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Restaurant Brands Asia Limited (RBA)

₹92.32 +0.74% last close, 16 Oct

📊 NSE: RBA 🏢 Hotels 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Restaurant Brands' revenue was ₹823 Cr (+17.9% year on year, +16.4% on the previous quarter), and net profit ₹-33.0 Cr (a smaller loss than a year earlier); the operating margin was 12.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹823	+17.9%	+16.4%
Operating profit	₹100	+37.7%	+5.5%
Net profit	₹-33.0	loss narrowed	loss narrowed
EPS (₹)	-0.45	loss narrowed	loss narrowed
Operating margin	12.2%	—	—

Full quarterly financials → Results calendar →

RBA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 45.61% of the RBA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.46%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

45.61%Delivery, 16 Oct

47.46%Own 20-session average

0.5×Volume vs its average

₹92.32NSE close · +0.74%

Delivery in the last 5 sessions: 45.1% · 54.2% · 42.0% · 49.1% · 45.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

RBA Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 06:10 PM

Restaurant Brands Asia Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms compliance with depository processing standards. Notably, the RTA noted that no requests for dematerialisation or rematerialisation were received during the quarter. This filing is purely statutory with zero operational or financial impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Private Limited) dated October 8, 2026
Confirmed zero requests received for dematerialisation or rematerialisation during the quarter

💡 No action is required as this is a recurring regulatory filing; investors should track upcoming Q2 FY27 quarterly financial results instead.

RBA to Invest up to IDR 100B in Indonesian Arm and ₹1.1 Cr in Solar SPV

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 16 Sep 2026, 01:43 PM

Restaurant Brands Asia Limited (RBA) approved an investment of up to IDR 100 billion (approx. ₹50-55 crore) in its Indonesian subsidiary, PT Sari Burger Indonesia, via non-convertible preference shares to meet operational business needs by December 31, 2026. PT Sari Burger Indonesia operated 137 outlets with FY26 turnover declining to IDR 915,799.88 million from IDR 1,109,225.52 million in FY24. In addition, RBA will acquire a 26% equity stake in Navitas Anant Renewables Two Pvt Ltd for up to ₹1.10 crore to source group captive solar power for its Indian outlets. Both transactions are relatively small compared to RBA's TTM revenue of ₹2,947 crore.

Approved up to IDR 100 billion preference share investment in subsidiary PT Sari Burger Indonesia by December 31, 2026
PT Sari Burger Indonesia turnover fell to IDR 915,799.88 million in FY26 from IDR 1,109,225.52 million in FY24
Acquisition of 26% equity stake in solar SPV Navitas Anant Renewables Two for not exceeding ₹1.10 crore
Solar acquisition expected to conclude by January 31, 2027 to lower restaurant power tariffs

💡 Track whether capital infusion into the Indonesia subsidiary halts its revenue decline and improves unit-level store profitability in subsequent quarterly disclosures.

RBA Subscribes to IDR 100 Billion Preference Shares of PT Sari Burger Indonesia

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 15 Sep 2026, 03:38 PM

Restaurant Brands Asia Limited has completed the subscription of 1,00,000 redeemable cumulative non-convertible preference shares of PT Sari Burger Indonesia, its subsidiary. The nominal value is IDR 1,000,000 per share, amounting to an aggregate investment of IDR 100,000,000,000 (approx. ₹50-55 crore INR equivalent). This capital infusion follows a previous intimation on August 03, 2026, aimed at supporting the Indonesian subsidiary's operations and restructuring. PT Sari Burger Indonesia has been undergoing portfolio optimization amid geopolitical headwinds and store closures.

Subscribed to 1,00,000 redeemable cumulative non-convertible preference shares
Nominal value per share is IDR 1,000,000
Total transaction value is IDR 100,000,000,000 (Hundred Billion Indonesian Rupiah)
Subscription completed on September 15, 2026 at 01:10 p.m. IST

💡 Track subsequent quarterly earnings to see if the capital infusion helps stabilize Indonesian unit economics and stem consolidated net losses.

