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
- Company has delivered good sales growth of 29.0% CAGR over last 5 years
- Latest quarter profit grew 36.9% YoY, showing strong momentum
- Working capital cycle has improved - days down from -47 to -64
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -124.08x)
- Company has a low return on equity of -0.3% over last 3 years
- Interest coverage is weak at 0.8x - earnings barely cover interest
- Total debt has risen sharply - up 54.4% year on year
- Operating margins have contracted to 16.4% from 22.6%
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 790 | 779 | 796 | 752 | 840 | 836 | 873 | 801 | 917 | 871 | 906 | 879 | 999 | |
| 632 | 640 | 647 | 603 | 667 | 689 | 726 | 664 | 766 | 739 | 748 | 735 | 1,013 | |
| Operating Profit | 158 | 139 | 149 | 149 | 172 | 146 | 146 | 137 | 151 | 131 | 158 | 144 | -14 |
| OPM % | 19.98% | 17.87% | 18.74% | 19.81% | 20.53% | 17.51% | 16.78% | 17.10% | 16.47% | 15.10% | 17.40% | 16.43% | -1.42% |
| 7 | 8 | 5 | -99 | 11 | 10 | 14 | 14 | 16 | 9 | -5 | 17 | 25 | |
| Interest | 38 | 40 | 44 | 51 | 52 | 54 | 56 | 59 | 55 | 56 | 57 | 58 | 58 |
| Depreciation | 75 | 83 | 89 | 90 | 92 | 99 | 105 | 108 | 105 | 105 | 113 | 122 | 125 |
| Profit before Tax | 53 | 24 | 22 | -91 | 40 | 3 | -0 | -16 | 7 | -20 | -19 | -18 | 11 |
| Tax % | 24.63% | -70.94% | 16.55% | -15.89% | 20.14% | 69.18% | 1536.67% | 15.05% | 13.75% | 28.61% | 33.66% | 30.05% | 20.19% |
| Net Profit | 40 | 41 | 18 | -105 | 32 | 1 | 4 | -13 | 6 | -14 | -12 | -13 | 9 |
| 0.33 | 0.34 | 0.15 | -0.87 | 0.26 | 0.01 | 0.04 | -0.11 | 0.05 | -0.12 | -0.10 | -0.10 | 0.07 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 807 | 881 | 1,071 | 1,228 | 999 | 1,853 | 2,774 | 3,116 | 3,349 | 3,573 | 3,654 | |
| 811 | 786 | 1,032 | 1,033 | 844 | 1,469 | 2,185 | 2,520 | 2,746 | 2,987 | 3,235 | |
| Operating Profit | -4 | 95 | 39 | 195 | 155 | 384 | 590 | 596 | 603 | 585 | 419 |
| OPM % | -0.47% | 10.78% | 3.60% | 15.89% | 15.48% | 20.74% | 21.26% | 19.13% | 18.01% | 16.38% | 11.48% |
| 11 | 36 | 10 | 29 | 95 | 20 | 37 | -78 | 50 | 37 | 45 | |
| Interest | 24 | 28 | 30 | 120 | 128 | 107 | 136 | 173 | 222 | 227 | 229 |
| Depreciation | 56 | 48 | 56 | 175 | 191 | 185 | 258 | 337 | 404 | 445 | 465 |
| Profit before Tax | -73 | 55 | -38 | -70 | -70 | 112 | 233 | 8 | 27 | -50 | -46 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -36.58% | -11.74% | 184.38% | 12.26% | 33.17% | 33.15% |
| Net Profit | -73 | 55 | -38 | -70 | -70 | 153 | 260 | -6 | 24 | -33 | -31 |
| EPS | -6.84 | 5.06 | -3.57 | -1.27 | -0.60 | 1.29 | 2.15 | -0.05 | 0.20 | -0.27 | — |
| 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:
- 17%
- 5 Years:
- 29%
- 3 Years:
- 9%
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:
- -7%
- 5 Years:
- 10%
- 3 Years:
- 0%
- Last Year:
- -3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 139 | 192 | 153 | -101 | 182 | 768 | 948 | 943 | 975 | 1,378 | |
| 138 | 199 | 391 | 1,199 | 1,025 | 939 | 1,322 | 1,954 | 2,153 | 2,401 | |
| Trade Payables | 69 | 83 | 96 | 124 | 127 | 155 | 210 | 235 | 292 | 378 |
| 115 | 121 | 64 | 191 | 147 | 143 | 225 | 316 | 319 | 368 | |
| Total Liabilities | 567 | 701 | 811 | 1,519 | 1,597 | 2,127 | 2,825 | 3,569 | 3,860 | 4,648 |
| 278 | 335 | 399 | 1,088 | 1,163 | 1,517 | 2,232 | 2,748 | 3,043 | 3,160 | |
| Capital Work in Progress | 6 | 3 | 5 | 6 | 7 | 1 | 7 | 7 | 3 | 8 |
| 122 | 158 | 133 | 98 | 88 | 111 | 84 | 355 | 356 | 921 | |
| 26 | 27 | 36 | 51 | 54 | 73 | 116 | 84 | 107 | 107 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45 | 59 | 52 | |
| Cash & Bank | 29 | 21 | 17 | 5 | 28 | 41 | 75 | 24 | 23 | 17 |
| 106 | 156 | 220 | 270 | 257 | 385 | 309 | 306 | 269 | 383 | |
| Total Assets | 567 | 701 | 811 | 1,519 | 1,597 | 2,127 | 2,825 | 3,569 | 3,860 | 4,648 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 52 | 105 | 73 | 242 | 158 | 394 | 634 | 587 | 662 | 707 | |
| Cash from Investing | -65 | -155 | -184 | -116 | -302 | -363 | -305 | -737 | -323 | -510 |
| Cash from Financing | 1 | 43 | 105 | -139 | 170 | -10 | -279 | 109 | -327 | -204 |
| -11 | -8 | -4 | -14 | 26 | 12 | 10 | -42 | 12 | -6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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