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NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Devyani International Ltd.
NSE: DEVYANIConsumer CyclicalRestaurants
- Last close
- ₹117.38
- Day change
- −₹1.97 (−1.65%)vs
- Market cap
- ₹15,033 crIndian rupees
- Research updated
- 1 report
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About Devyani International
Devyani International Ltd. is a major player in the food and beverage industry, primarily operating as a franchisee for well-known quick service restaurant (QSR) brands. It holds significant franchise rights for global names such as KFC, Pizza Hut, and Costa Coffee across various geographic regions, predominantly in India. The company’s core function is to establish and run outlets for these brands, leveraging established brand equity and a proven business model to capture a significant share of the growing QSR market. Devyani International is strategically focused on expanding its footprint in both existing and new markets, catering to the evolving consumer preferences for convenient and quality dining experiences. As a cornerstone of its business, the company prioritizes operational efficiency, strategic location selection, and customer service excellence, positioning itself as a leader in the competitive QSR segment. Its market significance stems from its dynamic growth and contribution to the fast-paced expansion of the eating-out culture in Asia, offering potential insights into consumer trends and retail innovations in the sector.
- Sector
- Consumer Cyclical
- Industry
- Restaurants
- Listing
- NSE: DEVYANI
- Chief executive
- Mr. Manish Dawar
- Employees
- 15,955
- Headquarters
- Gurugram, India
- ISIN
- INE872J01023
- Website
- dil-rjcorp.com
Public research · Report of
Business model & financial foundation
Devyani International (NSE: DEVYANI), Quick-service restaurants and food courts: revenue of ₹5,611 crore in FY26 (+13.3% on FY25), an EBITDA margin of 15.2%, net profit of ₹-38.6 crore and net debt of ₹869.1 crore.
- Revenue, FY26 (₹ crore)
- 5,611
- consolidated
- Revenue growth, FY26
- +13.3%
- on FY25
- Net profit, FY26 (₹ crore)
- -38.6
- to owners
- Return on equity, FY26
- -2.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 869.1
- Company reported net debt excluding leases
- Market capitalisation (₹ crore)
- 16,853
- at the close of 17 Oct 2026
Company profile
Operates quick-service restaurants and food courts across India, Nepal, Nigeria and Thailand. Its portfolio includes KFC, Pizza Hut, Costa Coffee, Vaango and Food Street; Sky Gate adds Indian-cuisine brands. Overseas and Sky Gate controlled entities are consolidated; jointly controlled 51% ventures use equity accounting.
| Item | Value |
|---|---|
| Legal name | Devyani International Limited |
| Exchange and ticker | NSE: DEVYANI; BSE: 543330 |
| ISIN | INE872J01023 |
| CIN | L15135HR1991PLC143853 |
| Sector | Consumer discretionary |
| Industry | Quick-service restaurants and food courts |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP and O P Bagla & Co LLP |
| Market capitalisation | ₹16,853 crore (17 Oct 2026) |
| Shares outstanding | 122.76 crore shares (FY26) |
| Price | ₹121.9 (close, 17 Oct 2026) |
| 52-week range | ₹91.55 - ₹169.8 (to 17 Oct 2026) |
| Website | https://dil-rjcorp.com |
Corporate structure and shareholding
Parent: RJ Corp Limited.
