Devyani International Limited (DEVYANI)

About

Devyani International operates restaurants under the Consumer Discretionary sector's Leisure Services industry. With a ₹17,724 Cr market cap and ₹900–₹1,600 Cr quarterly revenue, it is a material player in organized Indian leisure dining. After three consecutive loss-making quarters through March 2026, the company returned to profitability in June 2026 (₹8.5–₹17.1 Cr net profit), marking an operational inflection.

Face value: ₹1

Market cap

₹15,666 Cr

P/E

—

P/B

10.2×

Dividend yield

0%

ROE

-2.9%

ROCE

5.2%

Debt / equity

0.88

OPM

15.1%

EPS (TTM)

₹-0.2

Book value

₹12.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Finance costs consuming operating profit: Operating margins stable at 15–17% (OPM 15.14%) but net losses persisted through March 2026, indicating debt service consistently exceeded EBITDA. Verify whether the gap is narrowing and refinancing timeline.
Unproven recovery: Only one profitable quarter (June 2026) follows three loss-making quarters and ₹84+ Cr cumulative loss. Verify whether the turnaround is demand-driven, cost-driven, or seasonal.
High leverage in cyclical sector: D/E of 0.88 leaves limited downside protection if leisure spending contracts or input costs (labor, food, energy) accelerate; verify covenant flexibility and refinancing headroom.
Shareholder value destruction: Stock down 10.14% over one year and ROE at −2.93%; verify management's credibility on sustaining profitability.

Generated analysis · source review pending

Growth drivers

Return to profitability in June 2026 (₹8.5–₹17.1 Cr net profit) after three loss-making quarters suggests operational or demand recovery; verify if this is sustained or seasonal.
Operating margins of 15–17% (OPM 15.14%) mean incremental revenue growth would drop to net line with minimal incremental operating cost; verify whether revenue-growth initiatives are planned.
Finance cost reduction on existing quarterly EBITDA (implied as ₹135–₹272 Cr from OPM applied to revenue) could unlock proportional bottom-line acceleration; verify debt paydown or refinancing plans.

Generated analysis · source review pending

1,264 historical price candles were omitted because the exchange source has not been verified.

₹127.1-2.8%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 37.7% over the last 5 years
+High promoter holding of 61.4% with no pledge

Cons

−Low return on equity of 0.9% (3-yr avg)
−Weak interest coverage of 0.9×
−Trading at 10.2× book value

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 18
Growth: 88
Valuation: 35

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jubilant Foodworks LimitedJUBLFOODJUBLFOOD	₹29,256 Cr	₹31,001 Cr	₹9,846 Cr	₹1,947 Cr	19.9%	₹450 Cr	4.7%	16%	19.5%	-82
Travel Food Services LimitedTRAVELFOODTRAVELFOOD	₹15,911 Cr	₹15,911 Cr	₹1,725 Cr	₹665 Cr	39.4%	₹476 Cr	27.5%	37.6%	30.6%	-438
Devyani International LimitedDEVYANIDEVYANI	₹15,666 Cr	₹17,027 Cr	₹5,835 Cr	₹898 Cr	15.1%	₹-28 Cr	-0.8%	5.2%	-2.9%	-89
Westlife Foodworld LimitedWESTLIFEWESTLIFE	₹9,168 Cr	₹9,467 Cr	₹2,704 Cr	₹344 Cr	12.8%	₹32 Cr	1.2%	—	5.3%	—
Sapphire Foods India LimitedSAPPHIRESAPPHIRE	₹6,744 Cr	₹6,749 Cr	₹3,239 Cr	₹501 Cr	15.2%	₹-16 Cr	-1%	4.1%	-2.3%	-59
Restaurant Brands Asia LimitedRBARBA	₹6,561 Cr	₹6,830 Cr	₹2,948 Cr	₹356 Cr	11.6%	₹-173 Cr	-7.2%	-0.5%	-23%	-111
United Foodbrands LimitedUFBLUFBL	₹2,709 Cr	₹2,843 Cr	₹1,468 Cr	₹217 Cr	14.4%	₹-40 Cr	-4.6%	1.7%	-18%	-77
Spice Lounge Food Works LtdSPICELOUNGSPICELOUNG	₹1,945 Cr	₹1,990 Cr	₹2 Cr	₹1 Cr	23.9%	₹0 Cr	11.7%	0.4%	0.3%	424
Speciality Restaurants LimitedSPECIALITYSPECIALITY	₹740 Cr	₹740 Cr	₹495 Cr	₹90 Cr	17.4%	₹23 Cr	4.4%	9.7%	6.5%	-53
Coffee Day Enterprises LimitedCOFFEEDAYCOFFEEDAY	₹627 Cr	₹1,206 Cr	₹1,136 Cr	₹165 Cr	12.2%	₹176 Cr	18.8%	1.3%	7.5%	13
Vegorama Punjabi Angithi LtdVPALVPAL	₹395 Cr	—	₹141 Cr	₹16 Cr	11.7%	₹12 Cr	8.6%	—	—	—
Gourmet Gateway India LtdGOURMETGOURMET	₹157 Cr	₹167 Cr	₹193 Cr	₹30 Cr	15.4%	₹-0 Cr	0.1%	6.7%	-0.8%	-64

