Restaurant Brands Asia Ltd(RBA)

NSE: RBABSE: 543248

₹ 91.5+3.60%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 6,517 crNext results: 29 Oct 2026Website: www.burgerking.inUpdated: 27 Oct 2026

About

Restaurant Brands Asia is the national master franchisee of Burger King in India, and through PT Sari Chicken Indonesia it holds the Popeyes master franchise in Indonesia. FY26 consolidated revenue was Rs 2,822.64 crores. India contributed 80.5% of that revenue and Indonesia the remaining 19.5%. Group headcount across both countries is about 14,000.^[1][2][3]

Business segments

India segment: 80.5% of FY26 consolidated revenue (Rs 2,271.72 crores), operating Burger King restaurants across India. EBIT margin 15.0% in FY26.^[3]
Indonesia segment: 19.5% of FY26 consolidated revenue (Rs 550.92 crores), operating Burger King and Popeyes restaurants. EBIT margin -2.1% in FY26.^[3]

Brands and menu

As of FY25, Burger King India offers 24 vegetarian and non-vegetarian burgers and wraps and runs separate kitchens for vegetarian and non-vegetarian food.^[1]
The FY25 annual report describes the BK Café rollout as the fastest café expansion in the Burger King system and in India's QSR industry.^[1]
Royalty under the franchise agreements is capped at 5% for each business (FY25).^[1]

Store count and network

India Burger King store count reached 590 as of Q1 FY27, up 71 year-on-year.^[4]
Indonesia had 162 stores in total (Burger King and Popeyes) as of Q1 FY27, including 25 Popeyes restaurants.^[4]
India restaurant count grew from 315 in FY22 to 581 by the end of FY26.^[5]
16 restaurants were opened in tier II cities in FY25, including three each in Amritsar and Faridabad.^[1]

Key operating numbers

India SSSG was 12.6% in Q1 FY27, driven by traffic, with no meaningful price increases taken.^[4]
India average daily sales per restaurant were ₹1.14 lakh in FY25.^[1]
Indonesia ADS per store in Q1 FY27: INR 102,000 for Burger King and INR 69,000 for Popeyes.^[4]
India delivery mix was 44% of revenue in Q1 FY27, up 2 percentage points year-on-year.^[4]
India gross margin was 70.8% in Q1 FY27, up 3.1% year-on-year.^[4]
India restaurant EBITDA margin (pre-IND AS 116) was 13.2% in Q1 FY27, up 3.5 ppt year-on-year.^[4]
Burger King Indonesia restaurant EBITDA margin was 5.2% in Q1 FY27, compared with -1.9% in Q3 FY26.^[4]
Popeyes Indonesia had a restaurant EBITDA loss of INR 3.1 crores (-19.9% margin) in Q1 FY27.^[4]

Digital and customer reach

As of FY26, 91% of India dine-in orders came through digital channels (the BK app or self-ordering kiosks). CRM monthly active users grew 51% year-on-year.^[5]
In FY25, BK App installs rose 28% to over 18 million, and app dine-in orders grew 3X.^[1]
Self-ordering kiosks were installed across Indonesia Burger King restaurants in Q1 FY27; early data shows an average per-check uplift of 4-5%.^[4]

Sourcing

As of FY25, potatoes for fries come from about 2,500 farmers in Gujarat through partners such as HyFun, and only RSPO-certified palm oil is used for frying.^[1]
As of FY25, milk comes from dairy farmers in Maharashtra through vendor partners, and most vendors are ISO 22000 or BRC certified.^[1]

Expansion and capital allocation

India targets about 80 new restaurant openings per year, and a 72% India gross margin over the next 2-3 years (as of Q1 FY27).^[4]
India is targeting positive free cash flow by FY28, funding 60-80 store openings a year from internal cash.^[5]
Net QIP proceeds of 4,799.47 mn were allocated with 3,250 mn for new India restaurants over FY26-27 and 720 mn for debt repayment; all of it was unutilised at the end of FY25.^[1]
Indonesia Burger King plans to launch a burger-led value strategy by the end of September 2026.^[4]
The long-term BK Café ADS target was raised to INR 25,000 per restaurant per day (over 4-5 years), from INR 20,000 previously.^[5]

Recent developments

The Inspira Global equity transaction (INR 1,500+ crores at INR 70/share) closed shortly before the Q1 FY27 earnings call; the RBA and Inspira businesses continue to operate independently.^[4]
A 3-5 year capital allocation plan is being finalised with Inspira Global; options include backward integration and solar investment.^[4]
Strategic options for Popeyes Indonesia, including exit, are under review with Inspira Global; no timeline was disclosed as of Q1 FY27.^[4]
RBA received a Rs 1,60,000 penalty order under the Food Safety and Standards Act, 2006 (dated 04 Sep 2026), plus two Rs 1,80,000 penalties in August 2026; no material impact was stated.^[6]

Market Cap

₹6,517 Cr

High / Low

₹110 / 57

Stock P/E

-30.7

Price / Book

7.2

Book Value

₹12

EPS

₹-3.2

No. of Shares

58.29 Cr

ROCE

-0.5%

ROE

-23.0%

OPM

-0.4%

Debt / Equity

0.37

Sales

₹2,823 Cr

Net Profit

₹-204 Cr

Promoter holding

41.7%

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