Devyani International
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
SmallcapLeisure ServicesConsumer ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 4.75%
- Debt to Equity
- 2.49
- EPS (TTM)
- −₹0.22
- Book Value
- ₹12.53
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 9.47
- ROE
- −1.56%
- Dividend Yield
- 0.00%
- EBITDA
- ₹911 Cr
- 52W High
- ₹160.70
- 52W Low
- ₹91.55
- Volume
- 0
Peer Comparison
Consumer Discretionary › Leisure Services › Quick Service Restaurant › Restaurants
| ₹434.70 | 66.16 | ₹28,278 Cr | 12.51 | 0.28% | 21.00% | 14.80% | ₹9,838 Cr | ₹450 Cr | |
| ₹1,166.20 | 32.27 | ₹15,369 Cr | 10.65 | 0.89% | 35.30% | 42.40% | ₹1,725 Cr | ₹487 Cr | |
| Devyani International (this company) | ₹118.68 | — | ₹14,692 Cr | 9.47 | 0.00% | −1.56% | 4.75% | ₹5,835 Cr | −₹28 Cr |
| ₹631.05 | — | ₹9,659 Cr | 16.16 | 0.07% | −3.79% | 6.34% | ₹2,704 Cr | ₹32 Cr | |
| ₹89.63 | — | ₹6,418 Cr | 3.77 | 0.00% | −22.70% | −0.47% | ₹2,948 Cr | −₹191 Cr | |
| ₹193.41 | — | ₹6,303 Cr | 4.43 | 0.00% | −1.03% | 3.98% | ₹3,239 Cr | −₹17 Cr | |
| ₹546.40 | — | ₹2,163 Cr | 6.82 | 0.00% | −17.60% | 1.52% | ₹1,468 Cr | −₹43 Cr | |
| Median 7 companies | ₹434.70 | 49.22 | ₹9,659 Cr | 9.47 | 0.00% | −1.56% | 4.75% | ₹2,948 Cr | −₹17 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 91/100
Category scores
- Quality
- 46
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 33
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 53
- Average
- Sales & profit trajectory 9% weight
- Financial Health
- 16
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 36
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 56
- Good
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
No strengths listed
Weaknesses
4- Stock is trading at 9.54 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -3.47% over last 3 years.
- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 12 | 5 | 2 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |
Oscillators
Neutral
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 39.12
- Neutral
- MACD (12,26,9)
- −3.33
- Bullish
- SMA (50)
- 131.25
- Bearish
- SMA (200)
- 121.13
- Bearish
As of
Analyst Rating
18 of 21 analysts rate Buy, 2 Hold, 1 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +18.68% |
|---|---|
| 5Y | +37.66% |
| 3Y | +23.24% |
| 1Y | +13.33% |
| TTM | +14.75% |
Net profit
| 10Y | Loss narrowed by ₹87 Cr |
|---|---|
| 5Y | Loss narrowed by ₹20 Cr |
| 3Y | Turned to loss |
| 1Y | Loss widened by ₹36 Cr |
| TTM | Loss unchanged |
Operating cash flow
| 10Y | — |
|---|---|
| 5Y | +31.03% |
| 3Y | +13.32% |
| 1Y | +3.00% |
| TTM | — |
10Y: The statements do not go back far enough for this window.
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +15.43 pp |
|---|---|
| 5Y | −1.32 pp |
| 3Y | −6.58 pp |
| 1Y | −1.62 pp |
| TTM | −0.38 pp |
Revenue by year
| Mar 2017 | ₹1,048 Cr |
|---|---|
| Mar 2018 | ₹1,111 Cr |
| Mar 2019 | ₹1,311 Cr |
| Mar 2020 | ₹1,516 Cr |
| Mar 2021 | ₹1,135 Cr |
| Mar 2022 | ₹2,084 Cr |
| Mar 2023 | ₹2,998 Cr |
| Mar 2024 | ₹3,556 Cr |
| Mar 2025 | ₹4,951 Cr |
| Mar 2026 | ₹5,611 Cr |
Net profit by year
| Mar 2017 | −₹180 Cr |
|---|---|
| Mar 2018 | ₹31.00 Cr |
| Mar 2019 | −₹94.00 Cr |
| Mar 2020 | −₹121 Cr |
| Mar 2021 | −₹63.00 Cr |
| Mar 2022 | ₹155 Cr |
| Mar 2023 | ₹263 Cr |
| Mar 2024 | −₹10.00 Cr |
| Mar 2025 | −₹7.00 Cr |
| Mar 2026 | −₹43.00 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Devyani International Ltd trades at ₹121.45 with a market cap of ₹14,974 Cr as of 2026-10-28. The company has delivered strong TTM sales growth of 15% but reports a negative EPS of -₹0.22 and a negative ROE of -2.26%, while carrying a debt-to-equity ratio of 2.49. The stock is down 28% over the past year and trades 28% below its 52-week high of ₹169.26.
