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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
₹145.98B
Dividend YieldN/A
Average Volume (3M)281.63K
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth14.72%
EPS Growth-133.37%
CountryIN
Employees16,371
SectorGeneral
Sector StrengthN/A
IndustryRestaurants
Share Statistics
EPS (TTM)-0.31
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)0.41
Revenue Forecast (FY)₹63.33B
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 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 56.11B | 49.21B | 35.32B | 29.73B | 20.64B |
| Gross Profit | 23.56B | 23.73B | 17.60B | 15.48B | 10.83B |
| EBITDA | 8.73B | 8.45B | 5.73B | 6.62B | 4.63B |
| Net Income | -386.31M | 91.49M | 472.63M | 2.65B | 1.56B |
Balance Sheet | |||||
| Total Assets | 67.50B | 53.39B | 49.32B | 29.85B | 22.63B |
| Cash, Cash Equivalents and Short-Term Investments | 4.95B | 1.81B | 1.91B | 841.07M | 1.50B |
| Total Debt | 38.33B | 31.88B | 29.06B | 15.65B | 12.54B |
| Total Liabilities | 48.65B | 39.36B | 35.84B | 20.21B | 15.81B |
| Stockholders Equity | 15.42B | 10.94B | 10.56B | 9.70B | 6.86B |
Cash Flow | |||||
| Free Cash Flow | 4.11B | 4.09B | 1.14B | 2.00B | 1.44B |
| Operating Cash Flow | 8.70B | 9.00B | 5.92B | 6.37B | 4.51B |
| Investing Cash Flow | -5.01B | -4.62B | -15.51B | -3.50B | -3.75B |
| Financing Cash Flow | -864.59M | -4.25B | 8.89B | -2.83B | -583.51M |
Devyani International Ltd. Technical Analysis
Positive
165.55
Price Trends
113.37
Positive
112.06
Positive
126.39
Negative
Market Momentum
-0.73
Positive
49.90
Neutral
45.01
Neutral
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 112.85, above the 50-day MA of 113.37, and above the 200-day MA of 126.39, indicating a neutral trend. The MACD of -0.73 indicates Positive momentum. The RSI at 49.90 is Neutral, neither overbought nor oversold. The STOCH value of 45.01 is Neutral, 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 | ₹6.53B | 3.15 | ― | ― | 3.52% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹62.16B | -368.46 | ― | ― | 10.17% | -283.44% | |
53 Neutral | ₹76.19B | 224.90 | ― | 0.16% | 5.40% | 166.08% | |
52 Neutral | ₹145.98B | -362.39 | ― | ― | 14.72% | -133.37% | |
51 Neutral | ₹47.76B | -20.77 | ― | ― | 10.66% | 23.10% | |
47 Neutral | ₹290.36B | 66.49 | ― | 0.29% | 17.15% | 103.16% |
* General Sector Average
IN:DEVYANI
Devyani International Ltd.
118.45
-44.95
-27.51%
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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.