Devyani International Limited (DEVYANI)
₹121.93 +0.30% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Devyani International's revenue was ₹1,581 Cr (+16.5% year on year, +10.0% on the previous quarter), and net profit ₹17.1 Cr (+667.7% year on year); the operating margin was 16.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,581 | +16.5% | +10.0% |
| Operating profit | ₹254 | +23.4% | +15.4% |
| Net profit | ₹17.1 | +667.7% | from loss |
| EPS (₹) | 0.12 | +300.0% | from loss |
| Operating margin | 16.1% | — | — |
DEVYANI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.48% of the DEVYANI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.09%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 58.2% · 55.8% · 44.8% · 30.2% · 39.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Devyani International Limited announced that Niche Ninety Nine Capability and Certifications (OPC) Private Limited has voluntarily assigned an ESG rating of '63' to the company. The disclosure is made pursuant to Regulation 30 of the SEBI Listing Regulations. This voluntary rating does not affect immediate business operations, debt profile (Rs 2,666 Cr debt), or financial performance (TTM revenue of Rs 5,835 Cr).
- Voluntary ESG rating of '63' assigned to Devyani International
- Rating issued by Niche Ninety Nine Capability and Certifications (OPC) Private Limited
- Disclosed on September 18, 2026 under Regulation 30 of SEBI Listing Regulations
Devyani International Limited has informed exchanges about its participation in the J.P. Morgan India Conference scheduled for September 22, 2026, in Mumbai. The company confirmed the interaction will be a physical group meet. Management reiterated that no unpublished price sensitive information (UPSI) will be discussed during the conference. The company recently reported Q1 FY27 revenue of Rs 1,580.52 Cr and net profit of Rs 17.10 Cr.
- Scheduled meeting date is September 22, 2026
- Participation at J.P. Morgan India Conference in Mumbai
- Format is confirmed as a physical group meet
- No Unpublished Price Sensitive Information (UPSI) will be shared
Devyani International Limited has informed the exchanges that its representatives will attend the Jefferies 5th India Forum on September 17, 2026. The meeting will be held physically in Gurugram as a group interaction. The company stated that no Unpublished Price Sensitive Information (UPSI) will be shared during the event. This is a routine institutional investor engagement disclosure under Regulation 30 of SEBI LODR.
- Participation scheduled for September 17, 2026
- Event: Jefferies 5th India Forum
- Format: Physical group meeting in Gurugram
- Confirmation that no Unpublished Price Sensitive Information (UPSI) will be shared
Devyani International Limited, along with Sapphire Foods India Limited, has submitted a joint application to the Competition Commission of India (CCI) under the Competition Act, 2002. This filing is part of the regulatory approval process for the proposed merger of Sapphire Foods into Devyani under Sections 230 to 232 of the Companies Act, 2013. The company's board previously approved the Amended Scheme of Arrangement on August 26, 2026. If completed, the consolidation will combine two of India's largest Yum! Brands franchisees (operating KFC and Pizza Hut).
- Joint application filed with the Competition Commission of India (CCI) under the Competition Act, 2002
- Scheme involves the merger of Sapphire Foods India Limited with and into Devyani International Limited
- Board approved the Amended Scheme of Arrangement on August 26, 2026
- Filing follows provisions under Sections 230 to 232 of the Companies Act, 2013
Devyani International announced the resignation of Mr. Rohan Kichlu, CEO – Sanook Kitchen (designated as Senior Management Personnel), effective close of business hours on August 31, 2026. In his resignation letter dated August 27, 2026, Mr. Kichlu stated he is stepping down due to personal reasons and to pursue other career opportunities. Devyani operates a portfolio of over 2,184 stores with TTM revenue of ₹5,835 Cr, with Sanook Kitchen representing a minor brand division compared to flagship brands KFC and Pizza Hut.
- Rohan Kichlu resigned as CEO – Sanook Kitchen (Senior Management Personnel).
- Resignation letter submitted on August 27, 2026, effective close of business on August 31, 2026.
- Cessation cited personal reasons and pursuit of opportunities outside the organization.
- Company operates over 2,184 total stores with TTM revenue standing at ₹5,835 Cr.
Devyani International announced the resignation of Mr. Rohan Kichlu, CEO – Sanook Kitchen (Senior Management Personnel), effective August 31, 2026. Mr. Kichlu tendered his resignation on August 27, 2026, citing personal reasons to pursue opportunities outside the organization. The change pertains to a single brand unit and does not impact the broader leadership team overseeing core operations like KFC and Pizza Hut across Devyani's 2,184+ store footprint.
