# Devyani International (DEVYANI) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/devyani

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹128.5
- Change: -0.55%
- As of: 2026-11-06
- 1D return: -0.55%
- 5D return: +6.73%
- 1M return: +4.28%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

DEVYANI closed at ₹128.50 on 2026-11-06, marking a sharp reversal from recent weakness. A significant volume spike (+8.9% price move with 8.27x normal volume) on 2026-11-05 suggests renewed buying interest after a prior downward anomaly. Technically, the daily trend is established (ADX 30.02) and bullish, with price trading above key moving averages (20/50 EMA, 20 SMA, 200 SMA) and the Supertrend. However, this short-term bounce conflicts with the monthly structure, which remains bearish (price below all monthly MAs and Supertrend, ADX 47.25). The stock is positioned near the upper end of its 20-day range (+82.6%) but sits in the middle of its 252-day range (+47.5%). Immediate resistance lies at ₹134.02 (+4.3%), while support is anchored at the pivot level of ₹126.89 (-1.25%). High volatility (annualized 38.5%) and a current drawdown of -35.0% indicate elevated risk.

- Daily momentum has shifted bullish following a high-volume upward anomaly on 2026-11-05; price holds above daily EMAs and Supertrend despite being below the 50-period SMA.
- Monthly trend remains structurally bearish with strong conviction (ADX 47.25), creating a conflict between short-term bounce and long-term downtrend.
- Key monitoring levels: Resistance at ₹134.02 (+4.3%) and Support at ₹126.89 (-1.25%).
- Setup confirmation requires holding above ₹126.89; invalidation occurs if price closes below this pivot, negating the daily bullish structure.

- Inside Bar
- Evening Star
- Outside Bar
- Bullish Engulfing Reversal

### News Context

Devyani International reported a sharp narrowing of its consolidated net loss to ₹2.4 million in Q2 FY27, down from ₹21.89 crore a year ago, driven by a 10.4% revenue increase to ₹15.19 billion and strong same-store sales growth at KFC outlets. This performance was bolstered by homegrown brands Biryani By Kilo and Vaango, which saw revenue rise to ₹121.1 crore from ₹97.8 crore and brand contribution margin improve significantly to 9.4% from 0.6%. Despite these operational improvements, Chairman Ravi Jaipuria cautioned that discretionary spending may remain under pressure due to firming food inflation and rising interest rates. In response to these developments, brokerages Motilal Oswal and Emkay Global Financial issued 'Buy' recommendations with price targets of ₹155 and ₹160 respectively, citing KFC growth and the proposed merger with Sapphire Foods as key triggers.

- Q2 FY27 consolidated net loss narrowed sharply to ₹2.4 million from ₹21.89 crore YoY, supported by 10.4% revenue growth to ₹15.19 billion.
- Homegrown brands Biryani By Kilo and Vaango drove revenue to ₹121.1 crore (up from ₹97.8 crore) with brand contribution margin improving to 9.4% from 0.6%.
- Chairman Ravi Jaipuria warned that discretionary spending could face headwinds from firming food inflation and rising interest rates.
- Motilal Oswal and Emkay Global Financial issued 'Buy' ratings with targets of ₹155 and ₹160, highlighting KFC momentum and the Sapphire Foods merger.

- [Buy Devyani International; target of Rs 155: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-155-motilal-oswal-14067740.html)
- [Buy Devyani International; target of Rs 160: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-devyani-international-target-of-rs-160-emkay-global-financial-14067397.html)
- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [KFC brings the scale; Biryani By Kilo and Vaango emerge as Devyani’s surprise performers](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-international-biryani-by-kilo-vaango-homegrown-brands-q2-fy27-growth/articleshow/135451335.cms)
- [Devyani International's Q2 loss narrows sharply on strong same-store sales growth](https://www.thehindubusinessline.com/companies/devyani-internationals-q2-loss-narrows-sharply-on-strong-same-store-sales-growth/article71655757.ece)

### What Changed

Devyani International has advanced its proposed merger with Sapphire Foods, receiving approval from the Competition Commission of India (CCI) as disclosed in filings on November 5, 2026. The company is now awaiting SEBI no-objection to proceed with the National Company Law Tribunal (NCLT) application, targeting completion by the end of the current financial year. This regulatory milestone follows Q2 & H1 FY27 earnings reported on November 2, 2026, which showed consolidated sales of ₹1,519 crore (up 10.4% YoY) and operating EBITDA of ₹229 crore (up nearly 18% YoY). The store network expanded by 70 net new units to 1,923 in India and 2,325 globally, driven primarily by KFC’s addition of 50 units. On November 6, 2026, the stock traded at ₹128.5, slightly down from the previous close of ₹129.2.

