Restaurant Brands Asia Ltd
Burger King India Ltd is an international QSR chain in India. It started operations in 2014 and has established ~456 restaurants across major cities. 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]
- Market Cap ₹ 4,732 Cr.
- Current Price ₹ 81.3
- High / Low ₹ 119 / 59.4
- Stock P/E
- Book Value ₹ 38.8
- Dividend Yield 0.00 %
- ROCE 1.57 %
- ROE -4.26 %
- Face Value ₹ 10.0
Pros
Cons
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.89%
- Promoter holding is low: 11.3%
- Company has a low return on equity of 1.17% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Dec 2014 13m | Mar 2015 3m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
7 | 16 | 139 | 230 | 378 | 633 | 841 | 494 | 944 | 1,440 | 1,760 | 1,968 | |
32 | 21 | 172 | 237 | 370 | 554 | 737 | 479 | 854 | 1,144 | 1,356 | 1,683 | |
Operating Profit | -25 | -5 | -33 | -7 | 8 | 79 | 104 | 15 | 90 | 295 | 404 | 284 |
OPM % | -356% | -30% | -24% | -3% | 2% | 12% | 12% | 3% | 10% | 21% | 23% | 14% |
1 | 0 | 4 | 7 | 11 | 11 | 1 | 21 | 21 | -97 | -148 | 24 | |
Interest | 0 | 0 | 0 | 27 | 37 | 46 | 65 | 82 | 68 | 90 | 114 | 141 |
Depreciation | 1 | 1 | 9 | 45 | 64 | 82 | 116 | 128 | 136 | 180 | 211 | 255 |
Profit before tax | -25 | -6 | -38 | -72 | -82 | -38 | -77 | -174 | -93 | -72 | -69 | -88 |
Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
-25 | -6 | -38 | -72 | -82 | -38 | -77 | -174 | -93 | -72 | -69 | -88 | |
EPS in Rs | -6.41 | -1.42 | -3.23 | -2.71 | -3.10 | -1.44 | -2.76 | -4.54 | -1.89 | -1.45 | -1.39 | -1.50 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 62% |
5 Years: | 19% |
3 Years: | 28% |
TTM: | 12% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | -4% |
3 Years: | 2% |
TTM: | -190% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -8% |
1 Year: | -20% |
Return on Equity | |
---|---|
10 Years: | -6% |
5 Years: | -3% |
3 Years: | 1% |
Last Year: | -4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Dec 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 39 | 39 | 119 | 265 | 265 | 265 | 278 | 383 | 493 | 495 | 496 | 582 |
Reserves | -6 | 41 | 55 | 103 | 22 | -15 | -2 | 290 | 1,458 | 1,400 | 1,353 | 1,678 |
0 | 0 | 0 | 291 | 370 | 574 | 796 | 597 | 712 | 945 | 1,164 | 1,558 | |
21 | 13 | 32 | 40 | 73 | 97 | 126 | 157 | 224 | 250 | 370 | 467 | |
Total Liabilities | 54 | 93 | 205 | 698 | 730 | 920 | 1,198 | 1,428 | 2,886 | 3,090 | 3,383 | 4,286 |
24 | 30 | 119 | 475 | 592 | 793 | 1,037 | 986 | 1,157 | 1,541 | 1,857 | 2,201 | |
CWIP | 0 | 4 | 10 | 10 | 10 | 20 | 48 | 30 | 11 | 30 | 42 | 26 |
Investments | 12 | 41 | 45 | 177 | 87 | 38 | 19 | 124 | 1,511 | 1,380 | 1,316 | 1,279 |
18 | 17 | 31 | 36 | 41 | 69 | 95 | 288 | 207 | 139 | 168 | 780 | |
Total Assets | 54 | 93 | 205 | 698 | 730 | 920 | 1,198 | 1,428 | 2,886 | 3,090 | 3,383 | 4,286 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Dec 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-6 | -16 | 113 | 29 | 98 | 162 | 318 | 344 | |||||
-32 | -13 | -230 | -304 | -1,388 | -42 | -160 | -287 | |||||
58 | 52 | 106 | 296 | 1,280 | -121 | -153 | 443 | |||||
Net Cash Flow | 20 | 24 | -12 | 21 | -10 | -0 | 6 | 501 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Dec 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 5 | 3 | 2 | 2 | 2 | 3 | 1 | 4 | 4 | 3 | 4 | 5 |
Inventory Days | 86 | 40 | 16 | 16 | 13 | 11 | 11 | 21 | 15 | 14 | 13 | 13 |
Days Payable | 1,026 | 205 | 62 | 77 | 110 | 97 | 99 | 237 | 149 | 105 | 98 | 99 |
Cash Conversion Cycle | -934 | -162 | -44 | -59 | -94 | -82 | -86 | -212 | -130 | -88 | -81 | -81 |
Working Capital Days | -868 | -124 | -58 | -40 | -52 | -37 | -32 | -71 | -61 | -42 | -46 | -26 |
ROCE % | -32% | -11% | -8% | 1% | -1% | -7% | -1% | 5% | 7% | 2% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
22 May - Annual Secretarial Compliance Report confirming SEBI regulation adherence for FY ended March 31, 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
21 May - Q4 FY25: 11.8% revenue growth to Rs.1968 Cr, 32% EBITDA rise, 513 stores, Indonesia recovery ongoing.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 May - Investor call audio for FY25 results uploaded on company website on May 19, 2025.
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Announcement under Regulation 30 (LODR)-Change in Management
19 May - Appointed M/s. Mehta & Mehta as secretarial auditors for FY 2025-26 to 2029-30, subject to shareholder approval.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
19 May - Q4 FY25 revenue up 11.5%, EBITDA up 36%, 58 new restaurants added, plans 800 by FY29.
Annual reports
Concalls
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May 2025Transcript PPT
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Jan 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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Jun 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
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Aug 2021TranscriptPPT
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Jun 2021Transcript PPT
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Mar 2021TranscriptPPT
Business Overview
The company is the national master franchisee for the brand, BURGER KING. It holds exclusive rights to develop, open, operate, and franchise BURGER KING restaurants in India. In Indonesia, it operates as the master franchisee for brands like BURGER KING and POPEYES through its subsidiaries. [1]