🔍

RBA - Restaurant Brand

📊 NSE: RBA 🏢 Hotels 📅 Last Updated: 12/14/2025 11:50

📢 Recent Corporate Announcements

RBA Shareholders Approve Preferential Issue and Capital Increase at EGM

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 13 Feb 2026, 09:41 PM

Restaurant Brands Asia Limited (RBA) has successfully passed all four resolutions proposed at its Extra-ordinary General Meeting held on February 13, 2026. Key approvals include a preferential issue of equity shares and warrants on a private placement basis and an increase in the company's authorized share capital. While most resolutions passed with over 99% support, the proposal for granting special rights to identified shareholders saw some institutional resistance with 9.62% of total votes cast against it. Additionally, shareholders cleared the remuneration package for Group CEO Rajeev Varman with near-unanimous support.

Approved preferential issue of Equity Shares and Warrants on a private placement basis with 99.57% votes in favor.
Authorized Share Capital increase and MoA alteration passed with 99.88% shareholder approval.
Special rights for identified shareholders and AoA amendments approved with a 90.38% majority.
CEO Rajeev Varman's remuneration package approved with 99.90% of total votes cast.
Total voter turnout for the meeting represented 68.15% of the company's outstanding shares.

💡 Investors should view the approval of the preferential issue as a positive signal for the company's growth and capital-raising capabilities. However, monitor the long-term implications of the special rights granted to specific shareholders, which faced higher institutional dissent compared to other resolutions.

RBA Approves INR 1,500 Cr Fundraise; Inspira Global to Acquire Controlling Stake

🟢 POSITIVE ⭐ 10/10

M&A 📅 13 Feb 2026, 03:29 PM

Restaurant Brands Asia (RBA) has approved a significant fundraise of approximately INR 1,500 Crores through a preferential issue of equity and warrants at INR 70 per unit. This move facilitates Inspira Global's acquisition of a controlling interest in the company, which will trigger a mandatory open offer for minority shareholders. The proceeds are earmarked for strengthening operational flexibility and funding the expansion of the Burger King and Popeyes brands. Additionally, shareholders approved increasing the authorized share capital to INR 900 Crores and amending the Articles of Association to reflect the new promoter structure.

Issuance of 12.86 crore equity shares and 8.57 crore warrants at INR 70 each to raise ~INR 1,500 Crores
Inspira Global to take controlling interest, triggering a mandatory open offer for shareholders
Authorized share capital increased from INR 700 Crores to INR 900 Crores to accommodate the issue
Capital intended to support growth strategy and financial flexibility for future expansion in Asia
Approval of remuneration for Group CEO Rajeev Varman and adoption of restated Articles of Association

💡 Investors should monitor the formal open offer announcement and compare the INR 70 offer price with the current market price. The entry of a new strategic promoter and fresh capital is a long-term positive for the company's aggressive expansion plans.

RBA Q3 FY26 Results: Revenue Up 16.5% to ₹577 Cr, Highest Ever EBITDA at ₹40.6 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 06:08 PM

Restaurant Brands Asia reported a strong Q3 FY26 with revenue growing 16.5% YoY to INR 577 crores and its highest-ever EBITDA of INR 40.6 crores. The India business achieved a 4.5% SSSG, marking the 11th consecutive quarter of positive growth, while gross margins improved to 69.9%. The company expanded its footprint to 577 stores and is on track to reach 600 by the end of the fiscal year. In Indonesia, the Burger King business showed recovery with four quarters of positive SSSG, though the Popeyes segment remains a focus area for improvement.

Revenue increased 16.5% YoY to INR 577 crores with a 4.5% SSSG in India.
Reported highest-ever company EBITDA of INR 40.6 crores, up 31.5% YoY.
Gross margins improved by 2.1% YoY to 69.9%, driven by supply chain efficiencies.
Digital adoption reached 92% of all orders, with a 47% growth in monthly active users.
Store network expanded to 577 locations, with a target of 600 stores by March 31, 2026.

💡 Investors should view the consistent SSSG and margin expansion as a sign of strong operational execution in a tough environment. Monitor the turnaround progress in Indonesia and the scaling of the Popeyes brand as potential future growth drivers.