- Merger Progress: CCI approved the Devyani-Sapphire Foods merger; pending SEBI no-objection for NCLT filing, with target completion by FY27 end.
- Operational Growth: Added 70 net stores in Q2/H1 FY27 (total 1,923 in India), led by 50 new KFC outlets.
- Financial Performance: Q2/H1 FY27 sales rose 10.4% YoY to ₹1,519 crore; EBITDA grew ~18% YoY to ₹229 crore.
- Market Price: Stock closed at ₹128.5 on November 6, 2026, compared to ₹129.2 previously.

- [Devyani International Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- [Devyani International Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)

### Official Filings

Devyani International Limited reported consolidated revenue of INR 1,519 crore for Q2 FY27 (ended September 30, 2026), marking a 10.4% year-over-year increase, while operating EBITDA rose nearly 18% to INR 229 crore. This operational improvement resulted in a Profit Before Tax (PBT) of INR 5.7 crore for the quarter, reversing a loss recorded in the prior year. However, the company posted a net loss of INR 217.18 million for the first half of FY27. Operationally, Devyani added 70 net new stores in Q2, bringing its global footprint to 2,325 units. A significant regulatory milestone disclosed is that the company has received Competition Commission of India (CCI) approval for its proposed merger with Sapphire Foods and is now awaiting SEBI no-objection to proceed with the NCLT application, targeting completion by the end of the current financial year.

- Q2 FY27 PBT turned positive at INR 5.7 crore, recovering from a prior-year loss, driven by 10.4% revenue growth to INR 1,519 crore and 18% EBITDA growth to INR 229 crore.
- H1 FY27 consolidated results show a net loss of INR 217.18 million despite H1 revenue growth of 13.4% to INR 30,999 million.
- Store expansion accelerated with 70 net new outlets added in Q2, raising total global stores to 2,325.
- Merger with Sapphire Foods has cleared CCI approval; pending SEBI no-objection and NCLT application, with target completion by March 2027.

- [Devyani International Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- [Devyani International Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)
- [Devyani International Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DEVYANI_03112026135542_NewspaperAd03112026_sd.pdf)
- [Devyani International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026115337_Outcome_02112026_Results_sd.pdf)
- [Devyani International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121003_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)
- [Devyani International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121558_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)
- [Devyani International Limited has informed the Exchange regarding a press release dated November 02, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026122537_SEIntimation_Press_Release_02112026sd.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751070_02112026034854_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751069_02112026034849_WEB.xml)
- [Devyani International Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026164553_SE_Audio_call_link_02112026sd.pdf)

### Fundamentals

Devyani International’s Q2 FY2026-27 results highlight a divergence between top-line growth and bottom-line erosion. Revenue declined sequentially to ₹1,519 crore from ₹1,581 crore in Q1, while net profit fell sharply to ₹3.46 crore from ₹17.1 crore. This contraction occurred despite operating profit rising to ₹232.32 crore (Sep 2026) from ₹192.11 crore (Sep 2025), indicating that higher interest costs (₹65.31 crore) and depreciation (₹173.28 crore) are absorbing operational gains.

Financial health remains under pressure. Borrowings increased to ₹3,453 crore as of Sep 2026, up from ₹3,188 crore in Mar 2025, while CWIP grew to ₹14 crore, signaling ongoing capital expenditure. The company’s cash conversion cycle worsened to -89 days in Mar 2026 from -66 days in Mar 2025, driven by a reduction in Days Payable to 127 days. Although Cash from Operating Activity improved to ₹927 crore in Mar 2026, financing outflows of ₹197 crore reflect debt servicing or repayment activities. Shareholding patterns show a slight increase in DII holding to 20.88% but a decline in FII holding to 6.12%. The most critical checkpoint is whether the company can sustain operating leverage against rising fixed costs and debt obligations in subsequent quarters.

- Q2 FY2026-27 revenue fell sequentially to ₹1,519 crore, with net profit dropping to ₹3.46 crore from ₹17.1 crore in Q1.
- Operating profit rose to ₹232.32 crore in Sep 2026, but high interest (₹65.31 crore) and depreciation (₹173.28 crore) compressed net margins.
- Borrowings increased to ₹3,453 crore as of Sep 2026, and the cash conversion cycle deteriorated to -89 days in Mar 2026.
- DII ownership rose to 20.88%, while FII holding declined to 6.12% as of Sep 2026.

### Bull Case

Devyani International presents a conditional upside case anchored in rapid operational improvement and strategic diversification, despite a challenging macro environment. The company’s consolidated net loss narrowed sharply to ₹24 lakh in Q2 FY27 from ₹21.89 crore a year ago, driven by strong same-store sales growth at KFC outlets that offset higher raw material costs. Revenue increased by 10.4% to ₹15.19 billion, signaling resilient top-line momentum.

