Devyani International Ltd
DEVYANI NSE
Devyani International Ltd
Consumer DiscretionaryNSE: DEVYANI BSE: 543330 Leisure Services
Key Fundamentals
SmallcapQuick Service RestaurantLeisure ServicesMarket Cap
₹17,530 Cr
Volatility
High Risk
P/E Ratio
-652.3
EBITDA
₹911 Cr
Return on Equity
-2.26%
Debt to Equity
2.49
Book Value
₹12.51
EPS
₹0.66
52W High
₹191
52W Low
₹91.55
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Devyani International Ltd insights
51 extracted metrics + investor summaries across FY16–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company's median sales growth is 16.8% of last 10 years
Weaknesses
4- Stock is trading at 11.4 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -3.47% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
13.61% ↗
Net Income Growth
515.94% ↗
Cash Flow Change
2.92% ↗
ROE
361.22% ↗
ROCE
-34.40% ↘
EBITDA Margin (Avg.)
-7.91% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 4d agoAI opinion · based on fundamentals
Risk high
Devyani International, India's largest KFC and Pizza Hut franchisee, trades at a market cap of ₹17,619 crore with a negative P/E of -630 and a 3-year ROE of -3%. Revenue has compounded at 23% over three years (TTM growth 15%), but profitability remains elusive with a net loss of ₹42.5 crore in FY26 despite operating a network of 2,256 stores globally.
Bull Case 8
- Revenue compounded at 23% CAGR over 3 years and 38% over 5 years, demonstrating sustained topline momentum in India's underpenetrated QSR market
- TTM revenue growth of 15% with FY26 consolidated revenue reaching ₹5,611 crore (up 13.3% YoY), showing continued scale expansion
- KFC India delivered its best performance in 14 quarters with +4.9% same-store sales growth and nearly 15% YoY revenue growth in Q4 FY26
- FY26 EBITDA grew 43% YoY in Q4 FY25 to ₹187 crore, indicating improving operating leverage as the store base matures
- Global network of 2,256 stores with 217 net new additions in FY26, providing a large and growing base for future profitability
- Net loss narrowed from ₹63 crore in FY25 to ₹42.5 crore in FY26, showing a trajectory toward breakeven
- Compounded profit growth of 31% on a TTM basis suggests the most recent quarters are seeing meaningful margin improvement
- Proposed merger creating a 3,000+ store QSR platform with ₹8,000 crore combined turnover could unlock significant scale synergies
Bear Case 8
- Stock trades at 11.1x book value despite delivering negative ROE of -3.47% over the last 3 years, indicating expensive valuation relative to returns
- P/E ratio of -630 reflects ongoing losses — the company has not generated consistent net profit despite ₹5,600+ crore in revenue
- Company has low interest coverage ratio with finance costs of ₹2,214 crore in FY26, suggesting heavy debt burden from aggressive store expansion
- Pizza Hut SSSG was negative at -4.1% in H1 FY26, and net store openings for Pizza Hut collapsed from 63 to just 9, signaling brand weakness
- Stock price has declined 11% CAGR over both 1-year and 3-year periods, significantly underperforming the broader market
- Zero dividend yield with no visibility on when free cash flow will support shareholder distributions
- Company might be capitalizing interest costs, which could overstate reported EBITDA and understate true operating losses
- Store expansion slowed from 539 net new stores in FY24 to 257 in FY25 to 217 in FY26, raising questions about the growth runway and unit economics
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 5h ago Headwinds 1
- Rising costs pressure QSR margins Jul 29
Company signalled modest price hikes at KFC and Pizza Hut to counter persistent cost pressures in the QSR sector, indicating margin headwinds that require pricing action.
Positives 4
- Record Q1FY27 EBITDA at ₹255 Cr Jul 29
Devyani reported record quarterly EBITDA of ₹255 crore with 16.5% revenue growth in Q1FY27, driven by strong same-store sales across KFC, Costa, and BBK.
- BBK scaling to ₹1,000 Cr revenue Jul 29
Company announced plans to scale Biryani By Kilo to ₹1,000 crore in revenue over the coming years, positioning it as a key growth driver.
- Sapphire Foods merger proposed Jul 23
FY26 annual report disclosed a proposed merger with Sapphire Foods, alongside ₹56,115 million revenue and 2,256 total stores.
- 27.1 lakh ESOPs granted Jul 29
NRC approved 27,13,700 stock options under ESOP 2021 at ₹101 per option, aligning employee incentives with company performance.
Neutral 2
- AGM scheduled for Aug 14 Jul 23
Devyani International scheduled its 35th AGM for August 14, 2026 via video conferencing to discuss the FY26 annual report.
