AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 15 Sep - Subscribed 1,00,000 preference shares of PT Sari Burger Indonesia for IDR 100 billion on September 15, 2026.
Source: Bse
Restaurant Brands Asia Limited (RBA)
Micro CapConsumer stocks · Micro cap · NSE
Restaurant Brands Asia Limited (RBA), formerly Burger King India Limited, operates quick-service restaurants. It manages Burger King in India and Indonesia, and Popeyes in Indonesia.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -6.4% / mo · MACD − · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RBAD candles · FIT view+36.5%Latest close ₹87.55 on 2026-10-21
Bar
-3.3%
RSI
39
MACD hist
-0.42
52W pos
56%
2026-10-21O ₹90.58H ₹91.19L ₹87.10C ₹87.55Vol 23.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RBANifty Consumer DurablesNifty 500
- RBA
- +32.9%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +39.4 pp
Chart stats
21 Oct 2026- From 52W high
- -21.2%
- 52W range position
- 56%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.95x
- Avg traded value
- ₹22.6 Cr
- 20D price channel
- ₹87.1 - ₹97
₹111.2
₹57.2 - ₹111.2
₹3.6
Latest completed session
20-session average
35.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +17.9% · PAT NDF YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence50
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +18% YoY · margin expansion · +16% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹823 Cr | +17.9% | +16.4% |
| EBITDA | ₹100 Cr | +37.0% | +5.3% |
| Operating margin | 12.0% | +200 bps | -100 bps |
| PAT | ₹-33 Cr | NDF | NDF |
| PAT margin | -4.0% | +244 bps | +264 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 7.44
- EV/EBITDA
- 11.12
- Market Cap
- 6575.00Cr
Profitability
- ROE
- -22.70%
- ROCE
- -0.47%
- ROA
- -5.68%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 2.54
- Interest Coverage
- 1.85×
- Altman Z
- 2.84
- Book Value
- 12.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 303.00 Cr
- EPS TTM
- -2.90
Shareholding
- Promoter Hold
- 9.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 823+16.4% vs prev
Net Profit
₹ CrLatest: -33.0+29.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 39.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 53% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.1%
3M return
+32.9%
6M return
+37.9%
1Y return
+23.2%
RS 1D
+1
RS 20D
+5
Sector rank
#8
Industry rank
#50
Stage evidence
- Price is 12.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
03 Aug 2026
S2 age
55 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 117.19-2.45%
RS vs Nifty 500117
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth9/25
Quality0/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 9/25 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
7.4
EV/EBITDA
11.1
ROE
-22.7%
ROCE
-0.5%
FCF Yield
—
Debt/Equity
2.5
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
17
17
17
17
17
17
17
17
17
17
17
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
10.9
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DEVYANI
Small
Devyani International Limited
Hospitality
match 152
29
—
-1.6%
—
OVERVALUED
SPECIALITY
Small
Speciality Restaurants Limited
Hospitality
match 151
41
29.0
5.6%
+16%
WATCHLIST
EIHAHOTELS
Small
EIH Associated Hotels Limited
Hospitality
match 126
23
155.0
11.5%
-2049%
OVERVALUED
ITDC
Small
India Tourism Development Corporation Limited
Hospitality
match 126
50
68.9
21.0%
-107%
FAIR VALUE
ASIANHOTNR
Small
Asian Hotels (North) Limited
Hospitality
match 125
26
106.0
0.6%
-218%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:14:26.499Z
Management commentary snapshot
Consolidated Q1 FY27 revenue grew 17.9% YoY to INR 8,226 Mn. India SSSG was 12.6%, highest in 15 quarters. Consolidated Company EBITDA (Pre Ind AS 116) surged 265.7% YoY to INR 435 Mn.
RBA's India operations delivered robust Q1 FY27 results with strong SSSG and significant EBITDA growth, driven by value leadership and digital initiatives. Indonesia remains a drag on consolidated performance, though management is focused on profitability and portfolio rationalization. The overall thesis hinges on India's continued momentum and Indonesia's turnaround.
Current business mix
Revenue Mix (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Burger King - India83.0%
Burger King - Indonesia15.0%
Popeyes - Indonesia2.0%
Growth engines
Value Leadership (India)
Successful value campaigns like Stunner menu, Tast Meal @99, 2forX.
Digital First Brand (India)
SOKs & BK App across all restaurants, 90%+ orders through digital channels.
Menu Strengthening (India)
BK Café launch, co-branded desserts, burger portfolio expansion (Whopper deluxe, LTOs).
Profitability Focus (India)
Supply chain initiatives, utility efficiencies through solar & new broiler.