A critical constructive factor is the successful pivot toward indigenous brands. Homegrown labels Biryani By Kilo and Vaango drove revenue to ₹121.1 crore in Q2 FY27, up from ₹97.8 crore previously, while their brand contribution margin expanded dramatically from 0.6% to 9.4%. This margin improvement supports the strategic shift away from reliance on foreign franchises. Additionally, brokerages retain positive ratings, citing the proposed merger with Sapphire Foods as a key growth trigger for scale and efficiency.

Technically, the stock shows mixed signals; while monthly trends remain bearish, daily and weekly Supertrend indicators are bullish, suggesting potential short-term stabilization. However, Chairman Ravi Jaipuria cautioned that discretionary spending may remain under pressure due to firming food inflation and rising interest rates, which serves as a key monitoring condition for sustaining this recovery.

- Q2 FY27 consolidated net loss narrowed sharply to ₹24 lakh from ₹21.89 crore YoY, supported by 10.4% revenue growth to ₹15.19 billion.
- Indigenous brands (Biryani By Kilo, Vaango) saw revenue rise to ₹121.1 crore with brand contribution margin expanding significantly from 0.6% to 9.4%.
- Brokerages cite the proposed merger with Sapphire Foods and improving KFC sales momentum as primary growth triggers.
- Daily and weekly technical Supertrends are bullish, contrasting with bearish monthly trends, indicating potential near-term support levels.

- [Buy Devyani International; target of Rs 155: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-155-motilal-oswal-14067740.html)
- [Buy Devyani International; target of Rs 160: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-devyani-international-target-of-rs-160-emkay-global-financial-14067397.html)
- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [KFC brings the scale; Biryani By Kilo and Vaango emerge as Devyani’s surprise performers](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-international-biryani-by-kilo-vaango-homegrown-brands-q2-fy27-growth/articleshow/135451335.cms)
- [Devyani International's Q2 loss narrows sharply on strong same-store sales growth](https://www.thehindubusinessline.com/companies/devyani-internationals-q2-loss-narrows-sharply-on-strong-same-store-sales-growth/article71655757.ece)
- [Devyani International Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- [Devyani International Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)
- [Devyani International Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DEVYANI_03112026135542_NewspaperAd03112026_sd.pdf)
- [Devyani International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026115337_Outcome_02112026_Results_sd.pdf)
- [Devyani International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121003_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)

### Bear Case

Devyani International faces significant headwinds from macroeconomic pressures and technical weakness, despite recent operational improvements. Chairman Ravi Jaipuria has explicitly cautioned that discretionary spending may remain under pressure due to firming food inflation and rising interest rates, a structural risk to consumer demand in the QSR sector. This caution is reflected in the stock's performance: as of November 6, 2026, the share price has declined 17.5% over the past year and 12.8% year-to-date, with a current drawdown of 35.0% from its peak. The monthly trend is bearish, and the stock trades near support levels at ₹126.89, below key resistance zones at ₹134.02 and ₹137.42. While Q2 FY27 results showed a narrowed net loss and strong same-store sales growth at KFC, these gains were offset by higher raw material costs, highlighting margin vulnerability in an inflationary environment.

- Macro Headwinds: Management warns that discretionary spending remains pressured by firming food inflation and rising interest rates, posing a risk to future revenue growth.
- Technical Deterioration: The stock has fallen 17.5% over the last year and is currently in a 35.0% drawdown, with the monthly trend signaling bearish momentum.
- Margin Pressure: Despite revenue growth of 10.4% in Q2 FY27, higher raw material costs constrained profitability, requiring continued strong same-store sales to sustain losses.
- Price Sensitivity: The stock is trading near immediate support at ₹126.89, with limited upside buffer before encountering resistance at ₹134.02.

- [Buy Devyani International; target of Rs 155: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-155-motilal-oswal-14067740.html)
- [Buy Devyani International; target of Rs 160: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-devyani-international-target-of-rs-160-emkay-global-financial-14067397.html)
- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [KFC brings the scale; Biryani By Kilo and Vaango emerge as Devyani’s surprise performers](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-international-biryani-by-kilo-vaango-homegrown-brands-q2-fy27-growth/articleshow/135451335.cms)
- [Devyani International's Q2 loss narrows sharply on strong same-store sales growth](https://www.thehindubusinessline.com/companies/devyani-internationals-q2-loss-narrows-sharply-on-strong-same-store-sales-growth/article71655757.ece)
- [Devyani International Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- [Devyani International Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)
- [Devyani International Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DEVYANI_03112026135542_NewspaperAd03112026_sd.pdf)
- [Devyani International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026115337_Outcome_02112026_Results_sd.pdf)
- [Devyani International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121003_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)

### FAQs

**How has Devyani International's profitability trended in Q2 FY27, and what drove the change?**

The company reported a consolidated profit after tax of ₹34.62 million for the quarter ended September 30, 2026, reversing a loss of ₹217.18 million in the first half of the year. This improvement was driven by a 10.4% revenue increase to ₹15,194.25 million and strong same-store sales growth at KFC outlets, which helped offset higher raw material costs.

