DEVYANI
Devyani International share price & financials
- Price
- ₹112
- Market cap
- ₹14.8k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Devyani International Limited Q1 FY27
What went well
- Consolidated revenues grew 16.5% year-on-year to INR 1,581 crore.
- Operating EBITDA grew nearly 38% year-on-year to INR 151 crore, achieving a 9.6% margin, the highest ever.
- KFC posted a positive SSSG of 3.3% and nearly 12% YoY revenue growth to INR 684 crore.
What to watch
- Pizza Hut reported a Brand Contribution loss of INR 4 crore and SSSG of -2.2%.
- Macroeconomic challenges including elevated crude oil prices, LPG and fuel costs, rupee pressure, and RBI's moderated FY27 growth outlook (6.6%) and raised inflation projection (5.1%).
What Devyani International Limited does
Devyani International is a quick-service restaurant (QSR) chain operator and the largest franchisee of Yum! Brands (KFC and Pizza Hut) in India and Nepal, and also operates KFC in Thailand and Nigeria. It holds India's exclusive franchise rights for Costa Coffee, New York Fries and Sanook Kitchen, and earns by selling food and beverages through company-run and franchised outlets across malls, high streets, highways and food courts. The portfolio is complemented by home-grown formats (Vaango, The Food Street) and Indian-cuisine brands acquired via Sky Gate Hospitality (Biryani By Kilo, Goila Butter Chicken, The Bhojan). Its reported operating verticals are Core Brands India, International, and Other Business.
Segments
- Core Brands India Business
- International Business
- Other Business
- Global store network
- 2,256 stores (as of Mar 31, 2026)
- Countries of operation
- 4 (India, Thailand, Nigeria, Nepal)
- Cities served
- 350+ cities across India, Thailand, Nigeria and Nepal
- India store count
- 1,857 stores (as of Mar 31, 2026)
- International store count
- 399 stores across Thailand, Nigeria and Nepal (as of Mar 31, 2026)
- Thailand KFC store count
- 306 stores (as of Mar 31, 2025)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 4 missed 9 open- Thailand Store Additions delivered said Q3 FY25 Promised: 20-25 stores in FY26 Q1 FY27: Promise for FY26 was achieved in the target year.
- Thailand Revenue Growth missed said Q3 FY25 Promised: 11-12% in FY26 (driven by 3-4% SSSG) Q1 FY27: Promise for FY26 was missed in the target year.
- Net New Stores at risk said Q4 FY26 Promised: 200 to 225 net new stores in FY27 Q1 FY27: Total global store count decreased by 1 from 2256 to 2255. This is significantly behind the required pace to meet the annual target.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.9%, net profit up 36.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 836 | 873 | 801 | 917 | 871 +4% | 906 +4% | 879 +10% | 999 +9% |
| EBITDA | 146 | 146 | 137 | 151 | 131 −10% | 158 +8% | 144 +5% | 169 +12% |
| Net profit | 1 | 4 | -13 | 6 | -14 −1505% | -12 −385% | -13 +4% | 9 +37% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −25.6% 1Y
1Y: ₹185.36 on 10 Sept 2025 → ₹137.97. High ₹188.9 (11 Sept 2025), low ₹94.59 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.1%
- 29 Jul
- Q4 FY26
- −1.4%
- 21 May
- Q3 FY26
- +6.2%
- 4 Feb
- Q2 FY26
- −0.9%
- 6 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.9k Cr | ₹3.1k Cr | ₹3.3k Cr | ₹3.6k Cr |
| Operating profit | ₹640 Cr | ₹595 Cr | ₹602 Cr | ₹585 Cr |
| Operating margin | 21.7% | 19.1% | 18.0% | 16.4% |
| Interest | ₹142 Cr | ₹172 Cr | ₹221 Cr | ₹226 Cr |
| Depreciation | ₹273 Cr | ₹337 Cr | ₹404 Cr | ₹445 Cr |
| Net profit | ₹260 Cr | ₹-6 Cr | ₹24 Cr | ₹-33 Cr |
| Net margin | 8.8% | -0.2% | 0.7% | -0.9% |
| Cash from operations | ₹595 Cr | ₹587 Cr | ₹662 Cr | ₹707 Cr |
| Free cash flow | ₹212 Cr | ₹189 Cr | ₹321 Cr | ₹407 Cr |
| ROCE | 17.0% | 10.0% | 8.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹115 Cr | ₹120 Cr | ₹120 Cr | ₹121 Cr | ₹123 Cr | ₹123 Cr |
| Reserves | ₹184 Cr | ₹773 Cr | ₹964 Cr | ₹968 Cr | ₹1.4k Cr | ₹1.4k Cr |
| Borrowings | ₹1.1k Cr | ₹1.0k Cr | ₹1.4k Cr | ₹2.1k Cr | ₹3.3k Cr | ₹2.7k Cr |
| Other liabilities | ₹218 Cr | ₹268 Cr | ₹407 Cr | ₹439 Cr | ₹1.3k Cr | ₹621 Cr |
| Total liabilities | ₹1.6k Cr | ₹2.2k Cr | ₹2.9k Cr | ₹3.6k Cr | ₹6.2k Cr | ₹4.8k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.6k Cr | ₹2.3k Cr | ₹2.8k Cr | ₹5.5k Cr | ₹3.2k Cr |
| Capital work in progress | ₹7 Cr | ₹1 Cr | ₹7 Cr | ₹7 Cr | ₹8 Cr | ₹8 Cr |
| Investments | ₹88 Cr | ₹110 Cr | ₹84 Cr | ₹355 Cr | ₹3 Cr | ₹921 Cr |
| Other assets | ₹294 Cr | ₹505 Cr | ₹543 Cr | ₹506 Cr | ₹716 Cr | ₹685 Cr |
| Total assets | ₹1.6k Cr | ₹2.2k Cr | ₹2.9k Cr | ₹3.6k Cr | ₹6.2k Cr | ₹4.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +3.11 pp while FIIs trimmed −2.61 pp. The shareholder count grew 3% to 2,52,889.
