DEVYANIConsumer Services

Devyani International Limited

Restaurants · ISIN INE872J01023 · BSE 543330 · NSE EQ · FV ₹1
Last price
₹119
+0.79%today
What this company does

Devyani International Limited operates in Restaurants, part of the Consumer Services sector. It booked ₹1,519 cr of revenue in its latest quarter (Q2 FY27) and kept -0.0% of sales as profit. It is the 3rd largest of 9 Restaurants companies we track, by market value.

50out of 100
Equitytale Health Score
Mixed

Healthier than 50% of companies in Consumer Services, on all six measures of filed financials. Each measure is ranked against the 25–46 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
37

At close. Not part of the score.

Profitability & returns25

How much profit it earns on the money it employs

Balance sheet24

How much it owes, and whether earnings cover the interest

Cash quality100

Whether reported profit actually arrives as cash · highest in its sector on what we could measure

Growth & consistency71

Whether sales and profit have grown, and how steadily

Valuation22

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
A mixed picture
Strengths
✓ Makes a profit
✓ Sales up 10% vs last year
✓ Promoters hold 61%
✓ No promoter shares pledged
✓ Turns profit into real cash
Watch-outs
! Thin -0.0% net margin
! Low -0.1% return on equity

What if I invest in DEVYANI?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹119▲ +0.79%
latest close · 2026-11-04
1-year return
+4.2%
52-wk low ₹10752-wk high ₹199
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/B ratio9.47High
Below bookModerateHigh
EV / EBITDA15.8High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-0.1%Loss
WeakFairStrong ▸15%
Return on capital5.7%Weak
WeakFairStrong
Net margin-0.0%Loss
ThinDecentStrong
EBITDA margin16.1%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.52Moderate
LowModerateHigh ▸1
Interest cover1.1×Risky
RiskyOkayStrong ▸5×
Current ratio0.38Tight
Tight ◂1HealthyAmple
More figures
Market cap
₹14,633 cr
Book value
₹13
EPS
₹0.00
latest quarter
Net debt
₹831 cr
owes more than its cash
Enterprise value
₹15,464 cr
EBITDA
₹978 cr
annualised
EBIT
₹285 cr
annualised
Operating margin
4.7%
Return on assets
-0.0%
Earnings yield
—
P/S
2.41
Sales / share
₹49.3
Tax rate
37.6%
Face value
₹1
Shares
123.3 cr
Working capital
₹-863 cr
Current assets
₹526 cr
Current liabilities
₹1,390 cr
Delivery %
44.3%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹10–₹13, midpoint ₹12

