Restaurant Brands Asia Ltd

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Restaurant Brands Asia Ltd

₹ 91.6 -2.46%
15 Oct - close price
burgerking.in BSE: 543248 NSE: RBA
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 6,531 Cr.
  • Current Price ₹ 91.6
  • High / Low ₹ 111 / 57.2
  • Stock P/E
  • Book Value ₹ 12.4
  • Dividend Yield 0.00 %
  • ROCE -0.47 %
  • ROE -22.7 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 7.41 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.

* 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.

Peer comparison

Consumer Discretionary Consumer Services Leisure Services Restaurants

Part of Nifty Total Market Nifty Microcap 250 BSE Consumer Discretionary BSE 1000 Nifty Smallcap 500

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
611 625 604 597 647 632 639 633 698 703 715 707 823
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%
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
Profit before tax -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%
-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 -0.40
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,004 1,490 2,054 2,437 2,551 2,823 2,948
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%
26 -3 36 18 31 46 44
Interest 104 95 105 141 161 189 192
Depreciation 229 234 284 356 371 389 400
Profit before tax -282 -235 -242 -237 -233 -204 -192
Tax % 0% 0% 0% 0% 0% 0%
-282 -235 -242 -237 -233 -204 -192
EPS in Rs -6.42 -3.98 -4.47 -4.39 -3.71 -3.21 -2.90
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 23%
3 Years: 11%
TTM: 13%
Compounded Profit Growth
10 Years: %
5 Years: 4%
3 Years: 5%
TTM: 18%
Stock Price CAGR
10 Years: %
5 Years: -11%
3 Years: -9%
1 Year: 31%
Return on Equity
10 Years: %
5 Years: -27%
3 Years: -27%
Last Year: -23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
901 887 1,168 1,430 1,832 1,967
977 455 500 652 722 694
Total Liabilities 1,963 2,382 2,493 2,709 3,463 3,382
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
401 448 358 256 802 402
Total Assets 1,963 2,382 2,493 2,709 3,463 3,382

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
48 69 124 346 350 303
-322 -1,083 16 -219 -232 -486
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 Share of operating profit converting into cash: CFO (before tax) / Operating Profit 201% 77% 114% 143% 127% 93%

Ratios

Consolidated / View Standalone

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

In beta
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
India Restaurant Count
stores

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India Same Store Sales Growth (SSSG)
%
India Average Daily Sales (ADS)
INR '000
BK Café Store Count (India)
cafés
India Delivery Mix
%
India King's Journey Enabled Restaurant Count
restaurants

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Shareholding Pattern

Numbers in percentages

13 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
15.43% 15.39% 15.39% 15.33% 13.17% 13.16% 11.27% 11.27% 11.27% 11.26% 11.26% 9.22%
29.92% 26.90% 24.86% 18.78% 17.53% 15.34% 20.37% 20.52% 20.64% 16.82% 10.59% 9.25%
22.21% 23.67% 23.15% 28.37% 37.75% 38.84% 40.45% 39.97% 40.07% 37.26% 45.60% 39.62%
32.43% 34.04% 36.61% 37.51% 31.55% 32.66% 27.93% 28.22% 28.01% 34.67% 32.54% 41.92%
No. of Shareholders 2,43,3182,39,5422,36,3462,28,7552,24,8622,30,7702,27,4652,27,7072,28,6352,50,7342,47,5162,44,301

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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