Key Highlights

Solar SPV Acquisition

The board approved the acquisition of a 26% equity stake in Navitas Anant Renewables Two Private Limited for an aggregate consideration not exceeding Rs 1.10 crore. This entity is a newly incorporated Special Purpose Vehicle (SPV) established for the generation and transmission of renewable energy. The company intends to use this group captive solar arrangement to source power for its restaurants, aiming to reduce the unit rate of electricity. The acquisition is expected to be completed by January 31, 2027.

Investment in Subsidiary

The board also approved an investment of up to IDR 100 billion in its subsidiary, PT Sari Burger Indonesia, through the subscription of up to 1,00,000 redeemable cumulative non-convertible preference shares. The proceeds will be utilized by the Indonesian entity to meet its business requirements. This investment is expected to be completed by December 31, 2026.

Investor Takeaway

These developments reflect the company's focus on operational efficiency via lower energy costs through captive renewable sources and continued support for its international subsidiary's capital needs. Investors should monitor the execution of the solar project and the subsequent impact on electricity costs in future earnings reports.

Transaction Details

Restaurant Brands Asia Ltd has completed the subscription of redeemable cumulative non-convertible preference shares in its subsidiary, PT Sari Burger Indonesia. This transaction represents the fulfillment of the investment strategy previously announced by the company on August 03, 2026.

Investor Takeaway

This update provides closure to the previously intimated investment plan. By subscribing to preference shares in its Indonesian subsidiary, the company is effectively injecting capital to support the subsidiary's financial position or growth requirements. For existing shareholders, the development confirms that the management is executing its stated capital allocation plans. No immediate impact on the standalone financial results is expected as this is an internal investment, but it serves as a monitorable indicator of the parent company's commitment to its international footprint.

Key Highlights

Business and Operations Update

Restaurant Brands Asia Limited (RBA) has reached a major operational milestone with the opening of its 600th Burger King restaurant in India. Located in GTB Nagar, Delhi, this launch is significant as the company originally started its India journey in 2014 from the same city.

The company’s expansion has reached over 140 cities across India, with a notable concentration of 100+ outlets in the Delhi NCR region.

Management Commentary

Rajeev Varman, Group CEO and Whole-Time Director, noted that the 600th restaurant signifies the support received from guests, vendor partners, and employees. The company reiterated its strategic focus on scaling operations through:

• Mindful scaling strategies
• Strengthening supply chain networks
• Incorporating the BK Café business
• Rapid digital adoption
• Maintaining a strong value proposition

Management emphasized that the business continues to create efficiencies designed for sustainable and responsible expansion as it moves into the next phase of its growth journey.

What Looks Positive

The achievement of the 600-restaurant mark across 140+ cities demonstrates the company's continued execution of its physical expansion strategy and its ability to scale the QSR brand across various geographies in India.

Investor Takeaway

For shareholders, this update confirms the company's ongoing commitment to its network expansion strategy. Investors should continue to monitor how this expanded footprint translates into comparable store sales growth and operating efficiencies in upcoming quarterly results.

Key Highlights

Legal and Regulatory Update

Restaurant Brands Asia Ltd has informed the stock exchanges that it received an order from the Additional District Magistrate, Agra. The order concerns a violation of Section 3(1)(zx) and Section 26(2)(ii) of the Food Safety and Standards Act, 2006.

The authorities have directed the company to pay a penalty of Rs 0.016 crore (Rs 1.6 lakh) under Section 51 of the Act. The company has clarified that this order and the subsequent fine will not have a material impact on its financial position, operations, or other business activities.

What This Means for Investors

This disclosure is a routine compliance filing pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Given the relatively small size of the penalty, the event is unlikely to influence the company's financial performance or operational stability. Shareholders should view this primarily as a matter of statutory compliance.

Management Engagement Calendar

Restaurant Brands Asia Ltd has formally notified the stock exchanges regarding its participation in upcoming investor conferences scheduled for September 2026. The company plans to engage in both one-on-one and group meetings at these events.

Scheduled Investor Conferences

Governance and Compliance

The company has explicitly stated that during these conferences, no unpublished price-sensitive information (UPSI) will be disclosed that is not already available in the public domain. This aligns with standard regulatory practices under SEBI LODR regulations. The schedule remains subject to change based on the availability and requirements of investors or the company.

Investor Conference Schedule

Restaurant Brands Asia Ltd has provided the following schedule for its upcoming investor engagements in September 2026. These meetings will be conducted in physical/in-person mode.

Governance and Disclosure

The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these conferences, adhering to standard regulatory requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shareholders should note that the schedule remains subject to change based on the exigencies of either the investors or the company.

Investor Conference Schedule

Restaurant Brands Asia Ltd has formally informed the stock exchanges of its upcoming engagement schedule with investors. The company will participate in the following conferences in September 2026:

Important Notes

• Regulatory Compliance: The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during these meetings.
• Schedule Flexibility: The provided schedule remains subject to change based on the availability and requirements of both the company and the participating investors.

Key Highlights

Share Capital Update

The Nomination and Remuneration Committee of the Board of Directors approved the allotment of 3,59,468 equity shares to eligible employees. These shares are fully paid-up and rank pari-passu with the existing equity shares of the company in all respects.

Following this allotment, the issued and paid-up equity share capital of the company has increased as follows:

• Prior Allotment: 71,17,18,862 shares amounting to Rs 711.72 crore (Rs 7,11,71,88,620).
• Allotted under ESOP: 3,59,468 shares amounting to Rs 0.36 crore (Rs 35,94,680).
• Post Allotment: 71,20,78,330 shares amounting to Rs 712.08 crore (Rs 7,12,07,83,300).

Investor Takeaway

This filing represents a routine administrative event related to employee compensation and incentive structures. Investors should note that the issuance results in a marginal dilution of existing equity, which is a standard procedure following the exercise of stock options by employees. No material change to the business or financial trajectory is implied by this disclosure.

Legal and Regulatory Update

Restaurant Brands Asia Ltd disclosed receiving two orders from the Additional District Magistrate, Mathura, dated August 20, 2026. The orders pertain to alleged violations of Section 26(2) (ii) of the Food Safety and Standards Act, 2006.

Penalty Details

The total penalty imposed across the two orders is Rs 0.036 crore (Rs 3.60 lakh).

Impact Assessment

The company has formally stated that there is no material impact on its financial, operational, or other activities resulting from these orders.

Investor Takeaway

These disclosures represent routine compliance reporting regarding local regulatory orders. The company maintains that the financial and operational impact is immaterial. Shareholders should monitor for any recurring compliance issues or shifts in the company's regulatory risk profile, but this specific event is non-material.

Key Highlights

Restaurant Brands Asia Ltd held its 13th Annual General Meeting (AGM) on August 20, 2026, through video conferencing. Shareholders voted on four ordinary resolutions, all of which were passed with the requisite majority. The company confirmed the appointment of new Non-Executive Non-Independent Directors and the re-appointment of an existing director.

Resolutions Passed

Board and Governance Updates

• Director Re-appointment: Shareholders approved the re-appointment of Mr. Rafael Odorizzi De Oliveira, who was liable to retire by rotation.
• New Appointments: The company formally appointed Mr. Madhusudan Bhagwandas Agrawal and Mr. Aayush Madhusudan Agrawal as Non-Executive Non-Independent Directors. Both appointments were approved by the shareholders.

Financial Statement Adoption

The shareholders adopted the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, alongside the reports of the Board of Directors and the auditors thereon.

What This Means for Investors

The 13th AGM was a procedural event. The passage of these resolutions ensures continuity in board governance and the formal validation of the company's financial statements for the recently concluded fiscal year. Investors should note the strengthening of the board with the appointment of new Non-Executive Non-Independent Directors.

Key Highlights

Business Outlook and Performance

During the CEO's address, Mr. Rajeev Varman highlighted the company's business performance in India and Indonesia:

• India QSR Industry: Structural growth drivers remain intact, supported by rising incomes, urbanization, and a young population. The company reported visible signs of improvement over the past few quarters.
• Operational Focus: Key focus areas include store growth, Average Daily Sales (ADS) & Same Store Sales Growth (SSSG), revenue growth, and margin improvements (gross, restaurant EBITDA, and Company EBITDA).
• Indonesia Business: The company reported meaningful progress in FY26 with a focus on value, menu innovation, rationalization, and digital investments. The strategy aims for profitability through revenue growth and cost management.
• Sustainability: The company maintains a focus on food quality, safety, and resource efficiency initiatives such as solar adoption and waste-oil recycling.

Businesses Transacted

The 13th AGM transacted the following business items:

1. Adoption of Financial Statements: Approval of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
2. Re-appointment of Director: Re-appointment of Mr. Rafael Odorizzi De Oliveira (DIN: 09492506), who was liable to retire by rotation.
3. Director Appointments: Appointment of Mr. Madhusudan Bhagwandas Agrawal (DIN: 00073872) and Mr. Aayush Madhusudan Agrawal (DIN: 03129764) as Non-Executive Non-Independent Directors.

Voting and Scrutiny

The company provided remote e-voting and e-voting facilities during the AGM for shareholders. The Scrutinizer's Report and the final voting results will be submitted separately to the stock exchanges.

Key Highlights

Pledge Transparency and Regulatory Context

Restaurant Brands Asia Limited issued this revised disclosure following a query from the BSE dated July 29, 2026. The initial filing failed to explicitly name the underlying debenture holders, identifying only the security trustee, CTL Trusteeship Limited. The revised document clarifies that the shares are encumbered in favor of CTL Trusteeship Limited on behalf of 360 ONE Income Opportunities Fund (Series 3, 5, 7) and 360 ONE Prime Ltd. This correction aims to comply with transparency requirements under the SEBI (SAST) Regulations, 2011.

Financial and Debt Context

The pledge of 11.89 crore shares is linked to debentures issued to fund acquisition agreements dated January 20, 2026. The debt instruments are currently unrated and unlisted.

Risks and Watch Points

• Asset Cover Sensitivity: The reported asset cover ratio of 0.33 is notably low. Investors should note that a low ratio implies higher sensitivity to the stock's market price. Significant declines in share price could potentially trigger margin calls or the need for additional collateral.
• Unrated Debt: The underlying debentures are unrated and unlisted. While this may be characteristic of specific private financing, it reduces the independent assessment of credit risk associated with these instruments.
• Pledge Usage: The funds raised are designated for acquisition purposes (Share Purchase Agreement and Securities Subscription Agreement). Investors should monitor the progress of these acquisitions to assess their strategic value.

Investor Takeaway

The filing provides essential transparency regarding the promoter's share pledging activities. The primary takeaway for shareholders is the high leverage indicated by the asset cover ratio of 0.33 and the fact that a significant portion of promoter holding (14.84% on a fully diluted basis) is now encumbered. While this disclosure corrects a regulatory gap, the nature of the financing—specifically the asset cover and unrated debt—remains a key area for monitoring.

Key Highlights

• Strong India Performance: India operations reported revenue of ₹682 crore, up 23.6% year-over-year.
• Record SSSG: Achieved 12.6% Same-Store Sales Growth (SSSG), the highest in 15 quarters.
• Operational Efficiency: India company EBITDA reached ₹52.7 crore, a 133.6% increase year-over-year.
• Indonesia Turnaround: Burger King Indonesia delivered positive restaurant-level EBITDA of ₹6.4 crore, while Popeyes continues to incur losses.
• Strategic Focus: Management is evaluating strategic options for the loss-making Popeyes segment while prioritizing operational efficiencies across the group.

Important Figures Used

Segment Performance

What Looks Positive

• Traffic-Driven Growth: The 12.6% SSSG was achieved without strategic price increases, indicating strong brand health and effective marketing execution.
• EBITDA Expansion: Strong growth in both restaurant-level and company-level EBITDA in India, reflecting better operational leverage.
• Digital Adoption: 90% of orders in India are digital, providing a foundation for future CRM and data-driven initiatives.
• Indonesia Progress: The Burger King Indonesia segment has turned profitable at the restaurant level, validating the efficiency initiatives.

Concerns and Watch Points

What This Means for Investors

The Q1 FY27 results highlight robust core operations in India, where the company is successfully driving volume growth through traffic rather than price hikes. This, combined with structural improvements in gross margins, suggests operational sustainability. While the Indonesia business shows promising signs of a turnaround for the Burger King brand, the Popeyes segment remains a drag on consolidated financials. Investors should monitor the progress of the strategic review for Popeyes and the successful rollout of the planned value strategy in Indonesia.

Investor Takeaway

Restaurant Brands Asia has delivered a strong quarter with significant growth in the India business, characterized by high SSSG and substantial EBITDA improvement. The management team's clear focus on operational efficiency and traffic-led growth appears to be paying off. While the Indonesian Burger King operations show signs of recovery, the loss-making Popeyes segment remains a key area for investors to watch. Future stock movement will likely depend on the clarity regarding the strategic path for Indonesia and the sustainability of the strong India growth trends under the new promoter integration.

Key Highlights

Restaurant Brands Asia Ltd has confirmed its attendance at the Motilal Oswal 22nd Annual Global Investor Conference, 2026, to engage with the investment community.

Investor Implications

This filing is a routine disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has explicitly clarified that no unpublished price-sensitive information (UPSI) will be disclosed during the conference. These meetings are standard industry practice for institutional engagement and provide management an avenue to communicate with the investment community.

Conference Call Availability

Restaurant Brands Asia Limited has formally notified the stock exchanges that the audio recording from the investor and analyst conference call held on August 03, 2026, is now available for stakeholders on the company's website.

Purpose of the Call

The conference call was conducted to facilitate a discussion regarding the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

What This Means for Investors

This is a routine regulatory compliance filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It ensures that the discussion between management and analysts is transparent and accessible to the public. The filing does not contain new financial figures or material disclosures. Investors interested in understanding management's commentary on the recent quarter's performance may access the audio recording through the company's official website.

Key Highlights

Restaurant Brands Asia Ltd has submitted Monitoring Agency Reports from ICRA Limited and India Ratings & Research Private Limited, detailing the utilization of proceeds from its Qualified Institutions Placement (QIP) and Preferential Issue for the quarter ended June 30, 2026.

QIP Financial Snapshot

The company raised funds via QIP for capital expenditure and general corporate purposes. As of June 30, 2026, the status of these funds is as follows:

Preferential Issue Status

The Preferential Issue, aimed at funding store expansion and refurbishment, is in the initial stages of deployment.

CapEx and Deployment Analysis

• QIP Usage: The majority of the utilized QIP funds (₹251.56 crore) have been directed towards capital expenditure requirements for setting up new restaurants in India.
• Preferential Issue: As the issue was recently concluded (May/June 2026), there was nil utilization during the quarter. The received capital is currently held in liquid instruments awaiting deployment for store setup and refurbishment activities.
• Idle Funds: Unutilized proceeds from both issues are currently deployed in liquid/money market mutual funds and fixed deposits to generate returns.

What This Means for Investors

The filing confirms that the company is adhering to the utilization objectives stated in the offer documents for both its QIP and Preferential Issue. Both monitoring agencies have reported no material deviation, indicating that the management is following its planned roadmap for capital expenditure and debt management. Investors should continue to monitor the progress of new store openings and the deployment of the remaining funds as the company expands its footprint.

Investor Takeaway

This update serves as a governance and operational progress marker. With no deviations reported, investors can take comfort in the transparency of fund usage. The key forward-looking indicator remains the company's ability to successfully execute its store expansion and refurbishment plans using the substantial liquidity now held on its balance sheet from these recent fundraising activities.

Key Highlights

Financial Snapshot (Consolidated)

Note: All monetary figures are in INR Million.

Revenue and Income Analysis

The consolidated revenue grew by 17.9% year-on-year to INR 8,226 million in Q1 FY27. The growth is primarily led by the India business, which contributed INR 6,829 million to the top line, marking a 23.6% growth compared to the same quarter last year. In contrast, the Indonesia revenue stood at INR 1,397 million.

Profitability Analysis

Consolidated profitability showed significant improvement, with Company EBITDA (Pre Ind AS 116) rising by 265.7% YoY to INR 435 million. The India segment was the key profit contributor, delivering INR 527 million in Company EBITDA (Pre Ind AS 116), a 133.6% YoY growth. The Indonesia segment continues to report a loss, with Company EBITDA (Pre Ind AS 116) at INR -91 million.

Operational Metrics

Management highlighted that India achieved an SSSG of 12.6%, marking the highest growth rate observed in the last 15 quarters. The store network for India stands at 590 stores, while the Indonesia network currently stands at 162 stores, following a rationalization of 42 stores.

Concerns and Watch Points

Number Relationship Analysis

The 17.9% growth in consolidated revenue alongside a substantial 265.7% growth in Company EBITDA (Pre Ind AS 116) highlights positive operating leverage, particularly in India. The ability of the India segment to deliver 133.6% EBITDA growth on 23.6% revenue growth underscores the success of profitability initiatives like utility efficiency and menu strategy.

What This Means for Investors

For investors, the quarterly update confirms that the Indian operations are gaining strong momentum, supported by robust same-store sales growth. While the consolidated numbers look positive, the ongoing losses in the Indonesia business remain a structural challenge. The management's decision to rationalize the store footprint in Indonesia is a proactive step to align the business for better capital efficiency.

Investor Takeaway

The Q1 FY27 results highlight a tale of two markets: a thriving Indian business achieving record-level sales growth and significant profit margin expansion, and a struggling Indonesia business currently undergoing corrective measures. Investors should track the progress of the Indonesia turnaround strategy, as the Indian segment's performance is currently shielding consolidated profitability.

Key Highlights

Financial Snapshot

Operational Performance

The company demonstrated strong operational efficiency in the standalone segment. Restaurant EBITDA margins expanded significantly to 13.2% from 9.7% in the previous year, an improvement of 350 basis points. Similarly, Company EBITDA margins rose to 7.7% compared to 4.1% a year ago, an improvement of 360 basis points. Burger King India SSSG (Same Store Sales Growth) reached 12.6%, which the management highlighted as the highest performance over the past 15 quarters.

Strategic Developments

Inspira Global, which operates brands including Chinese Wok, has finalized the acquisition of a controlling 42% stake in Restaurant Brands Asia. This transaction includes an initial capital infusion of 1,050 crore through equity and warrants. An additional infusion of 450 crore is planned upon the exercise of warrants, which will increase Inspira Global's stake to 48%. This development is aimed at strengthening the balance sheet and supporting expansion, digital capabilities, and restaurant development.

What Looks Positive

• Margin Expansion: Significant year-on-year improvement in both Restaurant EBITDA margins and Company EBITDA margins indicates enhanced unit-level economics.
• Strong Sales Momentum: An SSSG of 12.6% reflects solid brand health and demand resilience.
• Capital Infusion: The 1,050 crore infusion from the new promoter significantly enhances financial flexibility.

Concerns and Watch Points

• Forward-Looking Risks: Management noted that fluctuations in input costs, competitive intensity, and broader economic conditions remain factors that could impact future projections.

Investor Takeaway

Restaurant Brands Asia has delivered a strong operational quarter, marked by substantial growth in both revenue and profitability. The expansion of margins at the standalone level, supported by a healthy 12.6% SSSG, underscores positive business momentum. The completion of the acquisition by Inspira Global represents a transformative milestone, bringing in both fresh capital and industry expertise. Investors should track how the new promoter utilizes the improved balance sheet to accelerate growth and navigate the competitive quick-service restaurant environment.