| Entity | Holding | Business |
|---|---|---|
| Devyani International (Nepal) Private Limited | 100% | Nepal QSR operations |
| RV Enterprizes Pte. Limited | 87.31% | Singapore SPV holding Nigeria investment; interest at 31 March 2026 |
| Devyani International (Nigeria) Limited | 68.75% | Nigeria QSR, step-down via RV Enterprizes; effective group ownership |
| Devyani International DMCC | 51% | Dubai SPV holding Thailand investments; Camas/Temasek affiliate other 49% |
| White Snow Company Limited | 24.99% | Thailand SPV holding Blackbriar; effective group ownership |
| Blackbriar Company Limited | 37.73% | Thailand SPV holding Yellow Palm; effective group ownership |
| Yellow Palm Company Limited | 44.23% | Thailand SPV holding Restaurants Development; effective group ownership |
| Restaurants Development Co., Ltd | 47.55% | Thailand QSR, controlled and fully consolidated despite effective economic stake below 50% |
| Sky Gate Hospitality Private Limited | 100% | India QSR; controlled from 10 June 2025; wholly owned 7 March 2026 |
| Blackvelvet Hospitality Private Limited | 100% | India QSR, Sky Gate step-down; FY26 acquisition perimeter |
| Say Chefs Eatery Private Limited | 100% | India QSR, Sky Gate step-down; FY26 acquisition perimeter |
Structure snapshot 31 March 2026, not October legal perimeter. Two 51% economic JVs, Devyani PVR INOX Private Limited and Devyani RK Private Limited, equity accounted (not subsidiaries despite BRSR label). RK later strike-off captured by filing reader. New Haryana CIN/office subsequent to year-end: Plot No.18, Sector-35, Gurugram-122004; old Delhi CIN L15135DL1991PLC046758 and F-2/7 Okhla Phase-I. Sources S7:p154,156,216.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.37% | 61.36% | 61.36% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.77% | 6.13% | 6.81% | |
| Domestic institutions | 19.44% | 19.33% | 18.85% | |
| of which mutual funds | 15.90% | 15.36% | 15.26% | |
| Retail | 4.15% | 4.42% | 4.62% | |
| Other | 9.27% | 8.76% | 8.36% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Source conventions: exact registry IDs appear as [Sn], with page/section locators in prose. is the FY26 annual report published 23 July 2026 (financial statements authorised 15 May); the FY25 annual report published 28 July 2025; FY24 annual report, authorised 14 May 2024, publication date not verified.– are results decks dated, respectively, 11 November 2024, 11 February 2025, 23 May 2025, 13 August 2025, 6 November 2025, 4 February 2026, 15 May 2026 and 29 July 2026./// are transcripts published 13 November 2025/11 February 2026/21 May 2026/4 August 2026, for calls on 6 November/4 February/15 May/29 July. The latest reported quarter reviewed is Q1FY27, not Q2FY27.
Thailand is fully consolidated because it is controlled, despite economic ownership below the full consolidated perimeter; NCI is a separate claim. Sky Gate was controlled from June 2025 and wholly owned in March 2026. PVR INOX is equity-accounted, not fully consolidated merely because economic ownership exceeds half. Statutory geography and rounded management geography are different disclosures, not interchangeable segment results. FY26 statutory external revenue was India INR3,752.096cr, Thailand INR1,691.913cr and rest of world INR167.470cr, totaling INR5,611.479cr. pp156/216/221/225–226; note49 p221, published 23 July 2026.