Burger King India Hits 600 Restaurants With New Delhi Store Opening

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 10 Sep 2026, 01:00 PM

Restaurant Brands Asia has opened its 600th Burger King restaurant in India, located at GTB Nagar, Delhi. This expands the brand's network to over 100 restaurants across Delhi NCR and establishes a presence in more than 140 Indian cities. The milestone marks steady progress toward the company's stated Master Franchise Development Agreement target of reaching 700 India restaurants by December 2026. Despite ongoing network growth, RBA remains loss-making with a TTM net loss of Rs 191 crore on TTM revenue of Rs 2,947 crore.

Reached 600 operational Burger King restaurants across India
Expanded network footprint to 100+ restaurants across Delhi NCR
Presence now spans across 140+ cities in India
Milestone progresses towards the target of 700 restaurants by December 31, 2026

💡 Track same-store sales growth (SSSG) and average daily sales (ADS) in upcoming quarterly updates to evaluate whether rapid store rollouts are improving operating leverage and narrowing bottom-line losses.

RBA Penalised ₹1.60 Lakh by ADM Agra Under Food Safety & Standards Act

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 04 Sep 2026, 01:04 PM

Restaurant Brands Asia Limited received an order from the Additional District Magistrate (ADM), Agra, imposing a fine of ₹1,60,000 under Section 51 of the Food Safety and Standards Act, 2006. The order, received on September 3, 2026, pertains to violations of Section 3(1)(zx) read with Section 26(2)(ii) of the Act. The financial penalty of ₹1.60 lakh is negligible compared to the company's TTM revenue of ₹2,947 crore. The company confirmed there is no material impact on its financial or operational activities.

Penalty of ₹1,60,000 imposed by ADM Court, Agra under Section 51 of FSS Act, 2006
Order received by the company on September 03, 2026 (Case no. 784/2023)
Penalty relates to alleged contravention of Section 3(1)(zx) and Section 26(2)(ii)
Immaterial financial impact relative to TTM revenue of ₹2,947 crore

💡 Monitor adherence to quality standards and food safety compliances across outlets, along with updates in regular quarterly filings.

Restaurant Brands Asia Schedules 3 Investor Conferences Across September 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 04:51 PM

Restaurant Brands Asia Limited has disclosed its participation in three institutional investor conferences scheduled for September 2026 in Mumbai. The company will attend the Elara India Dialogue on September 3, the Anand Rathi G-200 Summit on September 21, and the Prabhudas Lilladher Mid & Small Cap Conference on September 28. All meetings will be conducted in-person via one-on-one and group formats, with no unpublished price-sensitive information being shared.

Participating in Ashwamedh – Elara India Dialogue 2026 on September 03, 2026 in Mumbai
Attending Anand Rathi G-200 Summit 2026 on September 21, 2026 in Mumbai
Scheduled for Prabhudas Lilladher Mid & Small Cap Conference on September 28, 2026 in Mumbai
All meetings to be held physically via one-on-one and group interactions

💡 Watch for any subsequent investor presentation uploads or management commentary disclosures post-conferences regarding store expansion progress towards the 700-store India target.

Restaurant Brands Asia Allots 3.59 Lakh Equity Shares Under ESOP Scheme 2015

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 06:31 PM

Restaurant Brands Asia Limited has approved the allotment of 3,59,468 fully paid-up equity shares of face value Rs 10 each pursuant to the exercise of options under the BK Employee Stock Option Scheme, 2015. Following this allotment, the company's total issued and paid-up equity share capital increased from 71,17,18,862 shares (Rs 711.72 crore) to 71,20,78,330 shares (Rs 712.08 crore). The new shares represent a negligible dilution of approximately 0.05% of the total equity base. The newly allotted shares will rank pari-passu with existing equity shares.

