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Devyani International Results: Latest Quarterly Results & Analysis

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Devyani International Ltd. 06 Nov 2025 12:47 PM
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Q2FY26 Quarterly Result Announced for Devyani International Ltd.

Restaurants company Devyani International announced Q2FY26 results

  • Q2 Revenues stood at Rs 13,767 million, up 12.6% YoY.
    • KFC India: Rs 5,723 million, up 5.3% YoY.
    • Pizza Hut India: Rs 1,860 million, up 0.6% YoY.
    • International business: Rs 4,495 million, up 14.0% YoY.
  • Q1 EBITDA at Rs 1,943 million, with EBITDA margin at 14.1%.

Ravi Jaipuria, Non-Executive Chairman, Devyani International, said: “Q2 saw perhaps the most important policy development for consumers and the retail industry with the transition to GST 2.0 – a historic move to simplify and harmonize the GST framework to a 2-tier structure. While it’s still early to assess the results of this transition, the initial signs are encouraging, and all of us have seen a significant upside in certain consumption categories like Automobiles and Durables. The impact of the change has been very minimal on the QSR category and our business. We have already passed on the benefits of reduced input costs to our consumers. Overall, GST 2.0 is a welcome move to broaden the consumption story in India.

We continue to expand our store network with 30 net additions to KFC and another 3 net additions to Pizza Hut. We started rolling out the stores for Tealive and launched the brand with 6 new outlets during the quarter by way of test launch. The initial Customer feedback is positive, and we plan to expand the brand after the test launch phase.

Biryani By Kilo and Goila Butter Chicken from Skygate portfolio continue to do well, and we have seen a strong momentum in the business post Dussehra. The integration of Skygate with DIL remains on track. As shared earlier, our goal is to achieve brand contribution break-even by March 2026, and we are pleased to report steady progress towards that milestone. We remain confident of meeting this target.

Being a festive quarter, our promotions targeted both the topical events (e.g. Pujo and Onam specials) as well as the core offerings. KFC saw pan-India launch of the “Chana Chatpata Burger” – attractively priced at Rs 69 and comprising of protein rich vegetarian patty. We have also started rolling out a new grilled chicken offering and new limited time offerings (LTOs) in the beverages and desserts category. We launched Ultimate Cheese crust in Pizza Hut across all channels. Customer response has been enthusiastic encouraging us to expand the offering to combos and meal offers as well.

Out-of-home consumption was impacted due to both Shraavana and Navaratri falling in the same quarter, as well as unseasonal rains – especially in eastern parts of the country during the crucial second half of September. Despite external factors, our consolidated revenues grew to Rs 1,377 crore – a 13% YoY growth. The resilience of our brands and our disciplined execution has enabled us to grow despite the headwinds. With our strong foundations and diversified portfolio, we remain well positioned to capture upcoming opportunities and deliver sustainable, profitable growth.”

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Restaurants company Devyani International announced Q1FY26 results

  • Q1FY26 Revenues stood at Rs 13,570 million, up 11.1% YoY.
    • KFC India: Rs 6,126 million, up 10.5% YoY.
    • Pizza Hut India: Rs 1,873 million, up 3% YoY.
    • International business: Rs 4,332 million, up 11.2% YoY.
  • Q1FY26 EBITDA at Rs 2,049 million, with EBITDA margin at 15.1%.

Ravi Jaipuria, Non-Executive Chairman, Devyani International, said: “India’s QSR industry is on a structural growth trajectory underpinned by rising urbanisation, growing income levels, increasing digital adoption, an increase in female work participation rate and a growing appetite for convenience, esp. among younger consumers. While near-term macro factors have led to a phase of soft consumer demand, we see a better outlook for the industry in the coming times. We are learning from the evolving consumer trends, and we need to reset our business to have a differentiated and compelling proposition for our consumers, whether they are online or offline. We strongly believe that our industry will remain a prime beneficiary of evolving consumer behaviour. It’s important that job creation continues in the economy with rising per capita income, which will lead to higher consumption.

