RBA
Micro CapRestaurant Brands Asia Limited
Consumer
Restaurant Brands Asia Limited (RBA) operates quick-service restaurants, primarily Burger King, in India and Indonesia. In India, it also runs BK Cafe and Kings Journey. The company focuses on menu innovation, digital engagement, and expanding its store footprint to drive growth 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 31 Mar 2026
Average · 35/100Rev +12% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹707 Cr | +11.7% | -1.1% |
| EBITDA | ₹95 Cr | +30.1% | +5.6% |
| Operating margin | 13.0% | +100 bps | +0 bps |
| PAT | ₹-47 Cr | NDF | NDF |
| PAT margin | -6.7% | +283 bps | +6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
India operations deliver strong FY26 revenue growth of 15.4% YoY and Q4 SSSG of 6.3%, with significant EBITDA margin expansion. Indonesia remains a drag with declining revenue and negative EBITDA.
The core India business shows robust growth in revenue, SSSG, and profitability, driven by strategic initiatives in menu, digital, and value. This supports the long-term growth thesis. However, the persistent underperformance and negative EBITDA from Indonesia operations remain a significant concern, offsetting some of the India gains.
Grow Dine-In Traffic
Q4 SSSG of 6.3% is the highest over the last 12 quarters. Sustaining higher Dine-in ADS over previous year since Nov'24.
Menu Innovation
Continuous innovation driving growth across core and premium burger segments, including Korean Spicy Fest, King's Collection, new patties, and co-branded shakes/sundaes.
Digital First Brand
91% of all orders through digital channels. CRM roll-out led to 51% growth in monthly active users over previous year.
Value Leadership
Strategies like '2for79' to be market competitive, 'Crazy App Deals' to increase app frequency, and 'Meals for 2' for higher group sizes.
India Store Additions
581 stores as of March 31, 2026, representing +68 stores YoY and +4 stores QoQ (net of closures).
Profitability Focus
Improved delivery profitability to over 2% in FY26 vs FY25, driven by pricing and lower discounts.
Efficiencies Across P&L
Efficiencies in utilities through solar and new broiler, and supply chain initiatives contributing to gross margin improvement.
Reduction in Corporate Overheads
Corporate Overheads reduced by IDR 9.6 Billion over previous year in Indonesia.
Indonesia Operations Underperformance
Indonesia revenue declined by 5.5% YoY in FY26 and 6.6% YoY in Q4 FY26, with consolidated Company EBITDA remaining negative at INR (575) Mn for FY26.
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 growth trends, especially in a business with potential seasonality. QoQ comparison is important for tracking sequential momentum in sales, store additions, and operational efficiencies in the fast-paced QSR sector.
India Revenue from Operations
FY26: INR 22,717 Mn (+15.4% YoY). Q4 FY26: INR 5,735 Mn (+17.1% YoY).
India Same Store Sales Growth (SSSG)
FY26: +4.0%. Q4 FY26: +6.3%, highest over last 12 quarters.
India Gross Margin
FY26: 69.0% (+1.3% YoY). Q4 FY26: 70.2% (+2.4% YoY, +0.3% QoQ), driven by menu mix and supply chain efficiencies.
India Restaurant EBITDA (Pre-IND AS 116)
FY26: INR 2,636 Mn (+27.4% YoY). Q4 FY26: INR 759 Mn (+47.1% YoY), driven by revenue growth and gross margin improvement.
India Restaurant Expansion
Outlook for India operations is to add 60-80 new restaurants every year.
India Gross Profit Margin Target
Management aims for 70% Gross Profit Margin in India by FY29.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India SSSG | +6.3% (Q4 FY26) | Sustained positive SSSG, particularly in dine-in traffic, indicating continued consumer demand and effective marketing strategies. |
| India Gross Margin | 70.2% (Q4 FY26) | Continued expansion towards the 70% FY29 target, driven by menu mix and supply chain efficiencies, indicating pricing power and cost control. |
| India Company EBITDA (Pre-IND AS 116) | INR 409 Mn (Q4 FY26) | Consistent growth and margin improvement, reflecting successful leverage from revenue growth and operational efficiencies. |
| Indonesia Consolidated Company EBITDA (Pre-IND AS 116) | INR (139) Mn (Q4 FY26) | Progress towards profitability and positive EBITDA, indicating successful turnaround efforts in the Indonesian market. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +6.1% / mo
Technical chart
RBAweekly · 6M+1.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 56.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 3% of 52-week high — testing resistance.
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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 6/30 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 6/30; 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: +0 points.
Factor attribution
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 8th percentile of the scored universe and 7th 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: 7th pctile, median 67 · Micro: 5th pctile, median 71
0 documents indexed, 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.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸Debt/equity is 2.54.
- ▸Promoter holding is only 11.3%.
- ▸Interest coverage is 1.7x.
- ▸ROCE is low at -0.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 5.54
- EV/EBITDA
- 8.14
- Market Cap
- 4004.00Cr
Profitability
- ROE
- -22.70%
- ROCE
- -0.46%
- ROA
- -6.03%
- 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
- 1.74×
- Altman Z
- 2.19
- Book Value
- 12.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 303.00 Cr
- EPS TTM
- -3.21
Shareholding
- Promoter Hold
- 9.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.