Restaurant Brands Asia
RBA NSE
Restaurant Brands Asia
Leisure ServicesNSE: RBA BSE: 543248 Quick Service Restaurant
Key Fundamentals
MicrocapQuick Service RestaurantLeisure ServicesMarket Cap
₹6,469 Cr
Volatility
Moderate
P/E Ratio
-34.1
EBITDA
₹377 Cr
Return on Equity
-29.64%
Debt to Equity
2.73
Book Value
₹22.77
EPS
₹0
52W High
₹111.15
52W Low
₹57.15
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
5- Stock is trading at 7.45 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
Revenue Growth
11.21% higher than
3Y
Net Income Growth
-12.33% lower than
3Y
Cash Flow Change
-13.63% lower than
3Y
ROE
13.87% higher than
3Y
ROCE
-79.1% higher than
3Y
EBITDA Margin (Avg.)
13.19% lower than
3Y
AI Analysis — Bull vs Bear
64d ago
AI opinion · based on fundamentals
Risk high
Restaurant 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.
Bull Case 7
- 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
Bear Case 8
- 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.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Restaurant Brands Asia insights
59 extracted metrics + investor summaries across FY17–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Investor and analyst call scheduled for Q4FY26 results on May 15, 2026 at 9:30 a.m. IST. 8 May - Investor and analyst call scheduled for Q4FY26 results on May 15, 2026 at 9:30 a.m. IST.
2
Board Meeting Intimation for Board Meeting Intimation For Consideration And Approval Of The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended On March 31, 2026.
7 May - Board meets May 14, 2026 to approve Q4/FY26 audited standalone and consolidated results; trading window closes until May 17. 7 May - Board meets May 14, 2026 to approve Q4/FY26 audited standalone and consolidated results; trading window closes until May 17.
3
Announcement under Regulation 30 (LODR)-Acquisition
24 Apr - April 24, 2026: Approves IDR 35 billion preference-share investment in subsidiary PT Sari Burger Indonesia. 24 Apr - April 24, 2026: Approves IDR 35 billion preference-share investment in subsidiary PT Sari Burger Indonesia.
4
Announcement under Regulation 30 (LODR)-Acquisition
8h - April 24, 2026: Approves IDR 35 billion preference-share investment in subsidiary PT Sari Burger Indonesia. 8h - April 24, 2026: Approves IDR 35 billion preference-share investment in subsidiary PT Sari Burger Indonesia.
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
13 Apr - Compliance Certificate under Regulation 74(5) of the SEBI (DP) Regulations for the quarter ended March 31, 2026 13 Apr - Compliance Certificate under Regulation 74(5) of the SEBI (DP) Regulations for the quarter ended March 31, 2026
Frequently Asked Questions about Restaurant Brands Asia
What does Restaurant Brands Asia Ltd do?
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 Mas...
Where is Restaurant Brands Asia Ltd (RBA) listed?
Restaurant Brands Asia Ltd trades as RBA on the NSE and under code 543248 on the BSE.
Which sector does Restaurant Brands Asia Ltd belong to?
Restaurant Brands Asia Ltd is classified under the Leisure Services sector, in the Quick Service Restaurant industry.
What is the market capitalisation of Restaurant Brands Asia Ltd?
Restaurant Brands Asia Ltd has a market capitalisation of ₹6,469 Cr, which places it in the Mid Cap band.
What is the PE ratio of Restaurant Brands Asia Ltd?
Restaurant Brands Asia Ltd trades at a PE ratio of -34.10, on earnings per share of ₹0, against a book value of ₹22.77 per share.
What is the 52-week high and low of Restaurant Brands Asia Ltd?
Over the last 52 weeks Restaurant Brands Asia Ltd has traded between ₹57.15 and ₹111.15.
What is the Return on Equity (ROE) of Restaurant Brands Asia Ltd?
Restaurant Brands Asia Ltd reported a return on equity of -29.64%. Its debt-to-equity ratio is 2.73.
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]
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