**What is the current status of the proposed merger with Sapphire Foods?**

Devyani International has received approval from the Competition Commission of India (CCI) for the merger. The company is currently awaiting no-objection from SEBI before proceeding with an application to the NCLT. Management targets completing the merger by the end of the current financial year.

**How are homegrown brands performing relative to foreign franchises?**

Homegrown brands Biryani By Kilo and Vaango contributed ₹121.1 crore in revenue during Q2 FY27, up from ₹97.8 crore a year ago. Their brand contribution margin improved sharply to 9.4% from 0.6%. This supports the strategic pivot toward indigenous offerings, although Chairman Ravi Jaipuria cautioned that discretionary spending may remain under pressure due to firming food inflation and rising interest rates.

**What are the key technical levels and recent price performance for DEVYANI?**

As of November 6, 2026, the stock closed at ₹128.50, down 17.5% over the past year but up 9.5% over the last 10 trading days. Immediate support is seen at ₹126.89, with resistance at ₹134.02. The daily trend shows bullish momentum, while the monthly trend remains bearish, reflecting significant volatility with a maximum drawdown of -52.2%.

- [Buy Devyani International; target of Rs 155: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-155-motilal-oswal-14067740.html)
- [Buy Devyani International; target of Rs 160: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-devyani-international-target-of-rs-160-emkay-global-financial-14067397.html)
- [Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- [KFC brings the scale; Biryani By Kilo and Vaango emerge as Devyani’s surprise performers](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-international-biryani-by-kilo-vaango-homegrown-brands-q2-fy27-growth/articleshow/135451335.cms)
- [Devyani International's Q2 loss narrows sharply on strong same-store sales growth](https://www.thehindubusinessline.com/companies/devyani-internationals-q2-loss-narrows-sharply-on-strong-same-store-sales-growth/article71655757.ece)
- [Devyani International Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- [Devyani International Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)
- [Devyani International Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DEVYANI_03112026135542_NewspaperAd03112026_sd.pdf)
- [Devyani International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026115337_Outcome_02112026_Results_sd.pdf)
- [Devyani International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121003_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹126.89
- Risk regime: Higher Price Risk

### Support levels
- 120.69125
- 110.175
- 106.40625

### Resistance levels
- 137.42
- 142
- 169.575

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.55% |
| return_10 | +9.47% |
| return_1m | -0.80% |
| return_1y | -17.45% |
| return_20 | +4.28% |
| return_3m | +3.75% |
| return_5 | +6.73% |
| return_6m | +6.20% |
| return_since_start | -29.83% |
| return_ytd | -12.84% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -52.17% |
| annualized_volatility | +38.51% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Devyani International Limited FY2026-27 Q2: Revenue grows, profit drops sequentially

Devyani International’s consolidated revenue from operations rose 10.4% year on year to ₹1,519 crore in Q2 FY2026-27, while profit for the period returned to positive territory at ₹3.5 crore. Sequentially, however, revenue declined 3.9% and profit fell 79.8% from Q1, to ₹3.5 crore.

## Revenue and expenses

Revenue from operations was ₹1,519 crore, compared with ₹1,581 crore in Q1 FY2026-27 and ₹1,377 crore in Q2 FY2025-26. Expenses were ₹1,525 crore, down 3.3% sequentially from ₹1,577 crore but up 8.3% year on year from ₹1,408 crore. The smaller sequential decline in expenses than in revenue accompanied the sharp drop in quarterly profit before tax.

## Profitability

Profit before tax was ₹5.9 crore, down from ₹22.9 crore in Q1 FY2026-27. In Q2 FY2025-26, the company reported a loss before tax of ₹26.6 crore. Profit for the period was ₹3.5 crore, compared with ₹17.1 crore in Q1 and a loss of ₹24.0 crore a year earlier. Tax expense was ₹2.2 crore, down from ₹5.8 crore sequentially.

Comprehensive income was negative ₹2.6 crore, versus positive ₹14.3 crore in Q1 FY2026-27 and ₹7.0 crore in Q2 FY2025-26. Finance costs eased to ₹65.3 crore from ₹70.1 crore in Q1.

