Devyani International Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Latest quarter profit grew 667.7% YoY, showing strong momentum
- Company has delivered good sales growth of 37.7% CAGR over last 5 years
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -40.82x)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of -1.6% over last 3 years
- Interest coverage is weak at 0.8x - earnings barely cover interest
- Company has a low return on capital employed of 11.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1384.00 | 70.03 | 266878.70 | 0.87 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 416.25 | 41.58 | 140795.10 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 4970.00 | 45.97 | 119711.54 | 1.82 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 470.40 | 71.52 | 31039.12 | 0.26 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1222.80 | 78.20 | 27237.66 | 0.49 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 293.30 | 177.78 | 22579.51 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 552.65 | 93.43 | 17583.15 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.95 | 0.00 | 17008.40 | 0.00 | 171.04 | 7576.84 | 15805.16 | 1064.74 | 8.98 | 16.09 |
| LTFOODS | 437.85 | 23.74 | 15204.47 | 0.69 | 183.45 | 8.87 | 3151.83 | 27.92 | 19.77 | 11.26 |
| BIKAJI | 548.50 | 53.20 | 13752.89 | 0.23 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2063.45 | 52.81 | 13024.99 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| KWIL | 43.05 | 0.00 | 10114.99 | 0.00 | 50.70 | 354.77 | 878.30 | 99.34 | — | 11.77 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 847 | 819 | 843 | 1,047 | 1,222 | 1,222 | 1,294 | 1,213 | 1,357 | 1,377 | 1,441 | 1,437 | 1,581 | |
| 721 | 665 | 697 | 917 | 1,006 | 1,026 | 1,081 | 1,027 | 1,151 | 1,188 | 1,210 | 1,217 | 1,577 | |
| Operating Profit | 126 | 154 | 146 | 130 | 216 | 196 | 213 | 186 | 206 | 189 | 231 | 220 | 4 |
| OPM % | 14.89% | 18.84% | 17.35% | 12.44% | 17.66% | 16.01% | 16.48% | 15.34% | 15.18% | 13.74% | 16.04% | 15.34% | 0.23% |
| 7 | -7 | 5 | 14 | 10 | 5 | 9 | 13 | 14 | 8 | -9 | 14 | 19 | |
| Interest | 40 | 42 | 48 | 57 | 63 | 65 | 67 | 70 | 67 | 69 | 70 | 70 | 70 |
| Depreciation | 80 | 86 | 93 | 126 | 132 | 139 | 147 | 152 | 150 | 155 | 167 | 182 | 180 |
| Profit before Tax | 13 | 19 | 10 | -38 | 31 | -4 | 9 | -22 | 3 | -27 | -15 | -18 | 23 |
| Tax % | 112.35% | -88.38% | 47.62% | -28.85% | 26.53% | -25.90% | 187.59% | 25.26% | 16.88% | 19.56% | 33.29% | 26.22% | 25.38% |
| Net Profit | 0 | 0 | 0 | 0 | 22 | -5 | -8 | -17 | 2 | -24 | -11 | -10 | 17 |
| 0.10 | 0.28 | 0.08 | -0.06 | 0.25 | 0.00 | 0.00 | -0.24 | 0.03 | -0.16 | -0.07 | -0.19 | 0.12 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,047 | 1,111 | 1,357 | 1,516 | 1,135 | 2,084 | 2,998 | 3,556 | 4,951 | 5,611 | 5,835 | |
| 1,004 | 1,015 | 1,308 | 1,268 | 946 | 1,617 | 2,343 | 2,997 | 4,138 | 4,771 | 5,191 | |
| Operating Profit | 43 | 96 | 49 | 248 | 188 | 467 | 655 | 559 | 813 | 841 | 644 |
| OPM % | 4.15% | 8.61% | 3.60% | 16.38% | 16.60% | 22.41% | 21.84% | 15.72% | 16.43% | 14.99% | 11.04% |
| 9 | 25 | 9 | 59 | 110 | 6 | 15 | 18 | 37 | 35 | 32 | |
| Interest | 94 | 34 | 40 | 161 | 151 | 129 | 149 | 189 | 267 | 278 | 279 |
| Depreciation | 137 | 55 | 83 | 223 | 229 | 221 | 279 | 385 | 570 | 654 | 685 |