- Q1 FY27 earnings call held Jul 22
Company hosted a conference call on July 29, 2026 at 2:30 PM IST with senior management to discuss Q1 FY27 results.
TL;DR: Devyani International is executing well with record EBITDA, strong same-store sales growth, and an ambitious ₹1,000 Cr revenue target for Biryani By Kilo. The proposed Sapphire Foods merger could be transformative for scale. Rising input costs remain the primary risk, though management is addressing them with measured price hikes. The trend is clearly improving with multiple growth levers in play heading into FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 847 | 819 | 843 | 1,047 | 1,222 | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 |
| Expenses | 721 | 665 | 697 | 917 | 1,006 | 1,026 | 1,081 | 1,027 | 1,151 | 1,185 | 1,210 | 1,217 | 1,326 |
| Operating Profit | 126 | 154 | 146 | 130 | 216 | 196 | 213 | 186 | 206 | 192 | 231 | 220 | 254 |
| OPM % | 15% | 19% | 17% | 12% | 18% | 16% | 16% | 15% | 15% | 14% | 16% | 15% | 16% |
| Other Income | 7 | -7 | 5 | 14 | 10 | 5 | 9 | 13 | 13 | 3 | -10 | 18 | 19 |
| Interest | 40 | 42 | 48 | 57 | 63 | 65 | 67 | 70 | 67 | 69 | 70 | 70 | 70 |
| Depreciation | 80 | 86 | 93 | 126 | 132 | 139 | 147 | 152 | 150 | 155 | 167 | 182 | 180 |
| PBT | 13 | 19 | 10 | -38 | 31 | -4 | 9 | -22 | 3 | -29 | -16 | -15 | 23 |
| Tax % | 112% | -88% | 48% | 29% | 27% | 26% | 190% | -25% | 19% | -18% | -31% | -32% | 25% |
| Net Profit | -2 | 36 | 5 | -49 | 22 | -5 | -8 | -17 | 2 | -24 | -11 | -10 | 17 |
| EPS in Rs | 0.1 | 0.28 | 0.08 | -0.06 | 0.25 | 0 | 0 | -0.12 | 0.03 | -0.18 | -0.08 | -0.08 | 0.12 |
Profit & Loss
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,012 | 1,048 | 1,111 | 1,311 | 1,516 | 1,135 | 2,084 | 2,998 | 3,556 | 4,951 | 5,611 | 5,835 |
| Expenses | 1,013 | 1,008 | 1,015 | 1,106 | 1,254 | 945 | 1,608 | 2,341 | 2,991 | 4,112 | 4,752 | 4,938 |
| Operating Profit | -1 | 39 | 96 | 205 | 262 | 189 | 476 | 657 | 565 | 839 | 860 | 898 |
| OPM % | -0.1% | 3.7% | 9% | 16% | 17% | 17% | 23% | 22% | 16% | 17% | 15% | 15% |
| Other Income | 0 | 8 | 23 | 42 | 2 | 131 | -3 | 12 | 18 | 33 | 31 | 30 |
| Interest | 43 | 88 | 34 | 137 | 161 | 155 | 129 | 149 | 189 | 267 | 278 | 279 |
| Depreciation | 85 | 137 | 55 | 203 | 223 | 229 | 221 | 278 | 391 | 592 | 670 | 685 |
| PBT | -129 | -178 | 30 | -93 | -120 | -64 | 123 | 242 | 4 | 13 | -57 | -37 |
| Tax % | 1% | 1% | -3% | 1% | 2% | -2% | -26% | -9% | 363% | 154% | -25% | — |
| Net Profit | -130 | -180 | 31 | -94 | -121 | -63 | 155 | 263 | -10 | -7 | -43 | -28 |
| EPS in Rs | -11.98 | -11.31 | 4.33 | -7.46 | -11.46 | -0.48 | 1.3 | 2.2 | 0.39 | 0.08 | -0.31 | -0.22 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 106 | 106 | 106 | 106 | 106 | 115 | 120 | 120 | 121 | 121 | 123 |
| Reserves | 70 | -19 | 33 | -176 | -295 | -2 | 566 | 850 | 935 | 974 | 1,419 |
| Borrowings | 348 | 306 | 371 | 488 | 1,832 | 1,336 | 1,254 | 1,565 | 2,906 | 3,188 | 3,833 |
| Other Liabilities | 196 | 202 | 218 | 1,390 | 240 | 219 | 322 | 450 | 971 | 1,057 | 1,375 |
| Total Liabilities | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,750 |
| Fixed Assets | 491 | 406 | 445 | 1,578 | 1,635 | 1,392 | 1,756 | 2,427 | 4,216 | 4,622 | 5,686 |
| CWIP | 38 | 15 | 56 | 12 | 14 | 14 | 7 | 15 | 11 | 3 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Other Assets | 192 | 174 | 226 | 218 | 235 | 262 | 500 | 543 | 705 | 712 | 1,054 |
| Total Assets | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,750 |
Cash Flow
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 90 | 91 | 278 | 301 | 240 | 451 | 637 | 766 | 900 | 927 |
| Investing | — | -67 | -140 | -165 | -91 | -355 | -375 | -349 | -1,551 | -461 | -419 |
