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2026-01-10 05:40:55 pm | Source: Motilal Oswal Financial Services Ltd
Buy Restaurant Brands Asia Ltd for the Target Rs. 120 by Motilal Oswal Financial Services Ltd
Buy Restaurant Brands Asia Ltd for the Target Rs. 120 by Motilal Oswal Financial Services Ltd

* The India business is expected to grow 18% YoY. We build 4% SSSG as there is not much improvement in the underlying demand.

* Demand in Indonesia remained moderate, and we model 4% revenue growth.

* We model 40 store additions in India, taking the store count to 573 (12% YoY). We expect 80bp improvement in GP margin to 68.6% on stable RM prices and EBITDA Margin to be contracted 40bp YoY to 15.5% on account of some operating deleverage.

* ADS is expected to remain flat YoY at ~INR114k.

 

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