Burger King India finally works but its stock still refuses to celebrate

Burger King India is one of the country's better-run quick-service chains. Gross margins are at record highs, restaurant-level profits have doubled, and the burger chain has posted five straight quarters of same-store-sales growth. So why does its stock sit close to where it listed six years ago? Part of the answer is Indonesia, where an old acquisition keeps bleeding cash. The rest is the new owner. A pharma family has taken control of Restaurant Brands Asia, pouring in far more money than its expansion needs, much of it debt backed by pledged shares. Tune in. *This episode is based on a story by Anirudh Somani who is also an investor in the company Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.