2025-10-16 10:22:59 am | Source: Motilal Oswal Financial Services Ltd
Buy Restaurant Brands Asia Ltd for the Target Rs. 135 by Motilal Oswal Financial Services Ltd
* India business expected to grow 14%. We build 2-3% SSSG as there is not much improvement in underlying demand. Demand was good in Jul-Aug’25 but was weak in Sept’25 given extended monsoon and festivities.
* ADS is expected to remain flat YoY at ~INR118k.
* We model 12 store addition in India, taking store count to 531 (14% YoY).
* We expect 50bp improvement in GP margin to 68% on stable RM prices and EBITDA Margin to be flat YoY at 14% on account of some operating deleverage.
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