Considering the significant market potential, we continue to execute on our long-term growth agenda. I am pleased to announce that we have concluded the acquisition of Sky Gate Hospitality, which runs “Biryani by Kilo” and “Goila Butter Chicken” brands, and increased our stake to 86.13% subsequently. This gives us access to market-leading brands to expand our presence in the Biryani and Indian cuisine segment – one of the largest food categories in the country. Sky Gate Hospitality has 105 outlets at present, and we are confident that these brands will be one of the key contributors to our expansion plans going forward.

Our financial performance has been healthy. On a consolidated basis, Q1 revenues reached Rs 1,357 crore, a 11.1% YoY growth. This growth was driven by healthy growth from KFC, Costa and the Food Court business in India and supported by 11.2% YoY growth in the international business. Reported EBITDA came in at Rs 205 crore with EBITDA margins at 15.1%. The slight dip in margins was due to deleverage from lower ADS YoY and investments in marketing and promotions in the quarter.

As one of the leading QSR players, we are well-positioned to benefit from the rebound in consumer spending. Our multicuisine, multi-format strategy caters to a broad spectrum of consumer tastes, occasions, and price points, while diversifying away from any category or geography-specific risks. It also enhances our ability to capture opportunities across varied markets and evolving consumer trends. With the strength of our brands and our execution capabilities, we are confident of our ability to deliver consistent growth. Our focus will remain on scaling profitably, strengthening both our core and emerging brands, and creating long-term value for all stakeholders.”

Result PDF

Restaurants company Devyani International announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Consolidated Revenues at Rs 12.1 billion, growth of 15.8% vs Q4FY24
  • Consolidated EBITDA at Rs 2.0 billion, with margins at 16.6%, flat vs Q4FY24.

FY25 Financial Highlights:

  • Opened 257 net new stores vs. 539 net new stores in FY24 (FY24 Net new stores includes 283 Thailand KFC stores acquired on 18th Jan-24)
  • Consolidated Revenues at Rs 49.5 billion, growth of 39.2% vs FY24
  • Consolidated EBITDA at Rs 8.4 billion, with margins at 17.0% vs. 18.3% in FY24
  • PBT at Rs 12.8 crs in FY25 vs Rs 3.7 crs in FY24, growth of 248%

Commenting on the performance for Q4 FY2025 Ravi Jaipuria, Non-Executive Chairman, Devyani International said, “We are pleased to report that DIL continues to demonstrate strong momentum in its growth journey— both organically and through strategic acquisitions. During FY2025, DIL reported consolidated revenue of Rs 4,951 crore, registering a robust 39.2% YoY growth. This performance was primarily driven by the strategic acquisition of KFC stores in Thailand and supported by ongoing store expansion in India. The Company’s EBITDA margin stood at 17%, while absolute EBITDA increased by 29.1% over FY24.

Most recently, we announced the acquisition of Sky Gate Hospitality (owners of Biryani By Kilo & other brands) marking our entry into another high-potential food category. This acquisition further strengthens our overall brand portfolio and deepens our well laid out strategy. During the year, we also tied up with three international brands i.e. New York Fries, Tealive, and Sanook Kitchen. We are proud to share that we have recently opened the first NYF (New York Fries) store in Mumbai. This marks the beginning of our expansion with the new brands, with several more stores coming in the current year.

Our store expansion strategy has been instrumental in driving growth and reinforcing our market leadership. By following a balanced approach of scaling our footprint while maintaining rigorous storelevel performance standards, we successfully added 257 net new stores during FY’25, taking our total presence to 2,039 stores as of March 31, 2025. We have achieved our store rollout targets across all brands, reflecting disciplined execution and strong operational capabilities.

As one of the leading players in the Indian QSR sector, we are well-positioned to capitalize on the anticipated recovery in the industry. Overall, we remain confident in our strategy, execution capabilities, and ability to deliver consistent growth. Our focus will remain on scaling profitably, strengthening both our core and emerging brands, and creating long-term value for all stakeholders”.

