Devyani International Limited (DIL) stands as the foremost franchisee of Yum Brands in India, operating a vast network of quick service restaurants (QSR) across the country. DIL is also a prominent franchisee of India’s renowned Costa Coffee brand.
This article delves into the comprehensive profile of Devyani International Limited, exploring its expansive reach within the QSR industry and its strategic partnerships with globally recognized brands. From its operational scale to its market presence, we will discuss the company’s growth trajectory and its impact on India’s food and beverage landscape.
About Devyani International
Devyani International Ltd, a subsidiary of RJ Corporation established by Ravi Kant Jaipuria in 1991, has emerged as a prominent player in India’s fast-food industry. RJ Corp itself is a multinational conglomerate with diverse interests spanning beverages (Varun Beverages), fast-food restaurants (including KFC, Pizza Hut, and Costa Coffee), retail, ice cream (Cream Bell, Daima), healthcare (Medanta Africare), and education, operating across 26 nations through its subsidiaries. Devyani’s pivotal partnership with Yum Brands since 1997, marked by the opening of the first Pizza Hut store in Jaipur, has flourished into a sprawling network of 1,243 locations across 240+ cities in India.
The company’s sales mix in FY23 underscores its robust performance, with on-premise sales constituting 64% and off-premise sales comprising 36%. Devyani’s operations are primarily domestic-focused, with 99% of its presence within India and a nominal 1% international footprint. As the largest non-exclusive franchisee of Yum Brands in India, Devyani International Ltd’s trajectory reflects its strategic positioning within the global fast-food landscape, driven by sustained growth and extensive market penetration.
Devyani International Q3 FY24 Financial Highlights
- Consolidated net profit for the December quarter was Rs 9.6 crore, marking an 87% decrease from the previous year.
- Total revenue increased by 6.6% to Rs 843 crore compared to Rs 791 crore in the same period last year, driven by new store additions.
- Earnings before interest, tax, depreciation, and amortization (EBITDA) declined by 17% to Rs 146 crore, with the EBITDA margin decreasing to 17.3% from 22.1% in the year-ago period.
- Despite subdued consumer sentiments affecting performance, Devyani International’s operating and financial performance remained stable.
- The company continues to invest in its business for long-term growth, focusing on expansion and strategic acquisitions.
- In FY24, Devyani International acquired 283 KFC stores in Thailand, enhancing its global footprint to 1,735 stores and aiming to achieve 2,000 stores by the end of 2024, surpassing its original target.
- In India, the company demonstrated resilience by adding 94 new stores in Q3 FY24 and plans to open 250 to 275 outlets in the current fiscal year, reflecting confidence in the long-term potential of the Indian Quick Service Restaurant (QSR) industry.
Below are the trading platforms that you can use to purchase Devyani International shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| April 2024 | 168.48 | 146.50 |
| May 2024 | 165.99 | 144.34 |
| June 2024 | 171.97 | 149.54 |
| July 2024 | 170.25 | 148.04 |
| August 2024 | 177.06 | 153.96 |
| September 2024 | 184.14 | 160.12 |
| October 2024 | 180.53 | 156.98 |
| November 2024 | 185.94 | 161.69 |
| December 2024 | 190.59 | 165.73 |
Devyani International’s share price target for 2024 shows a positive outlook, with projected maximum prices ranging from ₹168.48 to ₹190.59 by the end of December. The minimum prices during this period range between ₹144.34 and ₹165.73.
As of April 5th, 2024, the current share price stands at ₹156, with a high/low range of ₹228 and ₹142. The stock’s price-to-earnings (P/E) ratio is 136, and the market capitalization is ₹18,866 crore. Notably, the company has a return on capital employed (ROCE) of 18.4% and a return on equity (ROE) of 33.9%. These financial indicators suggest a strong performance and potential growth prospects for Devyani International’s stock in 2024.
| When | Maximum Price | Minimum Price |
| January 2025 | 194.40 | 149.54 |
| February 2025 | 199.39 | 153.38 |
| March 2025 | 207.16 | 159.36 |
| April 2025 | 203.10 | 156.23 |
| May 2025 | 197.19 | 151.68 |
| June 2025 | 206.06 | 158.51 |
| July 2025 | 202.02 | 155.40 |
| August 2025 | 208.27 | 160.21 |
| September 2025 | 215.56 | 165.81 |
| October 2025 | 221.16 | 170.12 |
| November 2025 | 226.69 | 174.38 |
| December 2025 | 232.36 | 178.74 |
Devyani International’s share price target for 2025 indicates a bullish trend, with projected maximum prices ranging from ₹194.40 to ₹232.36 by the end of December. The minimum prices during this period range between ₹149.54 and ₹178.74. These forecasts suggest an upward trajectory in the company’s stock performance over the year.
