Restaurant Brands Asia Q1 FY26 Concall Decoded: – Revenue at ₹552 Cr, SSSG a limp 2.6%, Cafés brewing but burgers sweating 🍔

1. Opening Hook

When McDonald’s is crying about soggy fries, RBA flexed a “barbell strategy” of ₹79 deals and ₹200 Korean burgers. India grew, Indonesia resurrected, but Popeyes still looks like that cousin who never clears exams.

Read on—because this quarter’s masala is juicier than their Korean burger sauce.

2. At a Glance

• Revenue up 12.6% YoY – CFO swears it’s not inflation math, but real diners chewing.
• Restaurant EBITDA +23% – Utilities cost cuts finally did cardio.
• Company EBITDA +28.6% – But one-offs still gatecrashed the party.
• Margins +0.8% – Thanks to rent & utility juggling.
• Net 6 new stores – Expansion pace looks more dosa-idli than burger-fast.
• Indonesia store EBITDA turned positive – First profit in ages; Popeyes still winging it.

3. Management’s Key Commentary 🍟

Rajeev Varman: “India business is stronger; dine-in traffic up, 63 new restaurants added.”
(Translation: Indians still love ₹79 meals more than Netflix price cuts.)

Sumit Zaveri: “We improved delivery margins by 1% and cut utilities sharply.”
(Translation: AC ka temperature ghataya, profit badh gaya 😏)

Kapil Grover: “Korean burger campaign went viral; Insta followers surged.”
(Translation: BTS army ordered burgers for selfies, not hunger.)

Sandeep Dey (Indonesia): “Spicy-cheesy menu lifted ADS by 1M IDR, first positive store EBITDA.”
(Translation: Finally, chicken didn’t chicken out.)

Rajeev Varman (again): “Premium menu contraction hurting SSSG.”
(Translation: ₹200 burgers are harder to digest than their brioche buns.)

4. Numbers Decoded