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Restaurant Brands Asia Limited
(RBA)
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Rating:51Neutral
Price Target:
₹69.00
▲(6.10% Upside)
Action:Reiterated
Date:06/23/26
The score is held back primarily by weak financial performance—ongoing net losses, high leverage, and uneven free-cash-flow generation—despite strong revenue growth and improving operating margins. Technicals are supportive due to a strong uptrend, but overbought signals add near-term risk, while valuation remains challenged given the loss-making profile.
Positive Factors
Multi-year Revenue Growth
Sustained multi-year top-line growth indicates strong unit expansion and rising customer demand in the Indian QSR market. Durable revenue scaling provides the structural basis for improving unit economics, better negotiating power with suppliers, and the ability to invest in network expansion over the next 2–6 months and beyond.
Negative Factors
Persistent Net Losses
Ongoing negative EBIT and net margins mean the company has not yet converted scale into sustained profitability. Continued losses reduce retained earnings and force reliance on external funding for growth, raising execution risk and slowing the timeline to durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Sustained multi-year top-line growth indicates strong unit expansion and rising customer demand in the Indian QSR market. Durable revenue scaling provides the structural basis for improving unit economics, better negotiating power with suppliers, and the ability to invest in network expansion over the next 2–6 months and beyond.
Read all positive factors
Restaurant Brands Asia Limited (RBA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹48.81B
Dividend YieldN/A
Average Volume (3M)140.28K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth10.66%
EPS Growth23.29%
CountryIN
Employees9,086
SectorGeneral
Sector StrengthN/A
IndustryRestaurants
Share Statistics
EPS (TTM)-3.21
Shares Outstanding711,447,700
10 Day Avg. Volume107,063
30 Day Avg. Volume140,278
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)4.66
Price to Sales (P/S)1.19
P/FCF Ratio-37.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.67
Revenue Forecast (FY)₹32.00B
Restaurant Brands Asia Limited Business Overview & Revenue Model
Company Description
Restaurant Brands Asia Limited, along with its subsidiaries, operates a network of quick-service restaurants throughout India and Indonesia. The company is responsible for the development, establishment, management, and franchising of Burger King ...
How the Company Makes Money
RBA primarily makes money by selling food and beverages to customers through its Burger King restaurants in India. Its main revenue stream is in-store and off-premise (takeaway and delivery) sales, where customers pay for menu items (burgers, side...
Restaurant Brands Asia Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
34
Negative
Cash Flow
41
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 28.23B | 25.51B | 24.37B | 20.54B | 14.86B |
| Gross Profit | 10.07B | 5.76B | 10.64B | 9.52B | 6.37B |
| EBITDA | 3.28B | 1.07B | 2.61B | 1.47B | 937.88M |
| Net Income | -1.87B | -2.16B | -2.18B | -2.21B | -1.96B |
Balance Sheet | |||||
| Total Assets | 33.82B | 34.63B | 27.09B | 24.93B | 23.82B |
| Cash, Cash Equivalents and Short-Term Investments | 1.97B | 5.60B | 1.16B | 3.02B | 6.78B |
| Total Debt | 19.67B | 18.32B | 14.30B | 11.68B | 8.87B |
| Total Liabilities | 26.94B | 25.68B | 20.80B | 16.47B | 13.14B |
| Stockholders Equity | 7.21B | 9.09B | 6.27B | 8.25B | 10.41B |
Cash Flow | |||||
| Free Cash Flow | -893.16M | 848.38M | 639.49M | -2.28B | -686.92M |
| Operating Cash Flow | 2.83B | 3.50B | 3.46B | 1.24B | 691.65M |
| Investing Cash Flow | -4.94B | -2.12B | -2.12B | 129.41M | -10.78B |
| Financing Cash Flow | -3.01B | 3.85B | -2.51B | -1.70B | 11.12B |
Restaurant Brands Asia Limited Technical Analysis
Negative
65.03
Price Trends
70.86
Negative
66.74
Negative
66.82
Negative
Market Momentum
-0.57
Positive
32.77
Neutral
7.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RBA, the sentiment is Negative. The current price of 65.03 is below the 20-day moving average (MA) of 74.87, below the 50-day MA of 70.86, and below the 200-day MA of 66.82, indicating a bearish trend. The MACD of -0.57 indicates Positive momentum. The RSI at 32.77 is Neutral, neither overbought nor oversold. The STOCH value of 7.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RBA.