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,135	2,084	2,998	3,556	4,951	5,611
COGS	345	600	899	1,057	1,539	1,772
Gross profit	790	1,484	2,099	2,500	3,412	3,840
	604	1,012	1,444	1,853	2,602	2,990
	187	472	655	646	811	849
OPM %	16.4%	22.7%	21.9%	18.2%	16.4%	15.1%
Depreciation	229	221	278	385	570	654
Interest	149	127	147	187	265	276
	110	-1	13	-71	37	24
Profit before tax	-82	123	242	4	13	-57
Tax	-1	-32	-21	13	20	-14
Tax %	-1.3%	-26%	-8.5%	362.2%	154%	-25.2%
	-81	155	263	-10	-7	-43
PAT margin %	-7.2%	7.4%	8.8%	-0.3%	-0.1%	-0.8%
EPS (₹)	—	1.3	2.2	0.4	0.1	-0.3
EPS adjusted (₹)	-0.7	1.3	2.2	0.4	0.1	-0.3
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	115	120	121	121	121	123
Reserves	-2	566	850	935	974	1,419
Minority interest	—	—	—	293	308	343
	463	132	77	910	932	1,360
	1,091	1,444	1,941	2,674	3,005	3,504
Total equity & liabilities	1,668	2,263	2,989	4,932	5,339	6,750
	1,347	1,720	2,391	4,190	4,596	3,637
CWIP	14	7	15	11	3	8
Investments	46	35	35	27	27	20
	262	500	547	705	712	3,084
Total assets	1,668	2,263	2,989	4,932	5,339	6,750

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	69.6%	71.2%	70%	70.3%	68.9%	68.4%
EBITDA margin %	16.4%	22.7%	21.9%	18.2%	16.4%	15.1%
EBIT margin %	-3.8%	12%	12.6%	7.4%	4.9%	3.5%
PAT margin %	-7.2%	7.4%	8.8%	-0.3%	-0.1%	-0.8%
Working capital
Receivable days	5	4	4	5	3	4
Inventory days	66	52	52	45	35	34
Payable days	171	119	98	130	105	127
NWC days	-100	-64	-42	-79	-66	-89
Leverage
Current ratio	0.39	0.8	0.58	0.53	0.43	0.51
Debt to EBITDA	2.48	0.28	0.12	1.41	1.15	1.6
Debt to equity	4.07	0.19	0.08	0.86	0.85	0.88
Interest coverage	0.1	2.1	2.8	1.6	1	0.9
Asset turnover	0.68	0.92	1	0.72	0.93	0.83
Return ratios
Return on assets %	-4.9%	6.9%	8.8%	-0.2%	-0.1%	-0.6%
Return on capital employed %	1.7%	17.3%	19.1%	9.1%	6.7%	5.2%
Return on equity %	-71.5%	22.6%	27.1%	-0.9%	-0.6%	-2.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.74%	62.74%	62.74%	62.73%	62.72%	62.72%	62.72%	62.62%	61.42%	61.37%	61.36%	61.36%
	13.34%	12.47%	12.44%	11.69%	11.17%	11.17%	10.46%	9.42%	6.55%	5.77%	6.13%	6.81%
	8.3%	8.53%	12.19%	14.19%	15.38%	15.46%	16.87%	18.08%	19.76%	19.44%	19.33%	18.85%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.62%	16.26%	12.63%	11.39%	10.73%	10.65%	9.95%	9.88%	12.27%	13.42%	13.18%	12.98%
No. of shareholders	—	—	—	—	—	—	—	—	2,38,190	2,43,363	2,52,963	2,52,889

Promoter holding down 1.38 percentage points since Sep 2023.