RBA Corrigendum: New Promoters to Acquire 35.12% Stake via Preferential Issue

🟢 POSITIVE ⭐ 9/10

M&A 📅 06 Feb 2026, 05:28 PM

Restaurant Brands Asia (RBA) has issued a corrigendum for its upcoming EGM on February 13, 2026, regarding a preferential issue of shares and warrants. The transaction will result in a change of control, with Lenexis Foodworks and associated entities becoming the new promoters of the company. Post-issue, the total promoter holding will stand at 35.12% on a fully diluted basis, while public shareholding will decrease from 88.74% to 64.88%. The company also confirmed the appointment of a monitoring agency as the fundraise exceeds ₹100 crore.

Lenexis Foodworks to acquire 21,42,85,413 shares, representing a 26.74% stake on a fully diluted basis.
Total promoter and promoter group holding to increase to 35.12% post-transaction.
Public shareholding to be diluted from 88.74% to 64.88% following the preferential allotment and warrant conversion.
Appointment of a SEBI-registered monitoring agency is mandatory as the issue size exceeds ₹100 crore.
Existing sellers will be reclassified from the promoter category to public shareholders upon completion.

💡 Investors should track the EGM outcome on February 13, 2026, as the entry of new promoters and fresh capital infusion typically signals a strategic shift and growth potential. The change in control is a significant event that may impact long-term valuation and management direction.

RBA Approves Revised AOA and Special Board Rights for New Promoter Group

🔵 WATCH ⭐ 8/10

M&A 📅 05 Feb 2026, 06:50 PM

Restaurant Brands Asia (RBA) has approved amendments to its Articles of Association to facilitate a change in promoter control. The new promoter group, including Lenexis Foodworks and Aayush Agrawal, will be granted specific board nomination rights based on their shareholding levels. This follows a Share Purchase Agreement where existing promoters QSR Asia and F&B Asia Ventures will exit their promoter status. The transition marks a significant shift in the company's governance and leadership structure.

New promoters can nominate 4 directors if they hold at least 25% of the total paid-up equity capital.
Nomination rights scale down to 3 directors for a 15% stake and 2 directors for a 10% stake.
Existing promoters (QSR Asia and F&B Asia) will lose all special rights, including the right to appoint the CEO.
The amendments are subject to shareholder approval and the final closing of the Share Purchase Agreement dated January 20, 2026.
The Acquirer Group and IATL will be officially classified as 'promoters' under SEBI regulations upon closing.

💡 Investors should closely monitor the strategic changes and management shifts that may follow the entry of the new promoter group. The removal of the previous promoter's right to appoint the CEO indicates a likely change in top-level leadership.

Restaurant Brands Asia Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 04:29 PM

Restaurant Brands Asia Limited has informed the exchanges that the audio recording of its investor and analyst conference call held on February 4, 2026, is now available. The call focused on the company's unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This is a standard regulatory filing under SEBI Listing Regulations to ensure all investors have access to management commentary. The recording can be accessed through the company's official website.

Conference call held on February 4, 2026, at 9:30 a.m. IST regarding Q3 FY26 results.
Audio recording uploaded to the company's website for public access and transparency.
Covers financial performance for both standalone and consolidated entities for the nine-month period.
Filing made in compliance with Regulation 30 of SEBI Listing Regulations.

💡 Investors should listen to the recording to understand management's perspective on store expansion, margins, and the performance of the Indonesia business. No immediate action is required as this is a routine administrative update.

RBA Clarifies CEO Remuneration: Variable Pay Capped at ₹40M with Performance-Linked ESOPs

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 03 Feb 2026, 09:36 PM

Restaurant Brands Asia (RBA) has provided additional details on the remuneration for Group CEO Rajeev Varman for the period 2026-2029. The variable pay is capped at ₹40 million per annum, strictly linked to EBITDA, revenue, and store growth targets. Furthermore, annual ESOP grants are capped at 2.0 times the fixed pay, with performance-based options exercisable at a face value of ₹10. This disclosure provides transparency on executive incentives and aligns management compensation with key operational metrics.