Key Highlights

Financial Snapshot

The company reported mixed results for the quarter ended June 30, 2026, with revenue growth accompanied by continued losses.

Segment Performance

Consolidated revenue is generated across two primary geographies: India and Indonesia.

Corporate Action Details

Promoter Reclassification

Following a share acquisition process, new acquirers and IATL acquired control over the company. Effective July 7, 2026, these entities became the new 'promoters', while the previous promoters were reclassified to the 'public' category.

Subsidiary Investment

The Board approved an investment in the subsidiary, PT Sari Burger Indonesia. This will be executed by acquiring redeemable cumulative non-convertible preference shares for an amount not exceeding IDR 100 billion. The proceeds will be utilized by the Indonesian entity to meet business requirements.

Concerns and Watch Points

What This Means for Investors

The Q1 FY27 results show that while the company is generating revenue, it continues to face bottom-line pressure on a consolidated basis. The most significant development is the change in promoter control, which marks a new chapter in the company's governance. Investors should monitor how the new management team steers the business and how the capital infusion into the Indonesian subsidiary impacts future operational performance.

Investor Takeaway

Investors should focus on the impact of the new management team following the change in promoter control. The persistent consolidated losses, despite top-line growth, remain a key area of concern. The planned capital support for the Indonesian subsidiary is a strategic move to stabilize operations in that region. Tracking the integration of new management and future profitability trends is advised.

Key Highlights

Restaurant Brands Asia Limited released its financial results for the quarter ended June 30, 2026. The company also announced a new investment in its Indonesian subsidiary and confirmed a significant change in its promoter control structure.

Financial Snapshot

Strategic Developments

Investment in Subsidiary: The Board has approved an investment of up to IDR 100 billion in PT Sari Burger Indonesia (the Indonesian subsidiary) through the acquisition of redeemable cumulative non-convertible preference shares. These funds are intended to support the business requirements of the subsidiary.

Change in Promoter Control: Effective July 7, 2026, the company underwent a change in control. Following an open offer and preferential issue, new entities including Lenexis Foodworks and Inspira Agro Trading LLC have become the promoters of the company. The previous promoters (QSR Asia Pte Ltd and F&B Asia Ventures) have been reclassified as 'public' category shareholders.

Profitability Analysis

The company reported a standalone loss before tax of ₹3.17 crore (₹317.4 lakh) for Q1 FY27, compared to a loss of ₹11.57 crore (₹1,156.9 lakh) in the same quarter last year. On a consolidated basis, the total loss before tax stood at ₹33.00 crore (₹3,300.3 lakh) for the June 2026 quarter, an improvement from the loss of ₹45.43 crore (₹4,543.0 lakh) reported in the comparable quarter of the previous year.

What This Means for Investors

The results highlight continued top-line growth across both India and Indonesia segments. However, the company remains in a loss-making position on both a standalone and consolidated basis. The recent shift in promoter control and the capital injection into the Indonesian subsidiary suggest a new phase of strategic management for the company. Investors should watch for operational efficiency improvements and the impact of the new management team on long-term profitability.

Investor Takeaway

Restaurant Brands Asia's latest update is characterized by revenue expansion and a notable change in management structure. While the narrowing of losses compared to the previous year's corresponding quarter is a positive sign, the business remains loss-making. The investment into the Indonesian arm demonstrates a commitment to that market, and the new promoter structure will likely dictate the next phase of the company's growth strategy. Investors are advised to track how these structural and management changes translate into bottom-line performance in the coming quarters.

AGM Schedule and Details

The company has announced the details for its 13th Annual General Meeting (AGM). The meeting will be held virtually to ensure compliance with current meeting protocols.

Voting Schedule

Shareholders are advised to note the following dates regarding the e-voting process for the AGM.

Important Information

The notice of the 13th AGM was published in the Financial Express (English - All Editions) and Loksatta (Marathi - Mumbai Edition) on July 29, 2026. The company has engaged service providers to facilitate the electronic meeting and voting process. Shareholders are encouraged to register their email addresses if they have not already done so to receive necessary meeting credentials.

Investor Takeaway

This update is procedural in nature and relates to the governance and annual meeting cycle of the company. It does not contain new financial results or material operational changes. Investors holding shares as of the cut-off date of August 13, 2026, are entitled to exercise their voting rights regarding the resolutions proposed for the AGM.

Key Highlights

Financial and Operational Snapshot

For FY 2025-26, the company reported a standalone turnover of ₹2,271.72 crore (22,717.23 Million INR) and a net worth of ₹2,109.33 crore (21,093.31 Million INR). The efficiency of accounts payables improved, with the number of days reduced to 38.43 days from 43.52 days in the previous year.

Sustainability and Energy Initiatives

The company invested ₹33 crore in energy efficiency projects. Key initiatives include solar panel installations, the use of 'Mini Broilers' to reduce natural gas consumption, and a transition from fixed-speed air conditioners to inverter-based models. These efforts aim to optimize operating costs and reduce the company’s overall carbon footprint.

Workforce and Diversity

As of March 31, 2026, the company employed 12,372 people. Women account for approximately 37% of the total workforce. Additionally, the company employed 83 differently-abled individuals as part of its 'Taare Humare' initiative. The turnover rate for permanent employees was 84.1% for FY 2025-26, showing an improvement from 97.06% in the previous year.

Safety and Emissions Performance

The company reported a Lost Time Injury Frequency Rate (LTIFR) of 87.23 for employees in FY 2025-26, compared to 76.0 in the prior year. Total Scope 2 emissions increased to 76,241.60 MT CO2e, up from 65,812.69 MT CO2e in FY 2024-25. Total Scope 1 emissions were reported at 10,845.67 MT CO2e.

Waste Management and Compliance

The company successfully completed its Extended Producer Responsibility (EPR) targets for FY 2025-2026. Sustainable sourcing currently stands at 18.16%, supported by the use of RSPO-certified palm oil and the introduction of reusable glasses in approximately 66% of restaurants.

Investor Takeaway

Investors should note the company's commitment to ESG integration, evidenced by significant investments in energy efficiency and formal compliance reporting. While the company is making strides in sustainable operations and workplace diversity, the increase in safety incident rates and Scope 2 emissions represents an area requiring monitoring. The company remains focused on operational efficiency through digital transformation in HR and streamlined procurement practices.

Key Highlights

Financial Snapshot

Financial Performance

Consolidated revenue grew by 10.7% year-on-year, supported by the India business. The standalone entity reported revenue of ₹2,271.72 crore, representing a 15.45% growth, driven by a same-store sales growth (SSSG) of 4.0% and the addition of 68 new restaurants. Despite top-line growth, the company continues to operate at a loss, with a consolidated loss of ₹204.13 crore for FY 2026.

Operational Scaling

As of March 31, 2026, the company operated 581 restaurants in India, up from 513 in the previous year. Digital channels remain a key growth driver, accounting for 91% of total orders. The Indonesia business experienced challenges, but the company noted improvements in restaurant EBITDA by IDR 19.6 billion for Burger King Indonesia.

Corporate Action Details

A strategic development subsequent to the financial year was the acquisition of control of RBA by Lenexis Foodworks Private Limited on July 7, 2026. This transaction included a fresh primary capital infusion of approximately ₹1,500 crore through the issuance of equity shares and warrants. Additionally, the Burger King master franchise agreements for India and Indonesia were extended through 2050, providing long-term business visibility.

Concerns and Watch Points

What This Means for Investors

The company has secured capital and long-term franchise rights, providing a foundation for future growth. While India operations are showing healthy top-line and restaurant-level growth, the company remains in a loss-making position, and the performance of the Indonesian subsidiary continues to be a point of monitoring due to impairment provisions. Investors should track the deployment of the newly infused capital and progress on reducing losses in the Indonesian business.

Key Highlights

AGM and Voting Details

The 13th Annual General Meeting of Restaurant Brands Asia Limited is scheduled for Thursday, August 20, 2026, at 11:00 a.m. IST. Due to the virtual format, physical attendance is not available. Shareholders can participate through video conferencing. The cut-off date for e-voting eligibility is Thursday, August 13, 2026. The meeting will focus on the adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.

Management and Governance Changes

A major development outlined in the notice is the formal change in promoter control. Pursuant to a Share Purchase Agreement dated January 20, 2026, the company confirmed that a new group—comprising Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal, and Inspira Agro Trading LLC—acquired control over the company effective July 7, 2026.

Following this change, the company has appointed two new Non-Executive Non-Independent Directors:

• Mr. Madhusudan Bhagwandas Agrawal: Co-Founder and Vice Chairman of Ajanta Pharma Limited.
• Mr. Aayush Madhusudan Agrawal: Founder & Managing Director of Lenexis Foodworks Private Limited. As of the disclosure, Mr. Aayush M. Agrawal holds 29,72,33,543 shares in the company.

What This Means for Investors

The most significant takeaway for investors is the transition to the new promoter group. The board's composition has been updated to reflect this new ownership structure. Shareholders should monitor the upcoming AGM for any potential management commentary regarding the future strategic direction of the company under this new leadership.

Investor Takeaway

Existing shareholders should note the AGM date and the procedural requirements for voting. The change in promoter control is a fundamental shift in the company's governance and ownership profile. Investors should pay attention to how the new board, including the Agrawal family members, intends to navigate the company's growth and operational strategy in the coming quarters.

Key Highlights

Conference Call Overview

Restaurant Brands Asia Ltd has announced a conference call with investors and analysts to discuss its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The call is scheduled to take place on August 3, 2026.

Management Participants

The company will be represented by a senior leadership team, providing investors with direct access to management. Participants include:

• Mr. Rajeev Varman, Whole-time Director & Group CEO
• Mr. Sumit Zaveri, Group CFO & Chief Business Officer
• Mr. Kapil Grover, Group CMO
• Mr. Sandeep Dey, Brand President, Indonesia
• Mr. Gaurav Ajjan, Head of Corporate Development & IR

Investor Takeaway

This conference call is a standard investor relations event. Investors can use this opportunity to better understand the company's financial results and operational performance for the first quarter of fiscal year 2027. The inclusion of the Brand President for Indonesia in the call participants highlights the strategic focus on the Indonesian market within the company's consolidated operations.

Board Meeting Announcement

The Board of Directors of Restaurant Brands Asia Limited has scheduled a meeting for Monday, August 03, 2026. The objective of this meeting is to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter ended June 30, 2026.

Corporate Governance and Compliance

As part of its standard compliance procedures surrounding the earnings cycle, the company has implemented a trading window closure. This restriction applies to designated persons and their immediate relatives and will remain in effect until 48 hours after the declaration of the financial results. The trading window is officially scheduled to re-open on Thursday, August 06, 2026.

Investor Takeaway

Investors should note that the company is adhering to the established timeline for releasing quarterly financial performance. The outcome of the board meeting on August 03, 2026, will provide the next set of financial data for the company. This update is a procedural disclosure required under SEBI Listing Regulations, and no further material business developments were announced in this filing.

Board Decision and Meeting Update

Restaurant Brands Asia Limited has announced that its 13th Annual General Meeting (AGM) will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). This decision is in accordance with the Ministry of Corporate Affairs and SEBI circulars regarding the conduct of AGMs via electronic means.

Meeting Details

Newspaper Publication Details

The company published the intimation of this meeting in the following newspapers on July 25, 2026:

Investor Communications

The company has confirmed that the Notice for the 13th AGM and the Annual Report 2025-26 will be shared electronically with all shareholders who have their email addresses registered with the company or their respective Depository Participants.

What This Means for Investors

This filing serves as a formal notification to shareholders regarding the upcoming annual meeting. Investors should ensure their email contact details are updated with their depository participants to receive the meeting notice and annual report documentation in a timely manner. The virtual format allows for remote attendance, continuing the practice of facilitating shareholder participation through digital means.

Key Highlights

Acquisition and Open Offer Context

The share pledge was executed to raise funds for an acquisition transaction linked to the following:

• Share Purchase Agreement (SPA): Dated January 20, 2026, involving Lenexis Foodworks, Aayush Agrawal Trust, Inspira Foodworks, and Mr. Aayush Madhusudan Agrawal as Acquirers, and QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd. as Sellers.
• Open Offer: The execution of the SPA and a related Securities Subscription Agreement has triggered an open offer for the company.

Debt Instrument Details

The promoter entity and Inspira Realty 2 Private Limited have issued unrated, unlisted non-convertible debentures to facilitate this acquisition.

These instruments are currently unrated, and the security cover ratio is reported at 0.33 relative to the issued debt.

Concerns and Watch Points

What This Means for Investors

Promoter activity involving significant share pledging (14.84% of total equity) is a major development for existing shareholders. While the stated purpose is to fund an acquisition, which could be part of a broader consolidation strategy, the structural details of the debt—specifically that the debentures are unrated and have a security cover ratio of 0.33—warrant caution. Investors should monitor the progress of the open offer and any further disclosures regarding the acquisition transaction and the debt repayment structure.

Investor Takeaway

This filing discloses that the promoter group has leveraged their shareholding to fund an acquisition, a move that directly impacts the company's control dynamics via the triggered open offer. While acquisitions are typically growth-oriented, the unrated nature of the debt instruments used to fund this purchase, combined with a security cover of 0.33, introduces financial leverage risk. Shareholders should track the open offer process and monitor for any updates regarding the security cover or credit rating of the debt instruments, as these factors could influence the company’s risk profile.

Key Highlights

Lenexis Foodworks Private Limited, a promoter of Restaurant Brands Asia Limited, has created a pledge over 11,88,93,177 equity shares. This action is part of a funding arrangement for an acquisition transaction linked to agreements signed in January 2026.

Important Figures Used

Corporate Action Details

The pledge was created on July 14, 2026, in favor of CTL Trusteeship Limited. The underlying debt instruments are secured, unrated, unlisted, redeemable, non-convertible debentures. These debentures are divided into:

• LFPL Debentures: Up to ₹3373 crore issued by Lenexis Foodworks Private Limited.
• IR2PL Debentures: Up to ₹500 crore issued by Inspira Realty 2 Private Limited.

Acquisition Context

The fund-raising is tied to acquisition commitments formalized in:

1. Share Purchase Agreement (SPA) dated January 20, 2026.
2. Securities Subscription Agreement (SSA) dated January 20, 2026.
3. An open offer triggered by the execution of these agreements.

Concerns and Watch Points

What This Means for Investors

The pledge signifies a high level of promoter involvement and leverage in the acquisition process. The low security cover ratio (0.33) is a key monitorable, suggesting the underlying share value currently covers only a fraction of the debenture amount involved in the transaction. Existing shareholders should track updates regarding the acquisition progress and the status of the debenture obligations.

Investor Takeaway

The promoter's decision to pledge 11.89 crore shares underscores the significant capital requirements for the ongoing acquisition. Investors should closely monitor the security cover ratio and the terms of the unrated debentures, as volatility in share prices could trigger concerns regarding the pledge. The reliance on external debt and pledging of significant promoter equity highlights the financial structure supporting the company's expansion plans.

Annual General Meeting Schedule

Restaurant Brands Asia Limited has informed the stock exchanges that the company's 13th Annual General Meeting (AGM) is scheduled to be held on Thursday, August 20, 2026.

Meeting Details

The meeting will be conducted virtually via Video Conferencing (VC) and Other Audio Visual Means (OAVM). This format adheres to the requirements set by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

What This Means for Investors

The scheduling of the AGM is a routine corporate governance process. Shareholders should watch for further details and the annual report, which will be provided in due course by the company.

Investor Takeaway

This is a standard procedural announcement regarding the company's 13th Annual General Meeting. Investors should note the date for their records. No material financial or operational data was disclosed in this filing.

Key Highlights

Shareholding Change Details

ICICI Prudential Life Insurance Company Limited, an institutional investor in Restaurant Brands Asia Limited, has reported a change in its shareholding percentage. The company clarified that it has not sold any shares or voting rights in the target company. The reduction in the investor's stake from 5.2468% to 4.2986% is a passive result of the target company's recent corporate action.

Transaction Details

The target company, Restaurant Brands Asia Limited, issued 128,571,428 new equity shares via a preferential allotment. This issuance increased the total equity share capital of the target company, thereby mathematically reducing the percentage holding of existing shareholders who did not participate in the new allotment.

Investor Takeaway

For investors, the key point is to distinguish between active divestment (selling shares) and passive dilution (change in percentage due to expanded capital). In this instance, the institutional investor's absolute share count remains unchanged at 30,582,090 shares. This disclosure is a standard regulatory requirement under SEBI (SAST) regulations to maintain transparency regarding substantial shareholdings.

Share Pledge Announcement

Restaurants Brands Asia Limited has disclosed that 11,88,93,177 equity shares have been placed under encumbrance. This filing was submitted in compliance with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Pledge Details

The pledge was created on July 14, 2026, in favour of CTL Trusteeship Limited. The entity serves as a common security trustee for the benefit of debenture holders. The pledge acts as security for the issuance of secured, unlisted, redeemable, non-convertible debentures issued by two third-party entities: Lenexis Foodworks Private Limited and Inspira Realty 2 Private Limited.

Target Company Capital Structure

The filing provides the following data regarding the target company's capital structure:

• Total Equity Share Capital: ₹711.72 crore (71171.88 lakh)
• Total Diluted Share/Voting Capital: ₹801.12 crore (80111.74 lakh)

Investor Takeaway

The disclosure of a 16.71% stake encumbrance on the company's total voting capital is a significant update for stakeholders. While this pledge supports third-party debt obligations rather than the company's own direct debt, it represents a substantial volume of equity committed as collateral. Investors should monitor future updates for further details on these debt arrangements and any potential implications for the company’s shareholding structure.

Key Highlights

Transaction Details

Lenexis Foodworks Private Limited has created a pledge over 11,88,93,177 equity shares of Restaurant Brands Asia Limited. The transaction, executed on July 14, 2026, is valued at ₹844,49,82,363 (₹844.5 crore).

This funding is intended to support acquisition transactions previously agreed upon under:

• A Share Purchase Agreement (SPA) dated January 20, 2026.
• A Securities Subscription Agreement (SSA) dated January 20, 2026.
• An open offer triggered by the execution of the SPA and SSA.

Risks and Watch Points

Investor Takeaway

The disclosure details a strategic financing move by the promoter group. The pledge of 11.89 crore shares is explicitly linked to raising capital for ongoing acquisition activities, including specific share purchase and subscription agreements.

For investors, the key focus should be the progress of the stated acquisition transactions. While promoter pledging is a standard mechanism for funding, it inherently introduces volatility risks. Shareholders should monitor the company's updates regarding these acquisitions and the broader implications for the promoter's shareholding stability.

Regulatory Compliance Filing

Restaurant Brands Asia Limited has submitted the Compliance Certificate as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. This is a routine statutory filing that confirms the company's adherence to regulatory requirements regarding share processing.

Share Transfer Agent Update

The company's Registrar and Share Transfer Agent (RTA), previously known as Link Intime India Private Limited, is now operating under the name MUFG Intime India Private Limited. Investors should note this change in the service provider's corporate identity for future reference.

Dematerialization Activity

The RTA has confirmed that no requests for dematerialization or rematerialization were received for the quarter ended June 30, 2026. The confirmation indicates that there was no operational volume in the company's share registry regarding these specific tasks during the reported period.

