverage gains
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16d ago- ₹3,873 crore share pledge Jul 17
CTL Trusteeship pledged 11.88 crore RBA shares to secure ₹3,873 crore in debentures issued by Lenexis Foodworks and Inspira Realty 2, raising leverage concerns around the new promoter group.
- Open offer at ₹70/share Jul 9
Acquirers launched an open offer for 20.80 crore shares at ₹70 per share, totaling up to ₹1,464.54 crore, providing a price floor and exit option for minority shareholders.
- Promoter change to Lenexis group Jul 7
Lenexis Foodworks and Aayush Agrawal Trust acquired control of RBA. Board appointed Madhusudan Agrawal as new Chairman.
- BRSR filed for FY2025-26 Jul 28
RBA submitted its Business Responsibility and Sustainability Report for FY2025-26 disclosing ESG metrics, workforce data, and energy consumption.
- Q1FY27 results call on Aug 3 Jul 28
RBA will host an investor call on August 3, 2026 to discuss unaudited results for the quarter ended June 30, 2026.
- 13th AGM set for Aug 20 Jul 23
RBA scheduled its 13th Annual General Meeting for August 20, 2026 via video conferencing.
- F&B Asia sells 1 share at ₹70 Jul 9
F&B Asia Ventures sold 1 equity share via off-market transfer on July 7, 2026 at ₹70 per share, linked to the change-of-control transaction.
TL;DR: RBA is undergoing a significant change of control with Lenexis Foodworks and the Agrawal Trust taking over as promoters, backed by an open offer at ₹70/share. The ₹3,873 crore share pledge to secure debentures raises questions about the new promoters' financing structure and leverage appetite. Operationally, there are no red flags yet but Q1FY27 results on Aug 3 will be the first read on business continuity under new management. Investors should watch for clarity on strategic direction and debt servicing comfort at the upcoming AGM and earnings call.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 611 | 625 | 604 | 597 | 647 | 632 | 639 | 633 | 698 | 703 | 715 | 707 | 823 |
| Expenses | 562 | 569 | 536 | 528 | 584 | 569 | 570 | 559 | 625 | 632 | 625 | 612 | 722 |
| Operating Profit | 48 | 56 | 68 | 69 | 63 | 63 | 70 | 73 | 73 | 71 | 90 | 95 | 100 |
| OPM % | 8% | 9% | 11% | 12% | 10% | 10% | 11% | 12% | 10% | 10% | 13% | 13% | 12% |
| Other Income | 7 | 3 | 4 | 5 | 14 | 0 | 9 | 8 | 22 | 8 | 8 | 8 | 20 |
| Interest | 31 | 32 | 32 | 47 | 37 | 38 | 40 | 46 | 47 | 46 | 47 | 50 | 49 |
| Depreciation | 79 | 79 | 80 | 119 | 92 | 91 | 93 | 96 | 93 | 97 | 98 | 101 | 104 |
| PBT | -54 | -51 | -40 | -92 | -52 | -65 | -55 | -60 | -45 | -63 | -48 | -47 | -33 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -54 | -51 | -40 | -92 | -52 | -65 | -55 | -60 | -45 | -63 | -48 | -47 | -33 |
| EPS in Rs | -1.02 | -0.93 | -0.73 | -1.72 | -0.99 | -1.21 | -1.01 | -0.97 | -0.72 | -1.01 | -0.75 | -0.74 | -0.4 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 1,004 | 1,490 | 2,054 | 2,437 | 2,551 | 2,823 | 2,948 |
| Expenses | 979 | 1,394 | 1,943 | 2,195 | 2,282 | 2,494 | 2,592 |
| Operating Profit | 25 | 97 | 112 | 242 | 268 | 328 | 356 |
| OPM % | 2.5% | 6% | 5% | 10% | 11% | 12% | 12% |
| Other Income | 26 | -3 | 36 | 18 | 31 | 46 | 44 |
| Interest | 104 | 95 | 105 | 141 | 161 | 189 | 192 |
| Depreciation | 229 | 234 | 284 | 356 | 371 | 389 | 400 |
| PBT | -282 | -235 | -242 | -237 | -233 | -204 | -192 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -282 | -235 | -242 | -237 | -233 | -204 | -192 |
| EPS in Rs | -6.42 | -3.98 | -4.47 | -4.39 | -3.71 | -3.21 | -2.9 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 383 | 493 | 495 | 496 | 582 | 583 |
| Reserves | -298 | 548 | 331 | 130 | 326 | 138 |
| Borrowings | 901 | 887 | 1,168 | 1,430 | 1,832 | 1,967 |
| Other Liabilities | 977 | 455 | 500 | 652 | 722 | 694 |
| Total Liabilities | 1,963 | 2,382 | 2,493 | 2,709 | 3,463 | 3,382 |
| Fixed Assets | 1,391 | 1,514 | 1,953 | 2,320 | 2,603 | 2,801 |
| CWIP | 47 | 18 | 35 | 49 | 34 | 41 |
| Investments | 124 | 402 | 147 | 83 | 24 | 138 |
| Other Assets | 401 | 448 | 358 | 256 | 802 | 402 |
| Total Assets | 1,963 | 2,382 | 2,493 | 2,709 | 3,463 | 3,382 |
Cash Flow
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Operating | 48 | 69 | 124 | 346 | 350 | 303 |
| Investing | -322 | -1,083 | 16 | -219 | -232 | -486 |
| Financing | 357 | 1,112 | -170 | -251 | 385 | -321 |
| Net Cash Flow | 82 | 99 | -30 | -124 | 503 | -504 |
| Free Cash Flow | -20 | -69 | -228 | 64 | 73 | -70 |
| CFO/OP | 201 | 77 | 114 | 143 | 127 | 93 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 3 | 3 | 3 | 4 | 5 | 6 |
| Inventory Days | 18 | 15 | 16 | 14 | 18 | 15 |
| Days Payable | 226 | 172 | 133 | 119 | 155 | 132 |
| Cash Conversion Cycle | -205 | -153 | -114 | -101 | -133 | -111 |
| Working Capital Days | -352 | -107 | -89 | -81 | -93 | -75 |
| ROCE % | — | -8% | -7% | -5% | -3% | 0% |
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Company Information
Burger King India Ltd is an international QSR chain in India. It started operations in 2014 and has established ~681 restaurants across major cities in India & Indonesia. The company is an Exclusive National Master Franchisee of Burger King in India and its subsidiaries are Exclusive National Master Franchisee of the brands Burger King and Popeyes in Indonesia[1]