Capacity and execution
Burger King India Store Count
9 stores added in Q1 FY27, total 590 stores as of June 30, 2026.
Popeyes Indonesia Store Count
25 stores as of June 30, 2026.
Burger King Indonesia Store Count
137 stores as of June 30, 2026.
Tailwinds
Strong India SSSG
Achieved 12.6% SSSG in Q1 FY27, highest in 15 quarters, indicating robust demand.
Gross Margin Expansion (India)
India gross margin improved by 3.1% YoY and 0.6% QoQ to 70.8%.
High Digital Adoption (India)
Over 90% of India orders through digital channels, enhancing efficiency and customer engagement.
Headwinds
Indonesia Revenue Decline
Revenue from operations in Indonesia declined by 3.9% YoY in Q1 FY27.
Indonesia Profitability Loss
Indonesia reported a Company EBITDA (Pre Ind AS 116) loss of INR 91 Mn in Q1 FY27.
Indonesia Occupancy & Other Expenses
Increased by 2.7% YoY despite revenue decline, impacting profitability.
Risk radar
Competitive Intensity
Disclaimer notes risks regarding 'competitive intensity' and 'pricing environment in the market'.
Input Cost Fluctuations
Disclaimer highlights risks from 'change in input costs' and 'commodity price fluctuations'.
Economic Conditions
Disclaimer mentions 'economic conditions affecting demand and supply' as a risk.
Currency Rate Fluctuations
Disclaimer includes 'currency rate fluctuations' as a risk, relevant for Indonesia operations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall growth and comparing against previous annual periods, especially for a consumer business. QoQ is important for tracking sequential momentum, store additions, and the impact of recent strategic initiatives, particularly in the turnaround efforts in Indonesia.
Sector KPIs management disclosed
Gross Margin (India)
Positive trend70.8% (+3.1% YoY | +0.6% QoQ)
Same Store Sales Growth (India)
Strong12.6%; highest in last 15 quarters
Average Daily Sales (India)
ImprovingINR 131K
Delivery Mix (India)
Stable44%
Management forward view
India Value Leadership
Continue to strengthen value leadership with competitive offers (2for79, Crazy App Deals, Thematic Saver 'Meals for 2').
India Brand Connect
Integrate deeper with regional festivals for emotional connect and meal-led offerings.
Indonesia Menu & Value Strategy
Build long-term burger-led value strategy and expand bone-in chicken portfolio.
Indonesia Profitability Initiatives
Focus on corporate overheads reduction, portfolio rationalization (42 stores), and delivery profitability improvement.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India SSSG | 12.6% | Sustained double-digit growth in subsequent quarters. |
| Indonesia Company EBITDA (Pre Ind AS 116) | (INR 91 Mn) | Trend towards profitability and reduced losses from current levels. |
| India Gross Margin | 70.8% | Continued expansion or stability at high levels. |
| Indonesia Store Rationalization Impact | 42 stores rationalized | Further updates on portfolio optimization and its positive impact on Indonesia's financial performance. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
50Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 7th percentile of the scored universe and 9th percentile within Consumer. Main check: balance sheet trust is weak at 26/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
90 docs text-extracted · 44 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
7th percentile
overall median 67 · Consumer: 9th pctile, median 66 · Micro: 4th pctile, median 73
Evidence depth
Financial-only
90 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
58
watch · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
26
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸Debt/equity is 2.54.
- ▸Promoter holding is only 9.2%.
- ▸Promoter holding fell 2.1%.
- ▸Interest coverage is 1.9x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Restaurant Brands Asia Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - Restaurant Brands Asia will attend three investor conferences in September 2026 in Mumbai.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - Restaurant Brands Asia will attend three investor conferences in September 2026 in Mumbai.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Sep - Burger King India opened its 600th restaurant in GTB Nagar, Delhi, on September 10, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 Read With Schedule III (Para A Of Part A) Of SEBI (LODR) Regulations, 2015. 4 Sep - ADM Agra ordered Rs. 1.60 lakh fine under Food Safety and Standards Act; received September 3, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 28 Sep - Allotment of 1,39,999 equity share pursuant to ESOP/ESPS
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 16 Sep - Approved 26% stake in solar SPV for ₹1.1 crore and up to IDR 100 billion investment in PT Sari Burger Indonesia.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Regulation 30 Read With Schedule III (Para A Of Part A) Of SEBI (LODR) Regulations, 2015. 21 Aug - Received two Rs.1.8 lakh penalties under Food Safety Act from Mathura ADM on August 20, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Intimation of Investors Conference to be held on August 17, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.