AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - Devyani International will participate in Ashwamedh - Elara India Dialogue 2026 on 3 September 2026 in Mumbai.
Source: Bse
Devyani International Limited (DEVYANI)
Small CapConsumer stocks · Small cap · NSE
Devyani International Limited is one of India’s largest chain quick service restaurant (QSR) operators, with a network of over 2,250 stores across India, Thailand, Nigeria, and Nepal. DIL is the largest franchisee of Yum! Brands in India and Nepal, and sole franchisee for Costa Coffee, New York Fries, and Sanook Kitchen. Also owns indigenous brands like Vaango, Biryani By Kilo, and Goila Butter Chicken.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Jul, 05:25 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
34BearishSMA20 -8.1% / mo · RSI oversold · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DEVYANID candles · FIT view+10.6%Latest close ₹118.32 on 2026-10-19
Bar
-2.9%
RSI
27
MACD hist
-0.96
52W pos
34%
2026-10-19O ₹121.83H ₹122.10L ₹117.80C ₹118.32Vol 5.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DEVYANINifty Consumer DurablesNifty 500
- DEVYANI
- +6.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +12.2 pp
Chart stats
19 Oct 2026- From 52W high
- -30.3%
- 52W range position
- 34%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹17.9 Cr
- 20D price channel
- ₹117.8 - ₹145.4
₹169.8
₹91.6 - ₹169.8
₹4.2
Latest completed session
20-session average
28.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +16.5% · PAT +750.0% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +17% YoY · PAT +750% YoY · margin expansion · +10% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,581 Cr | +16.5% | +10.0% |
| EBITDA | ₹254 Cr | +23.3% | +15.5% |
| Operating margin | 16.0% | +100 bps | +100 bps |
| PAT | ₹17 Cr | +750.0% | NDF |
| PAT margin | 1.1% | +93 bps | +178 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 9.76
- EV/EBITDA
- 11.91
- Market Cap
- 15017.00Cr
Profitability
- ROE
- -1.56%
- ROCE
- 4.75%
- ROA
- -0.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- -17.00%
Balance Sheet
- Debt/Equity
- 2.49
- Interest Coverage
- 3.22×
- Altman Z
- 3.41
- Book Value
- 12.50
Cash Flow
- FCF Yield
- 3.38%
- FCF Positive Y
- 7/5
- OCF
- 927.00 Cr
- EPS TTM
- -0.22
Shareholding
- Promoter Hold
- 61.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,581+10.0% vs prev
Net Profit
₹ CrLatest: 17.0+270.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 27. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 30% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 1 Base / Transition
1M return
-15.9%
3M return
+6.7%
6M return
+4.5%
1Y return
-27.8%
RS 1D
-4
RS 20D
-16
Sector rank
#8
Industry rank
#11
Stage evidence
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 71.76-1.95%
RS vs Nifty 50072
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth13/25
Quality0/20
Balance Sheet3/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 3.4%.
- Cash flow contributes 8/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
—
PB
9.8
EV/EBITDA
11.9
ROE
-1.6%
ROCE
4.8%
FCF Yield
3.4%
Debt/Equity
2.5
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
40.0
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RBA
Micro
Restaurant Brands Asia Limited
Hospitality
match 159
17
—
-22.7%
—
OVERVALUED
SPECIALITY
Small
Speciality Restaurants Limited
Hospitality
match 157
41
29.0
5.6%
+16%
WATCHLIST
VENTIVE
Small
Ventive Hospitality Limited
Hospitality
match 134
39
26.4
8.3%
+18%
WATCHLIST
ASIANHOTNR
Small
Asian Hotels (North) Limited
Hospitality
match 131
26
106.0
0.6%
-218%
OVERVALUED
EIHAHOTELS
Small
EIH Associated Hotels Limited
Hospitality
match 131
23
155.0
11.5%
-2049%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T05:23:01.173Z
Management commentary snapshot
Q4 FY26 Consolidated Revenue grew 18.5% YoY to INR 14,369 Mn, driven by KFC India's +4.9% SSSG, its highest in 14 quarters. Consolidated EBITDA margin declined 0.6% YoY to 16.0%. The company added 217 net new stores in FY26, reaching 2,256 stores.
