Restaurant Brands Asia Limited (RBA)
Micro CapConsumer stocks · Micro cap · NSE
Restaurant Brands Asia Limited (RBA), formerly Burger King India, operates quick-service restaurants. It manages Burger King and Popeyes brands in India and Indonesia, focusing on menu innovation, digital integration, and profitability.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +18% YoY · margin expansion · +16% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
India operations delivered strong FY26 revenue growth (+15.4% YoY) and Restaurant EBITDA (+27.4% YoY), driven by store additions and SSSG. Q4 FY26 continued this momentum with 17.1% YoY revenue growth and 6.3% SSSG. Indonesia remains a drag with persistent losses.
India's strong growth in revenue, SSSG, and profitability, coupled with clear expansion plans, supports the investment thesis. Management's focus on value leadership and digital channels is yielding results. However, the persistent losses in Indonesia remain a concern, requiring close monitoring of its turnaround efforts.
Menu Innovation
Continuous innovation drives growth across core and premium burger segments, including Korean Spicy Fest, re-launched King's Collection with Brioche Buns, new patties, and improved dessert offerings.
Digital First Brand Strategy
91% of orders are through digital channels in stores with Self Ordering Kiosks. CRM roll-out achieved 51% growth in monthly active users over the previous year.
Value Leadership
Strategies like '2for79' for market competitiveness, 'Crazy App Deals' to increase app frequency, and 'Thematic Saver Meals for 2' target higher group sizes.
Store Expansion
The company added 68 net new stores in India during FY26, contributing to revenue growth.
India Store Additions
RBA added 68 net new stores in India during FY26, bringing the total to 581 stores as of March 31, 2026. 4 stores were added QoQ in Q4 FY26.
Menu Innovation Driving Growth
Continuous innovation is driving growth across core and premium burger segments, enhancing taste equity and offerings.
Operational Efficiencies
Efficiencies in utilities through solar & new broiler, and supply chain initiatives are driving P&L improvements.
Regional Festival Integration
Integrating deeper with regional festivals through meal-led offerings, thematic freebies, and festive decor helps build emotional connect.
Indonesia Operations Losses
Indonesia's consolidated operations reported a Company EBITDA (Pre-IND AS 116) loss of IDR 100 Billion for FY26, continuing to be a drag on overall profitability.
Indonesia Revenue Decline
Indonesia's revenue from operations declined by 5.5% YoY in FY26 and 6.6% YoY in Q4 FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing annual performance and Q4 trends against the previous year. QoQ is important for tracking sequential momentum in store additions, SSSG, and margin improvements, especially in the India business.
India Gross Margin
FY26 Gross Margin was 69.0% (+1.3% YoY), driven by menu mix and supply chain efficiencies. Q4 FY26 Gross Margin was 70.2% (+2.4% YoY, +0.3% QoQ).
India Same Store Sales Growth (SSSG)
India's SSSG was 4.0% for FY26. Q4 FY26 SSSG was 6.3%, the highest over the last 12 quarters, showing consistent growth across Dine-in & Delivery Channels.
India Average Daily Sales (ADS)
India's Average Daily Sales (ADS) was INR 116K for FY26 (+4.0% SSSG). Q4 FY26 ADS was INR 111K (+6.3% SSSG).
India Digital Channel Orders
91% of all orders in stores with Self Ordering Kiosks are through digital channels. CRM roll-out saw 51% growth in monthly active users over the previous year.
India Store Expansion Target
Management aims to open 60-80 new restaurants every year in India.
India Gross Profit Margin Target
Management targets achieving a 70% Gross Profit Margin for India by FY29.
Indonesia Delivery Sales Focus
After improving delivery profitability, management is now focused on driving delivery sales in Indonesia.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India SSSG | 6.3% in Q4 FY26 | Sustained SSSG above 5% to demonstrate continued demand and effective strategies. |
| India Gross Margin | 70.2% in Q4 FY26 | Consistent progress towards the 70% Gross Profit Margin target by FY29, indicating cost control and pricing power. |
| Indonesia Company EBITDA | IDR (100) Billion loss in FY26 | Significant reduction in losses and a clear path to profitability for Indonesia operations. |
| India Store Additions | 68 net new stores in FY26 | Consistent achievement of the 60-80 new restaurants per year target to drive future revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +38.7% / mo · MACD −
Technical chart
RBAdaily · 1Y · AUTO+54.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~27.9% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 70% 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.
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 17 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: 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.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 2.54.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 9th pctile, median 66 · Micro: 4th pctile, median 73
90 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 7.84
- EV/EBITDA
- 11.57
- Market Cap
- 6918.00Cr
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
- 2.91
- 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
- 74%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.