India's largest Yum! Brands franchisee — runs KFC, Pizza Hut, Costa Coffee across India, Thailand, Nigeria and Nepal.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,581 | +16.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 16.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 17.0 | +750.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | -0.70 | −2.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 8.66 | +0.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 14.75 | −25.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 8 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Thailand Store Additions | 20-25 stores in FY26 | Q3 FY25 | Promise for FY26 was achieved in the target year. | Achieved |
| Thailand Revenue Growth | 11-12% in FY26 (driven by 3-4% SSSG) | Q3 FY25 | Promise for FY26 was missed in the target year. | Missed |
| Net New Stores | 200 to 225 net new stores in FY27 | Q4 FY26 | Total global store count decreased by 1 from 2256 to 2255. This is significantly behind the required pace to meet the annual target. | At Risk |
4 of Devyani International Limited's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹162.54 on 24 Oct 2025 → ₹120.45. High ₹167.8 (30 Oct 2025), low ₹94.59 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 8 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Thailand Store Additions | 20-25 stores in FY26 | Q3 FY25 | Promise for FY26 was achieved in the target year. | Achieved |
| Thailand Revenue Growth | 11-12% in FY26 (driven by 3-4% SSSG) | Q3 FY25 | Promise for FY26 was missed in the target year. | Missed |
| Net New Stores | 200 to 225 net new stores in FY27 | Q4 FY26 | Total global store count decreased by 1 from 2256 to 2255. This is significantly behind the required pace to meet the annual target. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Devyani International Limited Q1 FY27
Devyani International Limited reported a strong Q1 FY27, with consolidated revenue up 16.5% YoY to INR 1,581 crore and record Operating EBITDA of INR 151 crore. KFC and own brands showed positive SSSG, while Pizza Hut continued to struggle. The company is navigating a challenging macro environment and progressing with the Sapphire Foods merger, aiming for completion by FY27 end.
Read the full callDevyani Intl. Q4 FY26
Devyani International reported a strong Q4 FY26, driven by robust performance in KFC and international markets, with consolidated revenue growing 18.5% YoY. The company is progressing with its merger with Sapphire Foods and transforming its management team for future growth. While Pizza Hut faced SSSG challenges, own brands showed positive momentum, and the company plans to add 200-225 new stores in FY27.
Read the full callDevyani Intl. Q3 FY26
Devyani International delivered a resilient Q3 FY26 performance characterized by steady revenue growth and a significant strategic pivot. The company is focusing on a major merger with Sapphire Foods while simultaneously initiating a turnaround for Pizza Hut by halting net new store additions for 2026. Profitability showed sequential improvement, particularly in the 'Own Brands' portfolio, and early signs of consumption recovery were noted in January 2026.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +750% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 |
| Expenses | 1,026 | 1,081 | 1,027 | 1,151 | 1,185 | 1,210 | 1,217 | 1,326 |
| Operating profit | 196 | 213 | 186 | 206 | 192 | 231 | 220 | 254 |
| Operating margin | 16.0% | 16.0% | 15.0% | 15.0% | 14.0% | 16.0% | 15.0% | 16.0% |
| Other income | 5 | 9 | 13 | 13 | 3 | -10 | 18 | 19 |
| Interest | 65 | 67 | 70 | 67 | 69 | 70 | 70 | 70 |
| Depreciation | 139 | 147 | 152 | 150 | 155 | 167 | 182 | 180 |
| Profit before tax | -4 | 9 | -22 | 3 | -29 | -16 | -15 | 23 |
| Tax rate | 26.0% | 190.0% | −25.0% | 19.0% | −18.0% | −31.0% | −32.0% | 25.0% |
| Net profit | -5 | -8 | -17 | 2 | -24 | -11 | -10 | 17 |
| EPS (₹ per share) | 0 | 0 | -0.12 | 0.03 | -0.18 | -0.08 | -0.08 | 0.12 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,943 | 3,556 | 4,951 | 5,612 |
| Expenses | 2,303 | 3,000 | 4,140 | 4,763 |
| Operating profit | 640 | 556 | 811 | 849 |
| Other income | 13 | 19 | 37 | 24 |
| Interest | 142 | 187 | 265 | 276 |
| Depreciation | 273 | 385 | 570 | 654 |
| Profit before tax | 238 | 4 | 14 | -57 |
| Net profit | 260 | -10 | -8 | -43 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 120 | 120 | 121 | 121 | 123 | 123 |
| Reserves | 566 | 850 | 935 | 974 | 1,430 | 1,419 |
| Borrowings | 1,254 | 1,565 | 2,906 | 3,188 | 3,343 | 3,833 |
| Other liabilities | 322 | 450 | 971 | 1,057 | 1,310 | 1,375 |
| Total liabilities | 2,263 | 2,985 | 4,932 | 5,339 | 6,207 | 6,750 |
| Fixed assets | 1,756 | 2,427 | 4,216 | 4,622 | 5,480 | 5,686 |
| Capital work in progress | 7 | 15 | 11 | 3 | 8 | 8 |
| Investments | 0 | 0 | 0 | 1 | 3 | 2 |
| Other assets | 500 | 543 | 705 | 712 | 716 | 1,054 |
| Total assets | 2,263 | 2,985 | 4,932 | 5,339 | 6,207 | 6,750 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 240 | 451 | 637 | 766 | 900 | 927 |
| Cash from investing | -355 | -375 | -349 | -1,551 | -461 | -419 |
| Cash from financing | 142 | -58 | -283 | 889 | -425 | -197 |
| Net cash flow | 27 | 17 | 5 | 105 | 14 | 310 |
| Free cash flow | 107 | 158 | 213 | 305 | 418 | 486 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 5 | 4 | 4 | 5 | 3 | 4 |
| Inventory days | 66 | 52 | 52 | 45 | 35 | 34 |
| Days payable | 171 | 119 | 98 | 130 | 105 | 127 |
| Cash conversion cycle | -100 | -64 | -42 | -79 | -66 | -89 |
| Working capital days | -95 | -26 | -37 | -65 | -60 | -85 |
| Return on capital employed | 2.0% | 16.0% | 18.0% | 6.0% | 6.0% | 5.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 61.37% as of Sept 2026; institutions added 1.35 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Devyani International Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 57.98% | unchanged | |
| Mutual fund | 7.59% | +0.53 pp |
| 3.21% | unchanged | |
| FPI fund | 2.87% | unchanged |
| Mutual fund | 1.81% | +0.39 pp |
| Mutual fund | 1.60% | newly disclosed |
| Mutual fund | 1.53% | unchanged |
| Insurer | 1.48% | +0.29 pp |
| Mutual fund | 1.01% | newly disclosed |
| Insurer | 1.01% | newly disclosed |
| 0.17% | unchanged | |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 1 added, 5 trimmed, 0 sold out — net +1.52 L shares (+0.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹472 Cr | held | Feb '24 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹231 Cr | held | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹203 Cr | held | Jul '24 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹148 Cr | held | Jan '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹118 Cr | held | Jan '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹85 Cr | held | Aug '21 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹58 Cr | held | Oct '24 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹56 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 Sep 2026
1 added, 5 trimmed — net +1.52 L shares (+0.1%)
Shares held by these funds +423%
Oct '23 11.31 cr shares Sep '26
Your own record
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