Devyani International
Devyani International
Leisure ServicesKey Fundamentals
SmallcapQuick Service RestaurantLeisure ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's median sales growth is 16.8% of last 10 years
Weaknesses
4- Stock is trading at 11.0 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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoDevyani International, the largest franchisee of Yum Brands in India (KFC, Pizza Hut, Costa Coffee), has a market cap of ₹16,558 Cr and reports strong TTM sales growth of 15% but trades at a negative P/E of -617.5x, reflecting recent losses. The 3-year ROE stands at -3%, and the stock has declined 26% over the past year, indicating profitability challenges despite consistent top-line expansion.
- Strong top-line momentum with TTM sales growth of 15% and a 5-year compounded sales CAGR of 38%, demonstrating rapid revenue scale-up
- Consistent long-term sales track record with a 10-year median sales growth of 16.8%, showing durable demand for its QSR brands
- 23% compounded sales growth over 3 years indicates the post-COVID recovery and store expansion strategy is delivering revenue results
- TTM compounded profit growth of 31% suggests the company is on an improving trajectory toward narrowing losses or restoring profitability
- 5-year compounded profit growth of 12% shows the business has historically been capable of translating revenue into earnings over longer cycles
- 10-year compounded sales CAGR of 19% reflects a long runway of secular growth in India's underpenetrated QSR market
- 5-year stock CAGR of 3% (positive) despite recent sharp correction suggests the longer-term equity story has held some value through cycles
- Negative P/E of -617.5x signals the company is currently loss-making at the net level, raising questions about the path to sustained profitability
- 3-year ROE of -3% and last year ROE of -2% indicate shareholders' capital is being eroded rather than generating returns
- Stock trades at 10.86x book value, a steep premium for a company that is not generating positive returns on equity
- Low interest coverage ratio suggests debt servicing is consuming a large share of operating earnings, increasing financial risk
- Potential capitalisation of interest costs may be flattering reported asset values and understating true operating losses
- Stock has declined 26% over the past 1 year and shows a 3-year CAGR of -13%, reflecting sustained investor de-rating
- Zero dividend yield with no near-term prospect of payouts given ongoing losses, offering no income cushion to shareholders
- 3-year compounded profit growth is not meaningfully reportable (shown as blank), indicating volatile or negligible earnings over the medium term
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Overbought RSI signals profit booking Aug 26
14-day RSI at 71.8 places the stock in the overbought zone, indicating potential near-term profit booking despite the broader bullish technical setup.
- Promoter stake dilution post-merger Aug 26
Promoter and promoter group holding expected to drop from 61.37% to 41.99% post-merger, while public shareholding rises to 58.01% from 38.63%.
- CEO resignation at Sanook Kitchen Aug 31
Rohan Kichlu's resignation as CEO of Sanook Kitchen accepted, with tenure ending Aug 31, 2026, citing personal reasons and new career opportunities.
- Sapphire merger scheme revised, on track Aug 26
Revised merger scheme removes the secondary sale condition (SFML's planned sale of 5.95 crore shares/18.5% stake to Arctic International terminated), clearing a key overhang. Share-swap ratio of 177 Devyani shares per 100 Sapphire shares remains unchanged.
- Stock rallies 4% on merger update Aug 26
Shares jumped 4.02% to ₹155.36 following the revised merger announcement, with the stock trading above all eight key simple moving averages.
- Strong Q1 FY27 earnings growth Aug 26
Net profit surged multifold to ₹17.1 crore in Q1 FY27, with revenue from operations growing 16.47% YoY to ₹1,580.51 crore.
- CCI merger application filed Sep 10
Devyani and Sapphire Foods filed a joint application with the Competition Commission of India, advancing a key regulatory step for the proposed merger.
- Unified Yum India QSR platform Aug 26
Post-merger entity will create India's largest unified KFC and Pizza Hut franchise platform, with total outstanding shares rising from ~123.29 crore to ~180.17 crore.
- Investor meet at Elara Dialogue Aug 31
Devyani International scheduled to participate in the Ashwamedh - Elara India Dialogue 2026 in Mumbai on Sep 3, 2026.
TL;DR: Devyani International is executing well on its transformative merger with Sapphire Foods — the revised scheme removes a key secondary sale overhang, the CCI application has been filed, and the share-swap ratio is unchanged at 177:100. Operationally, Q1 FY27 showed strong momentum with 16.47% YoY revenue growth to ₹1,580.51 crore and multifold profit growth. Key risks include significant promoter stake dilution to ~42% and near-term overbought technicals. The trend is improving as merger clarity increases, though execution of the integration and regulatory approvals remain the next milestones to watch.
Quarterly Results
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 847 | 819 | 843 | 1,047 | 1,222 | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 |
| Expenses | 721 | 665 | 697 | 917 | 1,006 | 1,026 | 1,081 | 1,027 | 1,151 | 1,185 | 1,210 | 1,217 | 1,326 |
| Operating Profit | 126 | 154 | 146 | 130 | 216 | 196 | 213 | 186 | 206 | 192 | 231 | 220 | 254 |
| OPM % | 15% | 19% | 17% | 12% | 18% | 16% | 16% | 15% | 15% | 14% | 16% | 15% | 16% |
| Other Income | 7 | -7 | 5 | 14 | 10 | 5 | 9 | 13 | 13 | 3 | -10 | 18 | 19 |
| Interest | 40 | 42 | 48 | 57 | 63 | 65 | 67 | 70 | 67 | 69 | 70 | 70 | 70 |
| Depreciation | 80 | 86 | 93 | 126 | 132 | 139 | 147 | 152 | 150 | 155 | 167 | 182 | 180 |
| PBT | 13 | 19 | 10 | -38 | 31 | -4 | 9 | -22 | 3 | -29 | -16 | -15 | 23 |
| Tax % | 112% | -88% | 48% | 29% | 27% | 26% | 190% | -25% | 19% | -18% | -31% | -32% | 25% |
| Net Profit | -2 | 36 | 5 | -49 | 22 | -5 | -8 | -17 | 2 | -24 | -11 | -10 | 17 |
| EPS in Rs | 0.1 | 0.28 | 0.08 | -0.06 | 0.25 | 0 | 0 | -0.12 | 0.03 | -0.18 | -0.08 | -0.08 | 0.12 |
Profit & Loss
| 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 | -57 | -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 in Rs | -11.98 | -11.31 | 4.33 | -7.46 | -11.46 | -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
| 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
| 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/OP | — | 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
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62 extracted metrics + investor summaries across FY16–FY27.
Documents
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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.[1]
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