Restaurant Brands Asia Limited, formerly known as Burger King India Limited, is a prominent player in India's quick-service restaurant (QSR) sector. The company holds the exclusive rights as the national master franchisee for the BURGER KING brand in India, responsible for its development, operation, and franchising. Beyond India, Restaurant Brands Asia extends its reach to Indonesia through its subsidiaries, operating as the master franchisee for both BURGER KING and POPEYES. Incorporated in 2013 and based in Mumbai, the company has strategically adapted the global Burger King experience to cater to local Indian tastes and preferences.
As of December 31, 2024, Restaurant Brands Asia operated a significant network of over 510 stores across India and Indonesia. In India alone, the company manages approximately 315 restaurants, including nine sub-franchised locations and 35 BK Cafes, demonstrating a substantial quarter-on-quarter increase of 46 stores and a year-on-year growth of 69 stores. In Indonesia, its operations encompass roughly 177 restaurants. The company's success is attributed to its ability to customize its product offerings, featuring popular items like the Veg Whopper, Crispy Veg Burger, Crispy Chicken Burger, and various local favorites alongside traditional fries and desserts.
Restaurant Brands Asia has been actively managing its growth and operational efficiency within a competitive market landscape.
- Q3 FY25 Performance: Total Income of ₹647.83 crore (2.4% QoQ increase from ₹632.52 crore in Q2 FY25).
- Revenue (Q3 FY25): ₹639 crore (5.8% Y-o-Y growth from ₹604 crore in Q3 FY24).
- Net Loss (Q3 FY25): ₹50.3 crore (wider than ₹36 crore loss in Q3 FY24).
- EBITDA (Q3 FY25): ₹69.4 crore (1.6% Y-o-Y increase from ₹68.3 crore in Q3 FY24).
- EBITDA Margin (Q3 FY25): 10.9% (declined from 11.3% Y-o-Y).
- Net Loss (Q4 FY25): ₹60.4 crore (improved from ₹92 crore in Q4 FY24).
- Revenue (Q4 FY25): ₹632.5 crore (5.9% increase).
Restaurant Brands Asia is listed on the Bombay Stock Exchange (BSE) under the code 543248 and on the National Stock Exchange (NSE) under the symbol BURGERKING. As of recent data, the company's market capitalization stands at ₹4,888 crore. The stock has experienced a decline of 22.7% over the past year, reflecting market sentiment and performance.
The promoter of Restaurant Brands Asia Ltd is Qsr Asia Pte Ltd, which holds a 11.3% stake in the company as of March 2025. No promoter shares have been pledged.
The company's expansion strategy involves a mix of company-owned and franchised outlets, facilitating rapid growth across India's diverse markets. While average daily sales are reported at ₹114,000, the same-store sales growth (SSSG) has seen a marginal decline of 0.5% due to subdued demand.
Restaurant Brands Asia was honored with the 'Global Master Franchisee of the Year' award in 2018 by the Burger King Corporation, a testament to its exceptional performance in sales, operations, development, and profitability. The company's strategic focus remains on store expansion, menu innovation, and enhancing operational efficiencies to drive future growth.
Operating within the intensely competitive QSR sector, Restaurant Brands Asia faces competition from established global and local brands. The company currently has a low interest coverage ratio and trades at 5.37 times its book value, with a low return on equity of -27.0% over the last three years. Despite current profitability challenges, the Indian QSR market offers substantial growth potential driven by India's increasing urbanization, evolving consumer tastes, and rising disposable incomes. Investors should carefully evaluate the company's expansion trajectory, same-store sales growth, and progress towards sustained profitability when considering an investment.
