Restaurant Brands Asia (RBA IN) – Q3FY26 Result Update – India operations improve, Indonesia exit key to re-rating – Accumulate
Published on 04 Feb 2026
RBA’s India strategy is on track given 1) Value focus with combos (2 veg Burgers at Rs79, Chicken at Rs99, and Café at Rs99) 2) renewed mix focus with whooper Deluxe and Kings collection 3) cost reduction in delivery business and 4) gradual increase in ADS of Café business
Near term outlook is showing green shoots led by demand revival on the account of favorable macro policies. We believe benefits of operating leverage, cost control and higher income (Rs797/1539mn in FY27/28 led by Capital infusion) will enable RBA to turn PAT positive from India operations by FY27. Exit from Indonesia business will be a key trigger for the stock, in our view. Retain Accumulate with SOTP based target price of Rs82 (Rs81 earlier).