Transaction Overview

Restaurant Brands Asia Limited disclosed a significant change in promoter shareholding, involving a collective off-market acquisition of 6,56,23,091 equity shares on July 7, 2026. This acquisition represents 9.22% of the company's total issued and paid-up equity share capital.

The transaction was executed across four promoter entities. Lenexis Foodworks Private Limited accounted for the vast majority of the acquisition, purchasing 6,56,22,791 shares.

Transaction Details

Note: The implied share price for these transactions is approximately ₹70 per share.

Key Observations

• Consolidation of Control: The promoter group has significantly increased its stake in the company by 9.22%.
• Nature of Transaction: The acquisitions were conducted through off-market transfers, indicating internal consolidation rather than open-market buying.
• Management Confidence: Such a large-scale acquisition by promoter entities often signals that the management group remains optimistic about the company's intrinsic value and future operational performance.

Investor Takeaway

For investors, this disclosure is a positive development regarding management alignment and ownership confidence. The promoter group's decision to deploy capital—specifically the ₹459.36 crore investment by Lenexis Foodworks—at an implied price of ₹70 per share suggests they see long-term value in the company at current levels. Investors should monitor this as a signal of internal confidence, although this is a non-operating event and does not immediately change the company's financial results or operational metrics. No further action is required by minority shareholders based on this filing.

Key Highlights

The promoter group of Restaurant Brands Asia Limited has completed an off-market acquisition of shares, resulting in a substantial increase in their voting control.

Shareholding Analysis

The transaction has materially altered the promoter group's ownership profile in the company.

• Pre-Acquisition: The group held 23,16,10,452 shares, representing 32.55% of the total share capital.
• Post-Acquisition: The group now holds 29,72,33,543 shares, representing 41.78% of the total share capital.
• Capital Structure: The total diluted share/voting capital of the company is reported at 80,11,17,459 shares.

Corporate Action Details

The acquisition was executed pursuant to a Share Purchase Agreement (SPA) dated January 20, 2026. This off-market transfer signifies the fulfillment of a long-standing arrangement between the acquirers and the sellers (QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd.). The transfer was formally completed on July 7, 2026.

What This Means for Investors

The increase in promoter holding is typically interpreted as a sign of management's confidence in the company's future value. By acquiring an additional 9.22% stake, the promoter group has significantly consolidated its influence over the company's governance and decision-making processes. Investors often view such actions as a positive development, suggesting that insiders expect long-term value creation.

Investor Takeaway

Existing shareholders should note this consolidation of control within the promoter group. The transaction reflects a strategic shift in ownership, moving a notable block of shares from institutional/venture sellers to the core promoter entities. No immediate operational changes were announced, but the increased promoter stake is a key development to track regarding future corporate strategy and long-term ownership stability.

Key Highlights

Corporate Action Details

Restaurant Brands Asia Limited disclosed that QSR Asia Pte. Ltd. has completed the sale of 6,56,23,090 equity shares, representing 9.22% of the company's total issued and paid-up share capital. The transaction was executed as an off-market transfer on July 7, 2026, for a total consideration of approximately ₹459.36 crore.

Shareholder Position

QSR Asia Pte. Ltd. was an erstwhile promoter of the company and had previously been reclassified as a 'public' shareholder under Regulation 31A(10) of the SEBI (LODR) Regulations. Following this off-market transaction, the selling entity's shareholding in Restaurant Brands Asia Limited has reduced to Nil.

What This Means for Investors

This transaction marks the complete exit of QSR Asia Pte. Ltd. from the company. As the selling entity was already categorized as a public shareholder, this move is essentially a clean liquidity event. Off-market block transactions typically allow for the transfer of significant stakes without causing immediate volatility in the secondary market price. Investors may view this as the conclusion of a transition period regarding the involvement of this specific erstwhile promoter group.

Investor Takeaway

For current shareholders, this development confirms the final departure of a former promoter entity from the company's equity base. The transaction size is substantial at over ₹459 crore, indicating a major change in the shareholding pattern. As this was an off-market deal, it does not directly impact the daily trading liquidity or price discovery on the stock exchange. Investors should monitor future shareholding pattern disclosures to understand the distribution of these shares among new investors, if disclosed.

Key Highlights

Corporate Action Details

The company has made a regulatory filing under Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure reports that F&B Asia Ventures (Singapore) Pte. Ltd. sold 1 equity share of Restaurant Brands Asia Limited on July 7, 2026.

The transaction was executed off-market. According to the filing, the selling entity acted as a nominee on behalf of QSR Asia Pte. Ltd.

Investor Takeaway

This update is a standard regulatory compliance filing intended to maintain transparency regarding changes in holdings. The transaction involves a single equity share and holds no financial or operational significance for the company or its investors. It is a procedural matter and requires no specific action or assessment by shareholders.

Open Offer Completion Overview

Restaurant Brands Asia Limited has announced the successful completion of its Open Offer as required under SEBI (SAST) Regulations. This post-offer advertisement formalizes the acquisition process carried out by the Acquirer group, which includes Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal, along with Inspira Agro Trading LLC as a Person Acting in Concert (PAC).

Key Figures of the Offer

Offer Consideration and Shareholding Impact

The total actual consideration paid for the shares accepted in the open offer was ₹725.26 crore (₹72,526.19 lakh). This reflects the capital outflow related to the shares tendered by public shareholders against the initially proposed consideration of ₹1,464.55 crore (₹1,46,454.64 lakh). A total of 10.30 crore equity shares were successfully tendered and accepted.

Regulatory Compliance

This Post-Offer Advertisement was published in compliance with Regulation 18(12) of the SEBI (SAST) Regulations. The process was conducted in accordance with the provisions of Regulation 18(11) and 18(11A) of the SEBI (SAST) Regulations, 2011, ensuring the takeover process adheres to mandatory market regulatory standards.

Investor Takeaway

The Open Offer conclusion marks a significant shift in the ownership structure of Restaurant Brands Asia Limited. Shareholders and market participants should note that this advertisement confirms the successful transfer of shares to the new Acquirer group. This update is procedural, confirming that the acquisition phase of the takeover bid has reached completion.

Key Highlights

Ownership Transition

Restaurant Brands Asia Limited has informed the exchanges that its promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., have divested their entire shareholding in the company. The sale involves 6,56,23,091 equity shares. Consequent to this sale, the former promoters have ceased to hold any equity shares in the company and have been reclassified as 'public' shareholders under the relevant SEBI regulations.

Transaction Details

The divestment was conducted via an off-market transfer on July 7, 2026. The transaction is based on a share purchase agreement dated January 20, 2026. The entities involved in this agreement, which facilitated the transfer, include the sellers and several acquiring entities, such as Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal, and Inspira Agro Trading LLC.

Diluted Capital Context

The stake sale figures account for adjustments in the company's capital structure. The 8.19% diluted stake figure reflects the inclusion of 8,57,14,285 warrants allotted to Lenexis Foodworks Private Limited and outstanding employee stock options granted by the company as of June 2, 2026.

Investor Takeaway

This event marks a major shift in the ownership and promoter structure of the company. With the founding promoter group exiting their entire stake, investors should monitor how this changes the company's management oversight and strategic direction. The reclassification of these entities to 'public' shareholders is a procedural requirement following the exit. The transition involves a set of specific acquiring entities, and market participants may observe further disclosures regarding changes in control or governance as the new structure stabilizes.

Key Highlights

Acquisition Context

The company has formally disclosed the completion of the open offer process, which follows a series of strategic agreements executed earlier in 2026.

• January 20, 2026: Execution of a Securities Subscription Agreement (SSA) to acquire 12,85,71,428 equity shares and 8,57,14,285 warrants.
• June 2, 2026: Execution of a Share Purchase Agreement (SPA) to acquire 6,56,23,091 equity shares from the sellers (QSR Asia Pte Ltd and F&B Asia Ventures).
• July 6, 2026: Completion of the open offer, where 10,30,39,024 equity shares were tendered by public shareholders and accepted by the acquirers.

Promoter Status Change

The acquirers—Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal—along with the Person Acting in Concert (PAC), Inspira Agro Trading LLC, have officially assumed the status of promoters of the target company. This transition was effective following the closing of the SPA on July 7, 2026, post-completion of the open offer.

Capital Structure

Following the acquisition, the total equity share capital stands at ₹711.45 crore, divided into 71,14,47,715 equity shares of face value ₹10 each. The total diluted share capital, assuming full conversion of outstanding warrants, is 80,11,17,459 equity shares.

Shareholding Shift

What This Means for Investors

The completion of these transactions marks a significant structural change for the company, with the new promoter group establishing a majority-like control position. Investors should monitor future announcements regarding the strategic intent of the new promoter group, as changes in ownership often precede shifts in operational focus or capital allocation. The regulatory filings confirm that the mandatory open offer requirements under SEBI (SAST) Regulations have been fulfilled.

Shareholding Change Details

SBI Mutual Fund has completed its exit from Restaurant Brands Asia Limited. The fund, under its various schemes, sold its entire remaining holding of 3,05,00,000 shares.

This sale represents 4.2854% of the company's total share capital. The transaction was executed on July 3, 2026, through the stock exchange mechanism as part of an Open Offer.

Following this transaction, the shareholding of SBI Mutual Fund in the target company is now nil.

Important Figures

Investor Takeaway

The primary development is the complete liquidation of the investment held by SBI Mutual Fund. As this was conducted via an open offer process, it reflects a planned exit by the institutional investor. The company's total equity share base of 71,17,18,862 shares remains unchanged following this transaction. Investors should note that the exit of this institutional entity changes the shareholder composition of the company.

Promoter Reclassification and Change in Control

Restaurant Brands Asia Limited has announced that the company has undergone a change in control, effective July 7, 2026. As a result of this transition, the erstwhile promoters, QSR Asia Pte Ltd and F&B Asia Ventures (Singapore) Pte. Ltd., have ceased to be classified as promoters and have been reclassified into the 'public' category. This reclassification is in accordance with SEBI Listing Regulations.

The new promoters comprise Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal, and Inspira Agro Trading LLC (IATL).

Management Confirmation on Outgoing Promoters

The company has confirmed that the former promoters maintain no ongoing influence over the business. Specifically, they:

• Hold no voting rights in the company.
• Do not possess any special rights through formal or informal arrangements.
• Have no representation on the Board of Directors.
• Do not act as Key Managerial Personnel (KMP).
• Are not classified as 'wilful defaulters' or fugitive economic offenders.

Preferential Allotment and Acquisition Details

The reclassification follows a series of strategic transactions, including preferential allotments approved on June 2, 2026, and share acquisitions under a Share Purchase Agreement (SPA).

Preferential Issue Details (Allotment Date: June 2, 2026)

Share Acquisitions from Sellers

Regulatory Compliance

The company stated that this transition process is in compliance with Regulations 31A(3)(c)(ii) and 31A(3)(c)(iii) of the SEBI Listing Regulations. The intent of the former promoters to cease their classification was previously disclosed in the letter of offer dated May 26, 2026.

Investor Takeaway

For investors, this announcement represents a definitive structural change in the ownership and governance of Restaurant Brands Asia Limited. With the acquisition of control by the new promoter group and the departure of the former promoters from the promoter group, the company's governance structure has officially changed as of July 7, 2026. Shareholders should note that the former promoters are now public shareholders, and the management has verified that they retain no special rights or roles within the company.

Key Highlights

Important Figures Used

Corporate Action Details

The Board has officially noted the completion of the transfer of 6,56,23,090 equity shares from the previous sellers (QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd.) to the new promoter group, effective July 7, 2026. Consequently, the previous sellers have been reclassified from 'promoter' to the 'public' category. The new acquirers are now recognized as the promoters of the company.

Board Decision or Meeting Update

The Board meeting held on July 7, 2026, resulted in significant changes to the company's leadership structure:

• Resignations: Mr. Amit Manocha, Ms. Roshini Bakshi, and Mr. Ajay Kaul have resigned as Non-Executive Non-Independent Directors.
• New Appointments: Mr. Madhusudan Bhagwandas Agrawal and Mr. Aayush Madhusudan Agrawal have been appointed as Additional Non-Executive Non-Independent Directors.
• Leadership Change: Mr. Madhusudan Bhagwandas Agrawal has been appointed as the Chairman of the Board. Mrs. Tara Subramaniam has stepped down as Chairperson but will remain a board member.

Management, Auditor, and Compliance Changes

The new board members bring significant business experience to the company:

• Mr. Madhusudan Bhagwandas Agrawal: A seasoned corporate leader and co-founder of Ajanta Pharma Limited, bringing over four decades of executive experience in global business development and governance.
• Mr. Aayush Madhusudan Agrawal: An entrepreneur known for scaling Lenexis Foodworks, a QSR operator with a significant network of kitchens and various brands.

What This Means for Investors

For investors, the completion of this share transfer signals the finalization of the change-in-control process initiated previously. The restructuring of the board, with the new promoters taking leadership roles, indicates a shift in the strategic oversight of the company. Shareholders should monitor upcoming corporate communications for insights into the new management's strategic priorities for the business.

Investor Takeaway

Restaurant Brands Asia Limited has successfully navigated the formal change in promoter control, a major event that effectively transitions the ownership structure. The appointment of a new Chairman and the addition of experienced directors from the new promoter group highlight a clear intent to reshape governance. Investors should track future management commentary and operational updates to gauge the strategic direction under this new leadership.

Transaction Overview

Inspira Global has concluded the acquisition of control in Restaurant Brands Asia Limited. The transaction was executed through Inspira Global's food and beverage platform, Lenexis Foodworks Private Limited, following the completion of the mandatory open offer and receipt of all requisite regulatory approvals.

Key Figures

Operational Outlook

Following the change in control, the company will continue to operate its existing portfolio. Crucially, master franchise and development agreements for the Burger King brand in India and Indonesia, as well as the Popeyes brand in Indonesia, have been extended through 2050. This provides long-term visibility for the business model and ensures continuity in brand availability and store network expansion.

Management Strategy

The incoming leadership team, led by Chairman Mr. Madhusudan Agrawal and Director Mr. Aayush Agrawal, has outlined a strategy focused on stability and growth. The management stated that the primary objective is to build upon the existing operational foundation rather than initiating immediate restructuring. The focus remains on:

• Expanding the restaurant network
• Enhancing customer experience
• Investing in digital and technology capabilities
• Strengthening operational excellence

Management emphasized that the acquisition is driven by conviction in India's long-term consumption story and a preference for "patient capital" and disciplined governance.

Investor Takeaway

The completion of this acquisition marks a pivotal shift in the ownership and strategic oversight of Restaurant Brands Asia Limited. For investors, the key takeaways include the stability provided by the extension of franchise agreements through 2050 and the visibility on future capital infusion via warrant exercise. The incoming promoters have signaled a continuity-focused approach, prioritizing the existing leadership's established operating fundamentals while injecting new capital to support the next phase of growth.

Key Highlights

Restaurant Brands Asia Limited has officially completed its change of control transaction. The new promoter group has taken control, and the previous promoter group has been reclassified to the public category. Additionally, the company has reshuffled its Board of Directors.

Corporate Control Change

The company confirmed that the acquisition of control by the new promoters—Lenexis Foodworks, Aayush Agrawal Trust, Inspira Foodworks, and Mr. Aayush Madhusudan Agrawal—has been finalized. Consequently, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd. have ceased to be promoters and are now reclassified as public category shareholders under SEBI Listing Regulations.

Board and Leadership Restructuring

The board has undergone a significant transition to align with the new ownership:

• Resignations: The board accepted the resignations of Mr. Amit Manocha, Ms. Roshini Bakshi, and Mr. Ajay Kaul, effective July 7, 2026.
• New Appointments: Mr. Madhusudan Bhagwandas Agrawal and Mr. Aayush Madhusudan Agrawal have been appointed as Additional Non-Executive Non-Independent Directors.
• Chairman Transition: Mr. Madhusudan Bhagwandas Agrawal has been appointed as the new Chairman of the Board. Mrs. Tara Subramaniam has stepped down as Chairperson but continues to serve as a member of the Board.

What This Means for Investors

This announcement signals a total change in the governance and strategic oversight of the company. Investors should watch for future communications from the new management regarding their long-term business strategy, operational focus, and any potential shifts in business direction. The new promoters bring experience from their existing QSR portfolio, which may influence the company's future operational approach.

Investor Takeaway

For investors, the key point is that the change of control is now legally complete and effective. The overhaul of the board and the appointment of a new Chairman represent a new chapter for the company. Shareholders should monitor upcoming disclosures for clarity on how the new management intends to integrate their expertise with the existing business and their specific goals for sustainable growth.

Key Highlights

Restaurant Brands Asia Ltd has reported a change in its shareholding pattern following a divestment by Rajasthan Global Securities Private Limited. The non-promoter entity has reduced its stake in the company via a combination of an open offer and open market transactions.

Transaction Details

Shareholding Breakdown

Note: The total equity share capital of the company is 711,718,862 shares.

What This Means for Investors

The disclosure confirms that a significant shareholder, Rajasthan Global Securities Private Limited, has reduced its equity position by 2.79%. Such filings are mandatory under SEBI regulations when there is a substantial acquisition or disposal of shares.

For investors, this represents a shift in the company's non-promoter shareholding base. As this was executed through open market channels and an open offer, it serves as a liquidity event. Investors should note that non-promoter stake sales can occur for various reasons, including portfolio rebalancing or profit-taking, and do not inherently reflect the company's operational performance or management's future outlook.

Investor Takeaway

This update is a routine regulatory disclosure regarding a non-promoter stake sale. Shareholders should monitor official shareholding pattern filings in future quarterly reports to see if there have been further changes in the composition of top public shareholders. No immediate action is required based on this standard disclosure.

Summary

• Restaurant Brands Asia Limited's Borrowings, Investments, Loans and Finance Committee approved an investment of IDR 35,000,000,000 (Thirty-Five Billion Indonesian Rupiah) in its subsidiary, PT Sari Burger Indonesia.
• The investment will be made by subscribing to 35,000 redeemable cumulative non-convertible preference shares.
• This move is to meet the subsidiary's business requirements and is expected to conclude within two months.
• The transaction, identified as a related party transaction, will be conducted at arm's length, and no prior regulatory approvals are needed.

Key Numbers & Dates

• Aggregate Investment Amount: IDR 35,000,000,000 (Thirty-Five Billion Indonesian Rupiah) in PT Sari Burger Indonesia.
• Shares Subscribed: 35,000 redeemable cumulative non-convertible preference shares.
• Nominal Value per Share: IDR 1,000,000 (One Million Indonesian Rupiah).
• BK Indonesia Outlets: 133 as of March 31, 2026.
• BK Indonesia Standalone Turnover (FY25): IDR 965,168.88 million.
• Meeting Date: April 24, 2026.
• Indicative Completion Period: Within two (2) months.

What Changes for the Business

• The IDR 35 billion investment will be used by PT Sari Burger Indonesia to meet its business requirements.
• The parent company will acquire redeemable cumulative non-convertible preference shares, which do not carry voting rights.

What to Track Next

• Monitor the completion of the investment within the next two months.

Summary

• Restaurant Brands Asia Limited has submitted its compliance certificate for the quarter ended March 31, 2026, as required by SEBI regulations.
• The company's Registrar and Share Transfer Agent confirmed that all dematerialisation requests processed during the quarter were handled according to regulations.
• Notably, no requests for dematerialisation or rematerialisation were received by the company during this period.

