Restaurant Brands Asia LimitedQ2 FY27 Results & Financial Update
Restaurant Brands Asia Limited: Q2 FY27 consolidated results and company financials – revenue ₹844.85 Cr, PAT ₹-23.79 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Restaurant Brands Asia Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Restaurant Brands Asia Limited delivered a consolidated revenue from operations of INR 844.847 crore for the quarter ended September 30, 2026, marking a sequential increase over the previous quarter's revenue of INR 822.60 crore. On a consolidated basis, the store network expanded to reach 766 restaurants across operating geographies.
The standalone India business demonstrated strong operational momentum, posting a same-store sales growth (SSSG) of 14.0% for Q2 FY27. Standalone revenue from operations grew to INR 705.60 million (INR 7,056 million), while gross margins improved to 70.4% from 68.3% in the corresponding period of the previous year.
Profitability in the India standalone entity turned positive, with Profit After Tax reaching INR 155.85 million (INR 15.585 crore), marking a milestone for the domestic operations. Company EBITDA (Pre-Ind AS 116) for the India business rose 94.1% year-on-year to INR 551 million.
The international operations in Indonesia reported mixed performance. Consolidated revenue for the Indonesia segment reached INR 1,393 million, with Burger King Indonesia noting early signs of a strategic revival and improving restaurant EBITDA to INR 8 million.
Cost disciplines and operational efficiencies helped offset underlying inflationary pressures. The rollout of new energy-efficient equipment, broilers, and optimized procurement supported margin expansion across key operating clusters in India.
Consolidated finance costs stood at INR 50.103 crore and depreciation and amortisation expenses were reported at INR 105.749 crore for the quarter, reflecting ongoing capital investments in store build-outs and lease liabilities.
01 · Business model
What does Restaurant Brands Asia do?
Restaurant Brands Asia Limited (RBA), formerly known as Burger King India Limited, operates as the national master franchisee for the Burger King brand in India. The company holds exclusive development, establishment, operation, and franchising rights for Burger King branded restaurants across the country.
Through its international subsidiaries, RBA also acts as the exclusive national master franchisee for both Burger King and Popeyes brands in Indonesia, extending its footprint across South and Southeast Asian quick service restaurant (QSR) markets.
The economic model depends heavily on rapid store network expansion through a cluster-led strategy, strong digital adoption via proprietary apps and self-ordering kiosks (SOKs), and value-led offerings designed to drive sustained dine-in traffic and average check sizes.
Revenue generation is anchored primarily by its standalone Burger King business in India, complemented by growing international contributions from Burger King Indonesia and Popeyes Indonesia.
02 · Historical context
What shaped the business before this quarter
The company established its first Burger King restaurant in Saket, Delhi, in 2014 before expanding its footprint nationwide.
Over successive years, the store network expanded steadily, crossing key operational milestones to reach 607 restaurants in India by September 2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹844.85 Cr | ₹822.60 Cr |
| Total income | ₹866.84 Cr | — |
| Profit before tax | ₹-23.79 Cr | — |
| Profit after tax | ₹-23.79 Cr | — |
| EPS | ₹-0.29 | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The addition of 17 new stores in India since June 30, 2026, brought the total domestic restaurant count to 607 across 144 cities.
Burger King India achieved a 14.0% SSSG in Q2 FY27, backed by 14 consecutive quarters of positive dine-in traffic growth.
Delivery mix in India stood at 46% for the quarter, while app frequency increased by 7% year-on-year, supported by targeted promotions and Crazy App Deals.
What drove margins
Cost of materials consumed as a percentage of revenue improved to 29.6% in the India standalone business, compared to 31.7% in Q2 FY26.
The rollout of new broilers and energy-efficient kitchen equipment helped offset utility inflation and improve operating margins.
Standalone gross margins in India expanded by 2.1 percentage points year-on-year to reach 70.4%.
05 · Demand, customers & order book
Where demand is coming from
Recorded the 14th continuous quarter of positive dine-in traffic growth in India, driven by value-led offerings and limited-time flavor festivals.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated INR 7,056 million in revenue with a restaurant EBITDA (Pre-Ind AS 116) of INR 910 million and a margin of 12.9%.
Comprising Burger King (137 restaurants) and Popeyes (25 restaurants), total Indonesia revenue reached INR 1,393 million with restaurant EBITDA turning positive to INR 8 million.
Geography and market mix
Expanded restaurant count to 607 units spread across 144 cities, reinforcing cluster-led penetration.
Maintained a combined network of 162 stores across Burger King and Popeyes banners in Indonesia.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Reached a cumulative consolidated store network of 766 restaurants, with India accounting for 607 units.
Projects, capex and execution
Investments in HVAC, lighting, broilers, and kitchen equipment continued across both Indian and Indonesian outlets to elevate guest experiences.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Introduced the Peri-Peri Fest platform and expanded limited-time offerings (LTOs) to build average check sizes and drive guest frequency.
Launched the King Jr. Funbox kids meal platform in India to capture incremental family customer segments.
09 · Reported developments
What changed operationally
Burger King India reported a positive Profit After Tax of INR 155.85 million for the quarter.
Burger King Indonesia showed operational recovery with positive restaurant EBITDA of INR 8 million on the back of strategic initiatives.
10 · Pressure points & risks
What is not going smoothly
Popeyes Indonesia continued to experience margin headwinds, reporting a restaurant EBITDA margin of -24.3% for the quarter.
11 · Items worth noticing
The line items that can distort a quick read
Reported provisions of INR 15.047 crore for the quarter.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership Continuity
Sumit Zaveri was announced to lead the India business, continuing to report to Group CEO Rajeev Varman.
Reported update
600th Store Milestone
Marked the launch of the 600th Burger King store in India, commemorating a decade of operations since entering the market in 2014.
13 · Previous-quarter changes
What changed since the previous quarter
Added 17 new restaurants in India during the quarter, increasing the domestic store count from 590 at the end of Q1 FY27 to 607.
14 · Key Q&A
The quarter, answered directly
What does Restaurant Brands Asia do?
Restaurant Brands Asia Limited (RBA), formerly known as Burger King India Limited, operates as the national master franchisee for the Burger King brand in India. The company holds exclusive development, establishment, operation, and franchising rights for Burger King branded restaurants across the country.
What is the clearest takeaway from Q2 FY27?
Restaurant Brands Asia Limited delivered a consolidated revenue from operations of INR 844.847 crore for the quarter ended September 30, 2026, marking a sequential increase over the previous quarter's revenue of INR 822.60 crore. On a consolidated basis, the store network expanded to reach 766 restaurants across operating geographies.
What drove revenue or demand?
The addition of 17 new stores in India since June 30, 2026, brought the total domestic restaurant count to 607 across 144 cities.
What mattered most for margins or profitability?
Cost of materials consumed as a percentage of revenue improved to 29.6% in the India standalone business, compared to 31.7% in Q2 FY26.
What changed operationally beyond the headline numbers?
Reached a cumulative consolidated store network of 766 restaurants, with India accounting for 607 units.
What are the main pressure points disclosed for the quarter?
Popeyes Indonesia continued to experience margin headwinds, reporting a restaurant EBITDA margin of -24.3% for the quarter.
15 · Scenario calculator
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Store Expansion Pace: Monitor the execution of the target to build 80-100 stores annually through the cluster-led strategy in India.
- 02
International Turnaround: Track margin recovery progress in the Indonesian operations, specifically the national rollout of Super Hemat value deals in Q3.
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