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DEVYANI - Devyani Intl.

📊 NSE: DEVYANI 🏢 Hotels 📅 Last Updated: 12/13/2025 21:29

📢 Recent Corporate Announcements

Devyani International to Attend CLSA India Consumer Tour on March 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Mar 2026, 05:17 PM

Devyani International Limited has scheduled a physical group meeting with institutional investors on March 18, 2026. The meeting is part of the CLSA India's 2nd On Road Consumer Tour 2026 and will take place in Gurugram. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this event. This disclosure is a routine compliance requirement under SEBI Listing Regulations to ensure transparency regarding investor interactions.

Participation in CLSA India's 2nd On Road Consumer Tour 2026 scheduled for March 18, 2026
The event will be a physical group meeting held in Gurugram
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 No immediate action is required as this is a routine investor meeting. Investors may monitor for any subsequent investor presentations or transcripts that the company might release post-event.

Devyani International to Merge Three Wholly-Owned Subsidiaries Including Sky Gate Hospitality

🟢 POSITIVE ⭐ 7/10

M&A 📅 10 Mar 2026, 04:49 PM

Devyani International's board has approved the merger of three wholly-owned subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality, and Say Chefs Eatery—into the parent company. Sky Gate, the largest of the three, contributed ₹2,657.57 million in turnover for FY25 and operates the 'Biryani By Kilo' brand concept. The merger aims to streamline corporate tiers, reduce operational costs, and achieve better business synergies. Since these are wholly-owned subsidiaries, no new shares will be issued, and the shareholding pattern of Devyani remains unchanged.

Merger involves Sky Gate Hospitality, Blackvelvet Hospitality, and Say Chefs Eatery into Devyani International.
Sky Gate Hospitality reported a standalone turnover of ₹2,657.57 million and a net worth of ₹761.14 million in FY25.
The combined turnover of the three subsidiaries being merged is approximately ₹2,975 million based on FY25 figures.
No fresh shares will be issued as the entities are 100% owned, resulting in zero equity dilution for existing shareholders.
The appointed date for the scheme is set as April 1, 2025, subject to NCLT and regulatory approvals.

💡 Investors should view this as a positive move to simplify the corporate structure and improve operational margins by consolidating the Biryani and cloud kitchen businesses directly under the main entity. No immediate action is required as there is no dilution of equity.

Devyani International to Merge Three Wholly-Owned Subsidiaries Including Sky Gate Hospitality

🟢 POSITIVE ⭐ 8/10

M&A 📅 10 Mar 2026, 04:42 PM

Devyani International (DIL) has approved the merger of three wholly-owned subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality, and Say Chefs Eatery—into the parent company. Sky Gate Hospitality is the most significant entity, reporting a turnover of ₹2,657.57 million for FY25 and operating over 100 outlets. As these are 100% subsidiaries, no new shares will be issued, and the shareholding pattern remains unchanged. The consolidation aims to drive business synergies, reduce operational costs, and optimize resource utilization across its QSR portfolio.

Merger of Sky Gate, Blackvelvet, and Say Chefs into Devyani International approved by the Board.
Sky Gate Hospitality contributed ₹2,657.57 million in standalone turnover for the financial year ended March 31, 2025.
No fresh shares will be issued as the merging entities are already direct or indirect wholly-owned subsidiaries.
The appointed date for the scheme of amalgamation is set for April 1, 2025.
The merger consolidates over 100 outlets across 40+ cities, including brands like 'Handi Biryani'.

💡 Investors should view this as a positive step toward operational efficiency and cost optimization; monitor the successful integration of the Biryani segment into DIL's core QSR operations.

Devyani International Shareholders Approve Capital Re-classification and NCRPS Issuance

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 08 Mar 2026, 10:59 PM

Devyani International Limited has received shareholder approval for two major special resolutions via a postal ballot concluded on March 8, 2026. The resolutions include the re-classification of the company's Authorised Share Capital and the issuance of Non-convertible Redeemable Preference Shares (NCRPS) on a private placement basis. Both resolutions passed with a majority of over 95%, despite a notable 18.5% dissent from institutional investors. This approval provides the company with the necessary regulatory clearance to proceed with its capital restructuring and fundraising plans.

Resolution for re-classification of Authorised Share Capital passed with 95.32% majority assent.
Issuance of Non-convertible Redeemable Preference Shares (NCRPS) approved with 95.25% majority.
Total voter participation represented 87.84% of the company's total paid-up equity share capital.
Institutional investors showed significant dissent, with 18.77% voting against the NCRPS issuance.
Promoter group, holding 75.66 crore shares, voted 100% in favor of both resolutions.