Variable pay for Group CEO Rajeev Varman is capped at ₹40 million per annum.
Annual ESOP grant value is limited to a maximum of 2.0 times the fixed pay based on benchmarking.
Performance-linked ESOPs have an exercise price of ₹10, while tenure-linked options are at Fair Market Value.
Vesting metrics are weighted: EBITDA (50%), Revenue (25%), and Net Restaurant Growth (25%).
Minimum achievement threshold for performance-linked vesting is set at 90% of the Annual Operating Plan.

💡 Investors should note the strong alignment between CEO compensation and operational growth targets like EBITDA and store expansion. No immediate action is required, but the EGM on February 13, 2026, will formalize these terms.

RBA Q3 FY26: India Revenue Up 16.5%, Consolidated EBITDA Surges 85% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:21 PM

Restaurant Brands Asia (RBA) delivered a robust Q3 FY26 performance, with consolidated revenue growing 11.8% YoY to INR 7,147 million. The India business was the primary driver, reporting a 16.5% revenue increase and a 31.5% jump in Pre-Ind AS 116 Company EBITDA to INR 406 million. India gross margins reached a record 69.9%, up 210 bps YoY, while SSSG stood at a healthy 4.5%. Although the Indonesia segment remains loss-making, consolidated Pre-Ind AS 116 EBITDA grew significantly by 85% YoY to INR 246 million.

India revenue grew 16.5% YoY to INR 5,773 million with a 4.5% Same Store Sales Growth (SSSG).
India Gross Margins expanded to 69.9%, driven by menu mix and supply chain efficiencies.
Consolidated Pre-Ind AS 116 Company EBITDA rose 85% YoY to INR 246 million.
India store network reached 577 restaurants, with 554 BK Cafes now operational.
Indonesia losses narrowed slightly, with Burger King store EBITDA improving by IDR 10 billion in 9M FY26.

💡 Investors should take note of the strong margin expansion and operational efficiency in the India business. The continued growth of BK Cafes and the stabilization of the Indonesia segment are critical factors for future valuation rerating.

RBA Q3 FY26: Revenue Up 16.5% to ₹577 Cr, EBITDA Grows 20.9% with 44 New Stores

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:15 PM

Restaurant Brands Asia (RBA) reported a strong Q3 FY26 with standalone revenue growing 16.5% YoY to Rs. 5,773 million, supported by a 4.5% same-store sales growth. Profitability improved significantly as EBITDA rose 20.9% YoY to Rs. 953 million, while gross margins expanded by 210 bps to 69.9% due to supply chain efficiencies. The company aggressively expanded its footprint by adding 44 new restaurants during the quarter, bringing the total count to 577 across 141 cities. This marks the 10th consecutive quarter of positive sales growth, reflecting resilient consumer demand and operational excellence.

Standalone Revenue from Operations increased by 16.5% YoY to Rs. 5,773 million.
EBITDA grew by 20.9% YoY to Rs. 953 million with a 4.5% Same-Store Sales Growth (SSSG).
Gross Margins expanded by 210 bps YoY to reach 69.9% driven by distribution efficiencies.
Added 44 new restaurants in Q3 FY26, taking the total store count to 577 across 141 cities.
Achieved 10 consecutive quarters of positive sales growth over the last 3 years.

💡 The strong margin expansion and rapid store rollout indicate healthy growth momentum; investors should monitor if this operational efficiency translates into consistent bottom-line profitability.

RBA Q3 Loss Narrows to ₹70M; Revenue Up 16.5%; Board Approves ₹70/Share Preferential Issue

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 06:01 PM

Restaurant Brands Asia reported a strong Q3 FY26 with revenue from operations growing 16.5% YoY to ₹5,773.17 million. The company significantly narrowed its standalone net loss to ₹70.38 million from ₹186.28 million in the same quarter last year. A major strategic shift is underway as the board approved a preferential issue of over 12.85 crore shares and 8.57 crore warrants at ₹70 per share to a new promoter group led by Lenexis Foodworks. The company also accounted for a one-time exceptional cost of ₹22.52 million related to new regulatory labor codes.

