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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 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.41B | 49.21B | 35.32B | 29.73B | 20.84B | 11.35B |
| Gross Profit | 25.07B | 23.73B | 16.20B | 11.81B | 8.43B | 3.03B |
| EBITDA | 8.38B | 8.42B | 5.75B | 6.64B | 4.72B | 2.94B |
| Net Income | -334.29M | 91.49M | 472.63M | 2.65B | 1.56B | -552.08M |
Balance Sheet | ||||||
| Total Assets | 62.07B | 53.39B | 49.32B | 29.85B | 22.63B | 16.68B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 1.81B | 1.91B | 841.07M | 1.50B | 399.69M |
| Total Debt | 33.43B | 31.88B | 29.06B | 15.65B | 12.54B | 13.28B |
| Total Liabilities | 42.48B | 39.36B | 35.84B | 20.21B | 15.81B | 15.97B |
| Stockholders Equity | 15.53B | 10.94B | 10.56B | 9.70B | 6.86B | 1.14B |
Cash Flow | ||||||
| Free Cash Flow | 2.20B | 4.09B | 1.14B | 2.00B | 1.44B | 1.02B |
| Operating Cash Flow | 4.01B | 9.00B | 5.92B | 6.37B | 4.51B | 2.40B |
| Investing Cash Flow | -2.22B | -4.62B | -15.51B | -3.50B | -3.75B | -3.59B |
| Financing Cash Flow | -2.25B | -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 |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹132.97B | -438.93 | ― | ― | 20.91% | -202.35% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | ₹53.32B | -431.17 | ― | ― | 10.18% | -104.25% | |
61 Neutral | ₹307.32B | 130.51 | ― | 0.21% | 29.48% | -6.19% | |
52 Neutral | ₹68.06B | 2,134.73 | ― | 0.14% | 6.65% | 73.46% | |
41 Neutral | ₹35.74B | -21.12 | ― | ― | 7.75% | 20.28% |
Devyani International Ltd. Corporate Events
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 date of April 1, 2025. The move, cleared by the board following the audit and risk committee’s recommendation, aims to consolidate operations and will proceed without the need for a stock exchange no-objection letter, though it remains subject to approvals from shareholders, creditors, regulators and the National Company Law Tribunal, with potential to simplify group structure and improve operational efficiency.
The transferor entities, which collectively add meaningful turnover but relatively modest net worth compared with Devyani International, are engaged in hospitality and restaurant activities that complement the core QSR portfolio. By folding these subsidiaries into the parent, Devyani is expected to streamline its corporate framework, reduce related-party complexity and better align its expanding brand portfolio across markets, a change of interest to investors tracking the company’s scale-up and governance practices in the competitive food services industry.
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 require a stock exchange no-objection letter due to the subsidiaries being wholly owned, is subject to approvals from shareholders, creditors, the National Company Law Tribunal and other regulators.
The internal merger is expected to simplify the group structure and consolidate financials, bringing the operations and balance sheets of the three restaurant-focused units directly under Devyani International. By folding these entities into the core listed company, Devyani could gain operational efficiencies, streamline compliance and present a clearer business profile to investors and other stakeholders.
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 company’s plan to issue non-convertible redeemable preference shares on a private placement basis, signalling a strategic move to optimize its capital structure and diversify funding sources.
The scrutinizer appointed by the board confirmed that all resolutions received the requisite majority under applicable company law and securities regulations. These approvals provide Devyani with expanded flexibility in capital planning, which could support future expansion, balance-sheet management, and potentially strengthen its position in the competitive quick-service restaurant market.
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 has clarified that no unpublished price-sensitive information will be shared, underscoring its adherence to disclosure regulations and continued engagement with institutional investors.
Devyani International Limited has notified the stock exchanges that it has published a newspaper advertisement regarding a postal ballot notice dated 6 February 2026. Through this postal ballot, the company is seeking shareholders’ consent to reclassify its authorised share capital, along with corresponding amendments to its Memorandum of Association, and to issue non-convertible redeemable preference shares on a private placement basis, steps that signal potential changes in its capital structure and future financing approach.
The company reported Q3 FY2026 revenue of Rs. 14,409 million, up 11.3% year-on-year, with India operations rising 12.1%, international business growing 10.1%, and consolidated EBITDA reaching Rs. 2,267 million at a 15.7% margin. Management highlighted 95 net new stores in the quarter, KFC-led expansion and rationalisation of loss-making Pizza Hut outlets, and faster-than-expected EBITDA breakeven for Biryani by Kilo, indicating ongoing network growth while sharpening profitability focus.
Devyani International Limited has scheduled a conference call with investors and analysts on February 4, 2026, at 2:30 p.m. IST to discuss its financial results and key developments for the quarter and nine months ended December 31, 2025, which will be released earlier that day. Senior management will participate in the call, underscoring the company’s focus on transparent engagement with the investment community and providing detailed updates on performance and strategy at a time when investor scrutiny of India’s QSR sector remains high.
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.