Devyani International: Business Overview & Financial Analysis
Devyani International is a leading quick-service restaurant (QSR) operator in India, headquartered in Gurugram, Haryana. Promoted by RJ Corp (headed by Ravi Kant Jaipuria), the company operates as the largest franchisee for Yum! Brands (KFC and Pizza Hut) in India and expands an international footprint across Thailand, Nigeria, and Nepal. Devyani International manages a diversified multi-brand restaurant portfolio comprising KFC, Pizza Hut, Costa Coffee, Vaango, and Sanjeev Kapoor’s Yellow Chilli across core urban and suburban markets.
Brand Portfolio & Revenue Contribution Mix of Devyani International (FY26)
Devyani International categorises its operational turnover across core international QSR franchises and proprietary food brands.
- KFC Division – 56.5% of Total Operating Revenue
- Pizza Hut Division – 22.8% of Total Operating Revenue
- Costa Coffee Division – 4.2% of Total Operating Revenue
- International Operations (Thailand, Nigeria, Nepal) – 12.5% of Total Operating Revenue
- Own Brands & Food Courts (Vaango, Food Street) – 4.0% of Total Operating Revenue
- Total Consolidated Revenue from Operations (FY26) – Rs 4,280.50 crore (+28.5% YoY)
The KFC division serves as the primary growth and profitability engine, delivering high average unit volumes across Indian metro and regional markets. Pizza Hut and Costa Coffee provide store network density, while international acquisitions expand addressable consumer bases across South-East Asia and Africa.
Geographic Reach & Store Network Scale of Devyani International (Q1 FY27)
Devyani International operates an extensive store footprint across primary metropolitan regions, tier-2/3 Indian cities, and overseas territories.
- Total Global Store Count – 1,850+ operational outlets
- KFC India Stores Count – 620+ stores across 160+ cities
- Pizza Hut India Stores Count – 580+ stores across 200+ cities
- Costa Coffee India Stores Count – 190+ stores across 40+ cities
- International Outlets Base (Thailand, Nigeria, Nepal) – 380+ stores (including 280+ KFC outlets in Thailand)
- Domestic Indian City Footprint – Presence across 240+ cities
Domestic store footprint covers over 240 cities in India, supported by aggressive store additions in tier-2 and tier-3 markets. The strategic acquisition of KFC stores in Thailand expands international store density and operational scale in South-East Asia.
Key QSR Operational & Store Performance Metrics of Devyani International (Q1 FY27)
Devyani International tracks System Sales Growth, Same-Store Sales Growth (SSSG), Average Daily Sales (ADS), and store-level EBITDA margins across core brands.
- KFC India Average Daily Sales (ADS) – Rs 115,000 per store
- Pizza Hut India Average Daily Sales (ADS) – Rs 41,000 per store
- Costa Coffee Average Daily Sales (ADS) – Rs 36,000 per store
- KFC India Store-Level EBITDA Margin – 18.5%
- Pizza Hut India Store-Level EBITDA Margin – 9.2%
- Costa Coffee Store-Level EBITDA Margin – 16.8%
- Net New Store Additions (Q1 FY27) – 48 net new stores opened
KFC India maintains healthy store-level profitability with EBITDA margins of 18.5% and average daily sales of Rs 115,000. Store additions continued with 48 net new outlets opened during Q1 FY27 across KFC, Pizza Hut, and Costa Coffee networks.
Delivery vs Dine-In Sales Channel Mix of Devyani International (FY26)
Devyani International balances off-premise digital delivery channels with in-store dining experiences across its QSR network.
- Off-Premise Delivery Channel Share – 54.0% of Total System Sales
- On-Premise Dine-In & Takeaway Share – 46.0% of Total System Sales
- Digital Ordering Sourcing Share (App, Kiosks, Aggregators) – >78.0% of Total Orders
- In-Store Self-Ordering Kiosk Penetration – Installed across >70% of KFC and Pizza Hut stores
Off-premise delivery dispatches generate over half of total system sales through aggregators and proprietary mobile ordering apps. Self-ordering kiosks across seven-tenths of store networks streamline in-store ordering efficiency and reduce front-of-house staff costs.
Latest Quarterly Financial Performance of Devyani International (Q1 FY27)
Devyani International recorded strong top-line revenue expansion during the first quarter of FY27, driven by store network additions and Thailand consolidation.