| Peer | Why the dossier compares them |
|---|---|
| Jubilant FoodWorks (JUBLFOOD) | Domino's-led pizza/QSR delivery rival to Pizza Hut; franchise royalties, store rollout and value-led traffic economics; overseas group differs. |
| Sapphire Foods India (SAPPHIRE) | Closest KFC/Pizza Hut franchise operator; shared Yum brands and India/Sri Lanka footprint. Proposed Devyani merger makes independence conditional. |
| Westlife Foodworld (WESTLIFE) | McDonald's via HRPL in West/South India; closest burger/meal value and cafe competitor with comparable lease-heavy franchise restaurants. |
| Restaurant Brands Asia (RBA) | Burger King India/Indonesia and Popeyes Indonesia; affordable meal/cafe competitor. Consolidated overseas turnaround limits India-only comparability. |
| United Foodbrands (formerly Barbeque-Nation Hospitality) (UFBL) | Requested BARBEQUE renamed; buffet/casual dining, Toscano/SALT and delivery. Relevant discretionary-spend/store economics benchmark, less direct QSR rival. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,064 | 2,973 | 3,556 | 4,951 | 5,611 |
| Cost of revenue (vendor classification) * | 980.7 | 1,425 | 1,772 | 2,249 | 2,930 |
| Other operating costs (vendor classification) * | 544.6 | 744.3 | 923.3 | 2,277 | 1,501 |
| EBITDA (vendor classification) * | 487.4 | 668.9 | 654.6 | 870.0 | 889.9 |
| Operating EBITDA less depreciation and amortisation | 245.8 | 386.3 | 267.5 | 272.3 | 201.4 |
| Finance costs, including lease interest | 122.6 | 144.4 | 186.9 | 264.8 | 275.7 |
| Profit / (loss) before tax | 123.1 | 241.9 | 3.68 | 12.8 | -56.9 |
| Total income tax expense / (credit) | -32.0 | -20.6 | 13.3 | 19.7 | -14.3 |
| Consolidated profit / (loss) including NCI | 155.1 | 262.5 | -9.65 | -6.90 | -42.5 |
| Diluted EPS (₹) | 1.32 | 2.19 | 0.39 | 0.08 | -0.31 |
| Raw and packing materials consumed | 1,051 | 1,535 | 1,767 | ||
| Purchases of stock-in-trade | 5.52 | 3.91 | 4.45 | ||
| Materials consumed plus stock-in-trade purchases | 1,057 | 1,539 | 1,772 | ||
| Employee benefits expense | 495.0 | 710.4 | 829.6 | ||
| Other operating expenses | 1,352 | 1,860 | 2,155 | ||
| Reported post-Ind AS EBITDA | 652.4 | 842.2 | 855.4 | ||
| Depreciation and amortisation | 384.8 | 569.9 | 654.0 | ||
| Other income | 32.3 | 37.0 | 45.1 | ||
| Net impairment of non-current assets | 5.88 | 22.5 | 15.8 | ||
| Foreign exchange loss / (gain), net | 89.4 | 8.92 | -10.2 | ||
| Share of joint ventures' profit / (loss) | 0.00 | -0.32 | -0.51 | ||
| Exceptional income / (expense), signed | -14.0 | 0.00 | -21.5 | ||
| Profit / (loss) attributable to NCI, signed | -56.9 | -16.0 | -3.90 | ||
| Profit / (loss) attributable to owners | 47.3 | 9.15 | -38.6 | ||
| Current tax | 44.0 | 23.7 | 9.03 | ||
| Prior year tax adjustments | -0.74 | -0.93 | -0.38 | ||
| Deferred tax expense / (credit) | -6.14 | -3.13 | -23.0 | ||
| Merger-related current tax credit | -10.6 | 0.00 | 0.00 | ||
| Merger-related deferred tax credit | -13.1 | 0.00 | 0.00 | ||
| Lease interest | 175.0 | 206.0 | 223.4 | ||