Allotted 3,59,468 equity shares of face value Rs 10 each under Scheme 2015
Paid-up share capital increased from Rs 7,11,71,88,620 to Rs 7,12,07,83,300
Total number of issued shares expanded from 71,17,18,862 to 71,20,78,330
Dilution impact is minor at ~0.05% of pre-allotment equity base

💡 No action required. Investors should track ongoing store additions towards the 700-store India target and SSSG performance in upcoming quarterly results.

RBA Fined ₹3.60 Lakh Under Food Safety and Standards Act in Mathura

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 21 Aug 2026, 05:02 PM

Restaurant Brands Asia Limited received two penalty orders totaling ₹3.60 lakh (₹1.80 lakh each across two cases) from the Additional District Magistrate, Mathura. The penalties were imposed under Section 26(2)(ii) of the Food Safety and Standards Act, 2006. Given the company's TTM revenue of ₹2,947 crore, the total fine is financially negligible (<0.01% of annual revenue) with no material operational disruption.

Penalty of ₹1,80,000 imposed by ADM Mathura in Case No. 1667/2024
Separate penalty of ₹1,80,000 imposed by ADM Mathura in Case No. 776/2024
Alleged violation under Section 26(2)(ii) of the Food Safety and Standards Act, 2006
Orders received by the company on August 20, 2026, with no material financial impact

💡 Monitor routine operational compliance and food safety disclosures across store operations; no immediate financial action is warranted.

RBA Shareholders Approve All 4 AGM Resolutions Including Director Appointments

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 07:13 PM

Restaurant Brands Asia Limited (RBA) concluded its 13th Annual General Meeting on August 20, 2026, where shareholders approved all 4 ordinary resolutions with required majorities. The resolutions included the adoption of FY26 financial statements (99.9997% votes in favor) and the re-appointment of Mr. Rafael Odorizzi De Oliveira (94.29% in favor). In addition, appointments of Mr. Madhusudan Bhagwandas Agrawal and Mr. Aayush Madhusudan Agrawal as Non-Executive Non-Independent Directors were passed with ~99.97% support each.

All 4 ordinary resolutions passed with requisite majority at the 13th AGM held on August 20, 2026
Adoption of FY26 audited standalone and consolidated financial statements approved with 99.9997% votes in favor
Re-appointment of Director Rafael Odorizzi De Oliveira approved with 94.29% votes in favor and 5.71% (27,477,869 votes) against
Appointments of Madhusudan Bhagwandas Agrawal and Aayush Madhusudan Agrawal as Non-Executive Non-Independent Directors passed with 99.97% votes in favor
Total shareholder count stood at 263,695 on the record date of August 13, 2026

💡 Track subsequent quarterly financial performance and store expansion progress toward the company's stated target of 700 India outlets by December 2026.

RBA Concludes 13th AGM; Approvals Sought for Director Appointments Post Inspira Stake Buy

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 04:23 PM

Restaurant Brands Asia Limited conducted its 13th Annual General Meeting (AGM) on August 20, 2026, via video conferencing. The meeting was chaired by Mr. Madhusudan Agrawal following Inspira Global's acquisition of a controlling stake in the company. Resolutions put to vote included the adoption of FY26 standalone and consolidated financial statements, the re-appointment of Mr. Rafael Odorizzi De Oliveira, and the appointments of Mr. Madhusudan Bhagwandas Agrawal and Mr. Aayush Madhusudan Agrawal as Non-Executive Non-Independent Directors. Final e-voting results and the Scrutinizer's Report will be submitted separately.

13th AGM successfully convened on August 20, 2026, from 11:00 AM to 12:43 PM IST.
Resolutions placed for adoption of FY26 annual accounts and appointment of 2 Non-Executive Directors (Mr. Madhusudan Agrawal and Mr. Aayush Agrawal).
Remote e-voting was held from August 16, 2026 (09:00 AM IST) to August 19, 2026 (05:00 PM IST) based on a cut-off date of August 13, 2026.
Management highlighted ongoing turnaround efforts in Indonesia and unit expansion targets in India.

