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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Restaurant Brands Asia Ltd (RBA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543248 NSE: RBA Restaurants | Small Cap | Restau. Brands Asia Share Price
₹95.60 0.59 (0.62%)
As on 21-Sep'26 14:13
Restaurant Brands Asia Ltd (RBA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543248 NSE: RBA Restaurants | Small Cap | Restau. Brands Asia Share Price
₹95.60 0.59 (0.62%)
As on 21-Sep'26 14:13
Key Metrics
Valuation Multiples
Market Cap
₹6,765 Cr.
Current Price
₹95.6
52-Week Low / High
₹57 / 110
TTM EPS
₹-2.4
TTM Sales
₹2,948 Cr.
Book Value per Share
₹21.9
P/E Ratio
0.00
Industry PE
44.5
Price to Book (P/B)
4.33
Higher than its 5-year historical median
Price to Sales (P/S)
2.30
Lower than its 5-year historical median
EV/EBITDA
17.35
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-25.93%
Underperforms industry median
Return on Capital Employed (ROCE)
-1.34%
Underperforms industry median
Return on Assets (ROA)
-5.96%
Operating Profit Margin
11.6%
Net Profit Margin
-7.23%
Gross Profit Margin
6.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
15.45%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
22.3%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
9.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹850 Cr.
Equity
₹712.1 Cr.
Face Value
₹10
All Time Low / High
₹57.16 / 219.15
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Strong
Is Restaurant Brands Asia Ltd a good quality company?
Restaurant Brands Asia Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Restaurant Brands Asia Ltd performance compare with that of its Peers?
Revenue growth of Restaurant Brands Asia Ltd vs industry peers?
Restaurant Brands Asia Ltd revenue CAGR is 22.97%, compared to the industry median CAGR of 21.54%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Restaurant Brands Asia Ltd?
Promoters hold 9.22% of the Restaurant Brands Asia Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Restaurant Brands Asia Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -9.85% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Restaurant Brands Asia Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -15.5% | -13.8% | 2.6% | -2.7% | -16% | -1.9% | 0.9% | 2.4% | 2.5% | 0.4% | - |
| Value Creation Index ⓘ | -2.2 | -2.0 | -0.8 | -1.2 | -2.2 | -1.1 | -0.9 | -0.8 | -0.8 | -1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 230 | 378 | 633 | 841 | 494 | 944 | 1,440 | 1,760 | 1,968 | 2,272 | 2,402 |
| Sales YoY Gr. | - | 64.4% | 67.3% | 33% | -41.2% | 90.9% | 52.6% | 22.3% | 11.8% | 15.5% | - |
| Adj EPS ⓘ | -2.2 | -3.3 | -1.5 | -2.7 | -4.4 | -1.9 | -1.5 | -1.5 | -1.5 | -1.6 | -2.1 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 13.8 | 10.7 | 9.3 | 9.8 | 17.3 | 39.3 | 38 | 36.7 | 38.4 | 35.7 | 41.9 |
| Adj Net Profit ⓘ | -59.1 | -88.5 | -40.4 | -74.1 | -169 | -93 | -71.6 | -73.1 | -87.9 | -93.8 | -151 |
| Cash Flow from Ops. ⓘ | -3.3 | 30.5 | 86.5 | 113 | 28.7 | 98.5 | 162 | 318 | 345 | 345 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 1.2 | 1.8 | 0 | 0 | 0 | 0 | 0.4 | 0.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 29% | 35.7% | 16.4% | 15.5% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | 11.2% | 15.6% | -2% | -6.9% | ||||
| Share Price | - | -9.8% | -8.4% | 11.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -16.1 | -27 | -15 | -28.2 | -35.6 | -7.1 | -3.7 | -3.9 | -4.3 | -4.3 | -5.5 |
