First of All. Burger King India (Now RBA) is JV of RBI with Everstone Capital. Its not Franchisee Model like Devyani International & Sapphire Foods. Here Parents have skin in the game.
Here Co’ survival, growth, profitability and failure as well are directly belongs with parents. So JV model is much safer than Franchisee model.
On question about rest of the brands, Burger King is their most successful brand and so they go with direct business in Burger King. Why they are giving their others brands as franchisee/ JV (Like Tim Hortons/Popeyes) to other cos because the wanted to grow their foothold in Other geographic to earn more royalty (In case of Tim Hortons they are planning JV also with Apparel Group and Gateway Partners). So, They will earn only royalty. In case of RBA they will earn Profit+ Royalty (as they running the business itself via JV.)
So In Long long run there will be no surprise if one fine day they merge even Burger King Russia in this business — just for Example. Even i have contra view on what other thinks for RBA. I see strong growth with Best management for Famous Brand “Burger King”. Even in India QSR space i am most bullish on Burger King. In starting years they don’t even need to be profitable in bottom line (even as investors we should not look at/ expect positive bottom line rather we have to look for cash generation). Because they are in Expansion mode. They are EBITDA positive + cash positive. Depreciation will keep bottom line negative. But They will grow Top Line+ EBITDA +Cash in exponential way. Market will sure look at it.
What i not like is share capital expansion. It will dilute our return. if management from here not dilute share capital more than we have next multibagger of QSR Space.
*Biased and invested