Key Numbers & Dates

• Period covered by certificate: Quarter ended March 31, 2026
• Document date: April 13, 2026

What Changes for the Business

• This is a routine regulatory compliance filing confirming procedural handling of share transfers and depositories, with no direct operational changes indicated.

What to Track Next

• No specific future actions or milestones were mentioned in the provided text.

Machino Plastics Limited has submitted copies of its newspaper publication regarding the opening of a special window for the transfer and dematerialisation of physical securities. This initiative, compliant with SEBI Circular dated January 30, 2026, aims to assist shareholders with physical share transfers. The company published the notice on April 8, 2026, in leading newspapers.

Summary

• Restaurant Brands Asia Limited has closed its trading window for designated persons and their immediate relatives.
• The closure is effective from April 1, 2026, and will continue until 48 hours after the board meeting concludes.
• This measure is in preparation for the board's consideration and approval of the company's audited financial results for the quarter and financial year ended March 31, 2026.
• The date of the board meeting will be communicated separately.

Key Numbers & Dates

• Trading Window Start: April 1, 2026
• Financial Year End: March 31, 2026
• Trading Window Re-opens: 48 hours after the conclusion of the Board meeting (date to be intimated separately).

What Changes for the Business

• This is a procedural announcement related to insider trading regulations, indicating that financial results are forthcoming.

⚠️ What Could Go Wrong

• No specific risks were mentioned in the provided text.

Concall: Investor Questions & Management Answers

• Not applicable as the report is an announcement, not a transcript.

Results Snapshot

• Not applicable as the report announces the closure of the trading window for results, but does not contain the results themselves.

What to Track Next

• The specific date of the Board meeting for declaration of financial results.
• The announcement of the audited standalone and consolidated financial results.

Summary

• Restaurant Brands Asia Limited's Nomination and Remuneration Committee approved the allotment of 58,552 equity shares under the BK Employee Stock Option Scheme, 2015.
• The approval was granted on March 19, 2026, with shares to be allotted at a face value of Rs. 10 each.
• These new shares will rank pari-passu with the company's existing equity shares.
• The allotment will result in an increase in the company's total issued and paid-up equity share capital.

Key Numbers & Dates

• Shares Allotted Under ESOP: 58,552 (shares)
• Face Value per Share: Rs. 10 (Rs.)
• Total Amount for ESOP Allotment: Rs. 5,85,520 (Rs.)
• Total Paid-up Equity Capital (Post Allotment): Rs. 5,82,87,62,870 (Rs.)
• Allotment Approval Date: March 19, 2026

What Changes for the Business

• The issued and paid-up equity share capital will increase due to the allotment of 58,552 shares.
• The newly allotted shares will have the same rights and privileges as existing shares, ranking pari-passu.

Summary

• RajasthanGlobal Securities Pvt. Ltd. has acquired 15,87,574 shares of RESTAURANT BRANDS ASIA LTD. through the open market.
• This transaction increases their total holding to 2,91,57,406 shares, representing 5.00% of the company's total voting capital.
• Prior to this, the entity held 4.73% of the voting capital.

Key Numbers & Dates

• Holding before acquisition: 2,75,69,832 shares (4.73%)
• Shares acquired: 15,87,574 shares (0.27%)
• Holding after acquisition: 2,91,57,406 shares (5.00%)
• Total equity share capital: 582,746,905 shares of ₹10 each
• Acquisition/Intimation Date: March 13, 2026

What Changes for the Business

• RajasthanGlobal Securities Pvt. Ltd. has crossed the 5% significant holding threshold in RESTAURANT BRANDS ASIA LTD.

News Crux

Voting results of the Extra-Ordinary General Meeting (EGM) of Restaurant Brands Asia Limited held on February 13, 2026.

Key Events

• Restaurant Brands Asia Limited held its EGM on February 13, 2026.
• Shareholders approved four resolutions presented during the meeting.
• Resolution 1 (Ordinary): Approval to increase the Company's Authorized Share Capital.
• Resolution 2 (Special): Approval for the issuance of Equity Shares and Warrants by way of a Preferential Issue on a Private Placement Basis.
• Resolution 3 (Special): Approval for adoption of amended and restated Articles of Association and grant of special rights to identified Shareholders.
• Resolution 4 (Special): Approval for payment of remuneration to Mr. Rajeev Varman as Whole-Time Director and Group Chief Executive Officer.
• Promoters and Promoter Group stated they were not interested in any of the agenda items.
• All resolutions were passed with requisite majorities, indicating shareholder approval for the company's proposals.

News Crux

Restaurant Brands Asia Limited (formerly Burger King India Limited) held its Extra-Ordinary General Meeting (EGM) on February 13, 2026. Key resolutions passed included approving a substantial fundraising of approximately ₹1,500 Crores through a preferential issue of equity shares and warrants, and amendments to the company's Memorandum and Articles of Association to reflect the acquisition of controlling interest by Inspira Global as the new strategic promoter.

Guidance & Strategy

Management, through the CEO's address, highlighted that Inspira Global intends to support the Company’s growth strategy and strengthen its operational and financial flexibility for the next phase of expansion. The company will focus on executing these growth plans following the promoter change.

Financial Deep Dive

The company plans to raise approximately ₹1,500 Crores through the issuance of around 12.86 crore equity shares and around 8.57 crore warrants convertible into equity shares, both at an offer price of Rupees 70 per share. The authorized share capital will also be increased from ₹700 Crores to ₹900 Crores.

Key Events

The EGM approved the acquisition of controlling interest in the Company by Inspira Global, who will become the new strategic promoter. This acquisition triggers an open offer. The authorized share capital of the Company will be increased from ₹700 Crores to ₹900 Crores.

Outlook

The company reiterated its focus on executing growth plans, supported by the new strategic promoter, Inspira Global, which aims to strengthen operational and financial flexibility for future expansion.

Restaurant Brands Asia Limited, previously known as Burger King India Limited, issued a newspaper publication on February 7, 2026, containing a corrigendum to the Notice of its Extra-Ordinary General Meeting (EGM) for the 01/2025-26 period. The corrigendum was published in the Financial Express (English) and Loksatta (Marathi) newspapers. This action complies with SEBI Listing Regulations and the Companies Act, 2013, ensuring all relevant parties are updated on the EGM particulars. The company has also updated its website, www.burgerking.in, with this information.

Restaurant Brands Asia Limited (RBA) reported a strong Q3 FY26, marked by its highest-ever company EBITDA of ₹40.6 Cr, a significant 31.5% year-over-year increase. The company achieved its long-term gross margin target of 70% (originally set for FY29) in this quarter, reaching 69.9% ahead of schedule, driven by improvements in supply chain efficiencies and increased profitability in its delivery business. Revenue saw a healthy 16.5% YoY growth to ₹577 Cr, supported by an encouraging 4.5% Same-Store Sales Growth (SSSG), marking the 11th consecutive quarter of positive SSSG. The company also announced a landmark ₹1600 Cr investment from Inspira Global Group, comprising ₹900 Cr in equity and ₹700 Cr via warrants at ₹70 per share, which will make Inspira a significant shareholder and trigger an open offer. Operationally, RBA continues its expansion, aiming to reach approximately 600 restaurants by the end of Q4 FY26, and has seen its digital order share rise to 92% with a 47% YoY increase in Monthly Active Users. Strategic initiatives include strengthening core and premium menus, enhancing operational efficiencies like installing new broilers in 250 restaurants, and continuing the turnaround efforts in Indonesia, though the Popeyes business there requires urgent attention. The company plans to share a revised future outlook and a 3-5 year strategic plan in the next quarter.

Restaurant Brands Asia Limited has issued a Corrigendum to its Extraordinary General Meeting (EGM) Notice, scheduled for February 13, 2026. This amendment provides crucial updates regarding a proposed preferential issue of equity shares and warrants, which exceeds INR 100 Crores. Consequently, a SEBI-registered monitoring agency will be appointed to oversee the utilization of issue proceeds. The notice identifies the proposed allottees as Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal. Upon completion of the transaction, these acquirers, along with IATL, will acquire control of the company and become its new promoters, replacing the current promoter group. The post-issue shareholding, calculated on a fully diluted basis, is expected to be around 26.74% for the new promoter group.

Significant amendments are also proposed to the company's Articles of Association. Article 173 will grant the new promoters, Acquirers and IATL, the right to nominate directors on the Board based on specified shareholding thresholds: 4 directors (or proportionate nominee directors) if holding at least 25% on a fully diluted basis, 3 directors if holding at least 15%, and 2 directors if holding at least 10%.

Furthermore, the notice details the proposed remuneration for Mr. Rajeev Varman, Whole-time Director and Group CEO, for his term from April 1, 2026, to February 26, 2029. This includes a total fixed salary of ₹4,00,00,000 per annum, with provisions for variable pay linked to company performance (EBITDA, revenue, store growth) with an upper limit of ₹40 million annually. Employee Stock Options (ESOPs) are also outlined, with vesting tied to employment and performance criteria, and valuations benchmarked against industry standards.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced that its Board of Directors, in a meeting held on February 5, 2026, re-considered and approved revised amendments to the company's Articles of Association (AoA) and special rights to be granted to identified shareholders. These revisions are subject to shareholder approval and are linked to a share purchase agreement (SPA) executed on January 20, 2026, and a securities subscription agreement (SSA) dated January 20, 2026.

The key development involves the classification of Acquirers (Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal) and Inspira Agro Trading LLC (IATL) as 'promoters' of the Company. Concurrently, Seller 1 (QSR Asia Pte. Ltd.) and Seller 2 (F&B Asia Ventures (Singapore) Pte. Ltd.) will be involved, with Seller 1 ceasing to be a promoter.

Significant revisions to the AoA and special rights include:

• The removal of rights previously held by Seller 1, such as the nomination of directors, appointment of alternate directors, presence on Board committees, and the appointment of the CEO.
• The inclusion of new rights for the Acquirers and IATL to nominate directors. These rights are contingent upon their collective shareholding: they can nominate up to 4 directors (or a proportionate number) if they hold at least 25% of the company's equity share capital, 3 directors if they hold at least 15%, and 2 directors if they hold at least 10%.
• Removal of quorum requirements related to Seller 1's nominee directors in Board meetings.

The company will issue a corrigendum to the notice of its extraordinary general meeting (EGM) dated January 20, 2026, to reflect these changes. The approved amendments and special rights will become effective upon the closing of the transactions as per the SPA and SSA.

Lenexis Foodworks Private Limited and its associates (collectively, the Acquirers) have announced an open offer to acquire up to 26.00% of the expanded voting share capital of Restaurant Brands Asia Limited at a price of ₹70 per Equity Share. The total offer size amounts to INR 14,56,43,20,190. This open offer is part of broader underlying transactions, including a Share Purchase Agreement (SPA) and a Securities Subscription Agreement (SSA), which entail the acquisition of shares from existing promoters and a preferential allotment of shares and warrants to the Acquirers. The offer is contingent upon the satisfactory receipt of statutory approvals, such as CCI Approval and SE In-principle Approval. The tendering period for the offer is scheduled from March 17, 2026, to April 02, 2026. The Acquirers have stated their intention to support the Target Company's management in its pursuit of sustained growth and to strengthen its existing business operations. Financial information for the Acquirers and the Target Company is provided within the offer document, detailing their respective financial standings, but no specific quarterly results or future revenue guidance for Restaurant Brands Asia Limited were disclosed as part of this open offer announcement.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has informed the exchanges that the audio recording of its conference call with investors and analysts is now available on the company's website. The call, held on February 4, 2026, pertained to the un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This provides stakeholders an opportunity to review the discussions and management insights regarding the company's recent financial performance.

Restaurant Brands Asia Limited (RBA), formerly Burger King India Limited, has issued additional information concerning the remuneration for its Whole-Time Director and Group Chief Executive Officer, Mr. Rajeev Varman, for his remaining tenure from April 1, 2026, to February 26, 2029. The disclosure clarifies the structure of his incentive/variable pay and Employee Stock Options (ESOPs).

The variable pay for Mr. Varman is linked to the achievement of specific company performance conditions, including EBITDA, operational performance indicators, new store openings, company revenue, and Same-Store Sales Growth (SSSG). This variable pay has an upper limit of INR 40 million per annum and is approved by the Board of Directors or Nomination Remuneration Committee (NRC) at the start of each year.

Regarding ESOPs, grants will be made by the NRC as per the company's ESOP Schemes. The terms for the CEO's ESOP grants are to be consistent with those of other employees. Grant valuations will be based on comparative benchmarking studies for long-term incentive (LTI) value, with the annual LTI value not expected to exceed 2.0 times the fixed pay, aligning with industry best practices.

Vesting of ESOPs is contingent upon continued employment and specific conditions. If vesting is linked to tenure, the exercise price is the fair market value on the grant date. If linked to company performance criteria, the exercise price is the face value of the share (INR 10). The performance criteria for vesting (with weights) include EBITDA (50%), Revenue (25%), and Net Restaurant Growth (NRG - 25%). The EBITDA calculation will exclude the impact of Indian Accounting Standard -116 – Leases. The NRC retains discretion to adjust performance criteria and weights. These vesting conditions are in line with the RBAL Employee Stock Option Scheme 2024, approved by shareholders in January 2025.

This report from ICRA Limited, dated February 3, 2026, serves as the Monitoring Agency's final report for Restaurant Brands Asia Limited (formerly Burger King India Limited) regarding the utilization of proceeds from its Qualified Institutions Placement (QIP) for the quarter ended December 31, 2025 (Q3 FY2026).

The company raised INR 500 Crore through the QIP, with net proceeds amounting to INR 480.09 Crore after accounting for lower-than-estimated issue-related expenses. ICRA monitors the Gross Proceeds of INR 500 Crore. The core objective of the QIP was to fund the prepayment and/or repayment of certain outstanding borrowings (INR 72.00 Crore allocated), fund capital expenditure for setting up new restaurants in India (INR 325.00 Crore allocated), and for General Corporate Purposes (GCP) (INR 83.09 Crore allocated after revision). Issue-related expenses were allocated INR 19.91 Crore.

As of December 31, 2025, a total of INR 298.46 Crore has been utilized. Specifically, INR 19.91 Crore was used for issue-related expenses, INR 72.00 Crore for debt repayment, INR 127.32 Crore for CAPEX towards new restaurants, and INR 79.23 Crore for GCP. Consequently, INR 201.54 Crore remains unutilized. This unutilized amount has been deployed in interest-bearing instruments, including HDFC Fixed Deposit (INR 25.00 Crore), mutual funds (Corporate Bond - INR 90.00 Cr, Low Duration - INR 50.00 Cr, Money Market - INR 34.05 Cr), and the balance INR 2.49 Crore lies in the QIP monitoring account. These investments earned INR 10.27 Crore during the quarter, with a market value of INR 211.81 Crore.

ICRA's report confirms that there has been 'No Material deviation' in the utilization of these QIP proceeds from the objects disclosed in the offer document. All utilization aligns with the disclosures, and shareholder approval for material deviations was not applicable. The company has confirmed that the means of finance have not changed and there are no major deviations from earlier monitoring reports. The project timelines for debt repayment and CAPEX for new restaurants are reported to be on schedule, with completion expected in Fiscal 2026 and Fiscal 2026-Fiscal 2027, respectively.

The report indicates a sound financial discipline regarding the deployment of raised capital, providing assurance to investors that the funds are being managed as per the outlined objectives.

Restaurant Brands Asia Limited (RBA) has announced significant developments including a proposed acquisition by Inspira Global, which will purchase an 11.26% stake from QSR Asia Pte. Ltd. for approximately Rs. 460 crores and plans to infuse further capital of around Rs. 900 crores via preferential allotment of equity shares and Rs. 600 crores through preferential allotment of warrants, aiming to acquire controlling interest and triggering an open offer to public shareholders. Financially, for the quarter ended December 31, 2025 (Q3 FY26), RBA's India operations demonstrated robust performance with revenue from operations increasing by 16.5% year-on-year to INR 5,773 million, supported by 67 net new store additions bringing the total to 577 and a same-store sales growth of 4.5%. Gross profit margin in India improved to 69.9%, and Restaurant EBITDA (Pre-IND AS 116) surged 25.7% YoY to INR 749 million, with Company EBITDA (Pre-IND AS 116) growing 31.5% YoY to INR 406 million. Consolidated revenue for RBA rose 11.8% YoY to INR 7,147 million, with consolidated Company EBITDA (Pre-IND AS 116) showing a substantial 85.0% YoY increase to INR 246 million, largely driven by India's performance. In contrast, Indonesia operations experienced a revenue decline of 4.4% YoY, with ongoing EBITDA losses reported, although some metrics showed year-on-year improvement. Looking ahead, RBA plans to expand its India store count by 60 to 80 restaurants annually and aims to achieve approximately 70% Gross Profit margin by FY29. The company's strategic focus includes enhancing dine-in traffic, maintaining value leadership, driving menu innovation, and strengthening its digital presence in India.

Restaurant Brands Asia Limited (RBA), formerly Burger King India Limited, announced its unaudited financial results for the third quarter of FY26, ending December 31, 2025. The company reported a standalone Revenue from Operations of Rs. 5,773 million (approximately ₹577.3 crore), marking a significant year-on-year increase of 16.5%. This growth was primarily driven by a same-store sales growth of 4.5% for Burger King India.

The company also observed a healthy improvement in its Gross Margins, which stood at 69.9%, rising by over 210 basis points compared to the same quarter in the previous year. This enhancement is attributed to ongoing supply chain and distribution efficiencies. Standalone Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew by 20.9% year-on-year, reaching Rs. 953 million (approximately ₹95.3 crore).

Operationally, RBA continued its expansion, opening 44 new restaurants during the quarter, which brought the total restaurant count for Burger King India to 577. The brand now has a presence in 141 cities across the country.

Mr. Rajeev Varman, Whole-time Director and Group Chief Executive Officer of RBA, commented on the results, highlighting Burger King India's consistent same-store sales growth for the tenth consecutive quarter. He emphasized the company's focus on delivering everyday value, menu innovation, and operational excellence to earn consumer trust. Looking ahead, the management stated a strong focus on leveraging competitive advantages, increasing profitability, and expanding the store footprint to drive long-term, sustainable growth for all stakeholders.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced the outcome of its Board of Directors meeting held on February 03, 2026. The board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial Performance:
On a standalone basis, the company reported revenue from operations of ₹5,773.17 million for Q3 FY26, marking a year-on-year growth of 16.53% compared to ₹4,953.69 million in Q3 FY25. The nine-month revenue stood at ₹16,982.62 million, up 14.91% YoY. The company reported a standalone loss before tax of ₹70.38 million for Q3 FY26, a significant improvement from ₹186.28 million in the prior year period. For the nine months, the standalone loss before tax narrowed to ₹388.19 million from ₹621.54 million in the previous year. An exceptional item of ₹22.52 million was recorded due to the impact of new Labour Codes.

Consolidated revenue from operations for Q3 FY26 was ₹7,148.54 million, an increase of 11.87% YoY from ₹6,390.57 million in Q3 FY25. The nine-month consolidated revenue grew by 10.30% YoY to ₹21,158.02 million. The consolidated loss before tax for Q3 FY26 was ₹479.43 million, an improvement from ₹547.10 million in the corresponding quarter last year. The nine-month consolidated loss before tax narrowed to ₹1,567.02 million from ₹1,723.53 million YoY. The exceptional item of ₹22.52 million was also recorded on a consolidated basis.