| Finance costs excluding lease interest | 12.0 | 58.9 | 52.3 | ||
| PPE depreciation | 176.3 | 304.8 | 348.9 | ||
| Right-of-use depreciation | 175.6 | 235.1 | 270.7 | ||
| Investment property depreciation | 2.54 | 2.91 | 2.18 | ||
| Other intangible amortisation | 30.4 | 27.1 | 32.2 | ||
| Power and fuel included in other expenses | 229.8 | 316.2 | 350.0 | ||
| Rent included in other expenses | 160.4 | 235.9 | 259.7 | ||
| Advertising and sales promotion included in other expenses | 173.2 | 245.8 | 280.4 | ||
| Commission and brokerage included in other expenses | 231.9 | 299.8 | 393.0 | ||
| Royalty and continuing fees included in other expenses | 245.2 | 334.9 | 363.4 | ||
| Freight and delivery included in other expenses | 61.4 | 101.4 | 116.9 | ||
| ESOP expense / (reversal) included in employee cost | 9.96 | -9.21 | 2.43 | ||
| Total income including other income | 3,589 | 4,988 | 5,657 | ||
| Total statutory expenses, before exceptional items | 3,571 | 4,975 | 5,691 | ||
| Profit / (loss) before JV share and exceptional | 17.7 | 13.1 | -34.9 | ||
| Profit / (loss) before exceptional items and tax | 17.7 | 12.8 | -35.4 | ||
| Other comprehensive income | 40.9 | 68.5 | 80.9 | ||
| Total comprehensive income | 31.2 | 61.6 | 38.3 | ||
| Basic EPS (₹) | 0.39 | 0.08 | -0.31 | ||
| Raw and packing materials purchased, within consumption | 1,050 | 1,551 | 1,784 | ||
| Opening less closing raw and packing inventory, within consumption | 1.00 | -16.5 | -16.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 681.6 | 964.2 | 1,349 | 1,402 | 1,885 |
| Borrowings excluding lease liabilities | 1,254 | 1,565 | 910.2 | 931.8 | 1,360 |
| Cash and cash equivalents including short deposits | 57.5 | 62.6 | 167.6 | 181.4 | 491.3 |
| Net trade receivables | 21.1 | 28.9 | 52.7 | 41.3 | 64.1 |
| Inventories | 85.5 | 129.1 | 131.0 | 148.2 | 164.6 |
| Total trade payables | 196.4 | 241.9 | 375.6 | 441.1 | 615.1 |
| Net property plant and equipment excluding ROU | 53.1 | 77.8 | 1,500 | 1,633 | 1,758 |
| Capital work in progress | 6.84 | 15.3 | 11.0 | 3.46 | 7.78 |
| Total assets | 2,263 | 2,985 | 4,932 | 5,339 | 6,750 |
| Equity attributable to owners | 1,056 | 1,094 | 1,542 | ||
| Non-controlling equity interests | 292.8 | 307.9 | 343.4 | ||
| Current borrowings including current maturities | 184.6 | 261.7 | 574.8 | ||
| Non-current borrowings | 725.5 | 670.1 | 785.6 | ||
| Current lease liabilities | 140.7 | 177.1 | 216.0 | ||
| Non-current lease liabilities | 1,855 | 2,079 | 2,257 | ||
| Total recognised Ind AS 116 lease liabilities | 1,996 | 2,256 | 2,473 | ||
| Company reported net debt excluding leases | 742.5 | 750.4 | 869.1 | ||
| Bank deposits outside cash equivalents | 13.2 | 0.00 | 3.55 | ||
| Non-current bank deposits in other financial assets | 1.16 | 13.0 | 16.5 | ||
| Current bank deposits in other financial assets | 10.4 | 0.24 | 0.10 | ||
| Non-current bank deposits under lien | 1.02 | 4.09 | 16.5 | ||
| Business investments in equity-accounted JVs | 0.01 | 1.20 | 2.46 | ||
| Right-of-use assets | 1,691 | 1,880 | 2,031 | ||
| Investment properties | 26.8 | 25.9 | 18.0 | ||
| Goodwill | 428.7 | 458.1 | 683.4 | ||
| Other intangible assets | 570.9 | 625.4 | 1,196 | ||
| Total liabilities | 3,584 | 3,936 | 4,865 | ||
