Restaurant Brands Asia (RBA IN) – Q2FY27 Result Update – India business on a roll, Indonesia remains a drag – ACCUMULATE
Published on 29 Oct 2026
RBA delivered a healthy all-round performance with SSSG of 14%, driven by a strong value proposition and healthy in-store traffic. ADS stood at Rs131k, while sales/store grew 9% for second quarter consecutively, reflecting continued improvement in store economics. The company turned Adj. PAT positive led by operating leverage and higher other income. Corporate overheads also declined by ~3.8% sequentially on strict cost control. Indonesia business continued to weigh on consol profitability with EBITDA loss of Rs119mn. While the Burger King brand maintained its recovery trajectory, Popeyes continued to remain a drag. Retain Accumulate with SOTP-based TP of Rs112 (Rs101 earlier).
