Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India. The company is a leading quick-service restaurant (QSR) operator in India and is part of RJ Corporation, founded by Ravi Kant Jaipuria in 1991. RJ Corp is a multinational conglomerate with successful ventures in beverages (Varun Beverages), QSR (KFC, Pizza Hut, Costa Coffee), retail, ice cream (Cream Bell, Daima), healthcare (Medanta Africare), and education, spanning over 14 countries.
Devyani International Limited was originally incorporated as `Universal Ice Creams Private Limited' at New Delhi as a Private Limited Company on December 13, 1991. Subsequently, the name of the Company changed to 'Devyani International Private Limited' and a fresh Certificate of Incorporation dated June 07, 2000, was issued by the RoC. Thereafter, the Company converted into a Public Limited Company and consequently, the name of Company was changed to `Devyani International Limited` dated May 09, 2005. The Company is a multi-dimensional comprehensive quick-service restaurant (QSR) player in India.
Devyani International Limited develops, manages, and operates quick service restaurants and food courts in India, Nepal, Nigeria, Thailand, and internationally. Its Core Brands Business include KFC, Pizza Hut, and Costa Coffee outlets operated in India; International Business comprise KFC, Pizza Hut, and other brand outlets operated in Nepal and Nigeria; and Other Business consists of food and beverages industry operations, including Vaango and The Food Street brand stores.
The company operates an extensive network of restaurants across multiple countries. The Company operated over 490 KFC stores and approximately 506 Pizza Hut stores across India. In addition, the Company is also a franchise of Costa Coffee brand in India, which is owned by Costa International and operated in approximately 112 Costa Coffee stores. The total store count stands at 2,039, consolidated revenue at ₹49.5 billion, growth of 39.2% vs FY24 - PBT at ₹12.8 Crore in FY25 vs ₹3.7 Crore in FY24, growth of 248% presence to 2,039 stores as of March 31, 2025. During FY25, Devyani opened 257 net new stores, taking its total store count to 2,039.
The current market capitalization of Devyani International Ltd (DEVYANI) is ₹21,674.19 Crore as of May 2025, making it one of the significant players in the Indian QSR sector.
Net Loss of Devyani International reported to ₹14.74 Crore in the quarter ended March 2025, as against net loss of ₹7.47 Crore during the previous quarter ended March 2024. Sales rose 15.81% to ₹1,212.59 Crore in the quarter ended March 2025, as against ₹1,047.08 Crore during the previous quarter ended March 2024.
For the full year, net profit declined 80.64% to ₹9.15 Crore in the year ended March 2025, as against ₹47.26 Crore during the previous year ended March 2024. Sales rose 39.22% to ₹4,951.05 Crore in the year ended March 2025, as against ₹3,556.32 Crore during the previous year ended March 2024.
Key Financial Metrics for FY25:
- Revenue from operations: ₹4,951.05 Crore (39.22% growth YoY)
- Net profit: ₹9.15 Crore (80.64% decline YoY)
- EBITDA margin: 17% for FY25
- Total store count: 2,039 stores as of March 31, 2025
In April 2025, Devyani International acquired Sky Gate Hospitality, owner of "Biryani By Kilo", and entered a new food category. The company also inked franchise deals recently with three foreign brands: the New York Fries, Tealive, and Sanook Kitchen to extend its offerings.
Devyani to increase stake in Sky Gate to 86.13% via INR 106.25 Crore investment by July 31, 2025. Allotted 2.37 Crore shares at ₹176.78/share to acquire 80.72% stake in Sky Gate for ₹419.3 Crore.
The company has also been actively expanding its international presence. This impressive growth was mainly driven by the acquisition of KFC stores in Thailand and continuous store expansion across India. This is lower than the 539 net new stores opened in FY24, which included 283 KFC stores in Thailand acquired in January 2024.
Performance of same-store sales was a mixed bag: it was +1% for Pizza Hut, and -6.1% for KFC on year-over-year basis, the latter recorded an improvement over the -7.1% in the year before.
The company maintains a strong presence across Indian cities. It had 1,379 core brand stores in India, with metro cities like Delhi NCR, Bengaluru, Kolkata, and Hyderabad contributing 48%. The company had 723 core brand stores in non-metro cities in India, highlighting a deeper market penetration beyond the big cities.
In the main management, RAVI KANT JAIPURIA is chairman and PANKAJ VIRMANI is the company secretary for Devyani International Ltd. The promoters of Devyani International Ltd are RJ CORP LIMITED and VARUN JAIPURIA. They collectively own 62.54% of the total equity.
The Devyani International Ltd's 52-week high share price is ₹222.75 and 52-week low share price is ₹130.05. The current PE ratio of Devyani International Ltd (DEVYANI) is 2,248.13. The current PB ratio of Devyani International Ltd (DEVYANI) is 19.82.
Devyani International (DIL), among the fastest-growing Chain Quick Service Restaurant (QSR) operators in the country, is the largest franchisee for Yum Brands (KFC & Pizza Hut) in India. "We have achieved our store rollout targets across all brands, reflecting disciplined execution and strong operational capabilities. As one of the leading players in the Indian QSR sector, we are well-positioned to capitalize on the anticipated recovery in the industry. Overall, we remain confident in our strategy, execution capabilities, and ability to deliver consistent growth."
The company continues to focus on strategic expansion while maintaining operational excellence across its diverse portfolio of quick service restaurant brands in India and international markets.
