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Yum Brands franchisee operating KFC, Pizza Hut and Costa Coffee outlets across India and abroad.
Yum Brands franchisee operating KFC, Pizza Hut and Costa Coffee outlets across India and abroad.
Pays Yum Brands royalties and fees on sales under franchise agreements, then runs its own restaurants, so earnings depend on same-store sales and how fast it opens new outlets. KFC is its biggest brand. RJ Corp, the Jaipuria family's group that also controls Varun Beverages, is the main promoter.
In one line: India's KFC/Pizza Hut franchisee.
Moat: narrow (brand, distribution). Large-scale Yum Brands franchise rights across India and international markets.
Headquarters: Gurugram, India · Founded: 1991 · Employees: 22,500
Size Devyani International (DEVYANI.NS) is an India Consumer Discretionary company (Restaurants) with a market value of $1.68B, the 418th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹128.65 on 6 Nov 2026.
Performance Over six months the shares gained 8.2%, against +24.0% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +4.1%); the operating margin is 4.0% (peer median 6.5%).
Valuation It trades at 323.9× forward earnings against a peer median of 21.0× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.7 points below its cost of capital (15.0% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹59.8B | ₹55.9B | ₹49.4B | ₹35.4B | ₹29.8B |
| Revenue growth | — | +13% | +39% | +19% | — |
| Gross profit | ₹25.4B | ₹18.4B | ₹16.8B | ₹12.8B | ₹11.8B |
| EBITDA | ₹9.40B | ₹8.45B | ₹8.38B | ₹6.43B | ₹6.43B |
| Net income | -₹60.3M | -₹386M | ₹91.5M | ₹473M | ₹2.65B |
| Free cash flow | n/a | ₹4.11B | ₹3.56B | ₹996M | ₹2.02B |
| Capital expenditure | n/a | ₹4.59B | ₹4.91B | ₹4.78B | ₹4.37B |
| Total debt | ₹34.5B | ₹38.3B | ₹31.9B | ₹29.1B | ₹15.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Devyani International DEVYANI.NS | $1.68B | +8% | +14% | 4% | 323.9× | 52.1% |
| Jubilant Foodworks JUBLFOOD.NS | $3.20B | -5% | +16% | 10% | 61.4× | 28.6% |
| Westlife Foodworld WESTLIFE.NS | $1.08B | +31% | +10% | 5% | 343.5× | 49.0% |
| Sapphire Foods India SAPPHIRE.NS | $715M | +12% | +13% | 4% | 409.8× | 46.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DEVYANI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | +4.2% | 7th lowest of 21 |
| 6-month return | +8.2% | +24.0% | 5th lowest of 21 |
| Distance from 52-week high | -23.4% | -10.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +14.1% | +4.1% | 5th highest of 21 |
| Operating margin | 4.0% | 6.5% | 5th lowest of 21 |
| Forward P/E | 323.9× | 21.0× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 52.1% | 7.7% | most demanding of 20 |
| Growth delivered (Del g) | +37.6% | +12.9% | highest of 20 |
| Hurdle (Req g minus delivered) | +14.5 pp | -2.6 pp | 2nd most demanding of 20 |
| ROIC minus cost of capital | -11.7 pp | +0.5 pp | 2nd lowest of 21 |
| EV / EBITDA | 20.8× | 10.9× | 3rd most expensive of 17 |
| Net debt / EBITDA | 3.5× | 2.9× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Devyani International DEVYANI.NS | India | $1.68B | +8% | +14% | 4% | 323.9× | 52.1% | +37.6% |
| Travel Food Services TRAVELFOOD.NS | India | $1.63B | -6% | -2% | 30% | 31.7× | 13.0% | +15.6% |
| Wendy's WEN | United States | $1.55B | +12% | -1% | 13% | 17.9× | 2.4% | +4.7% |
| Guzman y Gomez GYG.AX | Australia | $1.82B | +55% | +19% | 17% | 51.0× | 32.7% | +34.2% |
| Yoshinoya 9861.T | Japan | $1.84B | +42% | +10% | 4% | 45.5× | 11.2% | +5.8% |
| Colowide 7616.T | Japan | $1.51B | +21% | +16% | 4% | n/a | 13.6% | +12.3% |
| SSP SSPG.L | United Kingdom | $1.87B | +17% | +5% | 7% | 13.9× | 2.6% | +20.5% |
| Monogatari 3097.T | Japan | $1.50B | +43% | +22% | 8% | 25.4× | 2.0% | +18.8% |
| Domino's Pizza Enterprises DMP.AX | Australia | $1.48B | +48% | -11% | 5% | 16.9× | 17.9% | -1.4% |
| Arcos Dorados ARCO | United States | $1.45B | -23% | +11% | 6% | 9.1× | -3.5% | +18.7% |
| Cracker Barrel Old Country Store CBRL | United States | $1.45B | +106% | -5% | 0% | 30.3× | 14.0% | +3.3% |
| Sweetgreen SG | United States | $1.43B | +72% | -1% | -18% | n/a | n/a | n/a |
| J D Wetherspoon JDW.L | United Kingdom | $1.33B | +69% | +5% | 5% | 19.6× | 7.7% | +23.7% |
| Guangzhou Restaurant 603043.SS | China | $1.31B | 0% | +9% | 11% | 17.3× | -3.5% | +10.4% |
| create restaurants 3387.T | Japan | $2.34B | +14% | +3% | 5% | 65.7× | 17.8% | +17.3% |
| Domino's Pizza DOM.L | United Kingdom | $1.19B | +24% | +6% | 15% | 13.1× | 9.5% | +6.3% |
| BJ's Restaurants BJRI | United States | $1.18B | +30% | +4% | 3% | 22.5× | 26.8% | +12.4% |
| Xiaocaiyuan International 0999.HK | Hong Kong | $1.17B | +16% | +3% | 15% | 13.1× | -9.6% | +15.8% |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |
| Ohsho Food Service 9936.T | Japan | $1.11B | -1% | 0% | 7% | 27.5× | 4.2% | +7.7% |
| Mitchells & Butlers MAB.L | United Kingdom | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% | +12.9% |