| Financing | — | -32 | 56 | -130 | -223 | 142 | -58 | -283 | 889 | -425 | -197 |
| Net Cash Flow | — | -9 | 7 | -18 | -13 | 27 | 17 | 5 | 105 | 14 | 310 |
| Free Cash Flow | — | 21 | -49 | 137 | 202 | 107 | 158 | 213 | 305 | 418 | 486 |
| CFO/OP | — | 232 | 99 | 136 | 115 | 126 | 97 | 104 | 140 | 107 | 109 |
Ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 5 | 6 | 6 | 6 | 4 | 5 | 4 | 4 | 5 | 3 | 4 |
| Inventory Days | 45 | 39 | 48 | 52 | 57 | 66 | 52 | 52 | 45 | 35 | 34 |
| Days Payable | 127 | 129 | 139 | 128 | 129 | 171 | 119 | 98 | 130 | 105 | 127 |
| Cash Conversion Cycle | -77 | -85 | -84 | -70 | -68 | -100 | -64 | -42 | -79 | -66 | -89 |
| Working Capital Days | -31 | -70 | -65 | -95 | -108 | -95 | -26 | -37 | -65 | -60 | -85 |
| ROCE % | — | -19% | 15% | 7% | 6% | 2% | 16% | 18% | 6% | 6% | 5% |
Documents
1
Board Meeting Intimation for Consideration And Approval Of The Audited Financial Results Of The Company, Both On Standalone And Consolidated Basis, For The Quarter And Financial Year Ended March 31, 2026.
8 May - Board meeting on May 15, 2026 to approve audited FY26 standalone and consolidated results; trading window closes till May 17. 8 May - Board meeting on May 15, 2026 to approve audited FY26 standalone and consolidated results; trading window closes till May 17.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Company will host a group conference call with Investors and Analysts on Friday, May 15, 2026 at 02:30 P.M. (IST). Details of the group conference … 8 May - Company will host a group conference call with Investors and Analysts on Friday, May 15, 2026 at 02:30 P.M. (IST). Details of the group conference …
3
Announcement under Regulation 30 (LODR)-Change in Registered Office Address
6 Apr - Registered office shifted to Gurugram, Haryana; CIN changed effective April 6, 2026. 6 Apr - Registered office shifted to Gurugram, Haryana; CIN changed effective April 6, 2026.
4
Announcement under Regulation 30 (LODR)-Change in Management
3 Apr - Sandeep Anand and Robinder Singh appointed from April 6, 2026; Vijay Gogate replaced as Pizza Hut CEO. 3 Apr - Sandeep Anand and Robinder Singh appointed from April 6, 2026; Vijay Gogate replaced as Pizza Hut CEO.
Frequently Asked Questions about Devyani International Ltd
What does Devyani International Ltd do?
Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain
quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.[1]
Where is Devyani International Ltd (DEVYANI) listed?
Devyani International Ltd is listed on the Indian stock exchanges. It is listed on NSE: DEVYANI and BSE: 543330. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Devyani International Ltd belong to?
Devyani International Ltd operates in the Consumer Discretionary sector within the Leisure Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Devyani International Ltd?
Devyani International Ltd has a market capitalisation of approximately ₹17529.94 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Devyani International Ltd?
The Price-to-Earnings (PE) ratio of Devyani International Ltd is -652.30. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Devyani International Ltd?
Over the past 52 weeks, Devyani International Ltd has traded between a low of ₹91.55 and a high of ₹191. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Devyani International Ltd?
Devyani International Ltd has a Return on Equity (ROE) of -2.26%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Devyani International Ltd on Tapetide?
On Tapetide, you can view Devyani International Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.[1]
Website dil-rjcorp.com
CEO Mr. Virag Joshi
Employees 14,802
Listed 2021-08-16
Face Value ₹ 1
Issued Size 1,23,28,72,291