Restaurant Brands Asia Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹6.75B | 3.31 | ― | ― | 3.52% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹58.27B | -182.08 | ― | ― | 8.45% | -266.74% | |
53 Neutral | ₹74.25B | 221.19 | ― | 0.14% | 5.40% | 166.08% | |
52 Neutral | ₹136.05B | -356.35 | ― | ― | 13.34% | -352.55% | |
51 Neutral | ₹48.81B | -20.71 | ― | ― | 10.66% | 23.29% | |
47 Neutral | ₹279.18B | 64.18 | ― | 0.21% | 17.15% | 103.16% |
* General Sector Average
IN:RBA
Restaurant Brands Asia Limited
66.63
-16.52
-19.87%
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Restaurant Brands Asia Limited Corporate Events
Agrawal-Linked Entities Acquire 9.22% Stake in Restaurant Brands Asia via Off-Market Deal
Jul 10, 2026
Restaurant Brands Asia Limited has disclosed an off-market acquisition of its shares by a group of investors tied to Aayush Madhusudan Agrawal. Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited and Aayush M...
Restaurant Brands Asia Sees New Promoters and Board Reshuffle
Jul 7, 2026
Restaurant Brands Asia Limited has completed a significant change in ownership and control, with Lenexis Foodworks, the Aayush Agrawal Trust, Inspira Foodworks and Aayush Madhusudan Agrawal collectively becoming the new promoters. This follows a l...
Inspira Global Takes Control of Restaurant Brands Asia in Major QSR Deal
Jul 7, 2026
Inspira Global, via its food and beverage platform Lenexis Foodworks, has completed the acquisition of control in Restaurant Brands Asia Limited, the operator of Burger King in India and Burger King and Popeyes in Indonesia, after concluding a man...
Restaurant Brands Asia sees change of control and board reshuffle
Jul 7, 2026
Restaurant Brands Asia has completed a major change in its ownership and promoter structure, with Lenexis Foodworks, entities linked to Aayush Agrawal, and Inspira Foodworks acquiring a significant stake from QSR Asia and FB Asia Ventures. The acq...
Restaurant Brands Asia Announces New Promoter Group After Change in Control
Jul 7, 2026
Restaurant Brands Asia Limited has announced a change in its promoter structure following a series of transactions, including a preferential issue of equity shares and warrants to Lenexis Foodworks, Aayush Agrawal Trust, Inspira Foodworks and Aayu...
Restaurant Brands Asia injects IDR 35 billion into Indonesian subsidiary via preference shares
Jun 22, 2026
Restaurant Brands Asia Limited has completed the subscription of 35,000 redeemable cumulative non-convertible preference shares in its Indonesian subsidiary PT Sari Burger Indonesia, with a nominal value of IDR 1,000,000 per share, totaling IDR 35...
Restaurant Brands Asia Approves Major Preferential Issue to Strategic Investors
Jun 2, 2026
Restaurant Brands Asia has approved a large preferential issue of equity shares and warrants to a group of acquirers, led by Lenexis Foodworks, following clearance from the Competition Commission of India. The issue comprises over 128.5 million ne...
Restaurant Brands Asia Raises Capital via Major Preferential Issue to Strategic Investors
Jun 2, 2026
Restaurant Brands Asia Limited has approved a large preferential issue of equity shares and warrants to a group of acquirers led by Lenexis Foodworks, following clearance from the Competition Commission of India. The company is issuing over 128.57...
Restaurant Brands Asia Raises Capital via Major Preferential Allotment
Jun 2, 2026
Restaurant Brands Asia Limited has approved a large preferential issue of equity shares and warrants to a group of acquirers led by Lenexis Foodworks, following clearance from the Competition Commission of India. The issue includes over 128.57 mil...
Restaurant Brands Asia Promoter Confirms No Share Encumbrances in FY 2025-26
May 26, 2026
Restaurant Brands Asia Limited’s promoter QSR Asia Pte. Ltd., together with its persons acting in concert, has notified Indian stock exchanges and the company’s audit committee that no encumbrances were created on their shareholding du...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.