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Restaurant Brands Asia

RBA NSE
₹89.63 +0.90 (+1.01%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹89.63 +22.71 +33.9% 1Y
Start ₹66.92

Key Fundamentals

MicrocapLeisure ServicesConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
−0.47%
Debt to Equity
2.73
EPS (TTM)
−₹2.90
Book Value
₹23.80
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
3.77
ROE
−22.70%
Dividend Yield
0.00%
EBITDA
₹377 Cr
52W High
₹111.15
52W Low
₹57.15
Day Range
₹88.12 – ₹91.14
Volume
20,40,925

Peer Comparison

Consumer Discretionary › Leisure Services › Quick Service Restaurant › Restaurants

Restaurant Brands Asia peer comparison
Jubilant FoodWorks
₹434.7066.16₹28,278 Cr12.510.28%21.00%14.80%₹9,838 Cr₹450 Cr
Travel Food Services
₹1,166.2032.27₹15,369 Cr10.650.89%35.30%42.40%₹1,725 Cr₹487 Cr
Devyani International
₹118.68—₹14,692 Cr9.470.00%−1.56%4.75%₹5,835 Cr−₹28 Cr
Westlife Foodworld
₹631.05—₹9,659 Cr16.160.07%−3.79%6.34%₹2,704 Cr₹32 Cr
Restaurant Brands Asia (this company)
₹89.63—₹6,418 Cr3.770.00%−22.70%−0.47%₹2,948 Cr−₹191 Cr
Sapphire Foods
₹193.41—₹6,303 Cr4.430.00%−1.03%3.98%₹3,239 Cr−₹17 Cr
United Foodbrands
₹546.40—₹2,163 Cr6.820.00%−17.60%1.52%₹1,468 Cr−₹43 Cr
Median 7 companies₹434.7049.22₹9,659 Cr9.470.00%−1.56%4.75%₹2,948 Cr−₹17 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

34 Poor

Data confidence 93/100

pledge:40%

Category scores

Quality
26
Poor
Returns, margins, earnings quality 22% weight
Valuation
44
Weak
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
13
Poor
Solvency, leverage, coverage 9% weight
Momentum
80
Strong
Trend strength, vol-adjusted 12% weight
Ownership
26
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 7.17 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish874
OscillatorsBearish270
Moving AveragesStrong Bearish604

Key readings

RSI (14)
46.67
Neutral
MACD (12,26,9)
−1.06
Bearish
SMA (50)
94.41
Bearish
SMA (200)
75.47
Bullish

As of

Analyst Rating

Based on 11 analysts
BUY100%

11 of 11 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
11
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+22.97%
3Y+11.18%
1Y+10.66%
TTM+13.30%

Net profit

Net profit growth by window
5YLoss narrowed by ₹78 Cr
3YLoss narrowed by ₹38 Cr
1YLoss narrowed by ₹29 Cr
TTMLoss narrowed by ₹34 Cr

Operating cash flow

Operating cash flow growth by window
5Y+44.56%
3Y+34.69%
1Y−13.43%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+9.13 pp
3Y+6.17 pp
1Y+1.11 pp
TTM+1.36 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹1,004 Cr
Mar 2022₹1,490 Cr
Mar 2023₹2,054 Cr
Mar 2024₹2,437 Cr
Mar 2025₹2,551 Cr
Mar 2026₹2,823 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021−₹282 Cr
Mar 2022−₹235 Cr
Mar 2023−₹242 Cr
Mar 2024−₹237 Cr
Mar 2025−₹233 Cr
Mar 2026−₹204 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹146 Cr +10.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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.

AI News Digest

94d ago

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.

Headwinds 1
  • ₹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.

Positives 1
  • 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.

Neutral 5
  • 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.

Quarterly Results

₹ Cr
RBA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
611
625
604
597
647
632
639
633
698
703
715
707
823
845
Expenses
562
569
536
528
584
569
570
559
625
632
625
612
722
735
Operating Profit
48
56
68
69
63
63
70
73
73
71
90
95
100
110
OPM %
8%
9%
11%
12%
10%
10%
11%
12%
10%
10%
13%
13%
12%
13%
Other Income
7
3
4
5
14
0
9
8
22
8
8
8
20
22
Interest
31
32
32
47
37
38
40
46
47
46
47
50
49
50
Depreciation
79
79
80
119
92
91
93
96
93
97
98
101
104
106
PBT
−54
−51
−40
−92
−52
−65
−55
−60
−45
−63
−48
−47
−33
−24
Tax %
0%
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
−24
EPS (₹)
−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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
RBA profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
−6.42
−3.98
−4.47
−4.39
−3.71
−3.21
−2.9
Div. Payout %
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
RBA balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
RBA cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
201
77
114
143
127
93

Ratios

RBA financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Restaurant Brands Asia insights

59 extracted metrics across FY17–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 41.73%
  • DIIs 26.70%
  • Public 16.45%
  • FIIs 8.40%
  • Others 6.72%

40.00% of promoter holding pledged as of Sep 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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.
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 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 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Restaurant Brands Asia Ltd?
Restaurant Brands Asia Ltd reported a return on equity of -22.70%. 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

Website burgerking.in
Listed 14 Dec 2020
Face Value ₹10

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