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Restaurants company Devyani International announced Q3FY25 results

  • Consolidated Revenues stood at Rs 12.9 billion, growth of 53.5% vs Q3FY24.
  • Consolidated Reported EBITDA closed at Rs 2.2 billion, with margins at 16.9%, an improvement of 60 basis points vs the Q2FY25.
  • Margins witnessed an improvement in Q3FY25.
  • Positive SSSG momentum across core brands & geographies.
  • On track to commence the operation of new Brands by Q1FY26
  • Opened 111 net new stores during Q3FY25.

Ravi Jaipuria, Non-Executive Chairman, Devyani International, said: “I am delighted to say that DIL has successfully met its store expansion guidance, crossing an impressive milestone of 2,000 stores in the recent quarter, across all brands and geographies - ahead of the original target. This achievement further enhances our market presence and reinforces our strategic position in the QSR industry. It also offers our customers greater access to our brands.

Reflecting on Q3, our store expansion strategy has been a key driver of the company’s growth. We remain committed to this approach, ensuring a balance between expansion and storelevel performance. In Q3, we added 111 net new stores, bringing our total store count to 2,032 as of December 31, 2024.

DIL’s consolidated revenue for the quarter stood at Rs 1,294 crores, reflecting a 53.5% YoY growth. We have also seen slightly better margin performance because of better SSSG and certain fresh cost optimization measures.

I am glad to share that our brands continue to demonstrate consistency and excellence. In recognition of this, KFC was awarded the Most Admired Retailer of the Year for market expansion at the Pepsi Images Food Service Awards 2024.”

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Restaurants company Devyani International announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Opened 85 net new stores.
  • Consolidated Revenues stood at Rs 12.2 billion, growth of 49% vs Q2FY24.
  • Consolidated Reported EBITDA closed at Rs 2.0 billion, with margin at 16.3% vs. 18.3% in the previous quarter.

H1FY25 Financial Highlights:

  • Opened 139 net new stores.
  • Consolidated Revenues stood at Rs 24.4 billion, growth of 47% vs H1FY24.
  • Consolidated Reported EBITDA closed at Rs 4.2 billion, with margin at 17.3% vs. 19.9% in H1FY24.

Consolidated Highlights:

  • Signed Master Franchise Agreements for 3 new brands - tealive, New York Fries and SANOOK KITCHEN.
  • Total store count at 1,921 as of September 30, 2024 on track to achieve the guidance of 2,000 stores in FY25.

Ravi Jaipuria, Non-Executive Chairman, Devyani International said: “We are happy to welcome new brands to DIL family, catering to youth categories such as handcrafted tea, fresh cut fries and authentic Thai & Asian cuisine. The new partnerships reflect our commitment to bringing diverse, high-quality contemporary food & beverages brands to our customers, while driving sustainable growth for DIL. With exclusive rights for these brands in India, DIL is consolidating its strategy of ‘FOOD ON THE GO’ and ‘HOUSE OF BRANDS’.

We remain committed to our investments across DIL’s brand portfolio to broaden our reach, engage target consumers, and seize growth opportunities across the country. While we recognize the current subdued environment in the QSR industry, we are confident that the current headwinds are transient in nature. As firm believers in India’s growth story, we are wellpositioned to capitalize on future opportunities and delivering value to all our stakeholders.”

Result PDF

Resturants company Devyani International announced Q1FY25 results:

  • Added 54 new stores - total store count at 1,836 as of June 30, 2024
  • Quarterly Revenues at Rs 12.2 billion - growth of 16.7% on QoQ basis
  • EBITDA at 18.3% vs 16.6% in the previous quarter
  • On track to meet 2,000 stores target within the financial year 

Commenting on the performance for Q1FY25 Ravi Jaipuria, Non-Executive Chairman, Devyani International said, “We witnessed an improved performance for DIL in Q1, driven by seasonality and cost leverage from better ADS across our businesses. Our Thailand business also demonstrates growth with new store openings and a customer delight strategy.

We remain committed to expanding our store footprint and making our brands more accessible to our consumers. As announced earlier, we are on track to achieve a total store count of 2,000 stores within the current financial year. We are also focused on enhancing various institutional businesses, including food courts and airport presence. We are delighted with the positive progress in Q1 and shall continue to be relentless in our plans for the upcoming quarters.”