💡 Track the formal disclosure of voting results and scrutinizer report to confirm the adoption of all ordinary and special business resolutions.

12.6% SSSG in India: RBA Reports Strong Q1 FY27 with 133% India EBITDA Growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 12:55 PM

Restaurant Brands Asia (RBA) delivered a robust Q1 FY27 performance in its primary India market, achieving a 15-quarter high Same-Store Sales Growth (SSSG) of 12.6%. India revenue grew 23.6% YoY to ₹682 Cr, while India company EBITDA surged 133.6% to ₹52.7 Cr, driven by improved gross margins of 70.8%. In Indonesia, the company continues its 'portfolio optimization' strategy, having closed 42 underperforming stores over the last two years to focus on profitability. Despite strong operational gains in India, the consolidated entity remains under pressure from Indonesian losses and high debt levels of ₹1,698 Cr.

India SSSG reached 12.6%, the highest recorded by the company in the last 15 quarters
India revenue grew 23.6% YoY to ₹682 Cr, representing approximately 24% of TTM revenue
India company EBITDA increased by 133.6% YoY to ₹52.7 Cr
Average Daily Sales (ADS) in India improved to ₹1,31,000 from previous levels
Indonesia portfolio reduced to 137 Burger King outlets following the closure of 42 stores for optimization

💡 Watch for the sustainability of double-digit SSSG in India and the execution of the new value strategy in Indonesia scheduled for late September 2026.

RBA to Participate in Motilal Oswal Investor Conference on August 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 05:22 PM

Restaurant Brands Asia (RBA) has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 17, 2026. The event will involve one-on-one and group meetings in a physical format at Grand Hyatt, Mumbai. As per regulatory requirements, the company stated that no unpublished price-sensitive information will be shared. This comes as the company manages a TTM revenue of ₹2,822 Cr and continues its push toward a 700-store target in India by December 2026.

Participation scheduled for the Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026
Meetings will be conducted in physical/in-person mode including one-on-one and group sessions
Company maintains a target to reach 700 restaurants in India by December 31, 2026
TTM revenue stands at ₹2,822.21 Cr with a TTM net loss of ₹203.80 Cr

💡 Watch for any post-event investor presentations or transcripts that may provide qualitative updates on the Indonesia portfolio optimization and India store rollout progress.

RBA Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 08:40 PM

Restaurant Brands Asia (RBA) has made the audio recording of its Q1 FY27 investor conference call available on its website, following the call held on August 03, 2026. The company continues to operate under a loss-making profile with a TTM PAT of Rs -204 Cr despite a TTM revenue of Rs 2,822 Cr. Investors should look for management commentary regarding the progress toward the 700-store target in India by December 2026. The stock has shown a 32% price return over the last 6 months, reflecting market interest in its expansion trajectory.

Conference call held on August 03, 2026, at 5:30 p.m. IST regarding Q1 FY27 results
Audio recording uploaded to the company website as per SEBI Regulation 30
Company maintains a target of 700 India stores by December 31, 2026
TTM revenue stands at Rs 2,822 Cr with an operating profit margin of 11.6%
Promoter holding remains low at 9.22% as of June 2026

💡 Investors should review the recording for management's specific commentary on Same Store Sales Growth (SSSG) and the status of 'portfolio optimization' in the Indonesia business.

12.6% India SSSG: RBA Reports Q1 FY27 Revenue Growth of 17.9% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Aug 2026, 04:27 PM

Restaurant Brands Asia (RBA) reported a strong operational performance for Q1 FY27, with consolidated revenue rising 17.9% YoY to ‡822.6 Cr. The India business was the primary driver, achieving a 15-quarter high Same Store Sales Growth (SSSG) of 12.6% and expanding gross margins to 70.8%. While the company remains loss-making at the consolidated level with a PAT of ‡-33 Cr, this is an improvement from the ‡-45.4 Cr loss in the same quarter last year. Indonesia continues to face headwinds with a 3.9% revenue decline, though portfolio rationalization is underway.