| Profit before Tax | -178 | 30 | -65 | -77 | -82 | 123 | 242 | 4 | 13 | -57 | -37 |
| Tax % | -0.78% | -2.77% | -1.73% | -2.39% | 1.30% | -25.97% | -8.51% | 362.57% | 153.96% | 25.21% | 24.76% |
| Net Profit | -180 | 31 | -66 | -79 | -81 | 155 | 263 | -10 | -7 | -43 | -27 |
| EPS | -11.31 | 4.25 | -4.55 | -1.14 | -0.50 | 1.32 | 2.19 | 0.39 | 0.08 | -0.31 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 19%
- 5 Years:
- 38%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 3%
- 3 Years:
- -13%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- -11%
- 5 Years:
- 13%
- 3 Years:
- -2%
- Last Year:
- -3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 106 | 106 | 106 | 106 | 115 | 120 | 120 | 121 | 121 | 123 |
| Minority Interest | -20 | -34 | -46 | -39 | -42 | -5 | -6 | 293 | 308 | 343 |
| -30 | 22 | -36 | -305 | -3 | 561 | 833 | 911 | 966 | 1,415 | |
| 251 | 357 | 521 | 1,696 | 1,236 | 1,144 | 1,472 | 2,618 | 2,790 | 3,105 | |
| Trade Payables | 114 | 128 | 137 | 163 | 162 | 196 | 242 | 376 | 441 | 615 |
| 175 | 145 | 93 | 256 | 191 | 197 | 228 | 563 | 655 | 1,148 | |
| Total Liabilities | 596 | 725 | 776 | 1,876 | 1,659 | 2,214 | 2,889 | 4,881 | 5,281 | 6,750 |
| 402 | 445 | 537 | 1,594 | 1,347 | 1,720 | 2,391 | 4,190 | 4,596 | 5,668 | |
| Capital Work in Progress | 15 | 56 | 12 | 14 | 14 | 7 | 15 | 11 | 3 | 8 |
| 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | |
| 34 | 45 | 55 | 72 | 62 | 85 | 129 | 131 | 148 | 165 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 | 41 | 64 | |
| Cash & Bank | 37 | 45 | 27 | 16 | 41 | 66 | 85 | 181 | 181 | 495 |
| 103 | 134 | 146 | 180 | 195 | 336 | 268 | 316 | 309 | 348 | |
| Total Assets | 596 | 725 | 776 | 1,876 | 1,659 | 2,214 | 2,889 | 4,881 | 5,281 | 6,750 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 91 | 94 | 76 | 301 | 239 | 461 | 685 | 592 | 900 | 919 | |
| Cash from Investing | -66 | -141 | -168 | -97 | -359 | -375 | -350 | -1,551 | -462 | -440 |
| Cash from Financing | -32 | 56 | 71 | -223 | 142 | -58 | -283 | 889 | -425 | -197 |
| -8 | 6 | -20 | -19 | 23 | 17 | 5 | -69 | 13 | 282 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Devyani International Limited has informed the Exchange about disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-03 - Devyani International Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Devyani International Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-31 - Devyani International Limited has informed the Exchange about change in Senior Management Personnel
2026-08-31 - Devyani International Limited has informed the Exchange about Schedule of meet
2026-08-26 - Devyani International Limited has informed the Exchange about Amended Scheme of Arrangement
2026-08-26 - Devyani International Limited has informed the Exchange regarding Outcome of Board Meeting held on August 26, 2026.
2026-08-26 - Devyani International Limited has informed the Exchange about voluntary strike-off of non-operational subsidiary of the Company
2026-08-14 - Devyani International Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report.
News
Recent coverage and analyst commentary for DEVYANI
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Devyani International Ltd.
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