Restaurant Brands Asia Limited (RBA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.9%

₹38.11

vs ₹88.44 price

Levered DCF

₹25.30

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-17.95×	-14.85×	-23.51×	-20.11×	-20.39×	-20.02×	-47.04×	-135×
P/B	4.66×	3.53×	8.18×	5.39×	3.84×	57.8×	18.71×	20.64×
P/S	1.19×	1.26×	2.1×	2.17×	2.69×	4.9×	6.15×	8.17×
EV / EBITDA	16.04×	16.78×	25.03×	37.04×	50.11×	111.54×	56.48×	63.18×
Gross margin	35.7%	22.6%	43.7%	20.6%	42.8%	38.0%	43.7%	44.4%
Operating margin	-2.2%	-4.0%	-3.9%	-8.2%	-8.9%	-19.7%	-1.4%	0.5%
Net margin	-6.6%	-8.5%	-8.9%	-10.8%	-13.2%	-24.5%	-9.1%	-6.1%
Current ratio	0.5×	0.88×	0.34×	0.66×	1.49×	0.45×	0.51×	0.38×
Debt / equity	2.73×	2.02×	2.28×	1.41×	0.85×	10.62×	2.89×	2.3×
Interest coverage	-0.32×	-0.63×	-0.67×	-1.61×	-1.39×	-1.89×	-0.18×	0.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-25.9%	-23.8%	-34.8%	-26.8%	-18.8%	-289.6%	-27.8%	-15.3%
Return on invested capital	-2.1%	-3.5%	-4.4%	-8.2%	-6.6%	-18.6%	-1.1%	0.4%
Return on assets	-5.5%	-6.2%	-8.0%	-8.9%	-8.2%	-12.5%	-6.4%	-4.2%
Free cash flow yield	-2.7%	2.6%	1.2%	-5.1%	-1.7%	-0.1%	-2.2%	-1.5%
Earnings yield	-5.6%	-6.7%	-4.3%	-5.0%	-4.9%	-5.0%	-1.5%	-0.7%
Enterprise value	₹52.7B	₹45B	₹65.2B	₹54.6B	₹47B	₹57.2B	₹59.4B	₹57.1B
Net debt / EBITDA	5.81×	4.83×	5.37×	6.87×	7.48×	15.89×	7.53×	6.18×
Cash conversion cycle (days)	-55	-57	-44	-48	-85	-130	-54	-51