Restaurant Brands Asia Limited (formerly known as Burger King India Limited) reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, as approved by the Board of Directors at its meeting held on May 14, 2026. The statutory auditors, B S R & Co. LLP, Chartered Accountants, issued an unmodified opinion on both the standalone and consolidated financial results. Alongside the results, the company released an investor presentation detailing operational and business highlights for Q4 and FY26.

Standalone Financial Performance

On a standalone basis, the company's revenue from operations grew to ₹22,717.23 million in FY26 from ₹19,677.59 million in FY25. Total income for the year stood at ₹23,444.99 million, compared to ₹19,916.52 million in the prior year. However, total expenses also rose to ₹23,813.87 million from ₹20,792.30 million, resulting in a loss before exceptional items and tax of ₹368.88 million, an improvement from ₹875.78 million in FY25.

The standalone results were significantly impacted by exceptional items of ₹1,222.52 million, which included a ₹1,200.00 million impairment of investment in subsidiary PT Sari Burger Indonesia and ₹22.52 million related to the implementation of new Labour Codes by the Government of India on November 21, 2025. As a result, the standalone net loss for FY26 widened to ₹1,591.40 million from ₹875.78 million in FY25.

The following table summarises the key standalone financial metrics:

Standalone Quarterly Performance

For the quarter ended March 31, 2026, standalone revenue from operations was ₹5,734.61 million, compared to ₹4,897.74 million in the quarter ended March 31, 2025. The standalone net loss for the quarter stood at ₹1,203.21 million, compared to ₹254.24 million in the corresponding quarter of the previous year, primarily due to the ₹1,200.00 million exceptional impairment charge recorded in Q4 FY26.

Consolidated Financial Performance

On a consolidated basis, the Group — comprising Restaurant Brands Asia Limited and its subsidiary PT Sari Burger Indonesia (along with step-down subsidiary PT Sari Chicken Indonesia) — reported revenue from operations of ₹28,226.40 million for FY26, up from ₹25,507.20 million in FY25. Total consolidated income for the year was ₹28,712.58 million against ₹25,818.85 million in the prior year.

The consolidated net loss for FY26 stood at ₹2,041.28 million, an improvement from ₹2,327.94 million in FY25. Total comprehensive loss for the year was ₹2,146.91 million, compared to ₹2,350.38 million in FY25. The loss attributable to equity holders of the parent was ₹1,870.78 million, while the loss attributable to non-controlling interests was ₹170.50 million.

India Operational Highlights

The investor presentation highlighted strong operational momentum for the India business in FY26. The India segment expanded its store count to 581 restaurants as of March 31, 2026, adding 68 stores year-on-year. Revenue from operations for the India segment grew 15.4% YoY to INR 22,717 million, driven by store additions and same-store sales growth (SSSG). Average Daily Sales (ADS) stood at INR 116K, with SSSG of 4.0% for the full year. Gross margin improved by 1.3% YoY to 69.0%, driven by menu mix and supply chain efficiencies.

Restaurant EBITDA (Pre-IND AS 116) for India grew 27.4% YoY to INR 2,636 million, with a margin of 11.6%, while Company EBITDA (Pre-IND AS 116) rose 33.2% YoY to INR 1,324 million, representing a margin of 5.8%. Digital adoption remained strong, with 91% of all orders placed through digital channels. Monthly active users on the BK App grew 51% over the previous year.

The following table presents India's key operational and financial metrics for FY26:

India Q4 FY26 Highlights

For Q4 FY26, the India business reported revenue from operations of INR 5,735 million, a 17.1% YoY increase. SSSG accelerated to 6.3% — the highest over the last 12 quarters — with ADS of INR 111K. Gross margin expanded to 70.2%, up 2.4% YoY. Restaurant EBITDA (Pre-IND AS 116) surged 47.1% YoY to INR 759 million, while Company EBITDA (Pre-IND AS 116) grew 53.8% YoY to INR 409 million.

Segment Performance

The Group operates across two reportable segments — India and Indonesia. The India segment reported revenue of ₹22,717.23 million for FY26, compared to ₹19,677.59 million in FY25. The Indonesia segment reported revenue of ₹5,509.17 million for FY26, compared to ₹5,829.61 million in FY25.