Result PDF

Resturants company Devyani International announced Q4FY24 & FY24 results:

  • The operating Revenues for the FY24 is at Rs 35.6 billion growing at a health rate of 18.6% vs the previous financial year.
  • The EBITDA for the full year 2023-24 closed at Rs 6.5 billion i.e. 18.3% of the revenue.
  • During the quarter, consolidated revenues from operations (including Thailand) stood at Rs 10.5 billion with growth of 38.7% on YoY basis.
  • Completes and seamlessly integrates RD Thailand acquisition
  • Added 47 net new stores (including 5 KFC stores in Thailand)
  • Total store count at 1,782 – to hit 2,000 stores in 2024, instead of 2026
  • Enters into partnership with PVR INOX for operating food courts in Shopping Malls

Commenting on the performance for Q4 & FY24, Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, " In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores, we acquired in Thailand on January 18, 2024.

The year was also marked by successful acquisition and seamless integration of the Thailand KFC business. The transaction, which was completed during Q4, has been a significant milestone for us. This development has expanded our international footprint and the same is in line with our long-term growth objectives of having a mix of international business.

Alongside our global expansion, we have also been working on a strategy to enhance our domestic footprint of Food Courts business in response to India's emergence as a major destination for travel, tourism, and shopping. The domestic travel market is picking up very well and we are seeing religious tourism as one of the important thrust areas. India is also gaining importance in the international markets for medico tourism and a value for money shopping destination. All these changes are structural in nature and here to stay. There is a common theme that runs across this phenomenon and that is Food – ON The GO.

With this strategy, and to cater to the rising “QUICK” trend, we are making Food Courts, as one of the important pillars of our growth aspiration across various consumption channels and touch points of travel and shopping. Our existing bouquet of brands will help us with this strategy.

With this objective, I am pleased to state that DIL has entered, into a strategic partnership with PVR INOX to develop and operate the business of Food Courts at shopping malls across the Country to co-promote movies and food. This will not only help us strengthen our presence at various Malls in the Country but will also give a boost to our brands and the food court business."

Result PDF

Restaurants company Devyani International announced Q3FY24 results:

Financial Results:
- Revenue from operations for Q3FY24: Rs 8,431 million.
- EBITDA for Q3FY24: Rs 1,463 million.
- EBITDA margin: 17.4%.

Growth and Expansion:
- Completed acquisition of 283 KFC stores in Thailand.
The total store count now stands at 1,735, including the Thai acquisition.
- Aim to hit the target of 2,000 stores by the end of 2024, earlier than the initial 2026 goal.
- Added 94 new stores in Q3, with a fiscal year target to open 250 to 275 outlets.

Brand Performance:
- India business's revenue growth: 9.2% increase over the same period in the previous financial year.
- Revenue for core brands in Q3FY24: KFC at Rs 5,243 million, Pizza Hut at Rs 1,796 million, and Costa Coffee at Rs 397 million.

Market Presence:
- DIL operates brands like KFC, Pizza Hut, and Costa Coffee.
- As of December 31, 2023, ~1,400 stores across India, Nigeria, and Nepal, including the recently acquired Thai KFC stores.

Strategic Developments:
- Entered the Thailand QSR market through strategic acquisition.
- Acquisition of Restaurants Development Co. Ltd. completed on January 17, 2024.

Commenting on the performance for Q3FY24, Ravi Jaipuria, Non-Executive Chairman, Devyani International said, “At the outset, I feel very excited to share with all of you that we have successfully completed the acquisition of Restaurants Development Co Ltd (RD) one of the franchisee partners of KFC in Thailand. This has led to the addition of 283 KFC stores as of 31st December (274 stores as of 30th September) to our overall store portfolio.

We have witnessed subdued consumer sentiments. However, we believe that the weak consumer sentiment and depressed consumer spending are temporary & short-lived, and we are optimistic about witnessing a recovery over the next few quarters. Amid these challenges, our operating and financial performance has remained stable, and we continue to invest in the business for long-term growth.

We had previously set ourselves an ambitious goal of reaching 2,000 stores by 2026. You will be happy to note that, following the completion of the Thailand acquisition, we are confident of achieving this major milestone by the end of calendar year 2024.”