## Balance sheet

As of 30 September 2026, total assets were ₹6,373 crore, liabilities ₹4,475 crore and equity ₹1,899 crore. Cash and cash equivalents stood at ₹153 crore. Current liabilities were ₹1,390 crore, including current borrowings of ₹303 crore and trade payables of ₹646 crore. Trade receivables were ₹52 crore and inventories ₹182 crore.

## Key Takeaway

Year-on-year revenue growth and a return to positive profit contrasted with a steep sequential earnings decline. Revenue fell from Q1, while expenses declined less, and profit for the period dropped to ₹3.5 crore; the quarter-end balance sheet included ₹153 crore of cash against ₹1,390 crore of current liabilities.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +61.36%
- FII holding: +6.81%
- DII holding: +18.84%
- Mutual fund holding: +15.26%
- Retail holding: +4.62%
- Promoter pledged: +0.00%

### Major reported shareholders

- RJ CORP LIMITED — +57.98% (Bodies Corporate)
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIF — +7.06%
- VARUN JAIPURIA — +3.21%
- DUNEARN INVESTMENTS (MAURITIUS) PTE LTD — +2.87%
- KOTAK SMALL CAP FUND — +1.53%
- HSBC MUTUAL FUND - HSBC SMALL CAP FUND — +1.42%
- HDFC MUTUAL FUND - HDFC CONSUMPTION FUND — +1.38%
- BAJAJ LIFE INSURANCE LIMITED — +1.19%
- RAVI KANT JAIPURIA — +0.17%

## Official filings

- 2026-11-05 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_05112026160318_DIL_Transcript_intimation_merged.pdf)
- 2026-11-05 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261105_165832777.xml)
- 2026-11-03 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_03112026135542_NewspaperAd03112026_sd.pdf)
- 2026-11-02 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026115337_Outcome_02112026_Results_sd.pdf)
- 2026-11-02 — Earnings Presentation: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121003_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)
- 2026-11-02 — Earnings Presentation: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026121558_SE_IntimationQ2_Investordeck_Ex_Sd.pdf)
- 2026-11-02 — Press Release: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026122537_SEIntimation_Press_Release_02112026sd.pdf)
- 2026-11-02 — Financial Results Filing: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751070_02112026034854_WEB.xml)
- 2026-11-02 — Financial Results Filing: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751069_02112026034849_WEB.xml)
- 2026-11-02 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_02112026164553_SE_Audio_call_link_02112026sd.pdf)
- 2026-11-02 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261102_165623371.xml)
- 2026-10-31 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_31102026174424_SE_Intimation_CCIapproval_sd.pdf)
- 2026-10-27 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_27102026180130_Intimationinvestorcall.pdf)
- 2026-10-27 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20261027_180531913.xml)
- 2026-10-26 — Board Meeting Notice: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_26102026160325_Intimation2112026.pdf)
- 2026-10-26 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19461_WebXMLFile_20261026_161200456.xml)
- 2026-10-26 — Board Meeting Notice: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19461_WebXMLFile_20261026_161200456.xml)
- 2026-10-19 — Shareholding Disclosure: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741588_19102026043645_WEB.xml)
- 2026-10-16 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_16102026171256_SE_Intimation_-_NSE_ESG_Rating_DSC.pdf)
- 2026-09-28 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_19461_WebXMLFile_20260928_161355109.xml)
- 2026-09-28 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_28092026161046_SE_Intimation_-_Trading_window_closure_Sd.pdf)
- 2026-09-21 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_21092026174707_SE_Intimation_-_Investor_Conference_DSC.pdf)
- 2026-09-21 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19461_WebXMLFile_20260921_174938322.xml)
- 2026-09-18 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_18092026180506_SE_Intimation_-_Investor_Conference_DSC.pdf)
- 2026-09-18 — Generic Announcement: Devyani International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVYANI_18092026182124_SE_Intimation_-_Niche_Ninety_Nine_ESG_Rating_DSC.pdf)