DIL's Q4 FY26 results show strong top-line growth, anchored by KFC India's best SSSG in 14 quarters. However, consolidated EBITDA margin compression suggests cost pressures or mix shifts. The proposed merger with Sapphire Foods is a transformative step, but integration risks and potential dilution of focus on existing brands need careful monitoring. Management's focus on new leadership and technology is positive.
Growth engines
KFC India Performance
Delivered strongest performance in 14 quarters with +4.9% SSSG and ~15% YoY growth, anchoring growth momentum and network expansion.
International Business Momentum
Positive SSSG momentum and continued improvement in Brand Contribution margins.
Disruptive Value Offerings
Combos and meals designed to provide value to customers while delivering higher Average Order Values (AOVs).
BBK Turnaround & Expansion
BBK delivered +3.2% SSSG, turnaround achieved, with BBK express format under test for footprint expansion.
Capacity and execution
Total Stores
2,256 stores as of March 31, 2026.
Net New Stores (FY26)
Added 217 net new stores in FY26.
BBK Express Format Stores
Includes 20 BBK express format stores.
Tailwinds
Stable Demand Sentiment
Helped by favorable policy stimulus and GST rate rationalization.
Improved Consumption Trends
Value-led initiatives and accessibility-focused campaigns at KFC are resonating, improving average daily sales and SSSG.
Proposed Merger with Sapphire Foods
Expected to unlock meaningful synergies, strengthen execution, and create a more agile and efficient organization.
Headwinds
Challenging Operating Environment
The company navigated a challenging operating environment during the year.
Fluid External and Seasonal Factors
External and seasonal factors remain fluid, impacting demand conditions.
Risk radar
Merger Integration
The proposed merger with Sapphire Foods, while strategic, carries inherent integration risks for a combined entity.
Management Team Transition
New CEO and management team being formed, which could lead to execution risks during the transition phase.
EBITDA Margin Compression
Consolidated EBITDA margin declined YoY, indicating potential pressure on profitability despite revenue growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for QSR due to seasonality and to assess underlying growth trends. QoQ is also relevant to track sequential momentum, especially for SSSG recovery and margin performance, as highlighted by management.
Sector KPIs management disclosed
KFC India SSSG
+4.9% in Q4 FY26, highest in last 14 quarters.
BBK SSSG
+3.2% in Q4 FY26.
Consolidated Gross Margin
68.8% in Q4 FY26, +0.3% YoY.
Consolidated EBITDA Margin
16.0% in Q4 FY26, -0.6% YoY.
Management forward view
New Management Team
Focus on bringing experienced professionals with deep operational and strategic expertise, largely in place by next quarter.
Technology & Automation Focus
Technology, automation, and data-led decision making will remain central to enhancing efficiency, scalability, and customer experience.
Strategic Priorities Unchanged
Disciplined expansion, stronger profitability, and deeper consumer relevance through innovation and digital engagement remain unchanged.
India Opportunity Confidence
View on India opportunity remains unchanged, with the proposed merger enhancing execution ability on scale.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| KFC India SSSG | +4.9% (Q4 FY26) | Sustained positive SSSG and continued sequential recovery. |
| Consolidated EBITDA Margin | 16.0% (Q4 FY26) | Stabilization and improvement in profitability margins. |
| Merger Progress & Synergies | Progressing well | Timely completion and realization of stated synergies. |
| New Store Additions | 217 net new stores in FY26 | Continued disciplined network expansion and unit economics protection. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 26th percentile within Consumer. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
95 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Consumer: 26th pctile, median 66 · Small: 28th pctile, median 66
Evidence depth
Financial-only
95 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
48
watch · leverage and solvency
Discipline
28
weak · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 61.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.4%.
- ▸7 years of positive FCF.
Trust risks
- ▸Debt/equity is 2.49.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 4.8%.
- ▸ROE is low at -1.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Devyani International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Participation of representatives of the Company in Event/Conference
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - Participation of representatives of the Company in Event/ Conference
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep - Participation of representatives of the Company in Event/Conference
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 1 Jul - Devyani makes THB 400 million convertible loan to DID; stake rises to 56.7%, Axis loan repaid.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May - Devyani International will attend Bofa 2026 India Conference on 2 June and Citi’s 2026 India Conference on 4 June in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.