💡 Investors should watch for the specific terms of the NCRPS issuance, including the dividend rate and tenure, as this will impact future cash outflows. The approval allows the company to strengthen its capital base for potential expansion or debt management.

Devyani International CEO-Yum Brands Shivashish Pandey Resigns Effective Feb 28, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 05 Mar 2026, 06:53 PM

Devyani International Limited has confirmed the resignation of Mr. Shivashish Pandey from his role as CEO-Yum Brands, effective February 28, 2026. This change in Senior Management Personnel was previously announced on February 4, 2026, following his resignation letter dated November 24, 2025. The Yum Brands segment, which includes major franchises like KFC and Pizza Hut, is a core revenue driver for the company. Investors should monitor the transition process and the appointment of a successor to ensure operational stability in these key brands.

Mr. Shivashish Pandey resigned as CEO-Yum Brands effective close of business hours on February 28, 2026.
The resignation letter was originally submitted to the management on November 24, 2025.
The company had previously disclosed this management change to the exchanges on February 4, 2026.
The disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should track the announcement of a new CEO for the Yum Brands division to gauge potential shifts in the growth strategy for KFC and Pizza Hut. No immediate sell-off is warranted as the resignation was pre-announced and follows a standard notice period.

Devyani International to Attend Kotak Securities Investor Conference on Feb 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 03:51 PM

Devyani International Limited has announced its participation in the 'Kotak Securities - Chasing Growth 2026' conference. The event is scheduled for February 24, 2026, and will be held as a physical group meeting in Mumbai. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction. Such meetings are standard practice for listed companies to engage with institutional investors and discuss general business outlooks.

Participation in Kotak Securities - Chasing Growth 2026 conference
Meeting scheduled for February 24, 2026, in Mumbai
Format of the interaction is a physical group meeting
Compliance disclosure under Regulation 30 of SEBI Listing Regulations

💡 Investors should monitor the exchange filings for any investor presentations or transcripts that may be released following the conference. No immediate trading action is required based on this routine scheduling update.

Devyani Int'l Q3 Revenue Up 11.3% to ₹1,441 Cr; Announces CEO Succession & Sapphire Merger Update

🟢 POSITIVE ⭐ 9/10

MANAGEMENT 📅 11 Feb 2026, 05:51 PM

Devyani International reported an 11.3% YoY revenue growth to ₹1,441 crore for Q3 FY26, driven by steady expansion in its KFC portfolio and international operations. The company announced a significant leadership transition, with CFO Manish Dawar elevated to CEO effective April 1, 2026, following the retirement of Virag Joshi. Management highlighted that the proposed merger with Sapphire Foods is on track, expected to create a platform with over 3,000 stores and annual synergies of ₹210-225 crore. Notably, the company is pausing net new store additions for Pizza Hut in 2026 to focus on turning around loss-making units.

Consolidated revenue reached ₹1,441 crore, up 11.3% YoY, with India operations growing 12.1%.
KFC India added 54 net new stores in Q3, bringing the total brand count to 788 stores.
Sky Gate brands (Biryani by Kilo) achieved brand EBITDA break-even ahead of the company's initial guidance.
Estimated annual synergies from the Sapphire Foods merger are projected between ₹210 crore and ₹225 crore.
CFO Manish Dawar to succeed Virag Joshi as CEO on April 1, 2026; Anupam Kumar appointed as new CFO.

💡 Investors should view the leadership continuity and the early break-even of the Biryani by Kilo brand as positive indicators of execution capability. Monitor the Pizza Hut turnaround strategy and the regulatory progress of the Sapphire Foods merger as key catalysts for future valuation.

Devyani International Allots 67,500 Equity Shares Under ESOP 2021

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:15 PM

Devyani International has allotted 67,500 equity shares to employees following the exercise of options under the Employees Stock Option Scheme 2021. The shares were issued at an exercise price of Rs. 43.328 per share, which includes a premium of Rs. 42.328. This allotment results in a marginal increase in the company's paid-up share capital to 1,23,29,39,791 shares. The dilution effect is negligible, representing less than 0.01% of the total equity base.

Allotment of 67,500 equity shares of face value Re. 1 each on February 10, 2026
Exercise price for the allotment fixed at Rs. 43.328 per share
Total paid-up share capital increased from 1,23,28,72,291 to 1,23,29,39,791 equity shares
Newly allotted shares rank pari-passu with existing equity shares in all respects

💡 This is a routine administrative update with minimal impact on share value. No action is required from investors based on this specific announcement.