- TTM revenue growth stands at 15%, indicating continued top-line momentum in a consumer-facing QSR business
- Compounded sales CAGR over 3 years is 23% and over 5 years is 38%, reflecting a sustained high-growth trajectory in store expansion and revenue scale-up
- Compounded profit growth on a TTM basis is 31%, suggesting improving operating leverage and margin recovery in recent quarters
- 5-year compounded profit CAGR of 12% shows the business has been able to translate revenue growth into bottom-line improvement over a medium-term horizon
- The stock trades at ₹121.45, which is 28% below its 52-week high of ₹169.26 and only 33% above its 52-week low of ₹91.55, indicating a significant correction from peak levels
- 10-year compounded sales CAGR of 19% demonstrates a long track record of consistent revenue expansion across business cycles
- ROCE stands at 4.31%, which while modest is positive and suggests the company is generating some return on deployed capital despite the current profitability headwinds
- EPS TTM is -₹0.22, meaning the company is currently loss-making at the net level, rendering the P/E ratio unmeasurable
- ROE is -2.26% as of the latest period, and the 3-year average ROE is -3%, indicating persistent destruction of shareholder value
- Debt-to-equity ratio of 2.49 is elevated for a QSR operator, raising concerns about financial leverage and interest burden
- The company has a low interest coverage ratio, which combined with the 2.49x debt-to-equity suggests potential stress in servicing debt obligations
- Price-to-book ratio of 9.71x is expensive relative to the negative returns on equity being generated, indicating the market is pricing in future growth that has yet to materialize in profits
- Stock price CAGR is -28% over 1 year and -14% over 3 years, reflecting sustained value erosion for shareholders
- Zero dividend yield means shareholders receive no income return while bearing the risks of a leveraged, currently loss-making business
- The company might be capitalizing interest costs, which could flatter reported operating profitability and understate the true cost of its debt-funded expansion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Devyani International secured a key regulatory milestone with CCI approval for its merger with Sapphire Foods, which could meaningfully scale its QSR footprint. Management retains pricing flexibility as a lever if input costs rise. No material headwinds surfaced in the latest cycle. The forward outlook hinges on NCLT clearance and shareholder approval for the merger, alongside execution of any pricing actions.
- CCI clears Sapphire Foods merger Oct 31
CCI approved the merger of Sapphire Foods into Devyani International on October 30, 2026 under Section 31(1) of the Competition Act. Board approvals for the amended scheme were completed on August 26, 2026, with NCLT proceedings and shareholder votes as next steps.
- Price hikes remain on table Nov 2
Devyani International signalled continued openness to pricing adjustments, with management not ruling out further price hikes.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 847 | 819 | 843 | 1,047 | 1,222 | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 | 1,519 |
| Expenses | 721 | 665 | 697 | 917 | 1,006 | 1,026 | 1,081 | 1,027 | 1,151 | 1,185 | 1,210 | 1,217 | 1,326 | 1,287 |
| Operating Profit | 126 | 154 | 146 | 130 | 216 | 196 | 213 | 186 | 206 | 192 | 231 | 220 | 254 | 233 |
| OPM % | 15% | 19% | 17% | 12% | 18% | 16% | 16% | 15% | 15% | 14% | 16% | 15% | 16% | 15% |
| Other Income | 7 | −7 | 5 | 14.63 | 10 | 5 | 9 | 13 | 13 | 3 | −10 | 18 | 19 | — |
| Interest | 40 | 42 | 48 | 57 | 63 | 65 | 67 | 70 | 67 | 69 | 70 | 70 | 70 | 65 |
| Depreciation | 80 | 86 | 93 | 126 | 132 | 139 | 147 | 152 | 150 | 155 | 167 | 182 | 180 | 173 |
| PBT | 13 | 19 | 10 | −38 | 31 | −4 | 9 | −22 | 3 | −29 | −16 | −15 | 23 | 6 |