India SSSG reached 12.6%, the highest level recorded in the last 15 quarters.
India business revenue grew 23.6% YoY to ‡682.9 Cr, contributing 83% of total revenue.
India Gross Margin improved by 310 bps YoY to 70.8% due to supply chain efficiencies.
Consolidated Company EBITDA (Pre-Ind AS 116) jumped 265.7% YoY to ‡43.5 Cr.
India store count reached 590 outlets, with 9 new Burger King stores added during the quarter.

💡 Watch for the sustainability of double-digit SSSG in India and the progress of 'portfolio rationalization' in Indonesia, where 42 stores are being optimized to improve profitability.

12.6% SSSG and ₹1,050 Cr Capital Infusion by Inspira Global in Q1 FY27

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Aug 2026, 04:24 PM

Restaurant Brands Asia (RBA) reported a strong Q1 FY27 with consolidated revenue growing 17.9% YoY to ₹822.6 cr and a 266% surge in Pre-Ind AS EBITDA to ₹43.5 cr. The India business achieved a 15-quarter high SSSG of 12.6%, driving standalone restaurant margins to 13.2%. Crucially, Inspira Global has completed a 42% stake acquisition, infusing ₹1,050 cr immediately with another ₹450 cr committed. This capital infusion, representing ~24% of current market cap, significantly strengthens the balance sheet to fund the 700-store India expansion target.

Consolidated revenue increased 17.9% YoY to ₹822.6 cr for the quarter ended June 30, 2026
India Burger King SSSG accelerated to 12.6%, the highest level in the past 15 quarters
Inspira Global infused ₹1,050 cr for a 42% stake, with an additional ₹450 cr committed via warrants
Consolidated Pre-Ind AS EBITDA grew 265.7% YoY to ₹43.5 cr from ₹11.9 cr
India standalone restaurant EBITDA margin expanded 350 bps YoY to 13.2%

💡 Monitor the utilization of the ₹1,050 cr infusion for debt reduction and the pace of store additions in India to reach the 700-store target. Watch for management changes and synergy benefits following Inspira Global's acquisition of a controlling stake.

View All RBA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 37.8% in FY2023 to INR 2,054.3 Cr. India standalone revenue grew 52.5% to INR 1,439.7 Cr in FY2023. 9M FY2025 consolidated growth was modest at 4.2% due to subdued performance in Indonesia and inflationary pressures in India.

Geographic Revenue Split

India operations contribute approximately 70% of consolidated revenue (INR 1,439.7 Cr out of INR 2,054.3 Cr in FY2023), with the remainder from Indonesia. Indonesia's contribution was impacted by store closures and geopolitical issues affecting local brand preferences.

Profitability Margins

Gross margins improved to 68.3% in Q2 FY2026 from 67.7% in Q1. Net profit margin was -4.45% in FY2025 compared to -3.92% in FY2024. Operating profit margin stood at 14.45% in FY2025, up from 13.51% in FY2024.

EBITDA Margin

Reported Company EBITDA margin was 10.8% (INR 76.3 Cr) in Q2 FY2026, a 24.7% YoY growth. Restaurant-level EBITDA margin was 16.8% (INR 117.9 Cr). The company aims for a long-term gross margin of 70%.

Capital Expenditure

RBA raised INR 500 Cr through a QIP in March 2025 to fund aggressive expansion. Previous funding includes an IPO in 2020 and a QIP of INR 500 Cr in February 2022. Expansion is primarily focused on meeting the MFDA requirement of 700 stores in India by 2026.