Devyani International Shareholders Approve Shifting Registered Office to Haryana with 99.99% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 05:40 PM

Devyani International Limited has received shareholder approval via a postal ballot to relocate its registered office from Delhi to the State of Haryana. The special resolution passed with an overwhelming majority, receiving 99.998% of the total valid votes cast. This administrative move involves a consequential amendment to Clause II of the company's Memorandum of Association. The voting process saw high participation, with approximately 88.98% of the total paid-up equity capital being polled.

Special resolution to shift the registered office from Delhi to Haryana approved with 99.998% majority.
A total of 1,09,69,61,702 votes were cast in favor, while only 17,069 votes were against.
Total votes polled represented 88.98% of the company's 123.28 crore total equity shares.
The resolution was passed on February 6, 2026, following a month-long remote e-voting period.

💡 This is a routine administrative change and does not impact the company's business fundamentals or financial outlook. No action is required from investors.

Devyani Intl to Issue Rs 30 Cr Preference Shares to Acquire Stake in Sky Gate Hospitality

🟡 NEUTRAL ⭐ 6/10

M&A 📅 06 Feb 2026, 09:15 PM

Devyani International is seeking shareholder approval via postal ballot to issue Non-convertible Redeemable Preference Shares (RPS) worth approximately Rs 30 crore. These shares are being issued as non-cash consideration to Mr. Kaushik Kumar Roy for the acquisition of 12,254 equity shares in the company's subsidiary, Sky Gate Hospitality Private Limited. The company also proposes to re-classify its authorized share capital to accommodate this issuance. Remote e-voting for these special resolutions will take place between February 7 and March 8, 2026.

Issuance of 3,00,000 Non-convertible Redeemable Preference Shares at a face value of Rs 1,000 each.
Total transaction value for the subsidiary stake acquisition is approximately Rs 30 crore.
Acquisition involves 12,254 equity shares of Sky Gate Hospitality Private Limited.
Authorized share capital re-classified to Rs 567.5 crore, split between equity and preference shares.
The RPS will be non-participating, non-cumulative, and will not be listed on stock exchanges.

💡 This is a strategic move to consolidate ownership in a subsidiary using a non-cash instrument, preserving liquidity. Investors should monitor the performance of Sky Gate Hospitality's brands to assess the long-term value of this increased stake.

Devyani International to Attend Nuvama and Axis Capital Investor Conferences in Feb 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 04:23 PM

Devyani International Limited has announced its participation in two upcoming institutional investor conferences in Mumbai. The company will attend the Nuvama India Conference on February 10, 2026, followed by the Axis Capital Advantage India Conference on February 11, 2026. Both events are structured as physical group meetings to facilitate interaction with the investment community. The company has explicitly stated that no unpublished price sensitive information will be shared during these interactions.

Scheduled to attend Nuvama India Conference 2026 on February 10, 2026
Participation in Axis Capital's Flagship India Conference on February 11, 2026
Both events are physical group meetings held in Mumbai
Management confirms no UPSI will be disclosed during these sessions

💡 Investors should look for any investor presentations uploaded to the exchanges following these meets for updates on operational strategy. No immediate trading action is necessitated by this routine disclosure.

Devyani International Releases Q3 & 9M FY26 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 04 Feb 2026, 05:28 PM

Devyani International Limited has released the audio recording of its conference call with investors and analysts held on February 4, 2026. This call followed the announcement of the company's unaudited financial results for the third quarter and nine months ended December 31, 2025. The recording provides a platform for management to discuss operational performance and answer stakeholder queries. This is a standard regulatory disclosure under SEBI Listing Obligations to ensure transparency for all market participants.

Audio recording of the Q3 and 9M FY26 earnings call held on February 4, 2026, is now available.
The call was conducted post the declaration of unaudited financial results for the period ending December 31, 2025.
The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The recording link is hosted on the company's official investor relations website.

💡 Investors should listen to the recording to understand management's commentary on store expansion and margin pressures. This is a routine filing and does not require immediate portfolio changes.

Devyani International Q3 FY26 Revenue Up 11.3% to Rs 1,441 Cr; CEO Succession Announced

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:52 PM

Devyani International (DIL) reported a consolidated revenue growth of 11.3% YoY to Rs 14,409 million for Q3 FY26, supported by a 15.7% EBITDA margin. While KFC India and International operations showed steady growth of 5.9% and 10.1% respectively, Pizza Hut India revenue declined by 6.3% YoY. A key highlight is the 'Biryani by Kilo' brand achieving EBITDA breakeven ahead of schedule. The company also announced a major leadership transition with Manish Dawar set to become CEO effective April 1, 2026, as the current CEO Virag retires.