Corporate Actions and Governance Changes:
The Board re-considered and approved revisions to the amendments to the Company's Articles of Association and special rights to be granted to identified shareholders, including Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal, and Inspira Agro Trading LLC (collectively, “Acquirers” and “IATL”). These changes, subject to shareholder and statutory approvals, will be effective upon closing of the share purchase agreement. Key revisions include changes in promoter classification, where Seller 1 and Seller 2 will cease to be promoters, and the Acquirers and IATL will become promoters. This also entails significant changes in director nomination rights, alternate director appointments, and the right to appoint the CEO, based on specific shareholding thresholds.

Earlier, on January 20, 2026, the Board had also approved a preferential issue of shares and warrants to entities like Lenexis Foodworks Private Limited, subject to approvals.

Financial Deep Dive & Other Information:
The company utilized ₹2,785.44 million out of the ₹4,800.85 million net proceeds from a Qualified Institutional Placement (QIP) in the previous financial year, with the balance ₹2,015.41 million held in fixed deposits and mutual funds. The company operates under two reportable segments: India and Indonesia. The India segment reported a profit of ₹895.17 million for Q3 FY26 consolidated, while the Indonesia segment reported a loss of ₹61.98 million.

No future guidance or outlook was provided in this announcement.

Restaurant Brands Asia Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, following a board meeting on February 03, 2026.

Quarterly/Annual Results

Standalone Performance:
The company reported a Year-on-Year (YoY) increase in revenue from operations for the third quarter of Fiscal Year 2026 (Q3 FY26), reaching ₹577.32 Crores (₹5,773.17 Million) compared to ₹495.37 Crores (₹4,953.69 Million) in Q3 FY25, a growth of 16.54%. For the nine-month period ended December 31, 2025 (9MFY26), standalone revenue grew by 14.89% YoY to ₹1,698.26 Crores (₹16,982.62 Million) from ₹1,477.98 Crores (₹14,779.85 Million) in 9MFY25.
Despite revenue growth, the company continued to report losses. The standalone net loss for Q3 FY26 narrowed to ₹7.04 Crores (₹70.38 Million) from a loss of ₹18.63 Crores (₹186.28 Million) in the prior-year period. For 9MFY26, the standalone net loss stood at ₹38.82 Crores (₹388.19 Million), an improvement from ₹62.15 Crores (₹621.54 Million) in 9MFY25.

Consolidated Performance:
On a consolidated basis, revenue from operations for Q3 FY26 grew by 11.86% YoY to ₹714.85 Crores (₹7,148.54 Million) from ₹639.06 Crores (₹6,390.57 Million) in Q3 FY25. For 9MFY26, consolidated revenue increased by 10.30% YoY to ₹2,115.80 Crores (₹21,158.02 Million) from ₹1,918.17 Crores (₹19,181.71 Million) in 9MFY25.
Consolidated net losses also saw a reduction. The net loss for Q3 FY26 was ₹47.94 Crores (₹479.43 Million), compared to ₹54.71 Crores (₹547.10 Million) in Q3 FY25. For 9MFY26, the consolidated net loss was ₹156.70 Crores (₹1,567.02 Million), an improvement from ₹172.35 Crores (₹1,723.53 Million) in 9MFY25.

An exceptional item of ₹2.25 Crores (₹22.52 Million) was recognized in both standalone and consolidated results, attributable to the incremental financial impact from changes in the definition of 'wages' under new Labour Codes. This is considered non-recurring.

Guidance & Concall Commentary

No forward-looking guidance or commentary from an analyst call was provided in this announcement.

Financials

• Income Statement Drivers: Revenue from operations shows consistent YoY growth. Expenses are being managed, leading to reduced losses on a YoY basis for both standalone and consolidated entities.
• Balance Sheet: Proceeds from a Qualified Institutional Placement (QIP) in FY25, totaling ₹480.09 Crores (₹4,800.85 Million) net of expenses, have been utilized. ₹72 Crores (₹720 Million) were used for debt prepayment, ₹127.32 Crores (₹1,273.22 Million) for funding capital expenditure towards setting up new restaurants in India, and ₹79.22 Crores (₹79.22 Million) for general corporate purposes. A balance of ₹201.54 Crores (₹2,015.41 Million) remains invested in fixed deposits and mutual funds.
• Cash Flow: Cash flow statements were not provided in this report.
• Key Ratios: Profitability ratios like ROE/ROCE are not applicable due to ongoing losses. Debt-to-equity and interest coverage ratios are not detailed but are impacted by debt repayment and the loss-making status.

Key Events

A significant corporate action approved by the Board involves the reconsideration and revision of amendments to the Articles of Association. These revisions grant special rights to identified shareholders, including Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal (collectively, "Acquirers"), and Inspira Agro Trading LLC ("IATL"). This is linked to a preferential issue and the classification of these entities as 'promoters' of the Company, subject to shareholder approval. The proposed amendments pertain to director nominations, appointment of alternate directors, committee memberships, and the right to appoint the Chief Executive Officer, based on specific shareholding thresholds.

Outlook

The company is focused on expanding its restaurant footprint, evidenced by the utilization of QIP funds for CAPEX. While profitability remains a challenge, the narrowing of losses YoY indicates potential operational improvements. The proposed preferential issue and the consequent change in promoter group are key strategic developments that could influence future growth and capital structure.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has announced the allotment of 70,830 fully paid-up equity shares under the BK Employee Stock Option Scheme, 2015 ('Scheme 2015'). The decision was made by the Nomination and Remuneration Committee of the Board of Directors at its meeting held on February 3, 2026. This allotment follows the exercise of stock options by eligible employees under the scheme.

The consequent increase in the company's issued and paid-up equity share capital is detailed as follows:

• Prior to allotment: Issued and Paid-up Equity Share Capital stood at 58,27,46,905 shares with a face value of Rs. 10 each, totaling Rs. 5,82,74,69,050.
• Allotted under ESOP: 70,830 shares with a face value of Rs. 10 each, amounting to Rs. 7,08,300.
• Post allotment: Issued and Paid-up Equity Share Capital is now 58,28,17,735 shares with a face value of Rs. 10 each, totaling Rs. 5,82,81,77,350.

The newly allotted shares will rank pari-passu with the existing equity shares of the company in all respects. The disclosure has been made pursuant to Regulation 30 of the SEBI Listing Regulations.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has formally announced an upcoming investor and analyst conference call. The call is scheduled for Wednesday, February 4, 2026, at 9:30 AM IST. The primary purpose of this call is to discuss and provide insights into the company's un-audited standalone and consolidated financial results for the quarter and the nine-month period ended December 31, 2025. The company has provided contact details for RSVP and a universal dial-in number, along with international toll-free numbers for wider participation. Key members of the management team, including the Whole-time Director & Group CEO, Group CFO & Chief Business Officer, Group CMO, Brand President for Indonesia, and Head of Corporate Development & IR, are scheduled to represent the company during this session.

Restaurant Brands Asia Limited (RBA) has announced the receipt of a Detailed Public Statement (DPS) concerning a mandatory open offer. The offer is being made by Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, Mr. Aayush Madhusudan Agrawal (collectively, the 'Acquirers'), along with Inspira Agro Trading LLC ('PAC'). The offer aims to acquire up to 20,80,61,717 equity shares, representing 26.00% of the expanded voting share capital, at a price of ₹70 per equity share. The total consideration for the open offer, assuming full acceptance, is up to INR 14,564.32 crore.

This open offer is triggered by substantial underlying transactions, including a Share Purchase Agreement (SPA) with the current promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., for the acquisition of 8.20% of the equity shares. Additionally, the Acquirers will subscribe to new equity shares and warrants through a preferential issue. Upon completion of these transactions, the Acquirers and PAC will gain control of Restaurant Brands Asia Limited and will be classified as the new promoters, while the current sellers will cease to be promoters.

The Offer Price of ₹70 per equity share is justified as the highest of the parameters prescribed under SEBI (SAST) Regulations, including the highest negotiated price under the SPA/SSA and the volume-weighted average market price on the NSE for the preceding 60 trading days, which was ₹64.96.

Financially, Restaurant Brands Asia Limited reported a total revenue of INR 1431.37 crore for the six months ended September 30, 2025, with a net loss of INR 108.76 crore and diluted EPS of INR (1.73). For the financial year ended March 31, 2025, the company's revenue was INR 2581.89 crore, and it incurred a net loss of INR 232.79 crore with diluted EPS of INR (4.33). The net worth as of September 30, 2025, stood at INR 780.33 crore.

Among the acquirers, Lenexis Foodworks Private Limited reported revenue of INR 347.94 crore for FY25, with a net loss of INR 108.60 crore. Aayush Agrawal Trust showed a net worth of INR 3,707.25 crore in FY25, and Mr. Aayush Madhusudan Agrawal's net worth was INR 674.31 crore as of December 31, 2025. The acquirers have confirmed firm financial arrangements to meet the payment obligations for the open offer.

The acquirers intend to support the management of Restaurant Brands Asia Limited in its efforts towards sustained growth, continue and strengthen the existing business activities, and work with its management and employees to grow the business. The tentative schedule for the open offer process has been outlined, with the tendering period expected to commence on March 17, 2026, and close on April 02, 2026.

An open offer has been made for Restaurant Brands Asia Limited by Lenexis Foodworks Private Limited (Acquirer 1), Aayush Agrawal Trust (Acquirer 2), Inspira Foodworks Private Limited (Acquirer 3), and Mr. Aayush Madhusudan Agrawal (Acquirer 4), collectively referred to as "Acquirers". They are joined by Inspira Agro Trading LLC, acting as a Person Acting in Concert (PAC). The offer aims to acquire up to 20,80,61,717 equity shares of ₹ 10 each for cash, at a price of ₹ 70.00 per equity share. The total consideration for this open offer is up to INR 14,56,43,20,190. This offer is extended to the public shareholders of Restaurant Brands Asia Limited in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI (SAST) Regulations). A Detailed Public Statement (DPS) concerning this open offer was published on January 28, 2026, in the Financial Express, Jansatta, and Navshakti newspapers.

Restaurant Brands Asia Limited has announced that a meeting of its Board of Directors is scheduled for Tuesday, February 3, 2026. The primary purpose of this meeting is to consider and approve the unaudited standalone and consolidated financial results for the quarter and the nine-month period that ended on December 31, 2025.

In conjunction with the upcoming financial results announcement, the company has also provided an update on its trading window. Further to its earlier intimation dated December 29, 2025, the trading window for dealing in the securities of Restaurant Brands Asia Limited will remain closed for designated persons and their immediate relatives. This closure will persist until 48 hours after the declaration of the aforementioned financial results. The trading window is scheduled to re-open on Friday, February 6, 2026.

This announcement is made in compliance with Regulation 29 read with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also made this information available on its website, www.burgerking.in. No specific financial performance figures, guidance, or outlook were provided in this announcement, as it pertains solely to the administrative process of results approval and trading window management.

On January 23, 2026, Restaurant Brands Asia Limited (formerly Burger King India Limited) released a newspaper publication announcing its Extra-Ordinary General Meeting (EGM). The notice, published in Financial Express (English) and Loksatta (Marathi), informs shareholders about the EGM proceedings. The company also makes this information available on its website, www.burgerking.in.

Restaurant Brands Asia Limited has announced its intention to convene an Extra-Ordinary General Meeting (EGM) on February 13, 2026, to seek shareholder approval for a significant preferential issue of approximately ₹1500 Crores. This corporate action involves the issuance of equity shares and warrants at a price of ₹70 per instrument to a group of new acquirers, including Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal. The total funds raised are projected to be around ₹14,99,99,99,910, with approximately ₹837 Crores earmarked for expanding the company's restaurant footprint by opening or acquiring new outlets across India. An additional ₹288 Crores will be utilized for the refurbishment and modernization of existing restaurants, while up to ₹374.99 Crores will be allocated for general corporate purposes.

This preferential issue is part of a broader transaction that includes a share purchase agreement (SPA) where existing promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., are selling a stake in the company. Upon the completion of these transactions, the new acquirers and IATL are expected to gain control and become the 'promoters' of Restaurant Brands Asia Limited, replacing the current sellers. Consequently, a mandatory open offer will be triggered for public shareholders, aimed at acquiring up to 26% of the expanded share capital. The company also proposes to amend its Articles of Association to reflect the new promoter rights and corporate governance structure. While no specific financial results or guidance figures were provided in this announcement, the acquirers expressed confidence in the company's positioning within the growing food services sector and aim to leverage their expertise to support its future expansion and growth strategy. The transaction is subject to necessary statutory approvals.

Restaurant Brands Asia: Open Offer Triggered by Acquisition and Preferential Allotment

Restaurant Brands Asia Limited ("Target Company") has announced a significant corporate event involving a mandatory Open Offer initiated by a group of Acquirers and a Person Acting in Concert (PAC).

News Crux

An Open Offer has been formally announced for Restaurant Brands Asia Limited, targeting the acquisition of up to 26.00% of the company's expanded voting share capital at a price of INR 70 per equity share. This offer is triggered by a combination of a share purchase agreement (SPA) and a securities subscription agreement (SSA), which will result in a change of control and the Acquirers becoming the new promoters of the company.

Key Events and Transaction Details

The Open Offer, a mandatory compliance under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, is driven by two primary agreements executed on January 20, 2026:

• Securities Subscription Agreement (SSA): The Acquirers will subscribe to 12,85,71,128 Equity Shares and 8,57,14,285 warrants through a preferential allotment. The price for these equity shares is set at INR 70 per share, amounting to a total of INR 8,99,99,99,960. The warrants, priced at INR 70 each, represent a potential total consideration of INR 5,99,99,99,950. These issuances represent 16.07% and 10.71% of the expanded voting capital, respectively.
• Share Purchase Agreement (SPA): The Acquirers will acquire 6,56,23,091 Equity Shares from the existing promoter shareholders, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., for a total consideration of INR 459,36,16,370. This acquisition represents 8.20% of the expanded voting capital.

Collectively, these transactions trigger the Open Offer obligation. The Acquirers aim to acquire up to 20,80,61,717 Equity Shares from the public shareholders at the Offer Price of INR 70 per share. The total value of this Open Offer is up to INR 14,56,43,20,190 (approximately INR 1456.43 crore).

Upon the successful completion of these transactions and the Open Offer, the Acquirers and PAC will assume control and become the new promoters of Restaurant Brands Asia Limited, while the current promoters will cease to hold that status.

Financials and Transaction Value

While no quarterly or annual financial results, profitability metrics (EBITDA, PAT, EPS), or balance sheet data are provided, the transaction values are substantial. The Open Offer price is fixed at INR 70 per share, and the total consideration for the Open Offer is capped at INR 14,56,43,20,190. The Acquirers have confirmed they possess adequate financial resources and have made firm financial arrangements to meet their obligations under the SEBI (SAST) Regulations.

Outlook and Other Details

The current announcement signifies a fundamental shift in the ownership structure of Restaurant Brands Asia Limited. The Acquirers do not intend to delist the company. The offer is unconditional regarding a minimum acceptance level. A Detailed Public Statement (DPS) containing further comprehensive details about the Offer is expected to be published by Wednesday, January 28, 2026.

Regulatory Compliance

This Public Announcement is issued in compliance with SEBI (SAST) Regulations, 2011, and serves as a formal notification to the public shareholders regarding the impending Open Offer.

This announcement details a mandatory Open Offer by Lenexis Foodworks Private Limited and its associates (collectively "Acquirers") for Restaurant Brands Asia Limited ("Target Company"). The offer aims to acquire up to 20,80,61,717 equity shares, representing 26.00% of the Expanded Voting Share Capital, at a price of ₹70 per share. The total consideration for the offer is up to INR 14,56,43,20,190.

The Open Offer is triggered by two primary agreements:

1. A Securities Subscription Agreement (SSA) dated January 20, 2026, between the Acquirers and the Target Company. Under the SSA, the Target Company will, subject to shareholder and regulatory approvals, undertake a preferential allotment of 12,85,71,428 Equity Shares (Subscription Shares) at ₹70 per share, aggregating to INR 8,99,99,99,960. Additionally, 8,57,14,285 warrants (Subscription Warrants) will be allotted to Acquirer 1, with an exercise price of ₹70 per warrant, potentially raising INR 5,99,99,99,950.
2. A Share Purchase Agreement (SPA) dated January 20, 2026, between the Acquirers, PAC, and the Selling Promoter Shareholders (QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd.). Under the SPA, the Acquirers will acquire 6,56,23,091 Equity Shares from the Selling Promoter Shareholders for INR 4,59,36,16,370.

Following these transactions and assuming full acceptance of the Open Offer, the Acquirers expect to hold approximately 60.98% of the Expanded Voting Share Capital of Restaurant Brands Asia Limited, leading to a change in promoters.

The offer is being managed by Motilal Oswal Investment Advisors Limited and is subject to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations), along with other statutory approvals such as CCI Approval and SE In-principle Approval. The detailed public statement (DPS) is expected within five working days. The Acquirers have confirmed adequate financial resources for the offer. No intention to delist the Target Company has been stated.

News Crux:

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced that its Board of Directors, in a meeting held on January 20, 2026, approved several significant corporate actions. These include an increase in the company's authorized share capital, a preferential issue of equity shares and warrants, and the execution of a share purchase agreement (SPA) leading to a change in promoters and control.

Quarterly/Annual Results:

This announcement does not contain any financial results for past quarters or annual periods.

Guidance & Concall Commentary:

No specific forward-looking guidance on revenue, profit, or margins was provided in this announcement.

Financials:

• Authorised Share Capital Increase: The Board approved increasing the authorised share capital from INR 700 Crores to INR 900 Crores.
• Preferential Issue:
  • The company approved issuing equity shares and warrants via a private placement basis for cash consideration.
  • Total Value: INR 14,99,99,99,910 (approximately INR 15,000 Crores).
  • Equity Shares: 12,85,71,128 shares at INR 70 per share, aggregating INR 8,99,99,78,960.
  • Warrants: 8,57,14,285 warrants at INR 70 per warrant, aggregating INR 5,99,99,99,950. These warrants carry the right to subscribe to one equity share and are exercisable within 18 months.
  • Acquirers: Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal.
  • Payment Terms: 100% of the aggregate consideration for equity shares is payable upfront. For warrants, 25% is payable upfront, and the remaining 75% is payable upon conversion within 18 months.
  • Post-allotment shareholding (assuming full warrant conversion): Lenexis Foodworks Private Limited would hold approximately 26.74% of the company's total voting equity share capital on a fully diluted basis.
• Share Purchase Agreement (SPA):
  • The existing promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., will sell a total of 6,56,23,090 Equity Shares, representing 11.26% of the company's total paid-up equity share capital, at a price of INR 70 per share.
  • The total consideration for the Sale Shares under the SPA is INR 4,59,35,88,300.
• Change in Control and Promoters: Upon closing of the SPA and SSA, the Acquirers and IATL will acquire control over the Company and become the new 'promoters', while the Sellers will cease to be promoters. This necessitates an open offer to the public shareholders as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Financial Ratios/Metrics: No financial ratios, debt levels, or cash flow statements are provided in this announcement.