Devyani International operates across three major business segments: Core Brands, International Business, and Own Brands. This diversified business model contributes to the company’s resilience and growth prospects. Investors may anticipate continued market optimism and potential appreciation in share value driven by strategic expansions and operational efficiencies across its business segments.
| When | Maximum Price | Minimum Price |
| January 2026 | 239.33 | 184.10 |
| February 2026 | 245.47 | 188.82 |
| March 2026 | 255.04 | 196.18 |
| April 2026 | 250.04 | 192.34 |
| May 2026 | 242.76 | 186.74 |
| June 2026 | 253.68 | 195.14 |
| July 2026 | 248.71 | 191.31 |
| August 2026 | 256.40 | 197.23 |
| September 2026 | 265.37 | 204.13 |
| October 2026 | 272.27 | 209.44 |
| November 2026 | 279.08 | 214.68 |
| December 2026 | 286.05 | 220.04 |
In 2026, Devyani International’s share price target points to significant growth potential, with projected maximum prices ranging from ₹239.33 to ₹286.05 by December. The minimum prices during this period range between ₹184.10 and ₹220.04, highlighting a bullish outlook for the company’s stock performance throughout the year.
Devyani International’s business primarily revolves around its core brands: KFC, Pizza Hut, and Costa Coffee, with a combined presence of over 543 KFC stores, 510 Pizza Hut outlets, and 112 Costa Coffee stores across 240+ Indian cities in FY23. KFC emerged as the top revenue contributor, accounting for 64%, followed by Pizza Hut at 28%, with Costa Coffee contributing the remainder. This diversified portfolio and strategic market presence contribute to the company’s robust financial performance and underpin the optimistic projections for its share price in 2026.
| When | Maximum Price | Minimum Price |
| January 2027 | 291.78 | 224.44 |
| February 2027 | 299.26 | 230.20 |
| March 2027 | 310.93 | 239.18 |
| April 2027 | 304.83 | 234.49 |
| May 2027 | 295.95 | 227.66 |
| June 2027 | 309.27 | 237.90 |
| July 2027 | 303.21 | 233.24 |
| August 2027 | 312.58 | 240.45 |
| September 2027 | 323.52 | 248.87 |
| October 2027 | 331.94 | 255.34 |
| November 2027 | 340.23 | 261.72 |
| December 2027 | 348.74 | 268.26 |
Devyani International’s share price target for 2027 indicates strong growth potential, with projected maximum prices ranging from ₹291.78 to ₹348.74 by December. The minimum prices during this period range between ₹224.44 and ₹268.26, reflecting a bullish trend for the company’s stock throughout the year. In addition to its extensive presence in India, Devyani International operates in international markets including Nigeria and Nepal.
As of FY23, the company managed 37 KFC stores in Nigeria and 22 KFC and Pizza Hut stores in Nepal. This international business segment contributes to the company’s overall revenue diversification and offers further growth opportunities beyond domestic markets. The projected share price targets for 2027 align with the company’s strategic expansion and strong performance across its diverse business segments.
| When | Maximum Price | Minimum Price |
| January 2028 | 355.72 | 273.63 |
| February 2028 | 364.84 | 280.64 |
| March 2028 | 379.06 | 291.59 |
| April 2028 | 371.63 | 285.87 |
| May 2028 | 360.81 | 277.54 |
| June 2028 | 377.04 | 290.03 |
| July 2028 | 369.65 | 284.35 |
| August 2028 | 381.08 | 293.14 |
| September 2028 | 394.42 | 303.40 |
| October 2028 | 404.68 | 311.29 |
| November 2028 | 414.79 | 319.07 |
| December 2028 | 425.16 | 327.05 |
- January 2028: ₹273.63 (Minimum)
- December 2028: ₹425.16 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 433.67 | 333.59 |
| February 2029 | 444.79 | 342.14 |
| March 2029 | 462.13 | 355.49 |
| April 2029 | 453.07 | 348.52 |
| May 2029 | 439.88 | 338.37 |
| June 2029 | 459.67 | 353.59 |
| July 2029 | 450.66 | 346.66 |
| August 2029 | 464.59 | 357.38 |
| September 2029 | 480.86 | 369.89 |
| October 2029 | 493.36 | 379.51 |
| November 2029 | 505.69 | 388.99 |
| December 2029 | 518.33 | 398.72 |
- January 2029: ₹333.59(Minimum)
- December 2029: ₹518.33 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 528.70 | 406.69 |
| February 2030 | 542.26 | 417.12 |
| March 2030 | 563.40 | 433.39 |
| April 2030 | 552.36 | 424.89 |
| May 2030 | 536.27 | 412.52 |
| June 2030 | 560.40 | 431.08 |
| July 2030 | 549.41 | 422.63 |
| August 2030 | 566.41 | 435.70 |
| September 2030 | 586.23 | 450.95 |
| October 2030 | 601.47 | 462.67 |
| November 2030 | 616.51 | 474.24 |
| December 2030 | 631.92 | 486.09 |
- January 2030: ₹406.69 (Minimum)
- December 2030: ₹631.92 (Maximum)
Financial Condition of Devyani International: Last 5 Year
| Financials | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales (in Rs. Crores) | 1,311 | 1,516 | 1,135 | 2,084 | 2,998 |
| Expenses (in Rs. Crores) | 1,106 | 1,297 | 938 | 1,608 | 2,340 |
| Operating Profit (in Rs. Crores) | 205 | 220 | 197 | 476 | 658 |
| Other Income (in Rs. Crores) | 42 | 45 | 120 | -3 | 12 |
| Interest (in Rs. Crores) | 137 | 161 | 151 | 129 | 149 |
| Depreciation (in Rs. Crores) | 203 | 223 | 229 | 221 | 279 |
| Profit before Tax (in Rs. Crores) | -93 | -120 | -64 | 123 | 242 |
| Net Profit (in Rs. Crores) | -94 | -121 | -63 | 155 | 263 |
| EPS (in Rs) | -7.46 | -11.46 | -0.48 | 1.30 | 2.20 |
- Over the past five years (2019-2023), Devyani International has demonstrated robust financial growth.
