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Stock Analysis

Description

Devyani International Limited (DIL) is a leading quick-service restaurant (QSR) operator in India and is the largest franchisee of Yum Brands, operating outlets for KFC, Pizza Hut, and Taco Bell, as well as Costa Coffee.

Key Growth Triggers

Strategic merger with Sapphire Foods India Limited (SFIL) to create India's largest QSR operator.
Expected annual synergies of INR 210-225 crore.
Combined entity to operate over 3,000 stores globally with an annualized turnover of approximately INR 8,000 crore.
Unified management of brands like KFC and Pizza Hut, with DIL taking over key functions for Pizza Hut.
Plans for brand revitalization, particularly for Pizza Hut, and accelerated expansion for KFC.

Order Book

Currently no data available for Order Book.

Key Red Flags

Integration risks and execution challenges associated with a large-scale merger.
Need to build significant capabilities in marketing, innovation, and technology for key brands.
Past performance issues with certain brands like Pizza Hut (negative SSSG).
Merger is subject to regulatory and shareholder approvals, introducing timeline uncertainty.

Key Dates To Watch

Merger completion expected within 12-15 months.
Appointed date for the merger: April 1, 2026.

Corporate Announcements

8th Apr 26

Impact Rating: -

No description available.

6th Apr 26

Impact Rating: 3

Devyani International Limited has officially shifted its registered office to Gurugram, Haryana, as of April 6, 2026, after receiving necessary approvals. This administrative change also involves an updated Corporate Identification Number (CIN).

3rd Apr 26

Impact Rating: 6

Devyani International Limited announces new senior management appointments: Sandeep Anand becomes CMO & Business Head-Pizza Hut, and Robinder Singh is appointed Business Head-Costa Coffee & Airports, both starting April 6, 2026.

25th Mar 26

Impact Rating: 7

Devyani International disclosed its subsidiary, Sky Gate, received a ₹59.52 million tax demand related to share issuance. The company asserts no material impact and will evaluate its response.

20th Mar 26

Impact Rating: 9

Devyani International will invest ~₹3,473 Mn (₹34.73 cr) in its Thailand subsidiary for debt repayment and working capital, and provide a corporate guarantee of ~₹2,325 Mn (₹23.25 cr) for a loan from Axis Bank.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Jubilant Food.	546.50	120.34	36060.54	0.22	194.60	52.58	2340.15	19.72	13.08	8854.95	19.25	299.66	105.06	16.64	2.77	2.11
2.	Devyani Intl.	138.72	–	17102.40	0.00	-14.33	-1504.90	870.61	4.18	7.53	3461.32	16.35	-17.07	-14.33	11.19	0.64	1.59
3.	Travel Food	1186.00	44.48	15617.19	0.00	97.90	-10.62	355.89	-28.88	41.69	1687.74	32.83	362.47	95.77	13.18	21.49	0.24
4.	Westlife Food	534.50	–	8334.79	0.14	27.71	-4077.78	641.85	3.86	7.08	2556.34	12.43	-4.56	-14.32	13.38	0.32	2.67
5.	Sapphire Foods	227.80	3389.86	7321.10	0.00	-12.79	-631.69	742.44	6.72	5.76	2987.15	15.25	2.16	-12.77	5.26	0.86	0.99
6.	Restaurant Brand	67.26	–	3919.56	0.00	-63.33	2.61	703.43	11.23	-3.01	2672.76	10.72	-207.22	-58.60	4.87	-7.55	2.23
7.	Spice LoungeFood	39.76	392.05	2771.76	0.00	3.44	309.52	46.21	157.01	–	165.78	8.38	7.07	3.44	24.96	–	1.03
–	Median: 11 Co.	138.72	120.34	3919.56	0.0	0.54	-10.62	355.89	6.72	6.42	1687.74	15.25	-0.47	-12.46	5.26	0.48	1.31