Key Events:

• Board Meeting: Held on January 20, 2026, where the above approvals were granted.
• Agreement Execution: Securities Subscription Agreement (SSA) and Share Purchase Agreement (SPA) were executed on January 20, 2026.
• Shareholder Meeting: An Extra-ordinary General Meeting (EGM) is scheduled for February 13, 2026, to seek shareholder approval for the increase in authorized share capital, the preferential issue, and amendments to the Articles of Association.
• Articles of Association Amendments: The Board approved amendments to reflect new promoter rights concerning board nominations, director appointments, quorum requirements, and appointment of key management personnel. These changes will be effective upon closing of the SPA.
• Regulatory Approvals: The transaction is subject to shareholder approval and approvals from statutory authorities, including the Competition Commission of India, BSE Limited, and the National Stock Exchange of India Limited.

Outlook:

The primary outlook indicated by this announcement is a significant capital infusion and a change in strategic control. The preferential issue and the share purchase agreement aim to bring in new promoters with substantial shareholding and control, presumably to fund future growth and operational strategies. The detailed amendments to the Articles of Association suggest a clear intent from the new promoters to influence the company's management and board structure. The consummation of these transactions is subject to shareholder and regulatory approvals. No specific business outlook or growth drivers were detailed beyond the implication of the capital raise and new management.

Restaurant Brands Asia Limited Board Meeting Outcome

The Board of Directors of Restaurant Brands Asia Limited (formerly Burger King India Limited) met on January 20, 2026, and approved several key corporate actions, including an increase in authorized share capital and a significant preferential issue of securities.

Key Approvals:

1. Increase in Authorized Share Capital: The Board approved increasing the authorized share capital from ₹700 Crores to ₹900 Crores, subject to shareholder approval.

2. Preferential Issue: The company approved the issuance and allotment of equity shares and warrants via a private placement basis to specific acquirers:

   • Equity Shares: 12,85,71,128 equity shares at ₹70 per share, aggregating approximately ₹899.99 Crores.
   • Warrants: 8,57,14,285 warrants, each carrying a right to subscribe to one equity share, at ₹70 per warrant, aggregating approximately ₹599.99 Crores. These warrants are exercisable within 18 months.
   • Total Preferential Issue: Approximately ₹1500 Crores.
   • Allottees: Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal.

3. Share Purchase Agreement (SPA): The Board took on record the execution of an SPA between the existing promoters (QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd.) and the new Acquirers (including IATL). Under this SPA, the Sellers propose to sell 6,56,23,090 equity shares, representing 11.26% of the paid-up equity share capital, at ₹70 per share.

4. Change of Control and Promoters: Upon closing of the SPA and SSA, the Acquirers and IATL will acquire control and become the new promoters of the Company, while the Sellers will cease to be promoters.

5. Open Offer: As a consequence of the proposed transaction and change in control, the Acquirers and IATL are required to make an open offer to the existing shareholders as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

6. Amendments to Articles of Association (AoA): The Board approved amendments to the AoA to incorporate special rights for the new Acquirers and IATL, including rights related to director nominations and board composition, and to remove rights associated with the Sellers.

7. Extra-ordinary General Meeting (EGM): An EGM has been convened for February 13, 2026, to seek shareholder approval for the increase in authorized share capital, the preferential issue, amendments to the AoA, and remuneration for the Whole-time Director and Group CEO.

The meeting commenced at 8:10 p.m. and concluded at 8:38 p.m. on January 20, 2026.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced significant corporate actions following its board meeting on January 20, 2026. The board approved an increase in the company's authorized share capital from ₹700 Crores to ₹900 Crores.

A major approval was for a preferential issue to raise approximately ₹15,000 Crores (INR 14,99,99,78,910). This includes the issuance of 12,85,71,128 equity shares at ₹70 per share, aggregating to ₹8,99,99,78,960, and 8,57,14,285 warrants at ₹70 per warrant, aggregating to ₹5,99,99,99,950. These securities will be issued for cash consideration to Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal.

Concurrently, the board took on record a Share Purchase Agreement (SPA) where the existing promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., propose to sell 6,56,23,090 equity shares (representing 11.26% of the total paid-up equity capital) to the aforesaid Acquirers and Inspira Agro Trading LLC (IATL) at ₹70 per share. This transaction, along with the preferential issue, constitutes the 'Proposed Transaction'.

Upon closing of the Proposed Transaction, the Acquirers and IATL will acquire control over Restaurant Brands Asia Limited and become the new 'promoters' of the company, while the current sellers will cease to be promoters. In compliance with takeover regulations, the Acquirers and IATL will be required to make an open offer to the public shareholders.

The board also approved amendments to the Articles of Association to incorporate special rights for the new promoters and to reflect the change in control. Shareholders will be convened for an Extraordinary General Meeting (EGM) on February 13, 2026, to seek approval for the increased authorized share capital, the preferential issue, the amended Articles of Association, and the remuneration of the Whole-time Director and Group CEO.

Restaurant Brands Asia Limited (RBA), the master franchisee of Burger King® in India and operator in Indonesia, has announced a significant change in its ownership structure. Inspira Global, a group promoted by Aayush Madhusudan Agrawal, is set to acquire a controlling interest in RBA.

The transaction involves multiple components aimed at consolidating control and infusing capital. Inspira Global will acquire the entire 11.26% shareholding of existing promoter QSR Asia Pte. Ltd. (majority owned by Everstone Capital) for approximately ₹460 crore, at a price of ₹70 per share, representing a premium to the closing price. Furthermore, Inspira Global proposes to infuse capital through a preferential allotment of equity shares amounting to approximately ₹900 crore and another ₹600 crore via a preferential allotment of warrants. These transactions collectively represent an investment exceeding ₹2000 crore and will trigger a mandatory open offer to the public shareholders of RBA, in accordance with SEBI Takeover Regulations.

Management from both sides expressed optimism. Rajeev Varman, Whole-time Director and Group CEO of RBA, welcomed Inspira Global, citing their track record and long-term capital support to continue RBA's growth journey. Aayush Madhusudan Agrawal of Inspira Global highlighted their admiration for RBA's team, viewing the acquisition as a long-term value creation initiative focused on sustainable growth and realizing market potential. Rafael Odorizzi, President Asia-Pacific at Restaurant Brands International (owner of Burger King® and Popeyes® brands), noted Inspira Global's commitment and looked forward to a long-term partnership.

Inspira Global's food and beverage arm, Lenexis Foodworks Private Limited, brings over a decade of experience in the Quick Service Restaurants (QSR) space, operating more than 250 Chinese Wok restaurants across India. This acquisition aligns with Inspira Global's strategy to deepen its presence in the high-growth QSR segment.

The transaction is subject to customary conditions precedent, including obtaining necessary shareholders' and regulatory approvals, such as from the Competition Commission of India. The press release also includes a standard forward-looking statements disclaimer, noting that actual results may differ due to various factors.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced on January 20, 2026, that its Board of Directors has approved a significant preferential issue and a change in its promoter group. The company plans to increase its authorized share capital from INR 700 Crores to INR 900 Crores.

The Board has approved a preferential issue of equity shares and warrants on a private placement basis for a cash consideration aggregating approximately INR 1500 Crores. This includes the issuance of 12,85,71,128 equity shares at INR 70 per share, totaling INR 8,99,99,78,960 (approx. INR 900 Crores), and 8,57,14,285 warrants at INR 70 per warrant, totaling INR 5,99,99,99,950 (approx. INR 600 Crores). The warrants are exercisable within 18 months from allotment. These securities will be issued to Lenexis Foodworks Private Limited, Aayush Agrawal Trust, Inspira Foodworks Private Limited, and Mr. Aayush Madhusudan Agrawal.

Concurrently, a Share Purchase Agreement (SPA) was executed on January 20, 2026, where the current promoters, QSR Asia Pte. Ltd. and F&B Asia Ventures (Singapore) Pte. Ltd., will sell 6,56,23,090 equity shares, representing 11.26% of the total paid-up equity share capital, at INR 70 per share. The total consideration for this stake sale is INR 4,59,35,88,300 (approx. INR 460 Crores).

Following these transactions, the Acquirers and Inspira Agro Trading LLC will acquire control over the company and become the new 'promoters', while the current sellers will cease to be classified as promoters. As a result, the Acquirers and IATL are required to make an open offer to the public shareholders in accordance with SEBI's Takeover Regulations.

The Board also approved amendments to the Articles of Association to incorporate special rights for the new promoters and removal of rights for the existing promoters. The company will convene an Extraordinary General Meeting (EGM) on February 13, 2026, to seek shareholder approval for the capital increase, preferential issue, amended Articles of Association, and remuneration for Mr. Rajeev Varman as Whole-time Director and Group Chief Executive Officer.

Restaurant Brands Asia Limited has received an order under the Legal Metrology Act, 2009, from the Senior Inspector, Legal Metrology (Weight and Measures) Department, Moradabad. The order directs the company to pay a fine of ₹1,00,000 for an alleged violation of Section 10 of the Legal Metrology Act, 2009. The company has formally submitted this disclosure to the stock exchanges and stated that there is no material impact on its financial, operational, or other activities as a result of this order. This is a routine regulatory compliance matter for the company.

Restaurant Brands Asia Limited has announced that its Board of Directors will convene on Tuesday, January 20, 2026. The primary objective of this meeting is to consider and evaluate the raising of funds. The company is exploring various avenues for this capital infusion, including the issuance of one or more instruments/securities such as equity shares, warrants, or any other convertible or exchangeable securities, as well as debt securities. These could be offered through methods like a preferential issue on a private placement basis, rights issue, qualified institutional placement (QIP), or any other appropriate methods. The entire process is contingent upon obtaining necessary approvals from the company's members and relevant regulatory/statutory bodies. Furthermore, the board may decide to convene an extraordinary general meeting (EGM) to seek shareholder approval for the proposed fund-raising plan.

The company also reminded stakeholders of its previously announced closure of the trading window. This window, which commenced on January 1, 2026, restricts designated persons and their relatives from trading in the company's securities. It will remain closed until 48 hours after the conclusion of the Board Meeting where the unaudited financial results for the third quarter and the nine-month period ending December 31, 2025, are considered and approved. The trading window closure also extends to cover the proposed fund-raising activities.

Restaurant Brands Asia Limited has formally notified stock exchanges regarding the submission of its compliance certificate for the quarter ended December 31, 2025. This filing, made in accordance with Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, is a routine procedural requirement. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent. It confirms that all securities received from depository participants for dematerialisation during the specified quarter were processed and confirmed with the depositories, and that the securities have been listed on the stock exchanges. Furthermore, the company's register of members has been updated accordingly. The Registrar and Share Transfer Agent also confirmed that securities certificates received for dematerialisation were mutilated and cancelled after verification, with depositories substituted as the registered owner within prescribed timelines. Notably, the company explicitly stated that this filing does not contain any financial performance data, operational updates, management guidance, or forward-looking statements, serving solely for regulatory adherence.

Restaurant Brands Asia Limited has announced the closure of its trading window for designated persons and their immediate relatives, effective from Thursday, January 1, 2026. This measure is taken in compliance with SEBI PIT Regulations and the company's code of conduct, in preparation for the board meeting where the unaudited financial results for the third quarter and the nine-month period ending December 31, 2025, will be considered and approved. The exact date of this board meeting will be communicated separately.

The company's Q2 FY26 financial results, previously announced, indicated a standalone revenue growth of 15.6% year-on-year to ₹5,687 million, supported by a 2.8% same-store sales growth (SSSG) for Burger King India and the addition of 14 net new Burger King stores. Standalone EBITDA grew by 16.3% to ₹813 million, with gross margins improving by 80 basis points to 68.3%. However, the standalone net loss widened to ₹202.12 million. On a consolidated basis, revenue grew 11.2% YoY to ₹7,034.25 million, with a net loss of ₹633.29 million.

While this specific announcement pertains only to the trading window closure, the company has previously outlined its strategic initiatives, including a 'barbell strategy' for value and premium offerings, significant digital adoption, and a target of adding 60-80 restaurants annually in India. Management has also expressed optimism regarding consumer sentiment and potential GST benefits, alongside plans for margin improvement targeting 70% gross margin by FY29. However, the company has historically faced net losses, and its balance sheet as of March 2025 showed a Debt/Equity ratio of 0.68.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced on December 24, 2025, the allotment of 2,96,835 fully paid-up equity shares of face value Rs. 10 each under the BK Employee Stock Option Scheme, 2015. The decision was approved by the Nomination and Remuneration Committee of the Board of Directors through circulation.

The allotment results in an increase in the company's issued and paid-up equity share capital. Prior to this allotment, the capital stood at 58,24,50,070 shares amounting to Rs. 5,82,45,00,700. Post-allotment, the total number of equity shares has risen to 58,27,46,905, aggregating Rs. 5,82,74,69,050. The newly issued shares will rank pari-passu with the existing equity shares of the company in all respects.

This event is a standard corporate action related to employee stock options and does not represent a significant change in the company's operational performance or strategic direction. The company has previously disclosed financial results indicating revenue growth, albeit with continued net losses, and has provided outlooks concerning store expansion and margin improvements in its Q2 FY26 earnings discussions.

Indian equity markets are poised for a higher opening, following positive global cues. While the Indian indices ended flat on Tuesday, broader market indices like BSE Midcap and Smallcap saw modest gains. US markets surged on resilient GDP growth, and Asian markets are trading in the green, with Gift Nifty indicating a positive start for India.

Key corporate actionable news includes:

Major Orders & Contracts:

• Vikran Engineering received a significant Rs 2,035 crore order from Onix Renewables for EPC works for solar plant development.
• Arisinfra Solutions secured an asphalt order worth Rs 35 crore from Goswami Infra Projects.
• JD Cables received an EPC infrastructure contract valued at Rs 244 crore.
• Surana Telecom was awarded a letter of award worth Rs 175 crore for developing a 51.3 MW solar power plant.
• Gujarat Narmada awarded an order worth approximately Rs 360 crore to Toyo Engineering India for an ammonium nitrate plant.
• GPT Infra received a Rs 199 crore order from Northeastern Railway for construction work.
• Monte Carlo secured multiple letters of award totalling Rs 147 crore for solar PV based power plants.

MoUs, JVs & Partnerships:

• GAIL signed an MoU with the Government of Chhattisgarh to develop a gas-based fertilizer project, undertaking techno-economic studies for a urea manufacturing plant.
• Laurus Labs invested Rs 49 crore in its JV KRKA Pharma.
• SJS Enterprises signed a technology license cum supply agreement with OE Varitronix for automotive display systems.
• Uno Minda restated its Joint Venture pact with Toyoda Gosei Co.
• Zydus Life's arm entered a pact with Bioeq AG for US commercialisation rights of a biosimilar, with USFDA approval received.
• Belrise Industries signed a strategic agreement with Israel-Based Plasan SASA to pursue defence sector opportunities.
• NTPC's board approved the formation of a JV company with EDF Power Solutions India for pumped storage plants.
• Adani Ports completed the acquisition of North Queensland export terminal in Australia.

Fundraising & Investments:

• Spandana Sphoorty Financial's board allotted NCDs worth Rs 415 crore on a private placement basis.
• Bank of India issued long-term bonds to raise Rs 10,000 crore.
• Amic Forging allotted shares worth Rs 40 crore on a preferential basis to non-promoters.
• NIBE approved raising funds worth nearly Rs 250 crore on a preferential basis.
• Satin Creditcare approved an additional investment of Rs 25 crore in its arm.

Regulatory & Legal Developments:

• Reliance Communications: Central Bank of India declared loan accounts of its arm Reliance Telecom as 'fraud'.
• Finolex Cables received a tax demand of Rs 22 crore, including penalty.
• Deepak Fertilisers: Its arm received a demand order of Rs 104 crore from the Bengaluru I-T Dept.
• Emcure Pharma's Gujarat Unit received an EIR report from US FDA with a 'No Action Indicated' status.
• Jai Corp: The ED issued an order under PMLA. Demat accounts and MFs worth Rs 99 crore of its arm were frozen, and Rs 1.7 crore cash seized. The financial impact is not yet ascertainable.

Other Corporate Actions:

• Supreme Petrochem clarified that only the new mABS plant is temporarily shut due to malfunction, not the entire facility.
• Coal India's board gave in-principal approval for listing its arm South Eastern Coalfields.
• Ajanta Pharma signed a licensing agreement with Biocon for marketing Semaglutide.
• Ceat approved the incorporation of a wholly owned arm in the UK.
• Epack Durable's board approved setting up a new manufacturing facility at Bhiwadi for Air Coolers.
• Fortis Health won a civil suit filed against a third party.

Upcoming Events:

• Fusion Finance board meeting on Dec 29 to consider fundraising via NCDs.
• Dishman Carbogen board meeting on Dec 27 to consider fundraising via NCDs.

Saatvik Green Energy Limited (SGEL) has announced strong Q1/Q2 FY26 financial results, secured multiple large orders, and commissioned a 2 GW in-house EPE film manufacturing facility, signalling robust growth and operational expansion.

Quarterly/Annual Results: SGEL reported impressive Q1 FY26 consolidated results: revenue up 272.3% YoY to ₹9,157.28 million and PAT up 459.3% YoY to ₹1,188.24 million. Q2 FY26 consolidated revenue grew 61.6% YoY to ₹7,680.3 million, and PAT rose 36.4% YoY to ₹832.4 million. For H1 FY26, consolidated revenue surged 133.4% YoY to ₹16,837.6 million, with PAT up 145.6% YoY to ₹2,020.6 million. Standalone performance showed some QoQ moderation.

Guidance & Concall Commentary: Management is focused on completing its integrated Odisha facility (4 GW cell, 4 GW module) by Q4 FY26. The company aims for complete value chain integration, expanding into solar pumps, inverters (UDAY Series launched), and Battery Energy Storage Systems (BESS). They expect a rebound from Q3 after sequential moderation in Q2 due to monsoons, GST changes, and logistics. The IPO listing on September 26, 2025, has strengthened the balance sheet, leading to a net cash surplus and improved Debt/Equity ratio to 0.44x by Q2 FY26.

Financials (Income, Balance Sheet, Cash Flow, Ratios): Income statement shows strong YoY growth in consolidated revenue and PAT for Q1, Q2, and H1 FY26. The balance sheet strengthened significantly post-IPO, moving to a net cash surplus of ₹309.27 million as of Sep 30, 2025. The Debt/Equity ratio improved to 0.44x by Q2 FY26 from 1.36x in Q4 FY25. ROCE/ROE were noted at 24.32% and 25.98% (not annualized) for Q1 FY26. Cash flow details were not explicitly provided but the shift to net cash surplus implies positive cash generation or efficient use of IPO funds.

Key Events: Significant events include the commissioning of a 2 GW in-house EPE film manufacturing facility at Ambala, the IPO and listing on NSE/BSE on September 26, 2025, and securing multiple large orders totaling over INR 1,800 Crores. The company also launched the UDAY Series of on-grid solar inverters, appointed new Senior Management Personnel, and saw some management resignations. Compliance certificates and monitoring reports were submitted.

Outlook: The company is positioned for continued growth driven by capacity expansion, vertical integration, new product launches, and strong order visibility. Focus remains on becoming a fully integrated player and leveraging government initiatives for renewable energy. Supply chain resilience and cost optimization from the new EPE facility are key competitive advantages. The outlook is positive, supported by a strengthening balance sheet and expansion into diverse product segments.

