Burger King operator Restaurant Brands Asia hits 20% upper circuit as Q1 losses narrow 32% on strong India business

Global fast food brand Burger King’s India operator, Restaurant Brands Asia, shares rallied more than 19% during the trading session on Tuesday, August 4, as investors focused on the strong India business revenue growth and overall improvement in company margins.

NSE data showed that Restaurant Brands Asia shares surged 20% to their intraday high and upper circuit level of ₹84.91 apiece on Tuesday’s market, compared to ₹70.76 apiece at the previous equity market close.

After hitting the upper circuit, the company shares eventually retracted marginally, trading 19.6% higher at ₹84.64 apiece during the afternoon market hours on August 4. The company announced its Q1 earnings post-market hours on Monday, August 3, 2026.

How did Restaurant Brands Asia perform in Q1?

Restaurant Brands Asia, the company which holds exclusive rights to the Burger King brand in India, recorded its net losses narrowing 32% year-on-year (YoY) to ₹28.34 crore in the April to June quarter results for the financial year 2026-27, in comparison to a ₹41.93 crore net loss in the same period a year ago.

Although the overall expenses increased by 14% YoY in the period under review, the surge in overall revenues, along with the 175% improvement in margins and a 37% increase in operational EBITDA (earnings before interest, tax, depreciation and amortisation), aided the loss reduction.

The company filings further showed that Burger King India has 590 stores in India as of the June quarter of FY27, marking a 71-store increase in the period under review in comparison to the same period a year ago.

“Q1 FY27 has been an important milestone in our journey towards sustainable and profitable growth in India. We have built upon positive momentum from the second half of last year and delivered strong growth in restaurant and company operating profits,” said Rajeev Varman, Whole-time Director and Group CEO of Restaurant Brands Asia.

*Note: All data have been collected from Restaurant Brands Asia’s consolidated financial statements.

Revenue breakdown

NSE filings showed that Restaurant Brands Asia’s revenues from the Indian market advanced 23.6% YoY to ₹682.89 crore in the June quarter, in comparison to ₹552.29 crore in the same period a year earlier.

In contrast, the company’s revenue from the Indonesian market declined 4% to ₹139.71 crore in the first quarter of the financial year 2026-27, from ₹145.43 crore in the same period a year earlier.

The revenue mix data suggests that the company earns 83% of its total revenue from the Burger King India business, 15% revenue from the Burger King Indonesia business, and the remaining 2% of revenue from Popeyes Indonesia business operations.

Share price performance

Restaurant Brands Asia shares have lost 55% in the last five years, and have declined 28.6% in the last three years, according to NSE data. However, the company shares have delivered 3.5% returns in the past one year.

On a year-to-date (YTD) basis, the company shares have gained 33% in 2026 and have delivered more than 11% returns in the past one-month period. The exchange data also showed that the company shares were trading nearly 27% higher in the last five market sessions.

Shares of Restaurant Brands Asia surged to their 52-week high of ₹87.65 on September 18, 2025, while the 52-week low was at ₹57.15 on March 30, 2026. The company’s market capitalisation (m-cap) was at ₹6,043 crore as of the trading session on Tuesday, August 4, 2026.