| Equity share capital | 120.6 | 120.6 | 123.3 | ||
| Other equity attributable to owners | 935.2 | 973.8 | 1,419 | ||
| Non-current loans | 0.00 | 0.00 | 3.74 | ||
| Other non-current financial assets | 116.6 | 152.1 | 167.2 | ||
| Other current financial assets | 57.1 | 46.1 | 60.9 | ||
| Net deferred tax assets | 51.2 | 57.4 | 0.00 | ||
| Net deferred tax liabilities | 0.00 | 0.00 | 42.9 | ||
| Non-current income tax assets | 29.8 | 0.82 | 6.65 | ||
| Current income tax assets | 0.38 | 0.71 | 0.00 | ||
| Other non-current assets | 21.3 | 27.5 | 23.9 | ||
| Other current assets | 64.0 | 56.1 | 68.0 | ||
| Total non-current assets | 4,446 | 4,865 | 5,898 | ||
| Total current assets | 486.1 | 473.8 | 852.4 | ||
| Other non-current financial liabilities | 3.82 | 6.29 | 11.7 | ||
| Other current financial liabilities | 161.1 | 162.0 | 172.5 | ||
| Non-current provisions | 58.6 | 66.3 | 94.0 | ||
| Current provisions | 11.6 | 13.6 | 24.9 | ||
| Other non-current liabilities | 5.02 | 2.09 | 2.31 | ||
| Other current liabilities | 57.7 | 56.8 | 67.3 | ||
| Current income tax liabilities | 4.63 | 0.56 | 0.89 | ||
| Total non-current liabilities | 2,648 | 2,823 | 3,193 | ||
| Total current liabilities | 936.0 | 1,113 | 1,671 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 123.3 | 307.3 | 592.5 | 900.2 | 919.2 |
| Free cash flow (vendor definition) * | 144.3 | 199.7 | 114.0 | 409.3 | 460.3 |
| Cash PPE and intangible purchases, positive outflow | -293.0 | -424.0 | 478.5 | 491.0 | 459.0 |
| CFO less cash capex, before lease/debt servicing | 114.0 | 409.3 | 460.2 | ||
| Net investing cash flow, signed | -1,551 | -462.2 | -439.5 | ||
| Net financing cash flow, signed | 889.3 | -425.4 | -197.3 | ||
| Dividends paid | 0.00 | 0.00 | 0.00 | ||
| Cash paid for initial subsidiary acquisitions | 1,091 | 0.00 | 0.00 | ||
| Cash acquired with subsidiaries | 173.9 | 0.00 | 7.31 | ||
| Non-current debt repaid, positive outflow | 0.00 | 80.2 | 170.0 | ||
| Non-current debt proceeds | 805.2 | 51.4 | 220.0 | ||
| Net proceeds from short-term debt | 28.4 | 4.16 | 254.6 | ||
| Lease principal paid, positive outflow | 96.0 | 141.5 | 180.4 | ||
| Lease interest paid, positive outflow | 175.0 | 206.0 | 223.4 | ||
| Other interest paid, positive outflow | 16.5 | 54.5 | 52.3 | ||
| Cash transactions with NCI, signed | 341.2 | 0.00 | -58.5 | ||
| Cash proceeds from equity issue | 1.25 | 0.96 | 12.8 | ||
| Working capital cash movement in receivables | -13.3 | 10.6 | -21.1 | ||
| Working capital cash movement in inventory | 44.1 | -17.6 | -8.95 | ||
| Working capital cash movement in other assets | -41.0 | -10.1 | -19.6 | ||
| Working capital cash movement in payables and liabilities | 47.7 | 81.8 | 144.2 | ||
| Income tax cash paid / (refund), positive outflow | 26.7 | -1.99 | 11.7 | ||
| Proceeds from PPE disposals | 16.6 | 9.13 | 18.2 | ||
| Cash equity invested in JVs | 0.00 | 1.52 | 1.77 | ||
| Net proceeds from current investment disposals | 0.22 | 0.09 | 0.46 | ||
| Term deposits placed, positive outflow | 37.0 | 43.9 | 34.8 | ||
| Term deposit redemption proceeds | 37.0 | 63.9 | 34.3 | ||
| Cash interest received | 2.10 | 1.15 | 3.08 | ||