Revenue from operations increased 16.5% YoY to ₹5,773.17 million in Q3 FY26.
Standalone net loss narrowed significantly to ₹70.38 million from ₹186.28 million YoY.
Board approved preferential allotment of 12.85 crore shares and 8.57 crore warrants at ₹70 per share.
Nine-month revenue for FY26 reached ₹16,982.62 million compared to ₹14,779.85 million in FY25.
Exceptional one-time charge of ₹22.52 million recognized due to changes in the Government's Labour Code definition of wages.

💡 Investors should view the narrowing losses and the capital infusion at ₹70 per share as a positive sign of operational recovery and institutional backing. Monitor the upcoming shareholder meeting regarding the change in promoter classification and the impact of new leadership on expansion plans.

RBA Q3 Net Loss Narrows to ₹70.4M; Revenue Grows 16.5% YoY; Board Approves Promoter Reclassification

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 03 Feb 2026, 05:53 PM

Restaurant Brands Asia (RBA) reported a significant narrowing of its standalone net loss to ₹70.38 million for Q3 FY26, down from ₹186.28 million in the same quarter last year. Revenue from operations grew 16.5% YoY to ₹5,773.17 million, indicating strong top-line momentum. The company is undergoing a major ownership transition, with the board approving revised special rights for the incoming promoter group, Lenexis Foodworks, following a preferential issue at ₹70 per share. An exceptional non-recurring charge of ₹22.52 million was recorded due to the implementation of new Labour Codes affecting wage definitions.

Standalone revenue from operations rose 16.5% YoY to ₹5,773.17 million in Q3 FY26.
Net loss narrowed to ₹70.38 million compared to a loss of ₹186.28 million in Q3 FY25.
Board approved a preferential issue of 12.85 crore shares and 8.57 crore warrants at ₹70 per share to Lenexis Foodworks.
Exceptional item of ₹22.52 million recognized due to regulatory changes in the definition of wages under new Labour Codes.
9M FY26 revenue reached ₹16,982.62 million, showing steady growth from ₹14,779.85 million in the previous year.

💡 Investors should view the narrowing losses and the entry of new promoters at a fixed price of ₹70 as a positive signal for long-term stability. Monitor the upcoming Extra-ordinary General Meeting for final approval of the preferential issue and promoter reclassification.

Restaurant Brands Asia Allots 70,830 Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Feb 2026, 11:02 AM

Restaurant Brands Asia Limited has approved the allotment of 70,830 equity shares of face value Rs. 10 each following the exercise of stock options by employees. This allotment increases the total paid-up equity share capital from 58,27,46,905 shares to 58,28,17,735 shares. The dilution to existing shareholders is negligible, representing less than 0.02% of the total share capital. These newly issued shares will rank pari-passu with the existing equity shares of the company.

Allotment of 70,830 fully paid-up equity shares under the BK Employee Stock Option Scheme 2015.
Total paid-up equity share capital increased to Rs. 5,82,81,77,350.
The number of shares increased from 58,27,46,905 to 58,28,17,735 shares.
The allotment was approved by the Nomination and Remuneration Committee on February 3, 2026.

💡 This is a routine administrative allotment with minimal impact on share value; no action is required from investors. Focus should remain on the company's operational performance and expansion strategy.

RBA Schedules Q3 FY26 Earnings Conference Call for February 4, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jan 2026, 01:14 PM

Restaurant Brands Asia Limited has scheduled its earnings conference call for February 4, 2026, at 9:30 AM IST. The call will focus on the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. Senior management, including the Group CEO, CFO, and Brand President of Indonesia, will be present to discuss operational performance and future outlook. This is a standard post-earnings engagement for analysts and institutional investors.

Conference call scheduled for February 4, 2026, at 9:30 AM IST.
Discussion to cover Q3 FY26 and nine-month financial results ending December 31, 2025.
Top management including Group CEO Rajeev Varman and Group CFO Sumit Zaveri to participate.
Call will address both India operations and the Indonesian business segment.
Universal dial-in numbers provided: +91 22 6280 1149 and +91 22 7115 8050.