Indonesia Operational Highlights

The Indonesia operations, comprising Burger King and Popeyes brands, ended FY26 with a total store count of 162 (137 Burger King and 25 Popeyes). Burger King Indonesia reported ADS of IDR 18.6 Mn and Store EBITDA of IDR 8.2 Bn for FY26, while Popeyes reported ADS of IDR 12.8 Mn and Store EBITDA of IDR (24.9 Bn). At the consolidated Indonesia level, Co EBITDA (Pre-IND AS 116) improved to IDR (100) Bn in FY26 from IDR (122) Bn in FY25, reflecting a reduction in corporate overheads of IDR 9.6 Bn over the previous year.

Balance Sheet and Cash Flow Highlights

On a standalone basis, total assets as at March 31, 2026 stood at ₹42,739.55 million, compared to ₹42,858.39 million as at March 31, 2025. Total equity declined to ₹21,093.31 million from ₹22,604.08 million. Standalone cash and cash equivalents at the end of the year were ₹248.02 million, down from ₹5,210.28 million at the start of the year, reflecting net cash used in investing activities of ₹5,929.67 million and net cash used in financing activities of ₹2,478.86 million, partially offset by net cash generated from operating activities of ₹3,446.27 million.

On a consolidated basis, total assets stood at ₹33,823.12 million as at March 31, 2026, compared to ₹34,626.71 million as at March 31, 2025. Consolidated cash and cash equivalents at year-end were ₹306.16 million, compared to ₹5,342.52 million at the beginning of the year.

Corporate Developments

Several key corporate developments were noted during the year:

• Preferential Issue: The Board, at its meeting held on January 20, 2026, approved the issuance of 12,85,71,128 equity shares at ₹70 per share to Lenexis Foodworks Private Limited, 100 equity shares each at ₹70 per share to Aayush Agrawal Trust, Inspira Foodworks Private Limited (formerly Inspira Realty 1 Private Limited), and Mr. Aayush Madhusudan Agrawal, and 8,57,14,285 warrants at ₹70 per warrant to Lenexis Foodworks Private Limited, exercisable within 18 months from the date of allotment. Shareholder approval was received at the extraordinary general meeting held on February 13, 2026. The transaction is subject to approval from the Competition Commission of India and other relevant statutory authorities.
• QIP Utilisation: During the year ended March 31, 2025, the company had raised gross QIP proceeds of ₹5,000.00 million by issuing 8,33,33,333 equity shares at ₹60.00 per share. As at March 31, 2026, total utilisation from net proceeds of ₹4,800.85 million amounted to ₹3,410.78 million, with a balance of ₹1,390.07 million held in fixed deposits and mutual funds.
• Exceptional Items: The ₹22.52 million charge related to the implementation of four new Labour Codes by the Government of India on November 21, 2025, reflecting the actuarial impact of the revised definition of "wages" on gratuity and long-term compensated absences, has been classified as an exceptional item given its non-recurring, regulatory nature.

Five-Year India Operations Journey

The investor presentation also highlighted the India business's five-year performance trajectory from FY22 to FY26, underscoring significant scale and profitability improvements.

The financial results are available on the company's website at www.burgerking.in and on the websites of BSE Limited and National Stock Exchange of India Limited.

Rajasthan Global Securities Pvt. Ltd., along with its Persons Acting in Concert (PAC), has filed a disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reporting a fresh acquisition of shares in Restaurant Brands Asia Ltd. . The transaction was executed through the open market on 08.05.2026, and the disclosure was submitted from New Delhi on the same date.

Acquisition Details

The acquirer, Rajasthan Global Securities Pvt. Ltd., along with PACs — LRSD Securities Pvt. Ltd. and RGSL Investment LVF I — acquired 15,17,685 equity shares carrying voting rights, representing 0.27% of the total share and voting capital of Restaurant Brands Asia Ltd. None of the acquirer or PAC entities belong to the promoter or promoter group of the target company.

The following table summarises the shareholding position before and after the acquisition:

Acquirer and PAC Details

The entities involved in this disclosure are as follows:

Target Company Capital Structure

The equity share capital of Restaurant Brands Asia Ltd. remained unchanged before and after the acquisition. The total share capital, both pre- and post-acquisition, stands at 582746905 shares of Rs.10 each. The total diluted share and voting capital of the target company after the acquisition is also 582746905 shares of Rs.10 each.

Transaction Mode and Date

The acquisition was carried out through the open market route. The date of acquisition is 08.05.2026. No shares in the nature of encumbrance, voting rights otherwise than by equity shares, or warrants or convertible securities were involved in this transaction either before or after the acquisition.