Credit Rating & Borrowing

ICRA assigned an [ICRA]A- (Stable) rating. External debt is limited to the Indonesian subsidiary at INR 159.8 Cr as of March 2023. Standalone India operations have no external debt except lease liabilities.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include chicken, vegetables, buns, and dairy products. The company emphasizes food free from synthetic colors and artificial flavors. Raw material costs are managed through supply chain efficiencies to target a 70% gross margin.

Capacity Expansion

Current Indonesia capacity is 143 Burger King and 25 Popeyes outlets as of FY2025. Planned expansion in India requires opening at least 700 restaurants by December 31, 2026, as per the Master Franchise Development Agreement (MFDA).

Raw Material Costs

Raw material costs are approximately 31.7% of revenue based on a 68.3% gross margin. Efficiencies in the supply chain and GST deductions on certain RM costs have supported margin expansion by 0.6% in recent quarters.

Manufacturing Efficiency

Average Daily Sales (ADS) for India stood at INR 120,000. The company is focusing on 'volume leverage' where higher sales at existing stores (SSSG) will drive better absorption of fixed costs.

Logistics & Distribution

The company is implementing a targeted delivery strategy aimed at improving margins rather than just volume, which contributed to a 0.6% margin improvement in Q2 FY2026.

📈 Strategic Growth

Expected Growth Rate

4-5%

Growth Strategy

Growth is driven by three levers: P&L efficiency, volume increases through Same Store Sales Growth (SSSG), and new restaurant construction to reach 700 India stores by 2026. Indonesia strategy focuses on closing underperforming stores and achieving cash breakeven.

Products & Services

Quick Service Restaurant (QSR) products including Burger King burgers, chicken products, Popeyes fried chicken, and digital ordering services via the BK App.

Brand Portfolio

Burger King, Popeyes.

New Products/Services

Expanded chicken product range in Indonesia and menu innovation in Popeyes to improve unit-level economics. The BK App is a key pillar for future CRM and digital engagement.

Market Expansion

Aggressive expansion in India to reach 700 stores by Dec 2026. Indonesia expansion is currently paused in favor of 'portfolio optimization' and closing underperforming outlets.

Strategic Alliances

Master Franchise Development Agreement (MFDA) with BK AsiaPac and QSR Asia Pte Ltd for exclusive rights in India and Indonesia.

🌍 External Factors

Industry Trends

The QSR industry is seeing a shift toward digital capabilities and delivery-led growth. RBA is positioning the BK App as a central CRM tool to increase order frequency among Gen Z and youth.

Competitive Landscape

Faces intense competition from established international QSR brands and local unorganized players in both India and Indonesia.

Competitive Moat

Moat is based on exclusive long-term MFDA rights (valid until 2040 for Indonesia) and a strong brand identity. Sustainability depends on meeting store-count mandates and maintaining food quality standards.

Macro Economic Sensitivity

Highly sensitive to consumer spending and inflation. Expected revival in demand is linked to potential tax cuts and interest rate reductions in FY2026.

Consumer Behavior

Shift toward dine-in recovery post-pandemic and increasing demand for value-segment products in response to inflationary pressures.

Geopolitical Risks

Significant impact in Indonesia where geopolitical tensions have shifted consumer preferences away from international brands, leading to operating losses.

⚖️ Regulatory & Governance

Industry Regulations

Must comply with FSSAI standards in India and similar food safety norms in Indonesia. Non-compliance with MFDA terms (e.g., store counts or D/E ratio > 2x) could lead to termination of franchise rights.

Taxation Policy Impact

The company is benefiting from GST deductions on certain raw material costs, which it is evaluating for reinvestment into promotions or margin retention.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the turnaround of the Indonesia business, which saw an EBITDA loss of INR 33 billion in a recent period. Continued net losses due to high depreciation from rapid expansion (INR 242.2 Cr loss in FY2023) pose a risk to net worth.