Restaurant Brands Asia (Burger King India Ltd) is an international QSR chain in India. It started operations in 2014 and has established 681 restaurants across major cities in India & Indonesia. The company is an Exclusive National Master Franchisee of Burger King in India and its subsidiaries are Exclusive National Master Franchisee of the brands Burger King and Popeyes in Indonesia.
Q3 FY26 Earnings Results
- Revenue from Operations: Standalone ₹577.32 cr, +16.5% YoY vs Q3 FY25; consolidated ₹714.65 cr, +11.8% YoY reflecting growth in core QSR business.
- EBITDA: Standalone EBITDA grew 20.9% YoY to ₹95.3 cr; consolidated EBITDA grew 85% YoY to ₹246 cr, positive operating leverage evident.
- PAT / Net Loss: Standalone Net Loss ₹70.38 cr, narrowed from larger loss in prior year; Consolidated Net Loss ₹479.43 cr, smaller than previous comparable quarter.
- Other key metrics: Same-Store Sales Growth (SSSG) 4.5% in India; gross margin expanded 210 bps to 69.9% YoY; 44 new restaurants added bringing total to 577 outlets.
Management Commentary & Strategic Decisions
- Management highlighted strong revenue growth driven by Burger King India performance, underpinned by healthy same-store sales and menu innovation. Digital ordering now comprises a significant share of transactions, supporting revenue stickiness.
- Operational efficiency gains (e.g., improved gross margins and delivery profitability) were flagged as key drivers of EBITDA growth outpacing revenue growth, even amid a loss environment.
- Board approved revisions to Articles of Association and preferential share issuances, granting special rights to new investors, which is part of broader strategic ownership reshaping (subject to shareholder approvals).
- Management reaffirmed aggressive restaurant expansion strategy with 60-80 gross new openings targeted annually, aiming for deeper penetration in India and stronger international scale.
Q2 FY26 Earnings Results
- Revenue from Operations: Standalone ₹568.7 cr, +15.6% YoY; consolidated ₹703.4 cr, +11.2% YoY, driven by same-store sales growth and network expansion.
- EBITDA: Standalone EBITDA ₹8.13 cr (grown 16% YoY in absolute terms), gross margin improved 68.3%.
- PAT / Net Loss: Net Loss ₹58.60 cr in Q2 FY26, −2.6% YoY, reflecting persistent loss environment but marginal improvement.
- Other key metrics: SSSG 2.8%, restaurant count expanded to 533 outlets, digital transactions 91% of total.
Management Commentary Q2
- CEO Rajeev Varman noted positive dine-in traffic and same-store sales growth, attributed to value offerings and menu initiatives driving customer engagement.
- Management stressed supply chain efficiencies and digital adoption underpinning margin improvements, even as fixed costs and interest pressures sustained losses.
- Expansion continued with new stores added, aligning with long-term growth strategy despite ongoing profitability challenges in the near term.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.