| Op. Profit Mgn % ⓘ | -17.6 | 2.2 | 12.5 | 12.4 | 3 | 9.6 | 11.5 | 13.5 | 14.6 | 15 | 15.4 |
| Net Profit Mgn % ⓘ | -25.7 | -23.4 | -6.4 | -8.8 | -34.2 | -9.9 | -5 | -4.2 | -4.5 | -4.1 | -6.3 |
| Debt to Equity ⓘ | 0 | 0 | 0.4 | 0.7 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 28 | 25 | 26 | 51 | 34 | 29 | 28 | 37 | 58 | 43 |
| Cash Conv. Cycle ⓘ | 0 | -27 | -32 | -32 | -58 | -50 | -36 | -32 | -31 | -26 | 10 |
Valuation of Restau. Brands Asia - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 1,004 | 1,490 | 2,054 | 2,437 | 2,551 | 2,823 |
| Operating Expenses ⓘ + | 979 | 1,394 | 1,943 | 2,195 | 2,282 | 2,494 |
| Operating Profit ⓘ | 25 | 97 | 111 | 242 | 268 | 328 |
| Operating Profit Margin (%) | 2.5% | 6.5% | 5.4% | 9.9% | 10.5% | 11.6% |
| Other Income ⓘ + | 34 | 22 | 36 | 18 | 31 | 49 |
| Interest ⓘ | 104 | 95 | 105 | 141 | 161 | 189 |
| Depreciation ⓘ | 229 | 234 | 284 | 356 | 371 | 389 |
| Profit Before Tax ⓘ | -282 | -235 | -242 | -237 | -233 | -204 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -282 | -235 | -242 | -237 | -233 | -204 |
| PAT Margin (%) | -28.1% | -15.8% | -11.8% | -9.7% | -9.1% | -7.2% |
| Adjusted EPS (₹) | -6.4 | -4.0 | -4.5 | -4.4 | -3.7 | -3.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 75 | 1,028 | 809 | 598 | 880 | 694 | |||||
| Debt + | 194 | 88 | 78 | 161 | 284 | 230 | |||||
| Minority Interest | 25 | 28 | 21 | 2 | -14 | -33 | |||||
| Trade Payables | 246 | 229 | 268 | 285 | 379 | 340 | |||||
| Others Liabilities ⓘ | 1,424 | 1,005 | 1,318 | 1,662 | 1,934 | 2,151 | |||||
| Total Liabilities ⓘ | 1,963 | 2,378 | 2,493 | 2,709 | 3,463 | 3,382 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,391 | 1,514 | 1,953 | 2,320 | 2,603 | 2,801 | |||||
| CWIP ⓘ | 47 | 18 | 35 | 49 | 34 | 41 | |||||
| Investments ⓘ | 124 | 402 | 147 | 83 | 24 | 138 | |||||
| Inventories | 20 | 23 | 32 | 35 | 44 | 39 | |||||
| Trade Receivables | 9 | 13 | 17 | 25 | 34 | 46 | |||||
| Cash Equivalents | 278 | 277 | 155 | 34 | 536 | 59 | |||||
| Others Assets ⓘ | 95 | 131 | 154 | 163 | 188 | 258 | |||||
| Total Assets ⓘ | 1,963 | 2,378 | 2,493 | 2,709 | 3,463 | 3,382 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 48 | 78 | 124 | 346 | 350 | 303 |
| Cash Flow From Investing Activity ⓘ + | -336 | -1,086 | 13 | -212 | -212 | -494 |
| Cash Flow From Financing Activity ⓘ + | 357 | 1,112 | -170 | -251 | 385 | -321 |
| Net Cash Flow ⓘ | 68 | 104 | -33 | -117 | 523 | -512 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -374.57 | -42.63 | -26.32 | -33.64 | -31.48 | -25.93 | ||||
| ROCE (%) | -53.94 | -18.49 | -12.58 | -10.69 | -7.19 | -1.34 | ||||
| Asset Turnover Ratio | 0.51 | 0.69 | 0.84 | 0.94 | 0.83 | 0.82 | ||||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 3.10 | 2.70 | 2.70 | 3.20 | 4.20 | 5.20 | ||||
| Inventory Days | 7.10 | 5.20 | 4.80 | 5 | 5.60 | 5.30 | ||||
| Payable Days | 236.70 | 167.50 | 137.60 | 129.10 | 149 | 152.50 | ||||
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Restaurant Brands Asia Ltd FAQs
The current trading price of Restau. Brands Asia on 21-Sep-2026 14:13 is ₹95.60.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Sep-2026 the market cap of Restau. Brands Asia stood at ₹6,765.5 Cr
The latest P/E ratio of Restau. Brands Asia as of 20-Sep-2026 is 0.00.
The latest P/B ratio of Restau. Brands Asia as of 20-Sep-2026 is 2.27.