Restaurant Brands Asia (RBA) has released its financial results for the second quarter of FY2026 (ending September 30, 2025), alongside key management and operational updates. The company reported a significant standalone revenue increase of 15.6% year-on-year (YoY) to ₹5,687 million. Standalone EBITDA saw a corresponding rise of 16.3% YoY to ₹813 million, supported by an improvement in gross margins by 80 basis points YoY to 68.3%. Burger King India recorded Same-Store Sales Growth (SSSG) of 2.8%. Despite revenue and EBITDA growth, the standalone net loss widened to ₹202.12 million. On a consolidated basis, revenue grew 11.2% YoY to ₹7,034.25 million, with a consolidated net loss of ₹633.29 million. Management remains optimistic, citing sustained dine-in traffic growth in India and a high digital transaction rate. The company is advancing its 'barbell strategy' by strengthening value and premium offerings. Outlook includes adding 60-80 restaurants annually in India, targeting approximately 800 stores by FY2029, and aiming for a 70% Gross Profit (GP) margin by FY29. In Indonesia, while Burger King's Average Daily Sales (ADS) are recovering, Popeyes is under strategic review. RBA also announced the appointment of Mr. Arijit Datta as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective October 8, 2025. This follows Ms. Cicily Thomas's resignation as Brand President. The company completed a ₹500 crore Qualified Institutions Placement (QIP) in March 2025, with funds allocated for capital expenditure, debt prepayment, and general corporate purposes, confirming no material deviation in fund utilization. A regulatory fine of ₹2,10,000 was imposed by UP authorities for packaging and labeling violations, which the company stated would not materially affect its performance. The company continues its participation in various investor conferences.

The Sharekhan Equity ValueGuide for December 2025 offers a comprehensive analysis of the Indian equity market and specific company performances.

Market Overview:
2025 was a challenging year for Indian equities, with single-digit returns and lagging global peers, influenced by FII outflows and a weak rupee. However, domestic factors like strong GDP data and RBI rate cuts provided support. The report notes a divergence in performance, with the Nifty gaining modestly while the small-cap index saw a decline, attributing this to stretched valuations in smaller segments. The outlook for H2FY26 is positive, anticipating an earnings acceleration cycle and potential market consolidation providing a better risk-reward ratio. Large-cap stocks are expected to remain in favor.

Sector Performance & Outlook:

• Financials: Expected to show healthy performance in H2FY26, driven by credit momentum, with RBI rate cuts being a tailwind for NBFCs.
• IT: At an inflection point with increasing AI-led project wins and stable margins; the structural outlook is brightening.
• FMCG: Sequential volume growth is projected to be strong due to festive demand and post-GST rate cut normalization.
• Real Estate: Positive outlook with a launch-heavy second half and demand boosted by rate cuts.
• Metals: Bullish outlook driven by new-age technologies and government focus on critical minerals.

Q2FY26 Stock Performance Highlights:
The report provides detailed Q2FY26 results and recommendations for numerous companies.

• Strong Performers: Bharat Electronics reported robust Q2FY26 with strong revenue growth and a significant order book (Rs 74,453 crore). Titan Company and Cummins India also posted strong results with revenue and profit growth. Asian Paints saw double-digit volume growth and improved margins.
• Subdued Performance: Hindustan Unilever and Bata India reported weak revenue and margin performance. Emami faced headwinds from GST 2.0 and monsoons, leading to revenue and PAT decline.
• Guidance: Companies like TCPL, Astral, Samhi Hotels, and Asian Paints provided positive guidance on future growth drivers and margin expectations.
• Key Events: Bharat Electronics, HAL (order book of Rs 2.7 lakh crore), and KEC International (order book of Rs 44,000 crore) highlighted strong order visibility. Cipla launched its first biosimilar in the US, while Sun Pharma is on track for key US launches. Acquisitions were noted for Zydus Wellness, Torrent Pharma, and Godrej Consumer.

Overall Outlook: The report suggests a constructive outlook for the Indian market, driven by improving earnings and domestic inflows, while cautioning on speculative froth in the small-cap segment.

Restaurant Brands Asia Limited has announced that it received an order from the Additional District Magistrate, Surajpur, Gautam Budh Nagar, Uttar Pradesh. The order pertains to a Food Safety and Standards Act, 2006 matter and directs the company to pay a fine of ₹2,10,000. The alleged violations include contravention of Regulation No. 3(1)(ZF), Section 26(2)(ii), and Section 52 of the Food Safety and Standards Act (Packaging and Labelling), 2011.

The company received a certified copy of the order on December 04, 2025. Restaurant Brands Asia Limited has explicitly stated that there is no material impact on the financial, operations, or other activities of the listed entity as a result of this order.

On December 3, 2025, Restaurant Brands Asia Limited announced the allotment of 1,50,000 fully paid-up equity shares of face value Rs. 10 each under its BK Employee Stock Option Scheme, 2015. This move results in a marginal increase in the company's issued and paid-up equity share capital. This corporate action follows the company's Q2 FY26 financial results, which indicated a 15.6% year-on-year increase in standalone revenue to ₹5,687 million and improved gross margins to 68.3%, alongside a 2.8% same-store sales growth in India. However, the company reported a standalone net loss widening to ₹202.12 million and a consolidated net loss of ₹633.29 million. Management's strategic outlook remains focused on significant store expansion in India, targeting 60-80 new outlets annually and aiming for a 70% Gross Profit margin by FY29, while addressing challenges in the Indonesian market.

Restaurant Brands Asia Limited announced its unaudited financial results for the second quarter and half-year ended September 30, 2025 (Q2 FY26). The company reported a consolidated revenue of INR 7,034 million, marking an 11.2% year-on-year (YoY) increase. Consolidated EBITDA (Pre IND AS 116) stood at INR 530 million, showing a growth of 16.7% YoY. However, the consolidated net loss for the quarter was INR 633 million.

On a standalone basis, revenue grew by 15.55% YoY to INR 5,687 million. Burger King India experienced a Same-Store Sales Growth (SSSG) of 2.8%, supported by the addition of 14 net new Burger King stores, bringing the total to 533. The company's gross margins improved by 80 basis points YoY to 68.3%. Despite these operational improvements, the standalone net loss widened to INR 202 million.

Management highlighted the effectiveness of its 'barbell strategy' by strengthening value (INR 79/99 promotions) and premium (Kings Collection 2.0, Korean range) offerings. Digital adoption remains high, with 93% of orders from the counter and 90% of sales through digital channels. In Indonesia, Burger King's Average Daily Sales (ADS) showed recovery, although Popeyes faced challenges and is under strategic review. Corporate overheads were reduced by approximately ₹20 crore.

The company reiterated its expansion targets, aiming to add 60-80 restaurants annually in India and reach 800 outlets by FY2029. The long-term outlook includes a target of achieving a 70% gross profit margin by FY29. Key management changes saw the appointment of Mr. Arijit Datta as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective October 8, 2025.

Restaurant Brands Asia Limited also participated in various investor conferences throughout the latter half of 2025, including the JM Financial India Xchange Conference, Anand Rathi Annual Flagship Conference, and the 28th India Forum, ensuring no unpublished price-sensitive information was disclosed. An audio recording of the investor and analyst conference call held on October 31, 2025, discussing the Q2 FY26 results, was made available on the company's website.

Restaurant Brands Asia Limited has formally intimated its participation in the JM Financial India Xchange Conference 2025, scheduled for Friday, November 21, 2025, in Mumbai. The event will be conducted in a physical, in-person mode, where representatives from Restaurant Brands Asia Limited will engage in one-on-one and group meetings with investors. Crucially, the company has assured strict adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by committing not to disclose any unpublished price-sensitive information (UPSI) that is not already in the public domain. This proactive disclosure ensures market fairness and transparency. The company also noted that the schedule for these meetings may be subject to changes due to unforeseen circumstances. This participation underscores the company's ongoing efforts in investor relations and communication within the Indian quick-service restaurant market.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, has informed the stock exchanges about its upcoming participation in two investor conferences. The company will attend the Anand Rathi Annual Flagship Conference, G-200 Summit, on Friday, November 14, 2025, at Taj Santacruz, Mumbai. Following this, it will participate in the 28th India Forum 2025 on Wednesday, November 19, 2025, at the Trident Hotel, Nariman Point, Mumbai. Both conferences are scheduled to be held in a physical/in-person mode, featuring one-on-one and group meetings with investors. The company explicitly stated that no unpublished price sensitive information (UPSI) that is not already available in the public domain will be disclosed during these interactions. The schedule is subject to change based on exigencies on the part of investors or the company. This intimation is also available on the company's website.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has officially informed both BSE Limited and the National Stock Exchange of India Limited about its upcoming participation in two significant investor conferences. This announcement, dated November 10, 2025, complies with Regulation 30 read with Schedule III of the SEBI LODR Regulations, 2015.

The company will attend the Anand Rathi Annual Flagship Conference G-200 Summit, scheduled for Friday, November 14, 2025, at the Taj Santacruz in Mumbai. This will be followed by participation in the 28th India Forum 2025, to be held on Wednesday, November 19, 2025, at the Trident Hotel, Nariman Point, Mumbai. Both conferences are planned as physical, in-person events and will involve one-on-one and group meetings with investors.

Crucially, Restaurant Brands Asia Limited has stated that no unpublished price sensitive information (UPSI) that is not already in the public domain will be disclosed during these meetings. The company also noted that the schedule for these conferences may be subject to change due to exigencies from either the investors' or the company's side. This information is also available on the company's website, www.burgerking.in.

Restaurant Brands Asia Limited (RBA) held its Q2 and H1 FY26 earnings conference call on October 31, 2025. The company reported strong performance in India, characterized by 10 consecutive quarters of positive dine-in traffic, achieving 2.8% Same Store Sales Growth (SSSG) and a revenue of Rs. 568 crores for Q2 FY26, marking a 15.6% year-on-year increase. Digital transactions now account for 91% of total transactions, with plans to enhance customer frequency through CRM activation. Profitability saw improvements, with gross margins rising to 68.3% in Q2 FY26 (from 67.7% in Q1 FY26), aiming for 70% by FY29, driven by supply chain efficiencies and delivery business profitability. Restaurant EBITDA margin stood at 10.4% (slightly down YoY due to strategic investment in additional staff for new initiatives), while company EBITDA was Rs. 28.4 crores (5% margin), showing growth both year-on-year and quarter-on-quarter. Initiatives like new broiler installations and e-coolers are expected to yield utility cost savings of approximately 1%. In Indonesia, Burger King's Average Daily Sales (ADS) show recovery, though Popeyes remains a challenge with ongoing efforts to achieve breakeven or explore strategic exits; the consolidated Indonesia EBITDA loss was IDR 33 billion. RBA plans to open 60-80 new restaurants annually in India, targeting around 800 stores by FY29, and has reduced corporate overheads by approximately Rs. 20 crores. Management expressed optimism about improving consumer sentiment and leveraging GST benefits, passing them on to consumers to drive traffic.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has officially informed the stock exchanges about the availability of an investor and analyst conference call recording.

Event: An investor/analyst con-call was conducted on Friday, October 31, 2025, commencing at 09:30 a.m. (IST).

Objective: The primary purpose of this call was to deliberate on the company's unaudited standalone and consolidated financial results for the second quarter and the half-year period concluding on September 30, 2025.

Disclosure: In adherence to the SEBI Listing Regulations, Restaurant Brands Asia Limited has uploaded the comprehensive audio recording of this conference call onto its corporate website. A direct web link has been provided for interested parties to access the recording.

Absence of Financial Data in Filing: It is crucial to note that this announcement serves purely as a notification of the call and the recording's availability. The actual financial performance figures, such as revenue, profit, margins, or EPS, along with year-on-year or quarter-on-quarter comparisons, are not included in this specific filing.

Management Commentary: Similarly, any specific guidance, outlook statements, growth drivers, identified risks, strategic shifts, or operational updates discussed by the management during the call are not detailed in this document. Investors must refer to the audio recording for such insights.

Financial Health Metrics: This regulatory update does not provide any data related to the company's income statement drivers, balance sheet position, cash flow dynamics, or key financial ratios.

Other Corporate Actions: No information regarding significant orders, penalties, expansions, product launches, or other specific corporate events is present in this announcement.

Conclusion: The core of this news is the proactive step by RBA to provide access to its post-earnings analyst call recording, enabling transparency and investor engagement. The full understanding of the company's financial standing and future prospects relies on listening to the content of the con-call itself.

Restaurant Brands Asia Limited, formerly Burger King India Limited, has formally submitted its Monitoring Agency Report (MAR) for the quarter ended September 30, 2025, to the BSE and NSE. This report, mandated by SEBI regulations, pertains to the utilization of funds raised through the Qualified Institutions Placement (QIP).

Key Event:
The filing confirms the company's adherence to the use of proceeds from its QIP, which was completed in March 2025. The total issue size was ₹500 Crore, with net proceeds amounting to ₹480.09 Crore due to lower-than-estimated issue-related expenses (₹19.91 Crore actual vs. ₹21.00 Crore estimated).

Monitoring Agency Findings:
ICRA Limited, acting as the independent monitoring agency, has issued a clear confirmation that there has been "No Material deviation" from the stated objects of the issue. This indicates that the company has prudently managed and allocated the raised capital as per its disclosures.

Utilization of Proceeds:
The report details the allocation across the primary objects:

• Prepayment and/or repayment of borrowings: ₹72.00 Crore.
• Funding capital expenditure for setting up new restaurants: ₹325.00 Crore.
• General corporate purposes: ₹83.09 Crore (a slight revision from the original ₹82.00 Crore, primarily due to the saving in issue-related expenses).

Unutilized Proceeds:
As of September 30, 2025, the company had deployed ₹284.97 Crore of the funds in various investment instruments, including HDFC Fixed Deposit, Mutual Funds (Corporate Bond, Low Duration, Money Market), earning a total of ₹9.83 Crore in income. A minimal balance of ₹0.18 Crore remained in the QIP Monitoring account.

Implementation Status:
All identified objects, including debt repayment, CAPEX for new restaurants, and general corporate purposes, are reported to be "On Schedule" for completion within their respective timelines (Fiscal 2026 or Fiscal 2026-2027).

This report signifies positive corporate governance and transparency in how Restaurant Brands Asia Limited is utilizing its capital, aligning with investor expectations and regulatory requirements.

Restaurant Brands Asia Limited has released its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26). The company reported a consolidated revenue of INR 7,034 Mn for Q2 FY26, marking an 11.2% year-on-year (YoY) increase. Consolidated EBITDA (Pre IND AS 116) saw a significant surge of 16.7% YoY to INR 530 Mn.

India operations were a key growth driver, with revenue from operations growing by 15.6% YoY to INR 5,687 Mn. The store count in India reached 533 (+69 YoY, +14 QoQ), and Same Store Sales Growth (SSSG) was recorded at 2.8%. Gross profit in India improved YoY by 0.8% to 68.3%, attributed to menu mix changes and supply chain efficiencies. India's Company EBITDA (Pre IND AS 116) increased by 16.5% YoY to INR 284 Mn.

In contrast, Indonesia's revenue from operations declined by 3.9% YoY to INR 1,348 Mn. Restaurant EBITDA (Pre IND AS 116) in Indonesia was INR -63 Mn, down 4.7% YoY, indicating a reduction in losses. The company is focusing on improving sales through value and menu innovation, driving efficiencies, and addressing brand challenges for Popeyes, including experimenting with a fast-casual dine-in format.

Key strategic initiatives include strengthening the 'Taste is King' positioning in India through menu innovation like the Korean Spicy Fest and the relaunch of the King's Collection. Value leadership is being maintained through offers like '2for79' and app deals. Digital transformation is a priority, with 91% of dine-in orders being digital.

The outlook for India operations is robust, with plans to open 60-80 new restaurants annually, targeting around 800 stores by FY29 and aiming for approximately 70% gross profit margin by FY29. In Indonesia, the focus remains on improving profitability and resolving awareness and scale challenges for the Popeyes brand.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced its un-audited financial results for the second quarter of FY26 ending September 30, 2025. The company reported a standalone Revenue from Operations of ₹5,687 million, marking a significant increase of 15.6% compared to the same period last year. Gross margins stood at 68.3%, reflecting an improvement of 80 basis points year-on-year and 60 basis points quarter-on-quarter (vs Q1 FY26). Standalone Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the quarter was ₹813 million, a growth of 16.3% year-on-year. The Burger King India network expanded to 533 restaurants, with a net addition of 14 stores during the quarter. Mr. Rajeev Varman, Whole-time Director and Group Chief Executive Officer, highlighted a 2.8% increase in same-store sales for Burger King India, driven by positive traffic growth in both dine-in and delivery channels. He attributed margin improvement to supply chain and distribution efficiencies. The management sees potential for boosting consumer sentiment due to GST reforms introduced from September 22, 2025, and a benign inflation outlook, expressing confidence for the second half of the fiscal year. The company's strategy involves focusing on value offerings, menu innovations, and technology investments to enhance guest experience. No PAT, EPS, or detailed balance sheet/cash flow figures were provided in this press release.

Restaurant Brands Asia Limited announced the outcome of its Board of Directors meeting held on October 30, 2025, approving the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. The board also approved the appointment of Mr. Subramaniam Pillai as Senior Management Personnel.

Performance Analysis:

• Standalone Results (Q3 FY2025): Revenue from operations stood at ₹5,686.53 million, a significant YoY increase of 15.55% from ₹4,921.22 million in Q3 FY2024 and a QoQ increase of 2.96% from ₹5,522.92 million in Q2 FY2025. The company reported a loss before tax of ₹202.12 million, an increase of 21.89% from the ₹165.81 million loss in Q3 FY2024. Basic and diluted EPS was ₹(0.35), worsening by 6.06% from ₹(0.33) in Q3 FY2024.
• Standalone Results (H1 FY2025): For the six months ended September 30, 2025, standalone revenue grew 14.08% YoY to ₹11,209.45 million. The loss before tax reduced by 27.08% YoY to ₹317.80 million from ₹435.26 million, and EPS improved to ₹(0.55) from ₹(1.75) YoY.
• Consolidated Results (Q3 FY2025): Consolidated revenue increased by 11.22% YoY to ₹7,034.25 million (QoQ +0.82%). The consolidated loss before tax narrowed by 3.24% YoY to ₹633.29 million from ₹654.54 million. Basic and diluted EPS improved by 16.53% YoY to ₹(1.01) from ₹(1.21) in Q3 FY2024.
• Consolidated Results (H1 FY2025): Consolidated revenue for the six months rose 9.54% YoY to ₹14,011.48 million. The consolidated loss before tax decreased by 7.55% YoY to ₹1,087.58 million from ₹1,176.43 million. EPS improved by 21.36% YoY to ₹(1.73) from ₹(2.20).

Financial Deep Dive:

• Balance Sheet (Standalone as of Sep 30, 2025): Total assets were ₹42,473.14 million, with total equity at ₹22,305.09 million. Significant liabilities include lease liabilities of ₹14,132.71 million (non-current) and ₹631.20 million (current). Total borrowings (current and non-current) amounted to ₹498.77 million. Cash and cash equivalents stood at ₹92.73 million.
• Cash Flow (Standalone H1 FY2025): Operating cash flow generated ₹1,509.87 million. Capital expenditure for property, plant, and equipment was ₹1,413.15 million, resulting in a Free Cash Flow of ₹96.72 million.

