Devyani International Ltd.

NSE: DEVYANI · Restaurants

52W Range₹92 ₹191

Snapshot

Unlock Devyani International Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Devyani International Limited is a prominent quick service restaurant operator in India, managing a diverse portfolio of global franchises including KFC, Pizza Hut, and Costa Coffee. The company also develops and operates its own proprietary brands such as Vaango and Food Street across India, Nepal, and Nigeria.

Business Model

The company operates primarily as a master franchisee for international food and beverage brands, generating revenue through the sale of food and beverages across its extensive store network. It complements this core franchise model with a portfolio of internal brands to capture diverse consumer segments.

  • Total Stores (as of March 2022):605

Growth Outlook

Growth is driven by the aggressive expansion of its core franchise footprint and the scaling of its proprietary brand portfolio. The company continues to leverage its partnership with RJ Corp to penetrate new markets and increase store density in existing regions.

Key Risks

  • Franchise Dependency. The company's performance is heavily reliant on the continued success and brand reputation of its global franchisors like KFC and Pizza Hut.
  • Input Cost Inflation. Fluctuations in raw material prices and supply chain costs can significantly impact operating margins in the competitive restaurant sector.
  • Regulatory and Geopolitical Risk. Operating across multiple international jurisdictions exposes the company to varying regulatory environments and potential geopolitical instability.
  • Consumer Discretionary Spending. As a restaurant operator, the company is vulnerable to shifts in consumer sentiment and reduced discretionary spending during economic downturns.

Price

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Key Metrics

REVENUE

₹5,611 Cr

TTM · consolidated

+13.3%YoY

NET PROFIT

₹-43 Cr

TTM · consolidated

-516.5%YoY

EPS

₹-0.31

TTM · consolidated

-183.8%YoY

RETURN ON EQUITY

-3.5%

TTM · consolidated

-2.9 ppYoY

RETURN ON CAPITAL EMPLOYED

4.9%

TTM · consolidated

-1.9 ppYoY

P/E

-356.3x

Q4 FY26 · consolidated

-356.3 vs -752.1x5Y avg

EV/EBITDA

16.2x

Q4 FY26 · consolidated

16.2 vs 21.0x5Y avg

EBITDA MARGIN

15.9%

TTM · consolidated

-1.2 ppYoY

NET PROFIT MARGIN

-0.7%

Q4 FY26 · consolidated

+0.7 ppYoY

DEBT TO EQUITY

0.9x

Q4 FY26 · consolidated

+0.03xYoY

Peers · Restaurants

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Devyani International Ltd.DEVYANI
12,576-356.2616.1913.3%15.9%-3.5%4.9%-36.3%
Travel FoodTRAVELFOOD
14,82238.8319.8745.1%31.4%37.6%+19.6%
Westlife Foodworld LimitedWESTLIFE
6,524227.435.4%14.0%5.3%-9.3%-39.0%
Sapphire Foods India Ltd.SAPPHIRE
5,122-181.3511.498.4%16.1%-2.3%3.3%-45.7%
Restaurant Brands Asia LimitedRBA
3,493-21.3911.2510.7%13.4%-23.7%-0.6%-18.8%
United FoodbrandsUFBL
908-48.8014.428.6%15.5%-17.7%1.7%

As of Q4 FY26

Financials