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Devyani International Ltd.
(DEVYANI)
Devyani International Ltd. (DEVYANI) vs. iShares MSCI India ETF (INDA)
Devyani International Ltd. Business Overview & Revenue Model
Devyani International Ltd. Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.86B | 49.21B | 35.32B | 29.73B | 20.84B | 11.35B |
| Gross Profit | 25.95B | 23.73B | 16.20B | 11.81B | 8.43B | 3.03B |
| EBITDA | 8.41B | 8.42B | 5.75B | 6.64B | 4.72B | 2.94B |
| Net Income | -115.25M | 91.49M | 472.63M | 2.65B | 1.56B | -552.08M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 53.39B | 49.32B | 29.85B | 22.63B | 16.68B |
| Cash, Cash Equivalents and Short-Term Investments | 1.82B | 1.81B | 1.91B | 841.07M | 1.50B | 399.69M |
| Total Debt | 0.00 | 31.88B | 29.06B | 15.65B | 12.54B | 13.28B |
| Total Liabilities | -14.02B | 39.36B | 35.84B | 20.21B | 15.81B | 15.97B |
| Stockholders Equity | 14.02B | 10.94B | 10.56B | 9.70B | 6.86B | 1.14B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.09B | 1.14B | 2.00B | 1.44B | 1.02B |
| Operating Cash Flow | 0.00 | 9.00B | 5.92B | 6.37B | 4.51B | 2.40B |
| Investing Cash Flow | 0.00 | -4.62B | -15.51B | -3.50B | -3.75B | -3.59B |
| Financing Cash Flow | 0.00 | -4.25B | 8.89B | -2.83B | -583.51M | 1.42B |
Devyani International Ltd. Technical Analysis
Devyani International Ltd. Peers Comparison
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% | |
61 Neutral | ₹344.37B | 93.09 | ― | 0.21% | 29.48% | -6.19% | |
59 Neutral | ₹71.41B | -9,325.63 | ― | ― | 10.18% | -104.25% | |
54 Neutral | ₹164.03B | -495.62 | ― | ― | 20.91% | -202.35% | |
52 Neutral | ₹78.33B | 206.96 | ― | 0.14% | 6.65% | 73.46% | |
50 Neutral | ₹8.49B | -14.92 | ― | ― | -1.36% | -516.77% | |
41 Neutral | ₹38.32B | -17.92 | ― | ― | 7.75% | 20.28% |
Devyani International Ltd. Corporate Events
Devyani International Ltd. has announced that its subsidiary, Sky Gate Hospitality Private Limited, has completed the sale of its entire 51% equity stake in Peanutbutter and Jelly Private Limited to Heritage Foods Limited, resulting in Peanutbutter ceasing to be a subsidiary of Sky Gate and a step-down subsidiary of Devyani. The transaction marks an exit from this particular investment, simplifying Devyani’s subsidiary structure and potentially allowing the company to reallocate capital and management focus towards its core quick-service restaurant operations and more strategic growth areas within its portfolio.
Devyani International Limited has informed the stock exchanges that it has made available the audio recording of a group conference call held with investors and analysts on January 6, 2026. The call related to the recently announced merger through a Scheme of Arrangement involving Sapphire Foods India Limited as the transferor company and Devyani International Limited as the transferee company, along with their respective shareholders. The disclosure underscores the company’s efforts to maintain transparency with capital markets and highlights the strategic importance of the proposed merger for stakeholders monitoring Devyani’s growth and consolidation in the QSR space.
Devyani International Limited has released its Sustainability Report for the financial year 2024-25 and submitted it to the National Stock Exchange of India and BSE Limited. The report, which is also available on the company’s website, underscores Devyani’s continued emphasis on sustainability governance by formally highlighting the role of its Chief Sustainability Officer and signals ongoing efforts to integrate environmental, social and governance considerations into its fast-growing restaurant operations, a move of interest to investors and other stakeholders monitoring ESG performance in the food services sector.
Devyani International’s board has approved a Scheme of Arrangement to amalgamate Sapphire Foods India Limited into Devyani International, with Sapphire shareholders to receive 177 fully paid equity shares of Devyani (face value Re 1) for every 100 equity shares of Sapphire (face value Rs 2). The merger framework agreement, involving RJ Corp and Sapphire’s promoter entities, outlines the mechanics and obligations for implementing the scheme, which remains subject to approvals from regulators including the Competition Commission of India, stock exchanges, the National Company Law Tribunal, shareholders and creditors, and contingent on the prior transfer of an 18.5% stake in Sapphire from Sapphire Foods Mauritius to Arctic International or an assigned financial investor. Separately, Devyani and Sapphire have signed a binding term sheet with Yum group entities and related franchising companies to acquire 19 KFC stores owned by Yum Restaurants (India) and to formalize their future business organization with Yum, with definitive agreements to follow and effectiveness tied to the merger’s NCLT approval. The board has also cleared a proposal to shift Devyani’s registered office from the National Capital Territory of Delhi to the State of Haryana, along with a corresponding change to the company’s Memorandum of Association, which will be placed before shareholders via a postal ballot, signaling further consolidation of its corporate base around its Gurugram corporate office.