Consolidated Revenue grew 11.3% YoY to Rs 14,409 million with EBITDA at Rs 2,267 million.
Added 95 net new stores during the quarter, bringing the total global store count to 2,279.
KFC India revenue rose 5.9% to Rs 6,032 million; International business grew 10.1% to Rs 4,734 million.
Biryani by Kilo achieved brand EBITDA breakeven; Pizza Hut India revenue fell 6.3% leading to a store rationalization strategy.
Management transition: Manish Dawar elevated to CEO and Anupam Kumar to CFO effective April 2026.

💡 Investors should focus on the successful scaling of KFC and the breakeven of newer brands like Biryani by Kilo, while monitoring the effectiveness of the Pizza Hut turnaround strategy. The smooth leadership transition provides clarity on future execution.

Devyani International Q3 FY26: Revenue Up 11.3% to ₹1,441 Cr; New CEO Appointed

🔵 WATCH ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:47 PM

Devyani International reported a consolidated revenue growth of 11.3% YoY to ₹1,441 crore for Q3 FY26, supported by a 12.1% growth in India operations. The company added 95 net new stores during the quarter, bringing the total global count to 2,279. A key highlight is the 'Biryani by Kilo' brand achieving EBITDA breakeven ahead of its March 2026 target. However, Pizza Hut continues to struggle with a negative SSSG of 9.1%, prompting a strategy to rationalize loss-making stores.

Consolidated Revenue increased 11.3% YoY to ₹14,409 million, with India revenue growing 12.1%.
Added 95 net new units (NNU) in Q3, including 54 KFC stores and 20 international stores.
KFC India reported an ADS of ₹92k with a -2.9% SSSG, while Pizza Hut SSSG declined by 9.1%.
Manish Dawar elevated to President and CEO effective April 1, 2026, as Virag Joshi retires.
Consolidated Operating EBITDA improved to 8.6% from 6.8% in the previous quarter.

💡 Investors should monitor the leadership transition and the effectiveness of the Pizza Hut store rationalization strategy. While KFC remains the primary growth driver, the early turnaround of 'Biryani by Kilo' is a positive sign for the own-brands portfolio.

Devyani International Appoints Manish Dawar as CEO; Virag Joshi to Step Down

🟡 NEUTRAL ⭐ 8/10

MANAGEMENT 📅 04 Feb 2026, 12:38 PM

Devyani International (DIL) has announced a major leadership transition, elevating current CFO Manish Dawar to the role of President & CEO effective April 1, 2026. This follows the superannuation of Virag Joshi, who will transition to a Non-Executive Director role after a 20-year tenure. The company also appointed Anupam Kumar as the new CFO and Neeraj Tiwari as CTO to strengthen its digital-first strategy. These changes come as DIL manages over 2,200 stores and prepares for a significant proposed merger with Sapphire Foods.

Manish Dawar elevated to President & CEO effective April 1, 2026, bringing 30+ years of experience.
Virag Joshi to retire as CEO on March 31, 2026, but remains on the Board as a Non-Executive Director.
Anupam Kumar, with 20+ years of experience, promoted to Chief Financial Officer effective April 1, 2026.
Neeraj Tiwari appointed as Chief Technology Officer to lead digital initiatives for the 2,200+ store network.
Manish Dawar confirmed to lead the merged entity upon completion of the Sapphire Foods merger.

💡 Investors should view this as a planned succession that ensures continuity, especially with the CFO moving into the CEO role. Monitor the execution of the Sapphire Foods merger under this new leadership team for long-term value creation.

View All DEVYANI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 39.2% YoY to INR 4,951.1 Cr in FY 2024-25. In Q2 FY26, Indian operations (including Sky Gate) grew 12.1% YoY to INR 937 Cr, while the International business grew 14% YoY to INR 450 Cr. Own brands (Vaango, Biryani By Kilo, Goila) recorded INR 86 Cr in revenue.

Geographic Revenue Split

India remains the primary market contributing approximately 68% of Q2 FY26 revenue (INR 937 Cr), while International markets (Thailand, Nigeria, Nepal) contribute approximately 32% (INR 450 Cr).

Profitability Margins

Gross margins stood at 67.8% in Q2 FY26, a decline from 69.7% in the previous year primarily due to the consolidation of the Sky Gate portfolio. Net Profit Margin improved to 0.71% in FY 2024-25 from -0.20% in the previous year due to lower expenses and provisions.

EBITDA Margin

Reported EBITDA margin was 14.1% in Q2 FY26 (INR 194 Cr). On a pre-IND AS basis, consolidated operating EBITDA margin was 6.8% (INR 93 Cr), down from 8.1% in the previous quarter due to the full impact of Sky Gate consolidation and start-up costs for new brands.