| Tax % | 112% | −88% | 48% | 29% | 27% | 26% | 190% | −25% | 19% | −18% | −31% | −32% | 25% | 39% |
| Net Profit | −2 | 36 | 5 | −49 | 22 | −5 | −8 | −17 | 2 | −24 | −11 | −10 | 17 | 3 |
| EPS (₹) | 0.1 | 0.28 | 0.08 | −0.06 | 0.25 | 0 | 0 | −0.12 | 0.03 | −0.18 | −0.08 | −0.08 | 0.12 | — |
Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,012 | 1,048 | 1,111 | 1,311 | 1,516 | 1,135 | 2,084 | 2,998 | 3,556 | 4,951 | 5,611 | 5,835 |
| Expenses | 1,013 | 1,008 | 1,015 | 1,106 | 1,254 | 945 | 1,608 | 2,341 | 2,991 | 4,112 | 4,752 | 4,938 |
| Operating Profit | −1 | 39 | 96 | 205 | 262 | 189 | 476 | 657 | 565 | 839 | 860 | 898 |
| OPM % | −0.1% | 3.7% | 9% | 16% | 17% | 17% | 23% | 22% | 16% | 17% | 15% | 15% |
| Other Income | 0 | 8 | 23 | 42 | 2 | 131 | −3 | 12 | 18 | 33 | 31 | 30 |
| Interest | 43 | 88 | 34 | 137 | 161 | 155 | 129 | 149 | 189 | 267 | 278 | 279 |
| Depreciation | 85 | 137 | 55 | 203 | 223 | 229 | 221 | 278 | 391 | 592 | 670 | 685 |
| PBT | −129 | −178 | 30 | −93 | −120 | −64 | 123 | 242 | 4 | 13 | −56.36 | −37 |
| Tax % | 1% | 1% | −3% | 1% | 2% | −2% | −26% | −9% | 363% | 154% | −25% | — |
| Net Profit | −130 | −180 | 31 | −94 | −121 | −63 | 155 | 263 | −10 | −7 | −43 | −28 |
| EPS (₹) | −1.2 | −1.13 | 0.43 | −0.75 | −1.15 | −0.48 | 1.3 | 2.2 | 0.39 | 0.08 | −0.31 | −0.22 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 106 | 106 | 106 | 106 | 106 | 115 | 120 | 120 | 121 | 121 | 123 |
| Reserves | 70 | −19 | 33 | −176 | −295 | −2 | 566 | 850 | 935 | 974 | 1,419 |
| Borrowings | 348 | 306 | 371 | 488 | 1,832 | 1,336 | 1,254 | 1,565 | 2,906 | 3,188 | 3,833 |
| Other Liabilities | 196 | 202 | 218 | 1,390 | 240 | 219 | 322 | 450 | 971 | 1,057 | 1,375 |
| Total Liabilities | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,750 |
| Fixed Assets | 491 | 406 | 445 | 1,578 | 1,635 | 1,392 | 1,756 | 2,427 | 4,216 | 4,622 | 5,686 |
| CWIP | 38 | 15 | 56 | 12 | 14 | 14 | 7 | 15 | 11 | 3 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Other Assets | 192 | 174 | 226 | 218 | 235 | 262 | 500 | 543 | 705 | 712 | 1,054 |
| Total Assets | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,750 |
Cash Flow
₹ Cr| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 90 | 91 | 278 | 301 | 240 | 451 | 637 | 766 | 900 | 927 |
| Investing | — | −67 | −140 | −165 | −91 | −355 | −375 | −349 | −1,551 | −461 | −419 |
| Financing | — | −32 | 56 | −130 | −223 | 142 | −58 | −283 | 889 | −425 | −197 |
| Net Cash Flow | — | −9 | 7 | −18 | −13 | 27 | 17 | 5 | 105 | 14 | 310 |
| Free Cash Flow | — | 21 | −49 | 137 | 202 | 107 | 158 | 213 | 305 | 418 | 486 |
| CFO/EBITDA | — | 232 | 99 | 136 | 115 | 126 | 97 | 104 | 140 | 107 | 109 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 5 | 6 | 6 | 6 | 4 | 5 | 4 | 4 | 5 | 3 | 4 |
| Inventory Days | 45 | 39 | 48 | 52 | 57 | 66 | 52 | 52 | 45 | 35 | 34 |
| Days Payable | 127 | 129 | 139 | 128 | 129 | 171 | 119 | 98 | 130 | 105 | 127 |
| Cash Conversion Cycle | −77 | −85 | −84 | −70 | −68 | −100 | −64 | −42 | −79 | −66 | −89 |
| Working Capital Days | −31 | −70 | −65 | −95 | −108 | −95 | −26 | −37 | −65 | −60 | −85 |
| ROCE % | — | −19% | 15% | 7% | 6% | 2% | 16% | 18% | 6% | 6% | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Devyani International insights
62 extracted metrics across FY16–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT
- Concall · Jan 2026Transcript PPT Recording
- General announcements 2 Nov 2026
Frequently Asked Questions about Devyani International
What does Devyani International Ltd do?
Where is Devyani International Ltd (DEVYANI) listed?
Which sector does Devyani International Ltd belong to?
What is the 52-week high and low of Devyani International Ltd?
What is the Return on Equity (ROE) of Devyani International Ltd?
Company Information
Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.
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