Store expansion: 60-80 net additions annually through FY29
Currently at 533 India stores; targeting 580 by FY26 year-end with H2 pace of 45-50 openings. Near-term goal of 800 stores by FY29.
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Restaurant Brands Asia · forward-looking guidance across the available source record.
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What management said would happen.
expansion
Gross margin trajectory to 70% by FY29
Gross margin improved to 68.3% in Q2 from 67.7% in Q1. Management expects continued improvement driven by supply chain localization, new distribution centers, and boiler efficiency gains.
Utility cost reduction of ~1 percentage point
New boiler (50% energy reduction vs current) rolling out to all restaurants by March/April 2026; e-coolers also being installed. Full impact expected in FY27.
Delivery margin improvement of 1 percentage point achieved
Delivery business grew revenue significantly while improving margins by 1pp through aggregator relationship optimization and menu mix changes.
600 Restaurants by March 2026
Management targets approximately 600 restaurants by March 31, 2026, implying roughly 23 additional net additions in Q4 FY26.
60-80 Net New Restaurants Annually
Guidance range of 60-80 net new restaurants per year, though FY26 is tracking at midpoint given back-half-weighted opening schedule. Future years to see more even quarterly distribution.
Revised Long-Term Targets Next Quarter
Having reached 70% gross margin three years ahead of the FY29 target, management will announce updated multi-year outlook (3-5 year plan) on margins, expansion, and strategy in the next earnings call.
Inspir Global Infusion: ₹1,600 Crore
Definitive agreement signed with Inspir Global Group for ₹900 crore equity infusion via preference allotment plus ₹700 crore warrants at ₹70/share, resulting in ~35% promoter holding post-transaction.
Free Cash Flow Positive by FY28
India business expected to achieve FCF breakeven in 4-6 quarters, targeting full FCF-positive year for FY28 while funding 60-80 annual restaurant openings.
Indonesia BK Restaurant-Level AITA to Cover GNA
BK Indonesia targeting restaurant-level margins to recover its overhead (GNA) approximately 4 quarters out, supported by delivery margin improvement to 6.2-6.4 range.
Cafe ADS Target of ₹25,000 per Restaurant per Day
Long-term goal over 4-5 years to build cafe average daily sales to ₹25,000 per restaurant; mature converted stores significantly above average.
New Outlook Post Inspa Global Acquisition
Revised outlook to be provided in Q1 FY27 once the Inspa Global acquisition transaction is completed and new promoters are onboarded.