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Restau. Brands Asia Overview

Restaurant Brands Asia Ltd operates as a franchisee of Burger King quick service restaurants in India. As of March 31, 2021, it had 265 Burger King restaurants in 58 cities, inclusive of 9 sub-franchisee restro. The business enterprise was formerly known as Burger King India Ltd and changed its name to Restaurant Brands Asia Ltd in February 2022. The agency incorporated in 2013 and is primarily based in Mumbai, India. Restaurant Brands Asia Ltd is a subsidiary of QSR Asia Pvt. Ltd.

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Restau. Brands Asia Key Financials

Market Cap ₹3911 Cr.

Stock P/E -16.8

P/B 4.9

Current Price ₹67.2

Book Value ₹ 13.8

Face Value 10

52W High ₹89.5

Dividend Yield 0%

52W Low ₹ 59.5

Restau. Brands Asia Share Price

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Volume
Price

Restau. Brands Asia Quarterly Price

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Restau. Brands Asia Peer Comparison

Restau. Brands Asia Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 611 625 604 597 647 632 639 633 698 703
Other Income 7 3 4 5 14 0 9 8 22 8
Total Income 618 628 608 602 660 633 648 640 720 712
Total Expenditure 562 569 536 528 584 569 569 559 625 632
Operating Profit 55 60 72 74 77 63 78 81 95 79
Interest 31 32 32 47 37 38 40 46 47 46
Depreciation 79 79 80 119 92 91 93 96 93 97
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -54 -51 -40 -92 -52 -65 -55 -60 -45 -63
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -54 -51 -40 -92 -52 -65 -55 -60 -45 -63
Adjustments 4 5 4 7 3 5 4 4 3 5
Profit After Adjustments -50 -46 -36 -85 -49 -60 -50 -56 -42 -59
Adjusted Earnings Per Share -1 -0.9 -0.7 -1.7 -1 -1.2 -1 -1 -0.7 -1

Restau. Brands Asia Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1004 1490 2054 2437 2551 2673
Other Income 34 22 36 18 31 47
Total Income 1038 1513 2090 2456 2582 2720
Total Expenditure 979 1394 1943 2195 2282 2385
Operating Profit 59 119 147 261 300 333
Interest 104 95 105 141 161 179
Depreciation 229 234 284 356 371 379
Exceptional Income / Expenses -8 -25 0 0 0 0
Profit Before Tax -282 -235 -242 -237 -233 -223
Provision for Tax 0 0 0 0 0 0
Profit After Tax -282 -235 -242 -237 -233 -223
Adjustments 36 39 21 19 17 16
Profit After Adjustments -246 -196 -221 -218 -216 -207
Adjusted Earnings Per Share -6.4 -4 -4.5 -4.4 -3.7 -3.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 5% 20% 0% 0%
Operating Profit CAGR 15% 36% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -18% -17% -13% NA%
ROE Average -31% -30% -102% -102%
ROCE Average -7% -10% -21% -21%

Restau. Brands Asia Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 85 1041 825 627 909
Minority's Interest 25 28 21 2 -14
Borrowings 189 88 73 140 181
Other Non-Current Liabilities 632 724 983 1291 1608
Total Current Liabilities 1033 498 591 648 779
Total Liabilities 1963 2378 2493 2709 3463
Fixed Assets 1391 1514 1953 2320 2603
Other Non-Current Assets 107 122 149 167 170
Total Current Assets 466 742 391 222 689
Total Assets 1963 2378 2493 2709 3463

Restau. Brands Asia Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 86 185 155 31
Cash Flow from Operating Activities 48 78 124 346 350
Cash Flow from Investing Activities -336 -1086 13 -212 -212
Cash Flow from Financing Activities 357 1112 -170 -251 385
Net Cash Inflow / Outflow 68 104 -33 -117 523
Closing Cash & Cash Equivalent 86 185 155 31 534

Restau. Brands Asia Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -6.42 -3.98 -4.47 -4.39 -3.71
CEPS(Rs) -1.39 -0.03 0.85 2.41 2.38
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) 1.97 20.86 16.36 12.06 15.13
Core EBITDA Margin(%) 2.49 6.48 5.43 9.94 10.52
EBIT Margin(%) -17.69 -9.38 -6.65 -3.92 -2.82
Pre Tax Margin(%) -28.1 -15.78 -11.77 -9.71 -9.13
PAT Margin (%) -28.1 -15.78 -11.77 -9.71 -9.13
Cash Profit Margin (%) -5.29 -0.11 2.06 4.9 5.44
ROA(%) -14.37 -10.83 -9.93 -9.1 -7.54
ROE(%) -374.57 -42.63 -26.32 -33.64 -31.48
ROCE(%) -53.94 -18.49 -12.58 -10.69 -7.19
Receivable days 3.11 2.69 2.69 3.17 4.23
Inventory Days 7.14 5.2 4.82 4.95 5.6
Payable days 236.68 167.49 137.64 129.06 148.95
PER(x) 0 0 0 0 0
Price/Book(x) 65.66 4.83 5.5 8.42 4
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 4.89 3.24 2.17 2.12 1.29
EV/Core EBITDA(x) 83.23 40.57 30.28 19.85 10.94
Net Sales Growth(%) 0 48.44 37.85 18.63 4.66
EBIT Growth(%) 0 21.3 2.27 30.1 24.7
PAT Growth(%) 0 16.63 -2.83 2.09 1.67
EPS Growth(%) 0 38.05 -12.5 1.85 15.4
Debt/Equity(x) 3.25 0.14 0.2 0.28 0.34
Current Ratio(x) 0.45 1.49 0.66 0.34 0.88
Quick Ratio(x) 0.43 1.44 0.61 0.29 0.83
Interest Cover(x) -1.7 -1.47 -1.3 -0.68 -0.45
Total Debt/Mcap(x) 0.05 0.03 0.04 0.03 0.08

Restau. Brands Asia Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 40.8 15.43 15.39 15.39 15.33 13.17 13.16 11.27 11.27 11.27
FII 27.37 29.92 26.9 24.86 18.78 17.52 15.34 20.36 20.52 20.65
DII 9.69 22.2 23.67 23.14 28.37 37.75 38.84 40.44 39.97 40.07
Public 22.14 32.44 34.05 36.61 37.52 31.56 32.65 27.92 28.23 28.01
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Restau. Brands Asia News

Restau. Brands Asia Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 11.27%.
  • Company has a low return on equity of -30% over the last 3 years.
  • Debtor days have increased from 129.06 to 148.95days.
  • Stock is trading at 4.9 times its book value.
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