## News and market events

- 2026-11-03 — MONEYCONTROL: **Buy Devyani International; target of Rs 155: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for Devyani International with a price target of Rs 155. This analyst note suggests an upward revision in the stock's valuation outlook. — [Source](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-155-motilal-oswal-14067740.html)
- 2026-11-03 — MONEYCONTROL: **Buy Devyani International; target of Rs 160: Emkay Global Financial** — Emkay Global Financial has issued a 'Buy' recommendation for Devyani International, setting a price target of Rs 160. The note is published on Moneycontrol as part of its stock market coverage. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-devyani-international-target-of-rs-160-emkay-global-financial-14067397.html)
- 2026-11-03 — FEEDS: **Devyani International Review: Brokerages See KFC Growth, Sapphire Merger As Key Triggers; Retain Positive Ratings** — Brokerages retain positive ratings for Devyani International, citing improving sales momentum at KFC India and the proposed merger with Sapphire Foods as key growth triggers. — [Source](https://www.ndtvprofit.com/markets/devyani-international-review-brokerages-see-kfc-growth-sapphire-merger-as-key-triggers-retained-positive-ratings-12274232)
- 2026-11-02 — Economic Times: **KFC brings the scale; Biryani By Kilo and Vaango emerge as Devyani’s surprise performers** — Devyani International reported that its homegrown brands, Biryani By Kilo and Vaango, drove a revenue increase to ₹121.1 crore in Q2 FY27 from ₹97.8 crore the previous year, while their brand contribution margin improved sharply to 9.4% from 0.6%. This performance supports the company's strategic pivot away from foreign franchises toward indigenous offerings, contributing to a narrowed consolidated net loss of ₹24 lakh compared to ₹21.89 crore a year ago. — [Source](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-international-biryani-by-kilo-vaango-homegrown-brands-q2-fy27-growth/articleshow/135451335.cms)
- 2026-11-02 — The Hindu: **Devyani International's Q2 loss narrows sharply on strong same-store sales growth** — Devyani International reported a sharp narrowing of its second-quarter consolidated net loss to 2.4 million rupees, driven by strong same-store sales growth at its KFC outlets that offset higher raw material costs. The company's revenue increased by 10.4 per cent to 15.19 billion rupees, while Chairman Ravi Jaipuria cautioned that discretionary spending may remain under pressure due to firming food inflation and rising interest rates. — [Source](https://www.thehindubusinessline.com/companies/devyani-internationals-q2-loss-narrows-sharply-on-strong-same-store-sales-growth/article71655757.ece)
- 2026-11-02 — BUSINESS: **Devyani International sinks 8% from day's high despite Q2 turnaround** — Devyani International reported a Q2 net profit of ₹3.46 crore for the quarter ended September 2026, marking a turnaround from a net loss of ₹23.95 crore in the same period last year, though sequential profit fell 79.8% from Q1FY27. — [Source](https://www.business-standard.com/markets/news/devyani-international-sinks-8-from-day-s-high-despite-q2-turnaround-126110200544_1.html)
- 2026-11-02 — CNBC-TV18: **Devyani International shares fall 8% from day's high despite narrower Q2 loss, 10% revenue growth** — Devyani International reported a 10.3% year-on-year increase in consolidated revenue to ₹1,519 crore and a sharp narrowing of net loss to ₹0.2 crore for Q2 FY27, driven by positive same-store sales growth across most brands despite negative sequential SSSG at Pizza Hut. — [Source](https://www.cnbctv18.com/market/devyani-international-q2-results-share-price-revenue-rises-ebitda-net-loss-narrows-kfc-costa-pizza-hut-biryani-by-kilo-20024767.htm)
- 2026-11-02 — The Hindu: **Q2 Results Today Highlights: Marico, Petronet LNG & Granules Q2 profit surges, ITC, UPL , Wockhardt & Escorts Kubota PAT down, MobiKwik posts profit, Devyani International loss narrows** — Several listed companies reported their Q2FY27 standalone financial results, with Petronet LNG and Marico showing significant profit growth, while Escorts Kubota saw a decline in profit after tax. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-itc-marico-upl-upl-petronet-lng-nlc-india-mobikwik-wockhardt-nalco-doms-ind-bosch-escorts-kubota-granules-lloyds-ril-jio-company-results-02-november-2026/article71652562.ece)
- 2026-10-31 — Economic Times: **CCI clears five major deals across food, energy, fintech and telecom sectors** — The Competition Commission of India (CCI) has granted approval for five significant business transactions across food services, renewable energy, power infrastructure, financial services, and telecommunications sectors. These approvals include the merger of Sapphire Foods India Limited with Devyani International Limited, Aditya Birla Renewables' acquisition of Solenergi Power, Adani Energy Solutions' purchase of IntelliSmart Infrastructure, Prosus's investment in Navi Limited, and Vega SAS's stake acquisition in Vodafone Group. — [Source](https://economictimes.indiatimes.com/news/india/cci-clears-five-major-deals-across-food-energy-fintech-and-telecom-sectors/articleshow/135405122.cms)