The 52-week high of Restau. Brands Asia is ₹110.2 and the 52-week low is ₹57.16.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Restau. Brands Asia is ₹2,402 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Restaurant Brands Asia Ltd is a below average quality company.
The key valuation ratios of Restaurant Brands Asia Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Restaurant Brands Asia Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Restaurant Brands Asia Ltd
Restaurant Brands Asia (RBAL) (formerly known as Burger King India) is the national master franchisee of the Burger King brand in India. It has exclusive rights to develop, establish, operate and franchise Burger King branded restaurants across India. The master franchise agreement enables the company to leverage Burger King’s globally renowned brand name to strengthen its brand recall in India. RBAL also leverages the technical, marketing and operational expertise associated with the global brand. Founded in 1954, the Burger King brand is a global quick service burger chain known for food quality and value and as the only place guests can get the iconic flame-grilled Whopper burger.
In Indonesia, RBAL operates as the master franchisee for the brands, Burger King and Popeyes through its subsidiaries, PT Sari Burger Indonesia (‘BK Indonesia’) and PT Sari Chicken Indonesia (‘Popeyes Indonesia’), respectively.
The company combines its understanding of local Indian tastes and preferences with bold innovation, unbeatable value, and a digital-first brand approach to create memorable food experiences that spark cravings and inspire loyalty. The company also offers additional daypart offerings, comprising a range of beverages and snacks, through BK Cafe. Over the years, the company has consistently addressed the needs of consumers looking for everyday value and given them more opportunities to access its brand, emerging as one of the fastest-growing international Quick Service Restaurant (QSR) chains in India.
Business area of the company
The company is into the business of Quick Service Restaurants under the brand name of ‘Burger King’. The company is an Exclusive Master Franchisee of the Burger King brand in India.
Awards
2021-22
- Gold under Use of Social Media category at Abby 2022
- Silver under Best in Moment Marketing category at Abby 2022
- Silver under Direct Response Digital category at Abby 2022
- Silver under Direct Response AV category at Abby 2022
- Bronze under Use of Social Media category at Abby 2022
- Bronze under Best in Moment Marketing category at Abby 2022
- Bronze under Direct Response Digital category at Abby 2022
- Bronze under Direct Response AV category at Abby 2022
- Creative Use of Real Time Data at Kyoorius 2022 Baby Elephant
- Best use of AR, MR, VR at Kyoorius 2022 Baby Elephant
- Best use of Experiential / Live Events at Kyoorius 2022 Baby Elephant
- eCommerce Use of Data at Kyoorius 2022 Baby Elephant
- Silver for best use of Mobile category at Brand Equity Shark Award 2022
- Bronze in use of tech enabled campaign category at Brand Equity Shark Award 2022
2022-23
- Gold award - Branded Content & Entertainment in Best Integrated Entertainment Content from ABBY award
- Silver award - Branded Content & Entertainment in Best use or integration of offline media such as print, out of home, etc. from ABBY award
- Bronze award - Innovative Use of Emerging Technology from ABBY award
- Silver under category of Use of Talent & Influencers from Clio awards
2024-25
- Franchisee Of the Year - BK India - 2025
- Operator Of the Year - BK India - 2025
Milestones
- 2013: incorporation of Burger King India Private Limited.
- 2014: Launched the brand by opening 9 restaurants during first year of operation in the cities of Delhi and Mumbai and introduced India to the bold flavours of Burger King, developed especially for Indian guests that would soon become a craving.
- 2017: Celebrated the opening of 100th restaurant in Jalandhar, LPU, Punjab and then launched its first mass media campaign.
- 2018: Reached India’s eastern shores, opening a restaurant in Bhubaneswar, and for the first time ever, became EBITDA positive with a robust financial performance.
- 2019: Accelerated expansion in the eastern region and entered the vibrant city of Kolkata.
- 2020: Got listed on the National Stock Exchange and BSE Ltd.
- 2021: Started a new journey with the launch of BK Cafe.
- 2022: Went global with the acquisition of the exclusive master franchise of BURGER KING and set up POPEYES in Indonesia.
- 2022: Opened its 400th restaurant in Siliguri, West Bengal.
- 2022: Burger King India officially changed its corporate name to Restaurant Brands Asia (RBAL).
- 2023: Launched King’s Journey to digitalise restaurants.
- 2024: More than 90% of its restaurants offered King's journey digital experience and celebrated the milestone of 500th restaurant at Chembur.
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