💡 Investors should monitor the Q3 results for updates on Same Store Sales Growth (SSSG) and the path to profitability in the Indonesia business. Listen to the call for management commentary on raw material inflation and store expansion plans.

RBA Open Offer: Lenexis Foodworks & Others to Acquire 20.8 Cr Shares at ₹70/Share

🔵 WATCH ⭐ 9/10

M&A 📅 28 Jan 2026, 06:49 PM

Lenexis Foodworks Private Limited, along with Aayush Agrawal and associated entities, has issued a detailed public statement for an open offer to acquire up to 20,80,61,717 equity shares of Restaurant Brands Asia Limited (RBA). The offer price is set at ₹70.00 per share, involving a total consideration of approximately ₹1,456.43 crore. This regulatory filing follows the initial announcement on January 20, 2026, and outlines the formal process for public shareholders to tender their shares. The acquisition represents a significant potential change in the company's shareholding structure under SEBI (SAST) Regulations.

Open offer to acquire up to 20,80,61,717 equity shares of ₹10 each.
Offer price fixed at ₹70.00 per share to be paid in cash.
Total potential deal value estimated at ₹14,56,43,20,190.
Acquirers include Lenexis Foodworks, Aayush Agrawal Trust, and Inspira Foodworks.
Detailed Public Statement (DPS) published on January 28, 2026, as per SEBI guidelines.

💡 Investors should compare the ₹70 offer price with the current market price to determine if tendering shares is beneficial. If the market price remains significantly above ₹70, the open offer may see low participation, but it establishes a valuation floor for the stock.

Restaurant Brands Asia Receives Open Offer at ₹70 Per Share for 26% Stake

🔵 WATCH ⭐ 9/10

M&A 📅 28 Jan 2026, 02:53 PM

Restaurant Brands Asia (RBA) has received a Detailed Public Statement for an open offer from a consortium led by Lenexis Foodworks and Mr. Aayush Madhusudan Agrawal. The acquirers intend to purchase up to 20.81 crore equity shares, representing 26% of the expanded voting share capital, at a price of ₹70 per share. This transaction is triggered by a preferential issue and a Share Purchase Agreement, with a total open offer consideration of approximately ₹1,456.43 crore. The move signifies a potential change in the controlling interest of the company.

Open offer to acquire up to 20,80,61,717 equity shares at ₹70.00 per share
Total potential cash consideration for the open offer is ₹1,456.43 crore
Acquirers include Lenexis Foodworks, Aayush Agrawal Trust, and Inspira Foodworks
Offer triggered by preferential allotment of 12.85 crore shares and 8.57 crore warrants
Negotiated price for the underlying share purchase agreement is also set at ₹70 per share

💡 Investors should monitor the stock's market price relative to the ₹70 offer price; if the market price remains significantly higher, the open offer may see low participation. Long-term investors should evaluate the strategic intent of the new acquirers, specifically the Lenexis Foodworks group, in scaling the Burger King and Popeyes brands.

View All RBA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 37.8% in FY2023 to INR 2,054.3 Cr. India standalone revenue grew 52.5% to INR 1,439.7 Cr in FY2023. 9M FY2025 consolidated growth was modest at 4.2% due to subdued performance in Indonesia and inflationary pressures in India.

Geographic Revenue Split

India operations contribute approximately 70% of consolidated revenue (INR 1,439.7 Cr out of INR 2,054.3 Cr in FY2023), with the remainder from Indonesia. Indonesia's contribution was impacted by store closures and geopolitical issues affecting local brand preferences.

Profitability Margins

Gross margins improved to 68.3% in Q2 FY2026 from 67.7% in Q1. Net profit margin was -4.45% in FY2025 compared to -3.92% in FY2024. Operating profit margin stood at 14.45% in FY2025, up from 13.51% in FY2024.

EBITDA Margin

Reported Company EBITDA margin was 10.8% (INR 76.3 Cr) in Q2 FY2026, a 24.7% YoY growth. Restaurant-level EBITDA margin was 16.8% (INR 117.9 Cr). The company aims for a long-term gross margin of 70%.