- 2026-10-31 — Economic Times: **Devyani-Sapphire merger gets CCI approval, bringing KFC, Pizza Hut India operations under one roof** — The Competition Commission of India (CCI) has approved the merger of Sapphire Foods India Limited with Devyani International Limited, bringing their respective KFC and Pizza Hut operations in India under a single entity. The combined company is expected to operate over 3,000 stores globally and generate annualized revenue of approximately Rs 8,000 crore. — [Source](https://economictimes.indiatimes.com/industry/cons-products/food/devyani-sapphire-merger-gets-cci-approval-bringing-kfc-pizza-hut-india-operations-under-one-roof/articleshow/135396902.cms)
- 2026-10-30 — CNBC-TV18: **CCI okays AB Renewables' proposal to acquire Solenergi Power for Rs 17,200-cr** — The Competition Commission of India (CCI) approved Aditya Birla Renewables' acquisition of Solenergi Power for an enterprise value of ₹17,200 crore, creating one of India's largest integrated renewable energy platforms. The regulator also cleared the merger of Sapphire Foods India Limited into Devyani International Ltd and Adani Energy Solutions' acquisition of IntelliSmart Infrastructure. — [Source](https://www.cnbctv18.com/business/cci-okays-ab-renewables-proposal-to-acquire-solenergi-power-for-rs-17200-cr-20023805.htm)
- 2026-10-30 — Economic Times: **CCI approves Adani acquisition of Intellismart** — The Competition Commission of India approved Adani Energy Solutions' acquisition of 100% of IntelliSmart Infrastructure from NIIF and EESL, creating India's largest smart meter firm. Additionally, the CCI sanctioned the merger of Sapphire Foods India into Devyani International and approved Aditya Birla Renewables' acquisition of Solenergi Power. — [Source](https://economictimes.indiatimes.com/news/india/cci-approves-adani-acquisition-of-intellismart/articleshow/135369066.cms)
- 2026-10-22 — FREEPRESSJOURNAL.IN: **Sapphire Foods Q2 FY27 Loss Narrows To ₹1.51 Crore, Revenue Rises 19.6 Per Cent To ₹888 Crore** — Sapphire Foods India narrowed its consolidated Q2 FY27 loss to Rs 1.51 crore from Rs 12.78 crore a year earlier, while revenue rose 19.6% to Rs 888 crore. KFC revenue grew 26%, Pizza Hut revenue rose 7%, and the company added 16 restaurants across its operations. — [Source](https://www.freepressjournal.in/business/sapphire-foods-q2-fy27-loss-narrows-to-151-crore-revenue-rises-196-per-cent-to-888-crore)
- 2026-08-09 — The Hindu: **QSR chains say June quarter saw uptick in footfalls, same store sales growth** — QSR chains report increased footfalls and same-store sales growth in June, driven by consumer sentiment and value offerings. — [Source](https://www.thehindubusinessline.com/companies/qsr-chains-say-june-quarter-saw-uptick-in-footfalls-same-store-sales-growth/article71324372.ece)
- 2026-08-06 — Mint: **Raja Venkatraman recommends three stocks for 6 August** — Market expert Raja Venkatraman shares his top stock picks for 5 August. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-three-stocks-for-6-august-rites-hfcl-devyani-international-nifty-sensex-11785947619768.html)
- 2026-08-05 — MONEYCONTROL: **Why India’s burger and pizza chains are betting big on coffee** — Coffee, McDonald's, KFC, McCafe, Kwench, Domino's — [Source](https://www.moneycontrol.com/news/business/companies/why-india-s-burger-and-pizza-chains-are-betting-big-on-coffee-13995496.html)
- 2026-08-05 — Economic Times: **QSR stocks near turning point as risk-reward turns favorable, says Motilal Oswal** — The Indian quick-service restaurant (QSR) sector is entering a favourable phase after a challenging period, according to Motilal Oswal Financial Services. The brokerage believes easing valuations, improving operational trends, and long-term consumption growth could support a recovery in QSR stocks. It remains selective in the space and highlights Jubilant FoodWorks, Sapphire Foods India, Westlife Foodworld, and Devyani International as key picks. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/qsr-stocks-near-turning-point-as-risk-reward-turns-favorable-says-motilal-oswal/articleshow/132901657.cms)
- 2026-08-01 — MONEYCONTROL: **Indian firms plan fresh price hikes, testing inflation outlook** — price hikes, inflation, HUL, Asian Paints, Middle East conflict, home care products, RBI, US-Iran war, RBI MPC — [Source](https://www.moneycontrol.com/news/business/economy/indian-firms-hul-asian-paints-plan-fresh-price-hikes-testing-inflation-outlook-13990664.html)