| Cash share application money pending allotment | 0.81 | 0.30 | 0.00 | ||
| Operating profit before working capital changes | 581.7 | 833.4 | 836.3 | ||
| Cash generated from operations before cash tax | 619.2 | 898.2 | 930.9 | ||
| Effect of foreign currency fluctuation on cash | 0.29 | 1.02 | 20.1 | ||
| Change in cash including translation and acquired cash | 105.1 | 13.7 | 309.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares for EPS | 118.50 | 120.48 | 120.83 | 120.84 | 122.76 |
| Issued equity shares at fiscal year-end | 120.59 | 120.63 | 123.29 | ||
| Reported operating EBITDA before Ind AS lease effect | 380.7 | 494.3 | 450.1 | ||
| Net debt including recognised lease liabilities | 2,738 | 3,006 | 3,342 | ||
| Net debt net of additional current bank deposits, excluding leases | 719.0 | 750.2 | 865.5 | ||
| CFO less capex, lease principal and lease interest | -157.0 | 61.8 | 56.4 | ||
| CFO to total PAT (x) | n.a. | n.a. | n.a. | ||
| CFO to owners PAT (x) | 12.5x | 98.4x | n.a. | ||
| CFO less lease principal and lease interest | 321.5 | 552.7 | 515.3 | ||
| Trade receivables YoY growth (%) | 82.3% | -21.6% | 55.1% | ||
| Revenue YoY growth (%) | 18.6% | 39.2% | 13.3% | ||
| Closing receivable days on revenue | 5 | 3 | 4 | ||
| External RPT operating flows pct revenue | 0.7% | 0.6% | 0.8% | ||
| Contingent claims pct owners equity | 3.1% | 3.2% | 2.4% | ||
| Net debt incl leases to post-IndAS EBITDA (x) | 4.20x | 3.57x | 3.91x | ||
| Company net debt ex leases to pre-IndAS operating EBITDA | 1.95x | 1.52x | 1.93x | ||
| EBIT to total finance cost (x) | 1.43x | 1.03x | 0.73x | ||
| Pre-IndAS EBITDA less nonROU D&A to nonlease finance cost (x) | 14.3x | 2.71x | 1.28x | ||
| Contractual borrowing cash flows within 1 year | 253.9 | 341.4 | 555.5 | ||
| Cash equivalents to 1y contractual borrowing cash flows (x) | 0.66x | 0.53x | 0.88x | ||
| Precommissioning costs capitalised | 30.4 | 57.6 | 37.7 | ||
| Capitalised precommissioning costs pct cash capex | 6.4% | 11.7% | 8.2% | ||
| Active CWIP aged over 1 year pct active CWIP | 7.0% | 0.0% | 4.8% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 |
| Cost of revenue (vendor classification) * | 558.2 | 593.4 | 552.6 | 632.9 | 665.6 | 657.6 | 719.2 | |
| Other operating costs (vendor classification) * | 465.3 | 481.8 | 459.2 | 519.2 | 548.6 | 549.8 | 606.6 | |
| EBITDA (vendor classification) * | 200.6 | 231.2 | 212.5 | 219.4 | 242.2 | 246.3 | 274.6 | |
| EBIT * | 61.4 | 75.5 | 47.2 | 69.7 | 55.1 | 52.0 | 93.1 | |
| Finance costs including lease interest | 65.3 | 67.0 | 69.5 | 66.8 | 68.8 | 70.0 | 70.1 | 70.1 |
| PBT, continuing operations | -3.91 | 8.52 | -22.3 | 2.94 | -26.8 | -14.9 | -18.1 | 22.9 |
| Total tax expense / (credit), continuing operations | 1.01 | 16.2 | -5.59 | 0.52 | -5.20 | -4.92 | -4.74 | 5.82 |
| Consolidated PAT including discontinued operations | -4.92 | -7.65 | -16.8 | 2.23 | -23.9 | -11.0 | -9.84 | 17.1 |
| Diluted EPS, total operations (₹) | 0.00 | 0.00 | -0.12 | 0.03 | -0.18 | -0.08 | -0.08 | 0.12 |
| Cost of materials consumed | 373.6 | 404.2 | 381.1 | 430.9 | 443.0 | 446.8 | 446.8 | 488.2 |
| Purchases of stock-in-trade | 1.11 | 0.96 | 0.80 | 0.84 | 0.85 | 1.29 | 1.48 | 0.80 |
