Devyani International Ltd. (IN:DEVYANI)
:DEVYANI
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Devyani International Ltd.
(DEVYANI)
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Rating:52Neutral
Price Target:
₹119.00
▼(-28.12% Downside)
Action:Reiterated
Date:05/18/26
The score is held back primarily by pressured profitability and leverage despite strong revenue scaling and improved free cash flow. Technicals are mildly supportive in the short term but remain weak versus longer-term averages, and valuation is constrained by losses (negative P/E) with no dividend yield data.
Positive Factors
Revenue Scale
Sustained multi-year revenue scaling indicates durable market penetration and network expansion in India’s QSR market. Large scale supports bargaining power with suppliers, better unit economics over time and provides a structural base to absorb cost shocks as the store footprint grows.
Negative Factors
High Leverage
A debt-heavy capital structure increases refinancing and interest-rate sensitivity for a consumer-facing operator. Elevated leverage reduces strategic flexibility, raises fixed financial costs, and makes the company more vulnerable to margin swings or a slowdown in store-level cash flows.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale
Sustained multi-year revenue scaling indicates durable market penetration and network expansion in India’s QSR market. Large scale supports bargaining power with suppliers, better unit economics over time and provides a structural base to absorb cost shocks as the store footprint grows.
Read all positive factors
Devyani International Ltd. (DEVYANI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹143.21B
Dividend YieldN/A
Average Volume (3M)281.63K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue Growth13.34%
EPS Growth-352.55%
CountryIN
Employees16,371
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.27
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
₹155.00Price Target Upside-6.37% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.44
Revenue Forecast (FY)₹63.33B
Devyani International Ltd. Business Overview & Revenue Model
Company Description
Devyani International Limited operates a chain of franchised quick service restaurants in India, Nepal, and Nigeria. The company's Core Brands Business include KFC, Pizza Hut, and Costa Coffee stores operated in India; International Business compr...
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 | 52.10B | 56.11B | 49.21B | 35.32B | 29.73B | 20.64B |
| Gross Profit | 23.33B | 23.56B | 23.73B | 17.60B | 15.48B | 10.83B |
| EBITDA | 8.38B | 8.55B | 8.45B | 5.73B | 6.62B | 4.63B |
| Net Income | -334.29M | -386.31M | 91.49M | 472.63M | 2.65B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 62.07B | 67.50B | 53.39B | 49.32B | 29.85B | 22.63B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 4.95B | 1.81B | 1.91B | 841.07M | 1.50B |
| Total Debt | 33.43B | 38.33B | 31.88B | 29.06B | 15.65B | 12.54B |
| Total Liabilities | 42.48B | 48.65B | 39.36B | 35.84B | 20.21B | 15.81B |
| Stockholders Equity | 15.53B | 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
Negative
165.55
Price Trends
110.63
Positive
120.97
Negative
140.28
Negative
Market Momentum
1.74
Positive
51.14
Neutral
51.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEVYANI, the sentiment is Negative. The current price of 165.55 is above the 20-day moving average (MA) of 117.07, above the 50-day MA of 110.63, and above the 200-day MA of 140.28, indicating a neutral trend. The MACD of 1.74 indicates Positive momentum. The RSI at 51.14 is Neutral, neither overbought nor oversold. The STOCH value of 51.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DEVYANI.
Devyani International Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | ₹311.81B | 130.51 | ― | 0.21% | 20.10% | 7.11% | |
54 Neutral | ₹58.11B | -99.61 | ― | ― | 8.45% | -266.35% | |
53 Neutral | ₹72.92B | 232.51 | ― | 0.14% | 5.40% | 166.08% | |
52 Neutral | ₹143.21B | -305.13 | ― | ― | 13.34% | -352.55% | |
48 Neutral | ₹39.87B | -17.95 | ― | ― | 10.66% | 23.29% |
* Consumer Cyclical Sector Average
IN:DEVYANI
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Devyani International Ltd. Corporate Events
Devyani International reshapes senior leadership at Pizza Hut and Costa Coffee
Apr 3, 2026
Devyani International has overhauled senior management at key brands, appointing Sandeep Anand as Chief Marketing Officer and Business Head for Pizza Hut effective April 6, 2026, replacing Vijay Gogate as CEO of Pizza Hut. Anand brings more than t...
Devyani unit gets INR 59.52 million tax demand over share premium
Mar 25, 2026
Devyani International has disclosed that its wholly owned subsidiary Sky Gate Hospitality has received an income tax demand order under section 143(3) of the Income-tax Act for assessment year 2024-25, linked to alleged excess share premium on equ...
Devyani International to Merge Three Wholly Owned Hospitality Units Into Parent
Mar 10, 2026
Devyani International Ltd. has approved a scheme of amalgamation to merge three wholly owned subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery—into the listed parent company, effective from an appointed da...
Devyani International to Merge Three Wholly Owned Subsidiaries Into Core Listed Entity
Mar 10, 2026
Devyani International Ltd. has approved a scheme to amalgamate its wholly owned subsidiaries Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery with the listed parent company, effective from April 1, 2025. The move, which does not ...
Devyani International Shareholders Clear Capital Reclassification and Preference Share Issue
Mar 8, 2026
Devyani International Ltd. reported that shareholders have approved, via postal ballot and remote e-voting, the reclassification of its authorised share capital and related amendments to its Memorandum of Association. The voting also cleared the c...
Devyani International to Join Kotak Securities ‘Chasing Growth 2026’ Investor Meet
Feb 19, 2026
Devyani International Ltd. has announced that its representatives will participate in the Kotak Securities “Chasing Growth 2026” conference on February 24, 2026, in Mumbai. The company will attend a physical group meeting format and ha...
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.