- Consolidated Revenue from Operations – Rs 1,220.50 crore (+42.5% YoY)
- Consolidated Operating EBITDA – Rs 215.40 crore (+31.2% YoY)
- Operating EBITDA Margin – 17.65% (-152 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 32.50 crore (-18.2% YoY)
- System Sales Growth – +44.5% YoY across global store network
First-quarter operating revenue rose 42.5% year-on-year to Rs 1,220.50 crore, supported by international store consolidation and domestic additions. Consolidated Net Profit After Tax stood at Rs 32.50 crore, impacted by higher depreciation and finance costs from store network expansion.
Consolidated Annual Financial Performance of Devyani International (FY26)
Devyani International delivered record full-year turnover expansion and operating profit growth for full financial year FY26.
- Full Year Consolidated Revenue from Operations – Rs 4,280.50 crore (+28.5% YoY)
- Full Year Operating EBITDA – Rs 785.20 crore (+22.4% YoY)
- Full Year Operating EBITDA Margin – 18.34% (-91 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 142.80 crore (+12.5% YoY)
- Return on Capital Employed (ROCE) – 14.5%
Full-year operating turnover crossed Rs 4,280 crore in FY26, as consolidated Net Profit After Tax reached Rs 142.80 crore. Performance was driven by 250+ net new store openings, international market acquisition, and raw material cost optimization.
Capital Structure & Balance Sheet Health Ratios of Devyani International (Q1 FY27)
Devyani International maintains a controlled capital structure supported by operating cash flows and disciplined capital allocation.
- Net Debt to Operating EBITDA Ratio – 1.12x (including lease liabilities under Ind AS 116)
- Debt to Equity Ratio – 0.45x (excluding lease liabilities)
- Total Cash, Bank Balances & Surplus Investments – Rs 480.00 crore
- Total Consolidated Net Worth Base – Rs 1,850.00 crore
- Working Capital Cycle – Negative working capital model (-18 days)
The company operates a negative working capital cycle, leveraging upfront customer cash receipts and structured supplier credit lines. Net debt held at 1.12x EBITDA at the close of Q1 FY27, backing store expansion outlays.
Expansion Pipeline & Strategic Capex Outlays of Devyani International (FY27–FY28)
Devyani International executes capital allocation outlays to expand store networks across KFC, Pizza Hut, and Costa Coffee.
- Planned Annual Capital Expenditure Outlay – Rs 450–500 crore per annum
- Target Annual Store Additions – 200–250 net new stores annually across global markets
- KFC Expansion Outlay – 100+ new KFC stores per annum in India and Thailand
- Costa Coffee Expansion Outlay – 50+ new Costa Coffee stores per annum across metro airports and high streets
- Funding Strategy – 100% funded through internal operational cash accruals
Annual capital expenditure is budgeted at Rs 450–500 crore to add 200–250 net new stores annually across domestic and international markets. Internal cash flows fund all planned store openings without external debt additions.
Strategic Outlook & Management Commentary of Devyani International (Q1 FY27 Concall)
Management guidance outlines strategic priorities centered on store additions, Same-Store Sales Growth recovery, and margin protection.
- Management targets achieving a store network count of 2,000+ operational outlets by the end of FY27.
- Operating EBITDA margins are guided to sustain within the 17.5%–19.0% corridor through operating leverage.
- KFC India will remain the core growth driver, adding 100+ stores annually in tier-2 and tier-3 markets.
- Pizza Hut brand turnaround will focus on value layering, product innovation, and smaller store format rollouts.
- Costa Coffee footprint will be expanded across airports, office parks, and premium retail malls to capture coffee consumption trends.
Management anticipates domestic QSR consumption recovery and international store integration to support top-line volume execution. Operational focus remains on executing store expansion targets, driving digital delivery adoption, and maintaining balance sheet discipline.
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Sources & References
- Devyani International Q1 FY27 Consolidated Financial Disclosures (July/August 2026)
- Devyani International Q4 & Full Year FY26 Consolidated Financial Disclosures (May 2026)
- Devyani International Investor Presentation & Fact Sheet (May 2026 / August 2026)
- BSE Limited & National Stock Exchange of India (NSE) Corporate Filings for Devyani International
- Ticker Finology Devyani International Page
Disclaimer
The information presented above on Devyani International has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Devyani International page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.