Devyani International
Devyani International
Leisure ServicesKey Fundamentals
SmallcapQuick Service RestaurantLeisure ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's median sales growth is 16.8% of last 10 years
Weaknesses
4- Stock is trading at 10.2 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
AI Analysis — Bull vs Bear
Devyani International, a large franchise operator of quick-service restaurant brands in India and overseas, has grown sales at a 5-year CAGR of 38% and a 3-year CAGR of 23%, with TTM sales growth of 15%. Profitability has not kept pace. ROE is -2% for the last year and -3% over 3 years, and the P/E of -613.6 reflects a small net loss at a market cap of about Rs 16,460 Cr. The stock trades at 10.8x book value and has returned -21% over 1 year and -14% CAGR over 3 years.
- Revenue has scaled quickly, with a 5-year compounded sales growth of 38% and a 3-year CAGR of 23%, pointing to aggressive store expansion and portfolio growth.
- Median sales growth of 16.8% over the last 10 years and a 10-year sales CAGR of 19% show growth that has lasted across cycles, not a one-off spike.
- TTM sales growth of 15% means the top line is still growing at double digits despite a tough discretionary spending environment for QSR operators.
- TTM compounded profit growth of 31% suggests profits are starting to recover from a low base, which could narrow the losses implied by the -613.6 P/E if it continues.
- The P/E of -613.6 implies earnings close to breakeven rather than a deep loss, so a small margin improvement could move the company back to reported profitability.
- 5-year ROE of 7%, against a 3-year figure of -3%, shows the business has earned positive returns on equity before, so recent weakness may partly reflect expansion costs and not structural loss-making.
- At a market cap of about Rs 16,460 Cr, the company is one of the larger listed QSR operators in India, which may give it scale advantages in sourcing, real estate and brand partnerships.
- The stock trades at 10.8x book value while the 3-year ROE is -3.47%, a wide gap between valuation and the returns currently generated on shareholder capital.
- Profitability is negative: ROE is -2% for the last year and -3% over 3 years, and the P/E of -613.6 reflects a net loss despite revenue growing at 15% TTM.
- Low interest coverage has been flagged, meaning operating earnings only thinly cover finance costs, likely including lease-related interest typical of store-heavy QSR models. This limits room for error if same-store sales weaken.
- The company may be capitalizing interest costs, which can flatter reported profit and should be weighed when reading the 31% TTM profit growth figure.
- Long-term profit growth trails sales growth by a wide margin: 5-year profit CAGR is 12% vs 38% for sales, and 10-year profit CAGR is 6% vs 19% for sales. This suggests growth has not converted efficiently into earnings.
- Shareholder returns have been weak: stock CAGR is -21% over 1 year, -14% over 3 years and only 3% over 5 years, well below the company's sales growth over the same periods.
- The dividend yield is 0%, so shareholders get no cash return while the company stays at or below breakeven on net profit.
- Several key balance-sheet metrics (debt-to-equity, ROCE, EPS) are unavailable in the dataset, which makes it harder to judge leverage and capital efficiency alongside the flagged low interest coverage.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Sapphire merger CCI filing submitted Sep 10
Devyani International and Sapphire Foods India filed a joint application with the Competition Commission of India for their proposed merger. This moves the merger forward through a key regulatory step.
- Analyst and investor meet scheduled Sep 18
Devyani International scheduled a meeting with analysts and investors for September 22. The session gives management a chance to engage with the investment community.
- Group meet at Nuvama forum Sep 21
The company will host a group meet at the Nuvama Emerging India CEO Forum in Mumbai on September 28, 2026. It confirmed that no UPSI will be shared.
- Attending Jefferies India Forum Sep 14
Devyani will take part in the Jefferies 5th India Forum group meet in Gurugram on September 17, 2026. It confirmed that no UPSI will be shared.
TL;DR: The main development is the joint CCI filing with Sapphire Foods on Sep 10, which moves the merger forward on the regulatory front. Devyani is also meeting investors at three events between Sep 17 and Sep 28, which suggests management wants to explain the merger to the market. None of these articles points to a near-term risk, though they also include no operating or financial data. The trend looks steady to slightly better, and the next things to watch are CCI approval timing and any merger synergy guidance from the investor meetings.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY16–FY27.
Documents
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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]
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