- Sales have more than doubled from Rs. 1,311 crores in 2019 to Rs. 2,998 crores in 2023, representing a compounded annual growth rate (CAGR) of 22% over five years.
- Operating profit increased significantly from Rs. 205 crores in 2019 to Rs. 658 crores in 2023, reflecting improved operational efficiency.
- Net profit improved from a loss of Rs. 94 crores in 2019 to a profit of Rs. 263 crores in 2023, showcasing a turnaround in profitability.
- Earnings per share (EPS) showed a positive trend, rising from -7.46 in 2019 to 2.20 in 2023.
- Return on equity (ROE) reached 34% in the last year, indicating effective use of shareholders’ funds.
- Compounded sales growth over ten years and three years stood at 15% and 26% respectively, highlighting consistent revenue expansion.
- However, compounded profit growth over the trailing twelve-month (TTM) period declined by 53%, suggesting recent challenges in profitability.
- Devyani International’s financial metrics indicate strong growth potential and operational improvement, positioning the company for continued success in the future.
FAQs
What is Devyani International’s current market capitalization?
Devyani International’s current market capitalization is ₹18,866 crore.
As of April 5th, 2024, Devyani International’s current share price is ₹156, with a high/low range of ₹228/₹142.
The share price target for Devyani International by December 2024 ranges from ₹146.50 to ₹190.59.
The share price target for Devyani International by December 2025 ranges from ₹149.54 to ₹232.36.
The share price target for Devyani International by December 2030 ranges from ₹406.69 to ₹631.92.
What is Devyani International’s current Price-to-Earnings (P/E) ratio?
Devyani International’s current P/E ratio is 136.
What is Devyani International’s dividend payout percentage?
Devyani International’s dividend yield is currently 0.00%.
What is Devyani International’s Return on Equity (ROE) for the last year?
Devyani International’s Return on Equity (ROE) for the last year was 33.9%.
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Conclusion: Devyani International’s Path to Growth and Investment Considerations
In conclusion, Devyani International Limited (DIL) has emerged as a dominant force in India’s quick service restaurant (QSR) industry, operating under the esteemed franchises of Yum Brands and Costa Coffee. As a subsidiary of RJ Corporation, DIL boasts an extensive network of KFC, Pizza Hut, and Costa Coffee outlets across over 240 Indian cities, demonstrating a focused domestic growth strategy. Despite facing challenges in FY24, including declines in net profit and EBITDA margin, the company has maintained operational stability.
DIL’s recent acquisition of 283 KFC stores in Thailand and its ambition to surpass the target of 2,000 global stores by the end of 2024 underline its commitment to expansion. Optimistic share price targets for 2024-2030 reflect market confidence in the company’s future potential, driven by impressive financial metrics such as strong sales growth and profitability. Notably, DIL has achieved an outstanding profit growth rate of 53.7% CAGR over the last five years.
However, investors should consider that the stock is currently trading at a premium of 18.2 times its book value. Additionally, the absence of dividend payouts, coupled with a low interest coverage ratio and seemingly low tax rate, are factors that warrant consideration. Despite these aspects, DIL’s solid financial performance and strategic initiatives position it as a key player poised for continued growth and value creation in India’s dynamic QSR market.
What did we learn?
- 1 About Devyani International
- 2 Devyani International Q3 FY24 Financial Highlights
- 3 How to Purchase Devyani International Shares in India?
- 4 Devyani International Share Price Target 2024 – 2030
- 4.1 Devyani International Share Price Target 2024
- 4.2 Devyani International Share Price Target 2025
- 4.3 Devyani International Share Price Target 2026
- 4.4 Devyani International Share Price Target 2027
- 4.5 Devyani International Share Price Target 2028
- 4.6 Devyani International Share Price Target 2029
- 4.7 Devyani International Share Price Target 2030
- 5 Financial Condition of Devyani International: Last 5 Year
- 6 FAQs
- 6.1 What is Devyani International’s current market capitalization?
- 6.2 What is Devyani International’s current share price and its recent high/low range?
- 6.3 What is the projected share price target for Devyani International by the end of 2024?
- 6.4 What is the projected share price target for Devyani International by the end of 2025?
- 6.5 What is the projected share price target for Devyani International by the end of 2030?
- 6.6 What is Devyani International’s dividend payout percentage?
- 6.7 What is Devyani International’s Return on Equity (ROE) for the last year?
- 7 Conclusion: Devyani International’s Path to Growth and Investment Considerations