Capital Expenditure

RBA raised INR 500 Cr through a QIP in March 2025 to fund aggressive expansion. Previous funding includes an IPO in 2020 and a QIP of INR 500 Cr in February 2022. Expansion is primarily focused on meeting the MFDA requirement of 700 stores in India by 2026.

Credit Rating & Borrowing

ICRA assigned an [ICRA]A- (Stable) rating. External debt is limited to the Indonesian subsidiary at INR 159.8 Cr as of March 2023. Standalone India operations have no external debt except lease liabilities.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include chicken, vegetables, buns, and dairy products. The company emphasizes food free from synthetic colors and artificial flavors. Raw material costs are managed through supply chain efficiencies to target a 70% gross margin.

Capacity Expansion

Current Indonesia capacity is 143 Burger King and 25 Popeyes outlets as of FY2025. Planned expansion in India requires opening at least 700 restaurants by December 31, 2026, as per the Master Franchise Development Agreement (MFDA).

Raw Material Costs

Raw material costs are approximately 31.7% of revenue based on a 68.3% gross margin. Efficiencies in the supply chain and GST deductions on certain RM costs have supported margin expansion by 0.6% in recent quarters.

Manufacturing Efficiency

Average Daily Sales (ADS) for India stood at INR 120,000. The company is focusing on 'volume leverage' where higher sales at existing stores (SSSG) will drive better absorption of fixed costs.

Logistics & Distribution

The company is implementing a targeted delivery strategy aimed at improving margins rather than just volume, which contributed to a 0.6% margin improvement in Q2 FY2026.

📈 Strategic Growth

Expected Growth Rate

4-5%

Growth Strategy

Growth is driven by three levers: P&L efficiency, volume increases through Same Store Sales Growth (SSSG), and new restaurant construction to reach 700 India stores by 2026. Indonesia strategy focuses on closing underperforming stores and achieving cash breakeven.

Products & Services

Quick Service Restaurant (QSR) products including Burger King burgers, chicken products, Popeyes fried chicken, and digital ordering services via the BK App.

Brand Portfolio

Burger King, Popeyes.

New Products/Services

Expanded chicken product range in Indonesia and menu innovation in Popeyes to improve unit-level economics. The BK App is a key pillar for future CRM and digital engagement.

Market Expansion

Aggressive expansion in India to reach 700 stores by Dec 2026. Indonesia expansion is currently paused in favor of 'portfolio optimization' and closing underperforming outlets.

Strategic Alliances

Master Franchise Development Agreement (MFDA) with BK AsiaPac and QSR Asia Pte Ltd for exclusive rights in India and Indonesia.

🌍 External Factors

Industry Trends

The QSR industry is seeing a shift toward digital capabilities and delivery-led growth. RBA is positioning the BK App as a central CRM tool to increase order frequency among Gen Z and youth.

Competitive Landscape

Faces intense competition from established international QSR brands and local unorganized players in both India and Indonesia.

Competitive Moat

Moat is based on exclusive long-term MFDA rights (valid until 2040 for Indonesia) and a strong brand identity. Sustainability depends on meeting store-count mandates and maintaining food quality standards.

Macro Economic Sensitivity

Highly sensitive to consumer spending and inflation. Expected revival in demand is linked to potential tax cuts and interest rate reductions in FY2026.

Consumer Behavior

Shift toward dine-in recovery post-pandemic and increasing demand for value-segment products in response to inflationary pressures.

Geopolitical Risks

Significant impact in Indonesia where geopolitical tensions have shifted consumer preferences away from international brands, leading to operating losses.

⚖️ Regulatory & Governance

Industry Regulations

Must comply with FSSAI standards in India and similar food safety norms in Indonesia. Non-compliance with MFDA terms (e.g., store counts or D/E ratio > 2x) could lead to termination of franchise rights.

Taxation Policy Impact

The company is benefiting from GST deductions on certain raw material costs, which it is evaluating for reinvestment into promotions or margin retention.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the turnaround of the Indonesia business, which saw an EBITDA loss of INR 33 billion in a recent period. Continued net losses due to high depreciation from rapid expansion (INR 242.2 Cr loss in FY2023) pose a risk to net worth.