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Devyani International Ltd.
(DEVYANI)
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Rating:56Neutral
Price Target:
₹148.00
▼(-10.60% Downside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by pressured financial fundamentals (margin compression, net loss, and a debt-heavy balance sheet), partially offset by solid cash generation and strong technical momentum. Valuation remains a concern because losses make the P/E unattractive.
Positive Factors
Scaled revenue growth
The substantial multi-year revenue expansion indicates successful network scaling and sustained customer demand. Re-accelerating growth supports the company’s ability to build a larger sales base across its restaurant portfolio over the next several years.
Negative Factors
High and rising leverage
The debt-heavy capital structure increases sensitivity to weaker restaurant margins and limits financial flexibility. Rising borrowings may also constrain investment capacity and make future expansion more dependent on stable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaled revenue growth
The substantial multi-year revenue expansion indicates successful network scaling and sustained customer demand. Re-accelerating growth supports the company’s ability to build a larger sales base across its restaurant portfolio over the next several years.
Read all positive factors
Devyani International Ltd. (DEVYANI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹174.89B
Dividend YieldN/A
Average Volume (3M)281.63K
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth14.72%
EPS Growth-133.37%
CountryIN
Employees15,955
SectorGeneral
Sector StrengthN/A
IndustryRestaurants
Share Statistics
EPS (TTM)-0.22
Shares Outstanding1,232,939,800
10 Day Avg. Volume82,901
30 Day Avg. Volume281,625
Financial Highlights & Ratios
PEG Ratio0.63
Price to Book (P/B)7.65
Price to Sales (P/S)2.10
P/FCF Ratio28.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹160.00Price Target Upside-3.35% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.43
Revenue Forecast (FY)₹63.67B
Devyani International Ltd. Business Overview & Revenue Model
Company Description
Devyani International Limited (DIL) is a prominent operator of franchised quick-service dining establishments across India, Nepal, and Nigeria. Its business operations are segmented into three main areas: the Core Brands, which encompass KFC, Pizz...
How the Company Makes Money
Devyani International primarily makes money by operating QSR restaurants and selling food and beverages to end customers through dine-in, take-away, and delivery channels. Revenue is generated at the store level from customer transactions (menu it...
Devyani International Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
42
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.35B | 56.11B | 49.21B | 35.32B | 29.73B | 20.64B |
| Gross Profit | 28.10B | 23.56B | 23.73B | 17.60B | 15.48B | 10.83B |
| EBITDA | 9.27B | 8.73B | 8.45B | 5.73B | 6.62B | 4.63B |
| Net Income | -276.72M | -386.31M | 91.49M | 472.63M | 2.65B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 67.50B | 53.39B | 49.32B | 29.85B | 22.63B |
| Cash, Cash Equivalents and Short-Term Investments | 4.95B | 4.95B | 1.81B | 1.91B | 841.07M | 1.50B |
| Total Debt | 0.00 | 38.33B | 31.88B | 29.06B | 15.65B | 12.54B |
| Total Liabilities | -18.85B | 48.65B | 39.36B | 35.84B | 20.21B | 15.81B |
| Stockholders Equity | 18.85B | 15.42B | 10.94B | 10.56B | 9.70B | 6.86B |
Cash Flow | ||||||
| Free Cash Flow | 2.20B | 4.11B | 4.09B | 1.14B | 2.00B | 1.44B |
| Operating Cash Flow | 4.01B | 8.70B | 9.00B | 5.92B | 6.37B | 4.51B |
| Investing Cash Flow | -2.22B | -5.01B | -4.62B | -15.51B | -3.50B | -3.75B |
| Financing Cash Flow | -2.25B | -864.59M | -4.25B | 8.89B | -2.83B | -583.51M |
Devyani International Ltd. Technical Analysis
Positive
165.55
Price Trends
118.62
Positive
115.13
Positive
123.94
Positive
Market Momentum
7.87
Negative
70.97
Negative
90.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEVYANI, the sentiment is Positive. The current price of 165.55 is above the 20-day moving average (MA) of 127.53, above the 50-day MA of 118.62, and above the 200-day MA of 123.94, indicating a bullish trend. The MACD of 7.87 indicates Negative momentum. The RSI at 70.97 is Negative, neither overbought nor oversold. The STOCH value of 90.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DEVYANI.
Devyani International Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹6.27B | 3.53 | ― | ― | 4.53% | ― | |
56 Neutral | ₹174.89B | -637.09 | ― | ― | 14.72% | -133.37% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹91.61B | 282.51 | ― | 0.16% | 6.76% | 212.75% | |
51 Neutral | ₹75.88B | -34.37 | ― | ― | 13.29% | 24.69% | |
51 Neutral | ₹74.79B | -467.42 | ― | ― | 10.17% | -283.44% | |
47 Neutral | ₹330.58B | 75.27 | ― | 0.29% | 16.26% | 75.87% |
* General Sector Average
IN:DEVYANI
Devyani International Ltd.
142.85
-26.70
-15.75%
IN:COFFEEDAY
Coffee Day Enterprises Ltd
29.29
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-26.46%
IN:JUBLFOOD
Jubilant Foodworks Limited
495.90
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IN:RBA
Restaurant Brands Asia Limited
100.97
19.22
23.51%
IN:SAPPHIRE
Sapphire Foods India Ltd.
233.70
-93.15
-28.50%
IN:WESTLIFE
Westlife Foodworld Limited
574.75
-141.80
-19.79%
Devyani International Ltd. Corporate Events
Devyani International Releases FY 2026 Annual Report and Schedules Virtual AGM
Jul 23, 2026
Devyani International Ltd. has released its Annual Report for the financial year ended March 31, 2026, including its Business Responsibility and Sustainability Report, as part of its regulatory disclosures under SEBI Listing Regulations. The docum...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.