Devyani International’s board has approved a Scheme of Arrangement to amalgamate Sapphire Foods India Limited into Devyani, with Sapphire shareholders receiving 177 fully paid equity shares of Devyani (face value Re 1) for every 100 shares of Sapphire (face value Rs 2), subject to multiple regulatory and shareholder approvals, including from the NCLT and competition authorities. The merger framework also hinges on the prior transfer of about 18.5% of Sapphire’s equity from Sapphire Foods Mauritius to group entity Arctic International, and sets detailed rights and obligations among Devyani, Sapphire and their promoters. In parallel, Devyani and Sapphire have signed a binding term sheet with Yum! group entities and other parties to acquire 19 KFC stores owned by Yum Restaurants (India) and to formalise the current and future business organisation between Yum India, Devyani and Sapphire, contingent on the merger’s approval, signalling a consolidation of Yum’s India franchise operations under a more unified structure. Additionally, the board has cleared a proposal to shift Devyani’s registered office from the National Capital Territory of Delhi to the state of Haryana and to amend its Memorandum of Association accordingly, with shareholder consent to be sought via postal ballot, reflecting an administrative realignment in step with the company’s broader corporate restructuring.
Devyani International Limited’s board has approved a Scheme of Arrangement to amalgamate Sapphire Foods India Limited into Devyani, with Sapphire shareholders to receive 177 fully paid equity shares of Devyani (face value Re 1 each) for every 100 fully paid equity shares of Sapphire (face value Rs 2 each). The merger, governed by a Merger Framework Agreement among Devyani, Sapphire, RJ Corp and other promoter entities, is subject to multiple regulatory and stakeholder approvals, including the Competition Commission of India, stock exchanges and the National Company Law Tribunal, and will become effective only after an 18.5% stake in Sapphire is transferred by Sapphire Foods Mauritius to group firm Arctic International or an agreed financial investor. In tandem, Devyani and Sapphire have signed a binding term sheet with various Yum! group entities to acquire 19 KFC stores owned by Yum Restaurants (India) and to formalize the structure of their current and future business arrangements with Yum in India, contingent on NCLT approval of the merger. Separately, Devyani’s board has cleared a proposal to shift the company’s registered office from the National Capital Territory of Delhi to the state of Haryana, along with a corresponding change to the “Situation Clause” in its Memorandum of Association, for which shareholder consent will be sought via postal ballot, signaling an operational and administrative realignment alongside the strategic consolidation move.
Devyani International Limited has informed the stock exchanges that it has released an investor presentation related to a proposed merger via a Scheme of Arrangement involving Sapphire Foods India Limited as the transferor company and Devyani International Limited as the transferee company, along with their respective shareholders. The presentation, also uploaded on the company’s website, signals a significant strategic transaction that could reshape the company’s scale and structure within the quick-service restaurant space, with potential implications for shareholders and the competitive landscape in India’s organized food services market.
Devyani International Limited and Sapphire Foods India Limited have approved a merger plan under which Sapphire will be merged into Devyani through a share-swap arrangement, with Sapphire shareholders receiving 177 Devyani shares for every 100 Sapphire shares held. The combined business, backed by Yum! Brands’ approval for the consolidation, is expected to become one of India’s largest QSR operators, enabling greater scale, faster growth and improved profitability while prioritising accelerated KFC expansion, the long-term revitalisation of Pizza Hut and scaled growth of Devyani’s emerging brands portfolio; the transaction also involves a group company, Arctic International, acquiring around 18.5% of Sapphire’s equity from existing promoters, with an option to bring in a financial investor, and the merger is targeted to become effective after securing regulatory, shareholder and creditor approvals over an estimated 12–15 month timeline.
Devyani International Limited has scheduled a joint conference call with Sapphire Foods India Limited for investors and analysts on January 6, 2026, to discuss a merger announcement involving the two companies. Senior management from both firms will participate to address stakeholder queries, underscoring the significance of the proposed merger for their strategic direction and signaling a potentially material development for shareholders and the broader quick-service restaurant sector in India.
Devyani International Ltd. has disclosed that it received a demand order from the Assistant Commissioner of Central Tax, Karnataka, under Section 74 of the Central Goods and Services Tax Act, 2017, covering financial years 2018-19 to 2022-23. The order raises a total demand of Rs 5.42 million, including tax of Rs 1.51 million and penalty of Rs 3.91 million, linked to alleged short reversal of input tax credit on exempt supplies and alleged incorrect availment of input tax credit on inward supplies. The company has stated that the order does not have a material impact on its financial, operational or other activities, and it is currently evaluating the demand and plans to pursue available legal remedies, including an appeal, signalling a contained compliance issue rather than a disruption to ongoing operations.
Devyani International Ltd. has received an ESG rating of 64 from NSE Sustainability Ratings & Analytics Limited. This rating reflects the company’s commitment to environmental, social, and governance standards, potentially enhancing its reputation and appeal to environmentally conscious investors and stakeholders.