NSE: DEVYANI · BSE: 543330
DEVYANI INTERNATIONAL LTD
Operates and franchises quick-service restaurant (QSR) outlets across India, Thailand, Nepal and Nigeria, running KFC, Pizza Hut and Costa Coffee under master franchise agreements, alongside owned brands Biryani By Kilo and Vaango. Revenue is earned from selling fried chicken, pizzas, coffee and Indian fast-food through dine-in, takeaway and delivery channels; in Q1 FY27 KFC's offline sales mix rose to 57%. The biggest cost is raw materials and packaging at 31.5% of revenue, followed by employee costs at 14.8%, other operating expenses at 38.5% and depreciation at 11.7%, with capex at 8.2% of revenue. A proposed merger with Sapphire Foods India is targeted for completion by end of FY27, which would add further KFC and Pizza Hut stores to the network. The company is rolling out a DIL 2.0 efficiency and technology programme, including a unified DIL Commerce platform and over 80% digital kiosk penetration in the KFC network. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. KFC India, Pizza Hut India, Costa Coffee, Biryani By Kilo, Vaango, International business. Multi-brand, asset-heavy QSR operator with master-franchise plus owned brand mix across four countries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,084 | 2,998 | 3,556 | 4,951 | 5,611 |
| EBITDA (ex other income) | 455 | 635 | 543 | 811 | 828 |
| margin % | 21.8 | 21.2 | 15.3 | 16.4 | 14.8 |
| Owners' profit | 156 | 265 | 47 | 9 | (39) |
| EPS, as reported (₹) | 1.32 | 2.20 | 0.39 | 0.08 | (0.31) |
| ROE % · ROCE % | 22.8 · 13.6 | 27.2 · 15.9 | (0.7) · 4.7 | (0.5) · 6.6 | (2.3) · 4.3 |
| Debt / equity (x) | 0.19 | 0.08 | 0.67 | 0.66 | 0.72 |
| Cash from operations | 451 | 637 | 592 | 900 | 919 |
| Capex | (306) | (437) | (478) | (491) | (459) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 |
| Profit before tax | (4) | 9 | (22) | 3 | (27) | (15) | (18) | 23 |
| Net profit | (5) | (8) | (17) | 2 | (24) | (11) | (10) | 17 |
| EPS (₹) | 0.00 | 0.00 | (0.12) | 0.03 | (0.18) | (0.08) | (0.08) | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 28,340 | 65.4 | 11.87 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 14,946 | 31.4 | 10.21 | 20.0 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD ◆ | 14,777 | — | 7.84 | 17.9 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 9,325 | 293.1 | 15.06 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,840 | — | 9.93 | 18.9 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,444 | — | 4.64 | 13.4 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,564 | — | 7.98 | 12.9 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,413 | 56.3 | 11.49 | 91.8 | 7.9 | 3.9 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 7.8 | 8.0 | 5 of 11 | 60% |
| ROCE | (1.1) | 2.4 | 9 of 12 | 27% |
| ROE | (2.3) | 0.3 | 8 of 11 | 30% |
| Debt / Equity | 0.7 | 0.4 | 8 of 10 | 22% |
| EBITDA margin | 17.3 | 17.3 | 6 of 11 | 50% |
| Revenue growth | 16.5 | 16.6 | 7 of 12 | 46% |
| Profit growth | 667.7 | 113.8 | 2 of 11 | 90% |
| Market cap | 14777 | 2564 | 3 of 13 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Investor conference call scheduled for November 2, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting to approve September 2026 financial results | results | low | — | — |
| 16 Oct 2026 · Devyani International gets ESG rating of 64 from NSE Sustainability | business updates | low | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Reps to attend Nuvama Emerging India CEO Forum on Sep 28 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Devyani International assigned ESG rating of 63 | business updates | medium | — | — |
| 18 Sept 2026 · Devyani International to attend JP Morgan India Conference on Sep 22 | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Devyani International to attend Jefferies 5th India Forum on Sept 17 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · CCI filing made for Sapphire Foods merger | strategic transactions | high | — | — |
| 3 Sept 2026 · Devyani International publishes notice of NCLT hearing on amalgamation scheme | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.