 

 

Result PDF

Restaurants company Devyani International announced Q2FY24 results:

Financial Performance:
- Consolidated revenue for Q2FY24 stood at Rs 8,195 million, reflecting a growth of 9.6% on a YoY basis.
- EBITDA for Q2FY24 reached Rs 1,588 million, with an EBITDA margin of 19.4%.
- Despite the challenging macro environment and low consumer sentiment, DIL added 68 net new stores in Q2FY24, bringing the total store count to 1,358.
- The company remains bullish about achieving its target of 2,000 stores by 2026.

Highlights:
- The company continues to invest in its core brands and expand its reach to capitalize on growth opportunities in India.
- DIL is present in over 240 cities in India, showcasing its wide geographical footprint.
- The company is committed to its dynamic store expansion strategy, aiming to open 250-275 new stores in FY24.
- As of September 30, 2023, DIL operates 594 KFC stores, 539 Pizza Hut stores, and 146 Costa Coffee stores, with a total of 1,358 system stores across all geographies.
- Consistent progress is being made in investing in core brands and expanding reach to target consumers.

Ravi Jaipuria, Non-Executive Chairman, Devyani International, said, “I am pleased to share that DIL has maintained its store expansion pace. We have opened 115 net new stores in H1 taking the total store count to 1,358 as on 30th Sep’23. Out of 115 stores in H1, we have opened 68 stores in Q2, across our brand portfolio. We are making consistent progress in investing in our Core Brands and expanding our reach to our target set of consumers to capitalize on the available growth opportunities in India. We are now present in more than 240 cities in India.

High inflation across industries and categories from a macroeconomic perspective has led to a short-term impact on consumer sentiment and spending in the last few quarters. Despite this, our performance remains resilient, and we continue to invest in the business for long-term growth. We are hopeful that a rebound in consumer spending will take place in the next few quarters, positioning us for success in the dynamic and evolving QSR landscape.”

He added, "In addition, our store expansion strategy stands as a testament to our belief in the long-term potential of the Indian QSR industry. Through our ongoing expansion efforts and a keen eye on emerging opportunities, we are well-positioned to seize this significant prospect, ensuring sustainable growth and value enhancement for all our stakeholders."

 

 

Result PDF

Restaurants company Devyani International announced Q1FY24 results:

  • In Q1FY24, revenue from operations increased by 12.1% on a QoQ basis, reaching Rs 8,466 million, led by new store additions and strong revenue contribution by KFC.
  • The reported EBITDA grew by 14.6% QoQ to Rs 1,734 million, resulting in an EBITDA margin of 20.5%.
  • The consolidated PBT got impacted because of significant currency devaluation in Nigeria. On a normalized basis, the PBT stood at Rs 603 million for Q1FY24 vs. Rs 412 million in Q1FY23.
  • The Company expanded its presence across brands and geographies, opening 47 net new stores in Q1FY24.
  • As of June 30, 2023, DIL operates 564 KFC stores, 525 Pizza Hut stores, and 123 Costa Coffee stores, with a total of 1,290 system stores across all geographies.

Commenting on the performance for Q1FY24 Ravi Jaipuria, Non-Executive Chairman, Devyani International said, "I am pleased to share that we have started the new fiscal year on a healthy note, despite facing challenges from a difficult macro environment and depressed consumer spending. Our commitment to “Customer First – Always”, driving product innovation, and enhancing scalability have been instrumental in supporting our overall consistent performance.

We are going to be opening 275 to 300 stores during the current fiscal year, as we continue working towards our ambitious target of reaching 2,000 stores by 2026. With a dedicated focus on customer satisfaction, innovation, and growth, we are poised for success in the dynamic and evolving QSR landscape.

Vaango, our own South Indian cuisine brand is shaping up nicely and we are bullish on this brand given the popularity of South Indian cuisine in the entire country. We have opened 52 stores in Vaango so far and Vaango is expected to be a Rs 1 billion brand by the end of the current financial year.

The consistent performance and potential of DIL India was acknowledged by Franchise India and DIL has been awarded the prestigious “Master Franchisee of the Year Award for 2023.”

 

Result PDF

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