Capital Expenditure

The company is engaged in aggressive expansion, opening 257 new stores in FY 2024-25 and reaching a total of 2,184 stores by September 2025. While specific total INR Cr capex for the next year is not disclosed, the focus remains on Tier II and Tier III city penetration.

Credit Rating & Borrowing

Interest Coverage Ratio declined 35% to 1.12x in FY 2024-25. Finance costs increased 41.7% YoY to INR 264.8 Cr due to the full-year impact of term loans availed in FY 2023-24.

⚙️ Operational Drivers

Raw Materials

Food and beverage ingredients represent 98.31% of the business activity. Specific inputs include poultry for KFC, dairy and flour for Pizza Hut, and specialized ingredients like Chana for the new 'Chana Burger'.

Import Sources

Sourced across 32 States and Union Territories in India and 3 international locations (Thailand, Nigeria, Nepal).

Capacity Expansion

Current store count is 2,184 as of September 2025, including 1,100 KFC stores and 630 Pizza Hut stores. The company added 257 stores in FY 2024-25 and continues testing new brands like Tealive (6 outlets).

Raw Material Costs

Gross profit was INR 3,412.2 Cr in FY 2024-25 (68.9% of revenue). Gross margins in India declined 1.9% YoY to 69.7% in Q2 FY26 due to input cost changes and the consolidation of lower-margin portfolios like Sky Gate.

Manufacturing Efficiency

Efficiency is driven by 'Digital Acceleration' and 'Delivery Optimization' to improve brand contribution margins, which were 11.7% in Q2 FY26.

Logistics & Distribution

Distribution is optimized through digital transformation in HR and operational processes to enhance agility and support a future-ready talent pool.

📈 Strategic Growth

Expected Growth Rate

39%

Growth Strategy

Growth is driven by a 'Focused and Scalable Expansion' strategy targeting Tier II and Tier III cities, penetration into institutional channels like airports and food courts (e.g., Devyani PVR INOX JV), and the turnaround of the Sky Gate portfolio to breakeven by March 2026.

Products & Services

Quick Service Restaurant (QSR) products including fried chicken, pizza, coffee, biryani, burgers, and bubble tea.

Brand Portfolio

KFC, Pizza Hut, Costa Coffee, Vaango, Biryani By Kilo, Goila Butter Chicken, Tealive, New York Fries, Sanook Kitchen.

New Products/Services

Launched 'Chana Burger' and 'Epic Savers' campaign to cater to value-conscious consumers; testing 'Tealive' bubble tea with 6 initial outlets.

Market Expansion

Expanding into food courts via Devyani PVR INOX Private Limited and increasing international footprint in Thailand, which showed strong performance with 16.7% brand contribution margins.

Strategic Alliances

Joint Venture with PVR INOX (Devyani PVR INOX) for food court operations; franchise agreements for Yum! Brands (KFC, Pizza Hut) and Costa Coffee.

🌍 External Factors

Industry Trends

The QSR industry is seeing a shift toward 'value layers' and institutional channel penetration (airports/transit zones) to offset weak high-street demand. DIL is positioning itself by diversifying its brand portfolio and optimizing delivery.

Competitive Landscape

Competes with other global and local QSR players; currently focusing on 'Epic Savers' to compete in the value segment.

Competitive Moat

Moat is built on a diversified portfolio of global iconic brands (KFC, Pizza Hut) and a strong presence in high-traffic transit hubs. Sustainability is supported by a robust internal control framework and strategic expansion into under-penetrated Tier II/III cities.

Macro Economic Sensitivity

High sensitivity to inflation and consumer sentiment; management notes that demand remains weak and consumers are becoming highly value-conscious.

Consumer Behavior

Shift toward value-conscious purchasing; consumers respond well to promotions but demand drops when promotions are withdrawn.

Geopolitical Risks

Exposure to international market volatility in Nigeria, Thailand, and Nepal.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with food safety standards and local restaurant licensing across 32 Indian states and 3 international countries.

Environmental Compliance

Disclosures made under Business Responsibility & Sustainability Report (BRSR) on a standalone basis.

Taxation Policy Impact

Subject to standard corporate tax; impacted by the introduction of GST 2.0, though the full impact is still being assessed.

⚠️ Risk Analysis

Key Uncertainties

Integration and turnaround of the Sky Gate portfolio, which currently operates at a brand-level loss (approx. INR 3-3.5 Cr quarterly); sustainability of margins amidst high promotional intensity.

Geographic Concentration Risk

India accounts for the majority of operations (32 states/UTs), with specific regional risks like heavy rains in East India impacting KFC sales during Pujo.