Restaurant Brands Asia (RBA IN) – Company Update – Fresh promoter entry set to drive growth – Accumulate
Published on 21 Jan 2026
QSR Asia is exiting RBA by sale of its 11.2% shareholding to Inspira global through Lenexis foodworks its food and beverage arm. Lenexis will infuse Rs15 bn in preferential shares and warrants taking their stake to 35.1% (pre open offer). The acquisition is priced at 1.1x FY28 EV/Sales and 6.5x FY28 EV/EBITDA (post IND AS, standalone), which we view as reasonable given the company’s strong brand equity, pan-India licensing from RBI, and No.2 position in the Indian Burger segment. The new promoter, Lenexis foodworks, brings operational expertise, which combined with the likely exit from Indonesia should support a PBT turnaround by FY28. While the stock lacks immediate triggers, promoter-led initiatives, cost optimization, and renewed focus on domestic expansion could unlock value over the next 12–18 months. Key monitorable include effective execution of the Indonesia exit, margin improvement, and sustaining growth in a challenging consumer environment. We maintain an Accumulate rating with a SOTP-based target price of Rs 81.
