Devyani International Ltd. (IN:DEVYANI)
:DEVYANI
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Devyani International Ltd.
(DEVYANI)
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Rating:63Neutral
Price Target:
₹113.00
▼(-31.74% Downside)
Action:ReiteratedDate:02/06/26
The score is primarily supported by strong financial performance driven by rapid revenue growth and significant free cash flow improvement, but is held back by elevated leverage and minimal net profitability. Technicals are mixed with a negative MACD and price below key longer-term moving averages, and valuation is pressured by a negative P/E with no dividend yield data to offset.
Positive Factors
Robust Revenue Growth
Sustained 39.2% top-line growth signals strong end-market demand and scaling of outlet sales. For a franchised QSR operator, durable revenue expansion supports unit economics improvement, gives room for network expansion and reinvestment into digital and delivery channels over the medium term.
Negative Factors
Elevated Leverage
Rising debt-to-equity to 2.91 reflects meaningful leverage and financial risk. High debt levels can increase interest burden, limit capital flexibility for store rollout or marketing, and heighten refinancing risk if cash generation or margins deteriorate versus plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust Revenue Growth
Sustained 39.2% top-line growth signals strong end-market demand and scaling of outlet sales. For a franchised QSR operator, durable revenue expansion supports unit economics improvement, gives room for network expansion and reinvestment into digital and delivery channels over the medium term.
Read all positive factors
Devyani International Ltd. (DEVYANI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹130.74B
Dividend YieldN/A
Average Volume (3M)281.63K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth20.91%
EPS Growth-202.35%
CountryIN
Employees16,371
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-0.03
Shares Outstanding1,232,939,800
10 Day Avg. Volume82,901
30 Day Avg. Volume281,625
Financial Highlights & Ratios
PEG Ratio-23.56
Price to Book (P/B)15.65
Price to Sales (P/S)3.48
P/FCF Ratio41.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹145.00Price Target Upside-12.41% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.7
Revenue Forecast (FY)₹63.37B
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 makes money mainly by operating franchised QSR restaurants and earning revenue from the sale of food and beverages to customers at its outlets. Its core revenue stream is restaurant sales generated through multiple channels: ...
Devyani International Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.10B | 49.21B | 35.32B | 29.73B | 20.64B | 11.19B |
| Gross Profit | 23.33B | 23.73B | 17.60B | 15.48B | 10.83B | 5.59B |
| EBITDA | 8.38B | 8.45B | 5.73B | 6.62B | 4.63B | 2.91B |
| 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
Neutral
165.55
Price Trends
117.15
Negative
127.40
Negative
148.26
Negative
Market Momentum
-5.74
Negative
46.52
Neutral
64.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEVYANI, the sentiment is Neutral. The current price of 165.55 is above the 20-day moving average (MA) of 104.71, above the 50-day MA of 117.15, and above the 200-day MA of 148.26, indicating a neutral trend. The MACD of -5.74 indicates Negative momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 64.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹130.74B | -438.93 | ― | ― | 20.91% | -202.35% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | ₹287.49B | 130.51 | ― | 0.21% | 29.48% | -6.19% | |
58 Neutral | ₹53.72B | -431.17 | ― | ― | 10.18% | -104.25% | |
55 Neutral | ₹71.57B | 2,134.73 | ― | 0.14% | 6.65% | 73.46% | |
42 Neutral | ₹36.17B | -21.12 | ― | ― | 7.75% | 20.28% |
* Consumer Cyclical Sector Average
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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...
Devyani International Seeks Shareholder Nod for Capital Reclassification, Preference Share Issue
Feb 7, 2026
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 t...
Devyani International lifts Q3 revenue 11% as store expansion accelerates
Feb 4, 2026
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 highlig...
Devyani International to Hold Investor Call on Q3 and Nine-Month FY26 Results
Feb 1, 2026
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 wi...
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.