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Swing Capital

Restaurant Brands Asia Ltd

NSE: RBA BSE: 543248

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[1]

₹67.5
52W: ₹57.2 — ₹89.5
PE 0 · Book ₹36.2 · +86% vs book
Market Cap₹3,932 Cr
Stock P/E—Price to Earnings
ROCE3.46%Return on Capital
ROE1.69%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Company has low interest coverage ratio.
  • −Promoter holding is low: 11.3%
  • −Company has a low return on equity of -3.16% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -29.6%

Shareholding Pattern

Promoters11.26%
FIIs10.59%
DIIs45.6%
Public32.54%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters15.33%13.17%▼2.213.16%▼0.011.27%▼1.911.27%11.27%11.26%▼0.011.26%
FIIs18.78%17.53%▼1.315.34%▼2.220.37%▲5.020.52%▲0.120.64%▲0.116.82%▼3.810.59%▼6.2
DIIs28.37%37.75%▲9.438.84%▲1.140.45%▲1.639.97%▼0.540.07%▲0.137.26%▼2.845.6%▲8.3
Public37.51%31.55%▼6.032.66%▲1.127.93%▼4.728.22%▲0.328.01%▼0.234.67%▲6.732.54%▼2.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales445439490492495490552569577573
Expenses375384428422418415484491482475
Operating Profit71556370787568789698
OPM %16%13%13%14%16%15%12%14%17%17%
Net Profit-6-31-27-17-19-25-12-20-7-120
EPS ₹-0.13-0.63-0.54-0.33-0.37-0.44-0.2-0.35-0.12-2.06

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,272Cr, up 15.4% YoY. OPM at 15%.

Debt Position

Borrowings at ₹1,698Cr. Debt-to-equity ratio: 1.11x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹38Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 45.6% (+35.92pp change). FIIs: 10.59% (-16.78pp change). Promoters hold 11.26%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 3% (Mar 2026). Working capital days: 4.

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