- Promoters
- 61.4%
- FIIs
- 6.8%
- DIIs
- 18.8%
- Public
- 13.0%
Since Jun 2025
- Public +3.11 pp
- FIIs −2.61 pp
- Promoters −1.25 pp
How it drifted, 12 quarters
Over this window DIIs went from 8.2% to 18.8% — +10.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 62.7%, FIIs 13.3%, DIIs 8.2%, Public 15.7%.Dec '23: Promoters 62.7%, FIIs 12.5%, DIIs 8.5%, Public 16.3%.Mar '24: Promoters 62.7%, FIIs 12.4%, DIIs 12.2%, Public 12.6%.Jun '24: Promoters 62.7%, FIIs 11.7%, DIIs 14.2%, Public 11.4%.Sep '24: Promoters 62.7%, FIIs 11.2%, DIIs 15.4%, Public 10.7%.Dec '24: Promoters 62.7%, FIIs 11.2%, DIIs 15.5%, Public 10.7%.Mar '25: Promoters 62.7%, FIIs 10.5%, DIIs 16.9%, Public 9.9%.Jun '25: Promoters 62.6%, FIIs 9.4%, DIIs 18.1%, Public 9.9%.Sep '25: Promoters 61.4%, FIIs 6.5%, DIIs 19.8%, Public 12.3%.Dec '25: Promoters 61.4%, FIIs 5.8%, DIIs 19.4%, Public 13.4%.Mar '26: Promoters 61.4%, FIIs 6.1%, DIIs 19.3%, Public 13.2%.Jun '26: Promoters 61.4%, FIIs 6.8%, DIIs 18.8%, Public 13.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Consumption Fund Mutual fund newly disclosed 1.38% held
- Bajaj Life Insurance Limited Insurer newly disclosed 1.19% held
- Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund +0.71 pp 7.06% held
- Kotak Small Cap Fund Mutual fund +0.14 pp 1.53% held
- HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund +0.11 pp 1.42% held
- Aurelia Global Hospitality SPV FZCO newly disclosed 0.00% held
- Spring Hospitality SPV FZCO newly disclosed 0.00% held
- Fuelbuddy Zimbabwe (Private) Limited newly disclosed 0.00% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Devyani International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rj Corp Limited | 57.98% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 7.06% | +0.71 pp |
| Varun Jaipuria | 3.21% | unchanged |
| Dunearn Investments (Mauritius) Pte Ltd FPI fund | 2.87% | unchanged |
| Kotak Small Cap Fund Mutual fund | 1.53% | +0.14 pp |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 1.42% | +0.11 pp |
| HDFC Mutual Fund - HDFC Consumption Fund Mutual fund | 1.38% | newly disclosed |
| Bajaj Life Insurance Limited Insurer | 1.19% | newly disclosed |
| Ravi Kant Jaipuria | 0.17% | unchanged |
| SFT Technologies Private Limited | 0.00% | unchanged |
| Madhu Rajendra Jindal | 0.00% | unchanged |
| Aishwarya M Mariwala | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in DEVYANI
Filings to Aug 2026
3 new, 6 added, 1 trimmed, 0 sold out — net +86.26 L shares (+8.3%).
- Held by funds
- ₹1.5k Cr
- 16 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹503 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹503 Cr | held | Feb '24 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹246 Cr | held | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹216 Cr | held | Jul '24 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹130 Cr | held | Jan '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹125 Cr | +19.29 L | Jan '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹91 Cr | +5.57 L | Aug '21 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹61 Cr | held | Oct '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹49 Cr | held | Jan '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +86.26 L shares (+8.3%)
- Funds are sitting on
- -24%
- vs est. average cost
- Held by funds
- ₹1.5k Cr
- 16 schemes · ≈ 8.5% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹503 Cr · 0.9% of that fund
- Longest holder
- Nippon India Growth Mid Cap Fund
- 5y 1m · since Aug '21
Shares held by these funds +352%
Aug '23 10.68 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Devyani International Limited
Guides on how to read this kind of business and the numbers that matter.