| Materials consumed plus stock-in-trade purchases | 374.7 | 405.2 | 381.9 | 431.8 | 443.8 | 448.1 | 448.3 | 489.0 |
| Employee benefits expense | 183.4 | 188.2 | 170.6 | 201.1 | 201.7 | 217.5 | 209.3 | 230.1 |
| Other expenses | 465.3 | 481.8 | 459.2 | 519.2 | 536.9 | 548.6 | 549.8 | 606.6 |
| Reported EBITDA (post-Ind AS lease accounting) | 198.7 | 219.2 | 200.9 | 204.9 | 194.3 | 226.7 | 229.5 | 254.8 |
| Operating EBITDA (management pre-Ind AS) | 114.3 | 130.6 | 108.1 | 109.5 | 93.4 | 124.0 | 123.0 | 151.1 |
| Other income | 4.84 | 9.05 | 13.2 | 13.5 | 5.13 | 12.3 | 14.1 | 19.2 |
| Depreciation and amortisation | 139.1 | 146.8 | 151.8 | 149.7 | 155.2 | 166.6 | 182.5 | 180.4 |
| Impairment expense / (reversal) | 0.01 | 8.93 | 13.6 | 0.00 | 5.11 | -1.09 | 11.8 | 1.13 |
| Foreign exchange loss / (gain), signed expense | 3.01 | -2.98 | 1.29 | -1.17 | -3.10 | -3.27 | -2.65 | -0.52 |
| Share of JV profit / (loss), signed | -0.01 | -0.10 | -0.22 | -0.14 | -0.20 | -0.13 | -0.05 | 0.06 |
| Exceptional gain / (loss), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -21.5 | 0.00 | 0.00 |
| PAT attributable to NCI, signed | -4.94 | -7.15 | -2.03 | -1.46 | -2.06 | -0.59 | 0.20 | 2.46 |
| PAT attributable to owners | 0.02 | -0.49 | -14.7 | 3.69 | -21.9 | -10.4 | -10.0 | 14.6 |
| Current tax | 5.25 | 2.11 | 2.85 | 7.67 | 1.69 | -0.81 | 0.47 | 8.70 |
| Deferred tax expense / (credit) | -4.35 | 15.1 | -8.44 | -7.16 | -6.98 | -3.65 | -5.20 | -2.89 |
| Weighted average diluted shares for quarter | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Separate change in inventory expense | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| PAT from discontinued operations, signed | n.a. | n.a. | n.a. | -0.19 | -2.37 | -0.99 | 3.55 | 0.00 |
| Tax adjustments relating to earlier years | 0.11 | -1.07 | n.d. | n.d. | 0.09 | -0.47 | n.d. | n.d. |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 84.4% | 44.0% | 19.6% | 39.2% | 13.3% |
| EBITDA margin | 18.3% | 17.0% | 15.2% | ||
| Net margin | 1.3% | 0.2% | -0.7% | ||
| Return on equity | 4.1% | 0.7% | -2.4% | ||
| Return on capital employed | 14.7% | 17.3% | 11.2% | 11.9% | 7.2% |
| Return on assets | 1.2% | 0.2% | -0.6% | ||
| Net debt (₹ crore) | 742.5 | 750.4 | 869.1 | ||
| Net debt / EBITDA | 1.14x | 0.89x | 1.02x | ||
| Interest cover | 2.00x | 2.68x | 1.43x | 1.03x | 0.73x |
| Asset turnover | 1.05x | 1.13x | 0.90x | 0.96x | 0.93x |
| Receivable days | 4 | 4 | 5 | 3 | 4 |
| Inventory days (on revenue) | 15 | 16 | 13 | 11 | 11 |
| Payable days (on revenue) | 35 | 30 | 39 | 33 | 40 |
| Cash conversion | 12.5x | 98.4x | -23.8x | ||
| Capex intensity | 14.2% | 14.3% | 13.5% | 9.9% | 8.2% |
| Free cash flow (₹ crore) | -169.7 | -116.8 | 114.0 | 409.3 | 460.2 |
| Dividend payout | 0.0% | 0.0% | -0.0% | ||
| EPS, diluted (₹) | 1.32 | 2.19 | 0.39 | 0.08 | -0.31 |
| Book value per share (₹) | 5.75 | 8.00 | 11.16 | 11.60 | 15.36 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Reported post-Ind AS EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Reported post-Ind AS EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Devyani International
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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