- Mr. Rohan Kichlu resigned as CEO – Sanook Kitchen effective close of business August 31, 2026
- Resignation letter formally submitted on August 27, 2026 citing external career opportunities
- Change disclosed under SEBI Senior Management Personnel compliance rules
Devyani International Limited has disclosed its schedule to participate in an institutional investor conference under Regulation 30 of SEBI Listing Regulations. Representatives will attend the 'Ashwamedh - Elara India Dialogue 2026' on September 3, 2026, in Mumbai. The interaction will be an in-person group meeting, and the company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared.
- Participation scheduled for September 3, 2026, at the Ashwamedh - Elara India Dialogue 2026 conference.
- Mode of meeting is physical in Mumbai as a group meet.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
Devyani International has approved an amended Scheme of Arrangement for its merger with Sapphire Foods India Limited (SFIL). The previously mandatory condition requiring an 18.5% secondary share purchase (5,94,55,837 shares) of SFIL by group entity Arctic has been mutually terminated and removed as a condition precedent. The core swap ratio remains unchanged at 177 Devyani shares for every 100 SFIL shares. Post-merger, Devyani's promoter holding will dilute from 61.37% to 41.99%, while public shareholding will rise to 58.01%.
- Share swap ratio remains unchanged at 177 Devyani shares for every 100 Sapphire Foods shares
- Terminated SPA for 5,94,55,837 SFIL shares (~18.5% stake) between SFML and Arctic, removing it as a deal condition precedent
- Devyani promoter holding to adjust to 41.99% post-scheme compared to 61.37% pre-scheme
- Total post-scheme share count of Devyani will expand to 1,80,17,20,032 equity shares of Re. 1 each
- Appointed date for the amalgamation remains April 1, 2026, subject to regulatory and NCLT approvals
Devyani International has approved an amended Scheme of Arrangement and Merger Framework Agreement for its merger with Sapphire Foods India Limited (SFIL). The previously required secondary sale of 5.95 crore shares (~18.5% stake) in SFIL by SFML to Arctic International has been terminated by mutual agreement, removing it as a condition precedent. Consequently, SFML will directly receive Devyani shares under the merger scheme. The share exchange ratio remains unchanged at 177 Devyani shares for every 100 SFIL shares, resulting in a post-merger promoter holding of 41.99% in Devyani.
- Share swap ratio remains unchanged at 177 equity shares of Devyani for every 100 equity shares of Sapphire Foods.
- Mutual termination of the SPA for secondary sale of 5,94,55,837 SFIL shares (~18.5% stake) between SFML and Arctic.
- Removal of the secondary share sale condition precedent clears a structural dependency for the merger.
- Devyani post-scheme promoter shareholding revised to 41.99% (75.66 crore shares) vs 61.37% pre-scheme, while public holding will rise to 58.01% (104.52 crore shares).
- Total post-scheme share base of Devyani will expand to 180.17 crore shares.
Devyani International announced that the Registrar of Companies (ROC) has struck off its subsidiary, Devyani RK Private Limited, under Section 248 of the Companies Act, 2013. Devyani RK stands dissolved and ceased to be a subsidiary effective August 25, 2026. The entity was non-operational since incorporation and contributed Nil (0%) to Devyani's consolidated revenue and net worth. The action is routine corporate entity streamlining with no impact on core operations or financials.
- Devyani RK Private Limited struck off from ROC register effective August 25, 2026
- Turnover and net worth contributed by the subsidiary during the last financial year was Nil
- Entity had no business operations since its incorporation
- No consideration received as disposal was executed via statutory strike-off
Devyani International Limited conducted its 35th Annual General Meeting (AGM) on August 14, 2026, where shareholders approved all scheduled ordinary and special resolutions. Key outcomes included the formal adoption of FY26 audited standalone and consolidated financial statements and the re-appointment of Mr. Manish Dawar as Whole-time Director designated as President & Group CEO with 99.85% voting approval. A total of 349 members attended the meeting virtually, with over 108.8 crore votes cast.
- Re-appointment of Mr. Manish Dawar as President & Group CEO approved by special resolution with 99.8515% assent (1,08,64,02,156 votes in favour).
- Adoption of FY26 Standalone and Consolidated Audited Financial Statements passed with overwhelming majority.
- A total of 349 members attended the virtual 35th AGM held on August 14, 2026.
- Re-appointment of directors retiring by rotation (Mr. Raj Gandhi and Mr. Manish Dawar) approved by shareholders.
Devyani International reported a 16.5% YoY revenue growth to ‑1,581 crore for Q1 FY27, signaling a turnaround in the QSR segment. Operating EBITDA grew 38% YoY to ‑151 crore, with margins improving to 9.6% despite headwinds from LPG inflation and wage hikes. KFC led the portfolio with a 3.3% SSSG, while brands like Costa Coffee and Biryani By Kilo delivered over 7% SSSG. The merger with Sapphire Foods is on track for completion by the end of FY 2027, having already received NSE and BSE approvals.
