Devyani International Q2 FY26: Deven Choksey Maintains 'Accumulate' Rating, Sets INR 165 Target

Overview

Devyani International reported mixed Q2 FY26 results with revenue up 12.6% year-on-year to INR 13,768 million, boosted by its international business and domestic KFC outlets. However, profitability faced pressure from higher input costs and operating expenses, leading to a decline in gross margins. Analyst Deven Choksey reiterated an 'ACCUMULATE' rating and a target price of INR 165, based on September 2027 EBITDA estimates.