- 2026-07-31 — Mint: **Top Gainers & Losers on 31 July: Bajaj Finance, Hyundai Motor, GAIL, Tata Motors, Redington among top gainers today** — Indian equities closed the last trading day of July with modest gains, driven by financial and auto stocks. The Nifty 50 rose 0.20% to 24,336, while Sensex advanced 0.21% to 78,091, reflecting positive market trends despite concerns over crude oil prices. — [Source](https://www.livemint.com/market/stock-market-news/top-gainers-losers-on-31-july-bajaj-finance-hyundai-motor-gail-tata-motors-redington-among-top-gainers-today-11785490241096.html)
- 2026-07-30 — MONEYCONTROL: **Buy Devyani International; target of Rs 160: Motilal Oswal** — Devyani International, Motilal Oswal, Recommendations, Buy — [Source](https://www.moneycontrol.com/news/business/buy-devyani-international-target-of-rs-160-motilal-oswal-13988605.html)
- 2026-07-30 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: GIFT Nifty indicates 100-point gap-down start; Dabur reacts to Q1** — Sensex Today | Stock Market LIVE Updates: Today is the monthly expiry of the Sensex contracts. 24,000 on the downside will be key for the Nifty, while the July 17 high of 24,367 will be the first hurdle to cross on the upside. The Nifty Bank has taken a backseat after the IT outperformance, but it remains to be seen whether IT could hold fort for another day today. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-expiry-infosys-it-eicher-dabur-vedanta-irfc-asian-paints-share-price-liveblog-19957305.htm)
- 2026-07-29 — Economic Times: **Devyani International Q1 profit zooms to Rs 17 cr** — Devyani International has reported an impressive surge in net profit for the June quarter, marking a substantial revenue increase of 16.47% to Rs 1,580.51 crore. Likewise, total income experienced a robust rise of 16.72%. They earlier announced a merger with Sapphire Foods India, setting the stage for the formation of one of the largest quick-service restaurant chains in the country. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/devyani-international-q1-profit-zooms-to-rs-17-cr/articleshow/132705845.cms)
- 2026-07-29 — CNBC-TV18: **Devyani International share price jumps 9% after Q1 profit surges four-fold, margin improves** — Despite the lower outlet count, Costa Coffee's revenue rose 7% year-on-year to ₹212.5 crore, reflecting higher revenue per store. Devyani International said it is adopting a more disciplined and selective approach to expansion while continuing to strengthen the premium coffee chain, which it considers one of its key growth drivers. — [Source](https://www.cnbctv18.com/market/devyani-international-q1-results-sapphire-foods-costa-coffee-sky-gate-nclt-share-price-19956579.htm)
- 2026-07-29 — The Hindu: **Sensex today | Stock Market Live: Sensex jumps 840 points, Nifty tops 24,230 as IT and FMCG stocks power rally** — Sensex, Nifty, Share Prices Live: Indian equities traded firmly higher at noon, buoyed by stronger-than-expected industrial production, renewed foreign fund inflows and broad-based buying in IT and consumer stocks, while investors awaited the U.S. Federal Reserve's policy decision amid rising crude prices and mixed global market cues. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-29-july-2026/article71276758.ece)
- 2026-07-29 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty rises over 250 points as market nears day's high** — Sensex Today | Stock Market LIVE Updates: The markets are on the rise, and are trading on a stromg footing. The Nifty up over 200 points, jumping to 24,200. The Nifty Bank index is up 300 points, rising to 57,000. Infosys, Larsen & Toubro and HUL are the top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-hul-asian-paints-adani-oil-lt-grse-it-dmart-share-price-liveblog-19956206.htm)

## Business profile

**Strategic vision:** Operates quick-service restaurants and food courts in India and internationally.

### Business segments
- **KFC:** Operates KFC restaurants, focusing on freshly prepared food and evolving flavors with Indian twists.
- **Pizza Hut:** Manages Pizza Hut stores, emphasizing a joyful experience for families and friends with cheesy Pan Pizzas and product innovation.
- **Costa Coffee:** Introduced Costa Coffee to India, contributing to the growth of specialty handcrafted coffee culture.
- **Vaango:** An in-house brand specializing in pure vegetarian South Indian QSR cuisine, focusing on authentic taste and quality.
- **The Food Street:** Operates multiple food courts in high-traffic areas including malls, airports, highways, and hospitals.
- **International Business:** Leverages QSR brand management experience to deliver customer experiences in Nepal, Nigeria, and Thailand.

### Competitive strengths
- Extensive network of quick-service restaurants across multiple countries.
- Strong franchisee relationships with global brands like Yum! Brands.
- Experience in adapting global brands to local tastes and preferences.
- Diverse portfolio including franchised and proprietary brands.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/devyani
Markdown representation: https://faxioms.com/stocks/devyani?render=md