- Consolidated revenue increased 16.5% YoY to ‑1,581 crore in Q1 FY27
- Operating EBITDA grew 38% YoY to ‑151 crore with a 9.6% margin
- KFC delivered a positive SSSG of 3.3% with offline saliency improving to 57%
- Gross Margin improved by 0.9% YoY to reach 69.1% through judicious discounting
- Merger with Sapphire Foods targeted for completion by the end of FY 2027
Devyani International has provided the audio recording link for its Q1 FY27 investor conference call held on July 29, 2026. This follows the release of unaudited financial results for the quarter ended June 30, 2026. The company, which operates 2,184 stores as of September 2025, is currently navigating a period of weak consumer demand with a TTM revenue of Rs 5,611 Cr and a TTM net loss of Rs 43 Cr. The recording provides management's perspective on store expansion and margin recovery strategies.
- Audio recording link released for the conference call held on July 29, 2026
- Call pertains to the Unaudited Financial Results for the quarter ended June 30, 2026
- Company maintains a store count of 2,184 as of the last major update in September 2025
- TTM Revenue stands at Rs 5,611 Cr against a TTM Net Loss of Rs 43 Cr
Devyani International has approved the grant of 27,13,700 stock options to eligible employees under its ESOP 2021 scheme. The exercise price is set at ₹101 per share, representing a discount of approximately 11% to the current market price of ₹113.7. This grant represents a minor equity dilution of roughly 0.18% of the total share capital. The options have a minimum vesting period of one year and an exercise window of five years post-vesting.
- Grant of 27,13,700 stock options convertible into an equal number of equity shares
- Exercise price fixed at ₹101 per share, below the current market price of ₹113.7
- Minimum vesting period of 1 year required before options can be exercised
- Exercise period extends up to 5 years from the date of each vesting
- Total shares covered represent approximately 0.18% of the company's total equity
Devyani International (DIL) reported a strong Q1 FY27 with revenue growing 16.5% YoY to Rs 1,580.5 Cr. The company achieved a PAT of Rs 17.1 Cr, marking a significant turnaround as its highest profit in 8 quarters compared to a TTM PAT of -Rs 43 Cr. Operational performance was driven by positive Same-Store Sales Growth (SSSG) across most brands, notably Costa Coffee at 10.2% and KFC at 3.3%. EBITDA margins expanded to 16.1%, reaching a record Rs 255 Cr, despite inflationary pressures on LPG and wages.
- Consolidated revenue increased 16.5% YoY to Rs 1,580.5 Cr
- Reported highest ever quarterly EBITDA of Rs 255 Cr with a 16.1% margin
- PAT reached Rs 17.1 Cr, the highest in 8 quarters, reversing recent loss trends
- Positive SSSG across brands: Costa (+10.2%), BBK (+7.2%), Vaango (+7.1%), and KFC (+3.3%)
- Total store network reached 2,255 outlets as of June 30, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 39.2% YoY to INR 4,951.1 Cr in FY 2024-25. In Q2 FY26, Indian operations (including Sky Gate) grew 12.1% YoY to INR 937 Cr, while the International business grew 14% YoY to INR 450 Cr. Own brands (Vaango, Biryani By Kilo, Goila) recorded INR 86 Cr in revenue.
Geographic Revenue Split
India remains the primary market contributing approximately 68% of Q2 FY26 revenue (INR 937 Cr), while International markets (Thailand, Nigeria, Nepal) contribute approximately 32% (INR 450 Cr).
Profitability Margins
Gross margins stood at 67.8% in Q2 FY26, a decline from 69.7% in the previous year primarily due to the consolidation of the Sky Gate portfolio. Net Profit Margin improved to 0.71% in FY 2024-25 from -0.20% in the previous year due to lower expenses and provisions.
EBITDA Margin
Reported EBITDA margin was 14.1% in Q2 FY26 (INR 194 Cr). On a pre-IND AS basis, consolidated operating EBITDA margin was 6.8% (INR 93 Cr), down from 8.1% in the previous quarter due to the full impact of Sky Gate consolidation and start-up costs for new brands.
Capital Expenditure
The company is engaged in aggressive expansion, opening 257 new stores in FY 2024-25 and reaching a total of 2,184 stores by September 2025. While specific total INR Cr capex for the next year is not disclosed, the focus remains on Tier II and Tier III city penetration.
