Devyani International Ltd
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]
- Market Cap ₹ 14,420 Cr.
- Current Price ₹ 117
- High / Low ₹ 191 / 109
- Stock P/E
- Book Value ₹ 12.6
- Dividend Yield 0.00 %
- ROCE 6.42 %
- ROE 0.54 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 9.29 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 6.35% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,012 | 1,048 | 1,111 | 1,311 | 1,516 | 1,135 | 2,084 | 2,998 | 3,556 | 4,951 | 5,387 | |
| 1,013 | 1,008 | 1,015 | 1,106 | 1,254 | 945 | 1,608 | 2,341 | 2,991 | 4,112 | 4,573 | |
| Operating Profit | -1 | 39 | 96 | 205 | 262 | 189 | 476 | 657 | 565 | 839 | 815 |
| OPM % | -0% | 4% | 9% | 16% | 17% | 17% | 23% | 22% | 16% | 17% | 15% |
| -0 | 8 | 23 | 42 | 2 | 131 | -3 | 12 | 18 | 33 | 19 | |
| Interest | 43 | 88 | 34 | 137 | 161 | 155 | 129 | 149 | 189 | 267 | 275 |
| Depreciation | 85 | 137 | 55 | 203 | 223 | 229 | 221 | 278 | 391 | 592 | 623 |
| Profit before tax | -129 | -178 | 30 | -93 | -120 | -64 | 123 | 242 | 4 | 13 | -65 |
| Tax % | 1% | 1% | -3% | 1% | 2% | -2% | -26% | -9% | 363% | 154% | |
| -130 | -180 | 31 | -94 | -121 | -63 | 155 | 263 | -10 | -7 | -49 | |
| EPS in Rs | -11.98 | -11.31 | 4.33 | -7.46 | -11.46 | -0.48 | 1.30 | 2.20 | 0.39 | 0.08 | -0.35 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 33% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | -68% |
| TTM: | -189% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -7% |
| 1 Year: | -23% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 6% |
| Last Year: | 1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 106 | 106 | 106 | 106 | 106 | 115 | 120 | 120 | 121 | 121 | 123 |
| Reserves | 70 | -19 | 33 | -176 | -295 | -2 | 566 | 850 | 935 | 974 | 1,430 |
| 348 | 306 | 371 | 488 | 1,832 | 1,336 | 1,254 | 1,565 | 2,906 | 3,188 | 3,343 | |
| 196 | 202 | 218 | 1,390 | 240 | 219 | 322 | 450 | 971 | 1,057 | 1,310 | |
| Total Liabilities | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,207 |
| 491 | 406 | 445 | 1,578 | 1,635 | 1,392 | 1,756 | 2,427 | 4,216 | 4,622 | 5,480 | |
| CWIP | 38 | 15 | 56 | 12 | 14 | 14 | 7 | 15 | 11 | 3 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| 192 | 174 | 226 | 218 | 235 | 262 | 500 | 543 | 705 | 712 | 716 | |
| Total Assets | 720 | 596 | 728 | 1,807 | 1,884 | 1,668 | 2,263 | 2,985 | 4,932 | 5,339 | 6,207 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 90 | 91 | 278 | 301 | 240 | 451 | 637 | 766 | 900 | ||
| -67 | -140 | -165 | -91 | -355 | -375 | -349 | -1,551 | -461 | ||
| -32 | 56 | -130 | -223 | 142 | -58 | -283 | 889 | -425 | ||
| Net Cash Flow | -9 | 7 | -18 | -13 | 27 | 17 | 5 | 105 | 14 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 5 | 6 | 6 | 6 | 4 | 5 | 4 | 4 | 5 | 3 |
| Inventory Days | 45 | 39 | 48 | 52 | 57 | 66 | 52 | 52 | 45 | 35 |
| Days Payable | 127 | 129 | 139 | 128 | 129 | 171 | 119 | 98 | 130 | 105 |
| Cash Conversion Cycle | -77 | -85 | -84 | -70 | -68 | -100 | -64 | -42 | -79 | -66 |
| Working Capital Days | -31 | -70 | -65 | -95 | -108 | -95 | -26 | -37 | -65 | -60 |
| ROCE % | -19% | 15% | 7% | 6% | 2% | 16% | 18% | 6% | 6% |
Insights
In beta| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Average Daily Sales (ADS) - KFC India INR '000 ・Standalone data |
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| Average Daily Sales (ADS) - Pizza Hut India INR '000 ・Standalone data |
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| KFC India Store Count Number ・Standalone data |
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| Pizza Hut India Store Count Number ・Standalone data |
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| Same Store Sales Growth (SSSG) - Pizza Hut India % ・Standalone data |
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| Total Store Count (Consolidated) Number |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10h - Participation of Representatives of the Company in Event(s)/ Conference(s)
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
2d - Board approved March 10, 2026 scheme merging three wholly-owned subsidiaries into Devyani; appointed date April 1, 2025.
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Board Meeting Outcome for Board Meeting Outcome
2d - Board approved amalgamation of three wholly-owned subsidiaries into Devyani; appointed date April 1, 2025; no shares issued.
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Announcement under Regulation 30 (LODR)-Updates on Acquisition
9 Mar - Allotted 300,000 NRRPS Rs1,000 each (~Rs30 Cr); Sky Gate fully acquired for ~Rs57.5 Cr (w.e.f. Mar 7, 2026).
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Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
8 Mar - Postal ballot passed approving authorised share capital reclassification and private-placement NCRPS; results declared March 8, 2026.
Annual reports
Concalls
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Feb 2026Transcript PPT
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Apr 2025TranscriptAI SummaryPPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT REC
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Dec 2023TranscriptAI SummaryPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
Overview
The company is a leading quick-service restaurant (QSR) operator in India and is part of RJ Corporation, founded by Ravi Kant Jaipuria in 1991. RJ Corp is a multinational conglomerate with successful ventures in beverages (Varun Beverages), QSR (KFC, Pizza Hut, Costa Coffee), retail, ice cream (Cream Bell, Daima), healthcare (Medanta Africare), and education, spanning over 14 countries. [1] [2]