Segment Information (Consolidated):

• The India segment is the primary revenue driver with Q3 FY2025 revenue of ₹5,686.53 million and segment results of ₹776.01 million. The Indonesia segment reported Q3 FY2025 revenue of ₹1,347.72 million but incurred segment results of ₹(66.38) million, indicating ongoing challenges.

Key Events:

• Appointment of Mr. Subramaniam Pillai as Senior Management Personnel, effective October 30, 2025. He continues in his role as Chief Operations Officer (COO).

Outlook:

• No specific management guidance or outlook was provided in this announcement.

Restaurant Brands Asia Limited (formerly Burger King India Limited) announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025 (Q2 FY26).

Quarterly Performance (Q2 FY26 vs Q2 FY25):

• Standalone: Revenue from operations grew by 15.5% YoY to ₹5,686.53 million from ₹4,921.22 million. However, the standalone loss before tax increased to ₹202.12 million from ₹165.81 million in the prior year period. Basic EPS stood at ₹(0.35) compared to ₹(0.33) in Q2 FY25.
• Consolidated: Total revenue from operations increased by 11.2% YoY to ₹7,034.25 million from ₹6,324.28 million. The consolidated loss before tax was ₹633.29 million, a slight improvement from ₹654.54 million in Q2 FY25. Consolidated basic EPS was ₹(1.01) against ₹(1.21) in the prior year period.

Half-Yearly Performance (6MFY26 vs 6MFY25):

• Standalone: Revenue from operations increased to ₹11,209.45 million from ₹9,826.16 million (YoY +14.1%). The standalone loss before tax improved to ₹317.80 million from ₹435.26 million. EPS was ₹(0.55) compared to ₹(0.72).
• Consolidated: Revenue from operations rose to ₹14,011.48 million from ₹12,791.14 million (YoY +9.5%). The consolidated loss before tax improved to ₹1,087.58 million from ₹1,176.43 million. EPS was ₹(1.73) against ₹(2.20).

Financial Deep Dive:

• Balance Sheet: Standalone cash and cash equivalents saw a drastic reduction, dropping to ₹92.73 million from ₹5,210.28 million as of March 31, 2025. Consolidated cash and cash equivalents also reduced significantly to ₹126.28 million from ₹5,342.52 million.
• Cash Flow: Both standalone and consolidated statements show substantial outflows in investing activities, primarily due to capital expenditure and investments. Financing activities also contributed to cash outflows.

Other Key Updates:
The Board of Directors approved the appointment of Mr. Subramaniam Pillai, currently the Chief Operations Officer (COO), as Senior Management Personnel of the Company, effective October 30, 2025. The company is structured into two reportable segments: India and Indonesia. For Q2 FY26, the India segment revenue grew 15.5% YoY, while the Indonesia segment revenue saw a marginal decline of 3.9% YoY.

Restaurant Brands Asia Limited, formerly Burger King India Limited, has officially announced the allotment of 48,331 fully paid-up equity shares of Face Value Rs. 10/- each under its BK Employee Stock Option Scheme, 2015. This decision was approved by the Nomination and Remuneration Committee of the Board of Directors during their meeting held on October 30, 2025. The meeting commenced at 9:46 a.m. IST and concluded at 10:30 a.m. IST.

This allotment results in a consequential increase in the company's issued and paid-up equity share capital. Prior to this allotment, the issued and paid-up capital stood at 58,22,51,739 equity shares, valued at Rs. 5,82,25,17,390. Following the ESOP allotment, the total number of issued and paid-up equity shares now stands at 58,23,00,070, aggregating to Rs. 5,82,30,00,700. The newly allotted shares will rank pari-passu with the existing equity shares of the company in all respects. This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has issued an official intimation regarding an upcoming conference call for its institutional investors and analysts. The call is scheduled to be held on Friday, October 31, 2025, at 09:30 a.m. IST. The primary purpose of this meeting is to discuss the company's unaudited financial results for the second quarter and the first half of the fiscal year 2025-26, which concluded on September 30, 2025.

Key management personnel, including Mr. Rajeev Varman, Whole-time Director & Group CEO, and Mr. Sumit Zaveri, Group CFO & Chief Business Officer, are slated to participate. This provides investors and analysts with a direct platform to engage with the company's leadership, seek clarification on financial performance, and understand strategic priorities.

The agenda typically includes a review of revenue, profitability, margins, and earnings per share for the reported period, along with commentary on operational highlights and market dynamics. Investors will also be keen to understand management's outlook for the upcoming quarters and any forward-looking guidance or guidance updates.

However, the current announcement is solely an intimation for the call and does not contain any specific financial figures, performance metrics, guidance, or details of key events such as orders, expansions, or penalties. Therefore, a detailed analysis of financial deep dives, balance sheets, cash flows, or specific ratios cannot be provided based on this announcement alone. The impact on investors will depend on the disclosures made during the actual conference call.

Restaurant Brands Asia Limited (formerly Burger King India Limited) has issued an official intimation regarding an upcoming Board of Directors meeting scheduled for Thursday, October 30, 2025. The primary objective of this meeting is to consider and approve the company's un-audited standalone and consolidated financial results for the second quarter (Q2) and the first half-year (H1) of the financial year 2025-26, which concluded on September 30, 2025.

In conjunction with the results announcement, the company has also updated its trading window policy. As a follow-up to its earlier intimation dated September 26, 2025, the trading window for designated persons and their immediate relatives engaged in trading the company's securities will remain closed. This closure period will extend until 48 hours subsequent to the public dissemination of the aforementioned financial results. The trading window is scheduled to be re-opened effective Sunday, November 2, 2025. This disclosure is in compliance with Regulation 29 read with Regulation 33 of the SEBI Listing Regulations and is also available on the company's website.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, has submitted a routine compliance certificate to BSE Limited and the National Stock Exchange of India Limited. The submission pertains to the quarter ended September 30, 2025, and is made in accordance with Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

The certificate, officially issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's appointed Registrar and Share Transfer Agent, serves to confirm adherence to specific depository and participant regulations. Key aspects confirmed by the certificate include:

• Dematerialisation Processing: Securities received from depository participants for dematerialisation during the quarter were confirmed (accepted or rejected) by the Registrar and Share Transfer Agent and duly communicated to the respective depositories.
• Listing Confirmation: The securities comprised in the dematerialisation certificates have been confirmed to be listed on the stock exchanges where the company's earlier issued securities are already listed.
• Cancellation and Registration: Security certificates received for dematerialisation were duly verified, mutilated, and cancelled by the depository participant. Subsequently, the names of the depositories were substituted in the company's register of members as the registered owner within the stipulated timelines.
• Absence of Requests: A specific note in the certificate indicates that MUFG Intime India Private Limited did not receive any requests for dematerialisation or rematerialisation from shareholders during the quarter ended September 30, 2025.

This filing is a standard procedural document required for listed companies to ensure proper functioning of the demat system and shareholder record-keeping. It does not provide insights into the company's financial performance, operational status, future outlook, or any other strategic developments. Investors should refer to separate filings for such information.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, has filed a regulatory update concerning its key managerial personnel. On October 07, 2025, the company's Board of Directors convened a meeting where they approved the appointment of Mr. Arijit Datta as the new Chief Financial Officer (CFO) of the company. His appointment is also effective as Key Managerial Personnel (KMP) as per the Companies Act, 2013, commencing from October 08, 2025.

This transition involves Mr. Sumit Zaveri, who had been serving as the Interim CFO since May 06, 2025. Mr. Zaveri will consequently cease to hold the position of Interim CFO with effect from the close of business hours on October 07, 2025. However, it is important to note that Mr. Zaveri will continue to fulfill his other significant responsibilities within the company, retaining his roles as Group Chief Financial Officer & Chief Business Officer, and continuing to be designated as a KMP.

The profile of the newly appointed CFO, Mr. Arijit Datta, indicates extensive experience. He is a seasoned professional with over two decades of experience in areas such as Strategic Business Partnering, Governance, Compliances and Board Processes, Finance, Commercial operations, Taxation, Financial Planning & Analysis (FP&A), Management Information Systems (MIS) & Reporting, and Budgetary analysis. His most recent role was Chief Financial Officer (CFO) at Pepe Jeans India Limited. Prior to that, he gained valuable experience working with other prominent companies like Agro Tech Foods Ltd. and Eveready Industries India Ltd. Academically, Mr. Datta holds a master's and a bachelor’s degree in commerce and is a distinguished member of the Institute of Chartered Accountants of India.

The Board meeting, which lasted from 02:45 p.m. IST to 02:58 p.m. IST, also involved the formalization of these changes, ensuring continuity and adherence to regulatory requirements. This appointment is crucial for Restaurant Brands Asia Limited as it navigates its growth phase, bringing in experienced leadership to oversee its financial health and strategic planning.

Restaurant Brands Asia Limited has formally notified the stock exchanges (BSE and NSE) about a change in its Senior Management Personnel (SMP). Ms. Cicily Thomas, who serves as the Brand President, has submitted her resignation. The company stated that Ms. Thomas's decision is to explore other career opportunities beyond Restaurant Brands Asia. Her tenure as Senior Management Personnel will conclude at the close of business hours on Tuesday, September 30, 2025. This announcement has been made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, and the relevant SEBI Master Circular. The company is expected to manage the transition and appoint a successor in due course, though no immediate details regarding a replacement were provided in this filing.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, announced on September 29, 2025, the allotment of 51,107 fully paid-up equity shares. These shares were issued under the BK Employee Stock Option Scheme, 2015, pursuant to exercises by eligible employees. The Nomination and Remuneration Committee of the Board of Directors approved this allotment. Each share has a face value of Rs. 10. Following this allotment, the company's issued and paid-up equity share capital has increased. Prior to the allotment, the capital stood at 58,22,00,632 shares valued at Rs. 5,82,20,06,320. The newly allotted 51,107 shares add Rs. 5,11,070 to the paid-up capital. Consequently, the total issued and paid-up equity share capital post-allotment is 58,22,51,739 shares, amounting to Rs. 5,82,25,17,390. The newly issued shares will rank pari-passu with the existing equity shares of the company in all respects. This corporate action is a standard disclosure under SEBI Listing Regulations, Part A of Schedule-III, Regulation 30.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, has announced the closure of its trading window for dealing in the company's securities. This closure applies to designated persons and their immediate relatives and will be effective from Wednesday, October 1, 2025. The trading window will remain shut until 48 hours after the conclusion of the upcoming Board meeting. The primary purpose of this Board meeting is the consideration and approval of the unaudited financial results for the second quarter (Q2) of FY 2025-26 and the six months ending on September 30, 2025. The company has informed all designated persons as per its internal code of conduct and SEBI (Prohibition of Insider Trading) Regulations, 2015. The specific date of the Board meeting for declaring these financial results will be communicated separately by the company. This is a standard regulatory procedure to prevent insider trading during periods when sensitive financial information is being finalized.

On September 18, 2025, Restaurant Brands Asia Limited (formerly Burger King India Limited) formally announced the allotment of 8,518 fully paid-up equity shares, each with a face value of Rs. 10, under the BK Employee Stock Option Scheme, 2015. This corporate action was approved by the Nomination and Remuneration Committee of the Board of Directors. The allotment effectively increases the company's total issued and paid-up equity share capital by Rs. 85,180. Prior to this allotment, the company's capital stood at 58,21,92,114 shares (Rs. 5,82,19,21,140). Post-allotment, the capital rises to 58,22,00,632 shares (Rs. 5,82,20,06,320). The newly issued shares will have the same rights and privileges as existing equity shares, ranking pari-passu in all respects. This ESOP exercise is a routine measure for employee incentives and has a negligible impact on the company's overall financial structure or market capitalization given the small number of shares allotted. No other significant financial performance metrics, guidance, or strategic updates were provided in this disclosure.

Restaurant Brands Asia Limited, formerly known as Burger King India Limited, has announced its participation in the upcoming Ashwamedh, Elara India Dialogue 2025 investor conference. The event is scheduled to take place on Wednesday, September 03, 2025, in Mumbai. The company will be engaging in both one-on-one and group meetings with investors during this conference. The mode of interaction will be physical/in-person. A key aspect of this announcement, made in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is the company's explicit statement that no unpublished price-sensitive information (UPSI) that is not already in the public domain will be disclosed. Investors should note that the schedule of participation may be subject to changes due to unforeseen circumstances on the part of either the investors or the company. This intimation is also available on Restaurant Brands Asia Limited's official website.

Restaurant Brands Asia Limited, formerly Burger King India Limited, has issued a regulatory disclosure to the BSE Limited and the National Stock Exchange of India Limited. The company announced its confirmed participation in the 21st Annual Global Investor Conference (AGIC). This event is scheduled to be held on Monday, September 1, 2025, in Mumbai. The company plans to conduct its investor interactions in a physical/in-person format, offering opportunities for both one-on-one and group meetings.

A key aspect of this announcement is the company's explicit statement that no unpublished price-sensitive information (UPSI) will be disclosed during the conference. All discussions will be confined strictly to information that is already in the public domain, ensuring compliance with regulatory standards. This intimation is being made in accordance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also advised that the schedule for these meetings may be subject to changes based on exigencies from either the investors' or the company's side. Furthermore, this information has also been made available on the company's official website.

Restaurant Brands Asia Limited (formerly Burger King India) has informed the stock exchanges about an amendment made to the Capital Clause of its Memorandum of Association (MOA). This amendment was approved by the company's shareholders through an ordinary resolution passed at the 12th Annual General Meeting (AGM) held on August 21, 2025. The core of the amendment is the increase in the company's authorized share capital to ₹700,00,00,000 (Rupees Seven Hundred Crore only). This capital will now be divided into 70,00,00,000 (Seventy Crore) Equity Shares of ₹10 each. The rationale provided for this increase is to accommodate the capital dilution resulting from the 'RBAL Employee Stock Option Scheme 2024' and shares that were issued and allotted via Qualified Institutions Placement (QIP) in March 2025. The company noted that its current authorized share capital had become minimal due to these previous issuances, necessitating the upward revision. The filing complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The filing from Restaurant Brands Asia Limited pertains to the voting results of its 12th Annual General Meeting (AGM) held on August 21, 2025. Shareholders overwhelmingly approved all ordinary resolutions presented during the meeting. The key resolutions that received substantial shareholder backing include the adoption of the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2025, along with the Board of Directors' and Auditors' reports. The re-appointment of Mr. Rafael Odorizzi De Oliveira as a director, who was liable to retire by rotation, was approved with a very high percentage of votes in favour across all categories. The appointment of M/s. Mehta & Mehta as the company's Secretarial Auditors was also approved by a significant majority. Furthermore, resolutions for an increase in the company's authorized share capital and consequential amendment to its Memorandum of Association, as well as the remuneration payable to Mr. Ajay Kaul, a Non-Executive and Non-Independent Director, received strong approval from shareholders. The voting patterns indicate broad shareholder confidence in the company's governance and financial reporting for FY2025. This disclosure focuses solely on AGM voting outcomes and does not include specific financial performance metrics, forward-looking guidance, or operational details.

Restaurant Brands Asia Limited held its 12th Annual General Meeting (AGM) on August 21, 2025, via Video Conferencing. The meeting provided an overview of the company's performance and strategy. Management discussed the global and Indian macro-economic environment and the food service industry growth. Key focus areas for India's business include leveraging consumption growth through value leadership, menu innovation, digital transformation, and customer loyalty. The company also highlighted positive developments in its Indonesian operations, noting signs of revival. Ambitious growth plans were unveiled, with a target of establishing 800 restaurants in India by FY2029, involving an annual addition of 60-80 new outlets. The agenda also included the adoption of Audited Standalone and Consolidated Financial Statements for FY2025, director re-appointments, and approval of secretarial auditors. Shareholders participated via remote e-voting and during the AGM, with results to be submitted separately.

Restaurant Brands Asia Limited has formally intimated its participation in the 'Antique’s Flagship Investor Conference - Build India, New India'. This conference is scheduled to be held on Friday, August 22, 2025, in Mumbai. The company will be engaging in both one-on-one and group meetings with investors during the event. A significant point highlighted in the intimation is the company's commitment to regulatory compliance, stating that no unpublished price-sensitive information (UPSI) that is not already available in the public domain will be disclosed during these interactions. This measure is aimed at ensuring market fairness and transparency. The company also added a disclaimer that the schedule of meetings may be subject to change due to exigencies from either the investors' or the company's side. The intimation is made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the information is also available on the company's website.

This is a transcript of the Investor/Analyst Conference Call for Restaurant Brands Asia Limited's (formerly Burger King India Limited) Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2025 (Q1 FY26), held on July 31, 2025. The call featured management discussions on performance, strategy, and outlook for both India and Indonesia operations.

India Operations Performance: Total Revenue stood at INR 552 crores, a 12.6% year-on-year (YoY) increase, driven by Same Store Sales Growth (SSSG) of 2.6% and the addition of 63 net new restaurants over the past year (6 added in Q1 FY26). Restaurant EBITDA was INR 53.6 crores, up 23% YoY. Company EBITDA reached INR 22.5 crores, up 28.6% YoY, though this included one-off expenses of INR 1 crore related to G-SEC rate adjustments and ESOP grants. Restaurant EBITDA Margins improved by 0.8% YoY due to efficiencies in utilities and IT. Gross Profit Margin was maintained around 67.6%, with a long-term target of 70% by FY29. Digital initiatives are strong, with 93% of restaurants featuring self-ordering kiosks (SOKs) and 90% of sales being digital. The BK app saw significant QoQ growth in installs and orders. The cafe business, with 480 operational outlets, averages INR 13,000 ADS, with older outlets performing better. Management noted a tight overall market, particularly for premium offerings, with demand concentrated on value promotions.

Indonesia Operations Performance: Burger King (BK) in Indonesia showed positive momentum with Average Daily Sales (ADS) growing 5% YoY over the past 9 months to INR 19.7 billion, leading to positive restaurant-level EBITDA and a 1 percentage point improvement in gross margins. Popeyes experienced declining ADS and persistent losses, despite a 2 percentage point gross margin improvement, and is piloting a pivot towards a fast-casual guest experience. Portfolio rationalization in Indonesia continued with 4 more restaurant closures this quarter, nearing completion. Corporate overheads have been reduced by 25%, with further reductions planned.

Guidance & Commentary: Management reiterated the plan to add 60-80 restaurants annually in India, targeting approximately 800 by FY29. The long-term goal for India's Gross Profit margin is 70% by FY29. In Indonesia, efforts focus on revitalizing BK through product innovation and marketing, and refining Popeyes' strategy to achieve profitability. Cost optimization in utilities, IT, and rents remains a priority, with labor costs intentionally increased for training on new initiatives.

Key Events & Outlook: New product launches included a Korean food range, upgraded Kings Collection 2.0, an INR 99 cafe promotion, Kit Kat BK Fusion beverage, and the Whopper Deluxe range. Digital transformation efforts are progressing well. The company expects continued strong performance in India and aims to consolidate the turnaround for Burger King in Indonesia while strategizing for Popeyes. Specific financials like balance sheet, cash flow, and ratios were not detailed.