Credit Rating & Borrowing
Interest Coverage Ratio declined 35% to 1.12x in FY 2024-25. Finance costs increased 41.7% YoY to INR 264.8 Cr due to the full-year impact of term loans availed in FY 2023-24.
Operational Drivers
Raw Materials
Food and beverage ingredients represent 98.31% of the business activity. Specific inputs include poultry for KFC, dairy and flour for Pizza Hut, and specialized ingredients like Chana for the new 'Chana Burger'.
Import Sources
Sourced across 32 States and Union Territories in India and 3 international locations (Thailand, Nigeria, Nepal).
Capacity Expansion
Current store count is 2,184 as of September 2025, including 1,100 KFC stores and 630 Pizza Hut stores. The company added 257 stores in FY 2024-25 and continues testing new brands like Tealive (6 outlets).
Raw Material Costs
Gross profit was INR 3,412.2 Cr in FY 2024-25 (68.9% of revenue). Gross margins in India declined 1.9% YoY to 69.7% in Q2 FY26 due to input cost changes and the consolidation of lower-margin portfolios like Sky Gate.
Manufacturing Efficiency
Efficiency is driven by 'Digital Acceleration' and 'Delivery Optimization' to improve brand contribution margins, which were 11.7% in Q2 FY26.
Logistics & Distribution
Distribution is optimized through digital transformation in HR and operational processes to enhance agility and support a future-ready talent pool.
Strategic Growth
Expected Growth Rate
39%
Growth Strategy
Growth is driven by a 'Focused and Scalable Expansion' strategy targeting Tier II and Tier III cities, penetration into institutional channels like airports and food courts (e.g., Devyani PVR INOX JV), and the turnaround of the Sky Gate portfolio to breakeven by March 2026.
Products & Services
Quick Service Restaurant (QSR) products including fried chicken, pizza, coffee, biryani, burgers, and bubble tea.
Brand Portfolio
KFC, Pizza Hut, Costa Coffee, Vaango, Biryani By Kilo, Goila Butter Chicken, Tealive, New York Fries, Sanook Kitchen.
New Products/Services
Launched 'Chana Burger' and 'Epic Savers' campaign to cater to value-conscious consumers; testing 'Tealive' bubble tea with 6 initial outlets.
Market Expansion
Expanding into food courts via Devyani PVR INOX Private Limited and increasing international footprint in Thailand, which showed strong performance with 16.7% brand contribution margins.
Strategic Alliances
Joint Venture with PVR INOX (Devyani PVR INOX) for food court operations; franchise agreements for Yum! Brands (KFC, Pizza Hut) and Costa Coffee.
External Factors
Industry Trends
The QSR industry is seeing a shift toward 'value layers' and institutional channel penetration (airports/transit zones) to offset weak high-street demand. DIL is positioning itself by diversifying its brand portfolio and optimizing delivery.
Competitive Landscape
Competes with other global and local QSR players; currently focusing on 'Epic Savers' to compete in the value segment.
Competitive Moat
Moat is built on a diversified portfolio of global iconic brands (KFC, Pizza Hut) and a strong presence in high-traffic transit hubs. Sustainability is supported by a robust internal control framework and strategic expansion into under-penetrated Tier II/III cities.
Macro Economic Sensitivity
High sensitivity to inflation and consumer sentiment; management notes that demand remains weak and consumers are becoming highly value-conscious.
Consumer Behavior
Shift toward value-conscious purchasing; consumers respond well to promotions but demand drops when promotions are withdrawn.
Geopolitical Risks
Exposure to international market volatility in Nigeria, Thailand, and Nepal.
Regulatory & Governance
Industry Regulations
Compliance with food safety standards and local restaurant licensing across 32 Indian states and 3 international countries.
Environmental Compliance
Disclosures made under Business Responsibility & Sustainability Report (BRSR) on a standalone basis.
Taxation Policy Impact
Subject to standard corporate tax; impacted by the introduction of GST 2.0, though the full impact is still being assessed.
Risk Analysis
Key Uncertainties
Integration and turnaround of the Sky Gate portfolio, which currently operates at a brand-level loss (approx. INR 3-3.5 Cr quarterly); sustainability of margins amidst high promotional intensity.
Geographic Concentration Risk
India accounts for the majority of operations (32 states/UTs), with specific regional risks like heavy rains in East India impacting KFC sales during Pujo.
Third Party Dependencies
High dependency on franchisors (Yum! Brands and Costa International) for brand rights and operational standards.
Technology Obsolescence Risk
Mitigated through 'Digital Acceleration' and ongoing system performance audits to protect against cybersecurity threats.
Credit & Counterparty Risk
Debtors Turnover ratio remained stable in FY 2024-25, indicating consistent collection cycles.