61 deals · 14 Sept 2021 – 27 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Mar 2026	PSL LIMITED	Bulk	NSE	Buy	64,17,994	₹98.41	₹63.16 Cr
27 Mar 2026	KIFS DEALERS	Bulk	NSE	Sell	61,87,894	₹98.36	₹60.86 Cr
23 Apr 2024	SOCIETE GENERALE	Block	NSE	Buy	17,92,817	₹163.00	₹29.22 Cr
23 Apr 2024	MARSHALL WACE INVESTMENT STRATEGIES - EUREKA FUND	Block	NSE	Sell	17,92,817	₹163.00	₹29.22 Cr
21 Feb 2024	YUM RESTAURANTS INDIA PVT LTD	Bulk	NSE	Sell	5,30,83,330	₹164.10	₹871.10 Cr
21 Feb 2024	YUM RESTAURANTS INDIA PVT LTD	Block	NSE	Sell	5,30,83,330	₹164.10	₹871.10 Cr
21 Feb 2024	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	80,00,000	₹164.10	₹131.28 Cr
21 Feb 2024	NIPPON INDIA MUTUAL FUND	Block	NSE	Buy	80,00,000	₹164.10	₹131.28 Cr
21 Feb 2024	SOCIETE GENERALE	Block	NSE	Buy	50,75,000	₹164.10	₹83.28 Cr
21 Feb 2024	FRANKLIN TEMPLETON MUTUAL FUND	Block	NSE	Buy	50,00,000	₹164.10	₹82.05 Cr

1–10 of 61

1 / 7

Mr. RAVI KANT JAIPURIANon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. VARUN JAIPURIANon-Executive - Non Independent Director
Mr. RAJ PAL GANDHINon-Executive - Non Independent Director
Mr. VIRAG JOSHINon-Executive - Non Independent Director
Mr. MANISH DAWARExecutive Director-CEO
Ms. RASHMI DHARIWALNon-Executive - Independent Director
Mr. RAVI GUPTANon-Executive - Independent Director
Mr. GIRISH KUMAR AHUJANon-Executive - Independent Director
Mr. PRADEED KHUSHALCHAND SARDANANon-Executive - Independent Director
Mr. PRASHANT PURKERNon-Executive - Independent Director
Mr. Pankaj VirmaniCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

46

across 10 fund houses

Held by these funds

11.67%

of the company's equity

All mutual funds

15.26%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

46 schemes · 10 fund houses

		Shares
Multi Cap FundNEW	Nippon India Mutual Fund	3.63 Cr	503.14	0.89%	2.941%	—
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	1.88 Cr	260.71	1.32%	1.524%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	1.77 Cr	245.62	0.47%	1.436%	—
LARGE CAP FUND	Nippon India Mutual Fund	1.56 Cr	216.43	0.4%	1.265%	-0
Small Cap Fund	Axis Mutual Fund	1.13 Cr	156.97	0.5%	0.917%	-0
Multi Asset Allocation Fund	Nippon India Mutual Fund	90.21 L	125.19	0.7%	0.732%	+19.29 L
Flexi Cap Fund	Nippon India Mutual Fund	65.26 L	90.56	0.92%	0.529%	+5.57 L
LARGE & MID CAP FUND	Tata Mutual Fund	52.03 L	72.2	0.94%	0.422%	-0

1–8 of 46

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

5

Investor Presentation and earnings call

6

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

28 Sept 2026, 4:02 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 5:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

18 Sept 2026, 6:17 pmCompany Update

Disclosure Under The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

18 Sept 2026, 6:02 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Sept 2026, 3:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

10 Sept 2026, 6:38 pmCompany Update

Disclosure Under The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

3 Sept 2026, 4:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 7:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
28 Sept 2026, 4:02 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 5:35 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	240	451	637	592	900	919
	-359	-375	-350	-1,551	-462	-440
	142	-58	-283	1,063	-425	-190
Net cash flow	23	17	5	105	13	290
Free cash flow	102	144	200	114	409	460
CFO / Operating profit %	128.4%	95.4%	97.2%	91.7%	111%	108.2%

Devyani International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1