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	729	796	873	790	840	917	700	752	801	693	779	836	871
Expenses	575	647	726	632	667	766	565	603	664	541	640	689	739
Operating Profit	154	149	146	158	172	151	135	149	137	151	139	146	131
Other Income	9	5	14	7	11	16	12	-99	14	6	8	10	9
Profit before tax	62	22	-0	53	40	7	37	-91	-16	62	24	3	-20
Tax %	-14%	17%	-1,537%	25%	20%	14%	-54%	16%	-15%	1%	-71%	69%	-29%
Net Profit	71	18	4	40	32	6	57	-105	-13	62	41	1	-14
EPS in Rs	0.59	0.15	0.04	0.33	0.26	0.05	0.48	-0.87	-0.11	0.51	0.34	0.01	-0.12

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	807	881	1,071	1,228	999	1,853	2,774	3,116	3,349	3,461
Expenses	819	776	1,031	1,021	836	1,462	2,182	2,516	2,722	2,895
Operating Profit	-11	104	40	207	163	391	592	601	628	566
Other Income	11	17	9	-47	91	14	34	-79	48	54
Interest	16	19	30	120	128	107	136	173	222	226
Depreciation	56	48	56	175	191	185	257	341	426	422
Profit before tax	-73	55	-38	-135	-65	112	233	8	27	-29
Net Profit	-73	55	-38	-135	-65	153	260	-6	24	-17
EPS in Rs	-6.84	5.15	-3.57	-12.72	-0.57	1.27	2.16	-0.05	0.20	-0.14
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	106	106	106	106	115	120	120	121	121	123
Reserves	149	203	165	-90	184	773	964	968	983	1,405
Borrowings	190	252	322	437	1,081	1,007	1,410	2,115	2,373	2,423
Other Liabilities	121	139	218	1,067	218	268	407	439	488	520
Total Liabilities	567	701	811	1,519	1,597	2,168	2,903	3,643	3,964	4,472
Fixed Assets	278	335	399	1,129	1,209	1,552	2,268	2,774	3,069	3,065
Gross Block	375	454	574	1,475	1,517	2,031	3,059	3,902	4,567	–
Accumulated Depreciation	97	118	175	346	308	479	791	1,127	1,498	–
CWIP	6	3	5	6	7	1	7	7	3	8
Investments	122	158	133	98	88	110	84	355	356	846
Other Assets	162	204	273	285	294	505	543	506	536	553
Total Assets	567	701	811	1,519	1,597	2,168	2,903	3,643	3,964	4,472

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	54	105	75	241	158	385	595	587	662
Cash from Investing Activity	-65	-156	-184	-116	-302	-363	-305	-737	-323
Cash from Financing Activity	1	43	105	-139	170	-10	-279	109	-327
Net Cash Flow	-11	-8	-4	-14	26	12	10	-42	12

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	11	12	15	10	14	6	4	5	6
Inventory Days	38	36	41	50	65	50	52	34	41
Days Payable	101	111	109	121	154	107	93	97	112
Cash Conversion Cycle	-52	-64	-54	-61	-75	-51	-38	-57	-64
Working Capital Days	-13	-20	-49	-101	-72	-11	-36	-43	-50
ROCE %	–	14%	-1%	11%	2%	14%	17%	10%	8%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.80%	62.78%	62.76%	62.74%	62.74%	62.74%	62.73%	62.72%	62.72%	62.72%	62.62%	61.41%
FIIs	8.82%	9.77%	12.05%	13.34%	12.47%	12.44%	11.68%	11.17%	11.17%	10.46%	9.42%	6.55%
DIIs	7.88%	9.66%	8.74%	8.23%	8.52%	12.20%	14.19%	15.38%	15.46%	16.87%	18.09%	19.76%
Public	20.51%	17.78%	16.46%	15.69%	16.27%	12.64%	11.41%	10.73%	10.65%	9.95%	9.86%	12.29%