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹1,519 cr
Other Income₹12 cr
Total Income₹1,531 cr
Cost of Materials₹478 cr
Purchases of Stock-in-Trade₹92.7 L
Employee Benefit Expense₹211 cr
Finance Costs₹65 cr
Depreciation & Amortisation₹173 cr
Other Expenses₹596 cr
Total Expenses₹1,525 cr
Profit before Tax₹6 cr
Tax Expense₹2 cr
Share of JV / Associates₹-22.9 L
Net Profit₹3 cr
Net margin on total income0.2%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹479 cr31.3%
Employee benefit expense₹211 cr13.8%
Finance costs₹65 cr4.3%
Depreciation & amortisation₹173 cr11.3%
Other expenses₹596 cr39.0%
Tax expense₹2 cr0.1%
Profit for the period₹3 cr0.2%
Total income ₹1,531 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue1,437 cr1,581 cr1,519 cr
Total income1,451 cr1,600 cr1,531 cr
Expenses1,469 cr1,577 cr1,525 cr
Profit before tax-18 cr23 cr6 cr
Tax-5 cr6 cr2 cr
Net profit (owners' share)-10 cr15 cr-24.2 L
Net margin (owners' share, on revenue)-0.7%0.9%-0.0%
EPS (₹)-0.110.120.00
YoY (latest quarter): total income +10.8% · net profit —
Balance sheet & cash flow · as of Sep 2026
Moderate debt
Total assets
₹6,373 cr
Shareholder equity
₹1,545 cr
parent shareholders
Total debt
₹984 cr
Cash
₹153 cr
Cash flow · H1 FY27
Operating
₹486 cr
Investing
₹-212 cr
Financing
₹-612 cr
Peer comparison
Restaurants · by market value
CompanyPriceMarket capP/E
Jubilant Foodworks Limited₹422₹27,845 cr69.4
Travel Food Services Limited₹1,153₹15,177 cr30.0
Devyani International Limitedthis company₹118₹14,518 cr—
WESTLIFE FOODWORLD LIMITED₹605₹9,432 cr—
Restaurant Brands Asia Limited₹89₹6,320 cr—
Sapphire Foods India Limited₹195₹6,279 cr—
Coffee Day Enterprises Limited₹29₹3,313 cr183.3
United Foodbrands Limited₹573₹2,242 cr—
Speciality Restaurants Limited₹137₹661 cr23.6
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-09-30
No pledge
Promoter
61.4%
FII / Foreign
6.1%
DII / Domestic
20.9%
Retail / others
11.6%
Promoter stake down 1.4% over the last 12 quarters.
Smart-money activity
Bulk / block deals
short— · NSE349 Sep 26
short— · NSE45624 Aug 26
short— · NSE17 Aug 26
Stake changes
BoughtNippon India Mutual Fund→ 7.06% · 9.50 L11 Jun 26
SoldDunearn Investments (Mauritius) Pte Ltd→ 2.94% · 3.63 cr21 Mar 23
DisposalDUNEARN INVESTMENTS (MAURITIUS) PTE LTD→ 5.94%23 Aug 22
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 14 Aug 2026
See the official result
1
To receive, consider and adopt (a) the Audited Financial Statements of the Company for the Financial Year ended March 31, 2026 together with the reports of Board of Directors and Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company including Auditors’ Report thereon for the Financial Year ended March 31, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
33.15 cr votes for, 341 against · 0% of mutual funds and other big investors said no
2
To appoint Mr. Raj Gandhi (DIN: 00003649), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
Backed by 89% of shareholders other than promotersneeded 50%
29.48 cr votes for, 3.67 cr against · 13% of mutual funds and other big investors said no
3
To appoint Mr. Manish Dawar (DIN: 00319476), who retires by rotation and being eligible, offers himself for re-appointment, as a Director.
Backed by 100% of shareholders other than promotersneeded 50%
33.06 cr votes for, 8.85 L against · 0% of mutual funds and other big investors said no
4
To approve re-appointment of Mr. Manish Dawar (DIN: 00319476) as a Whole-time Director of the Company designated as President & Group Chief Executive Officer.
Backed by 100% of shareholders other than promotersneeded 75%
32.98 cr votes for, 16.15 L against · 1% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 61 named members
owning 61.4% between them · as of 2026-09-30
RJ CORP LIMITED57.98%
VARUN JAIPURIA3.21%
RAVI KANT JAIPURIA0.17%
Accor Developers Private Limitedno shares
Accor Industries Private Limitedno shares
Accor Realcon Private Limitedno shares
AFRICARE DISTRIBUTORS LIMITEDno shares
Africare Limitedno shares
Business done with them
FY2026 · 7 of the group
The company paid ₹22 cr to companies in the promoter group last year — about 0.4% of its ₹5,611 cr revenue and received ₹5 cr back from them.
VARUN BEVERAGES LIMITED
Bought goods from them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Expenses incurred by other company on behalf of the Group, Trade payables/other payable, Repair & maintainance (expense), Purchase of property, plant and equipment (PPE)
₹20 cr
company paid
DEVYANI FOOD INDUSTRIES LIMITED
Sold goods to them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Trade receivables
₹3 cr
company received
VARUN BEVERAGES LIMITED
Other payments to them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Expenses incurred by other company on behalf of the Group, Trade payables/other payable, Repair & maintainance (expense), Purchase of property, plant and equipment (PPE)
₹1 cr
company paid
VARUN BEVERAGES LIMITED
Sold goods to them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Expenses incurred by other company on behalf of the Group, Trade payables/other payable, Repair & maintainance (expense), Purchase of property, plant and equipment (PPE)
₹73.4 L
company received
DEVYANI FOOD INDUSTRIES LIMITED
Bought goods from them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Trade receivables
₹42.9 L
company paid
VARUN BEVERAGES LIMITED
Bought property or assets from them · Sale of products (Finished goods), Sale of products (Traded goods), Purchase of raw materials and other items, Expenses incurred by other company on behalf of the Group, Trade payables/other payable, Repair & maintainance (expense), Purchase of property, plant and equipment (PPE)
₹37.1 L
company paid
CRYOVIVA BIOTECH PRIVATE LIMITED
Sold goods to them · Sale of products (Finished goods), Trade receivables
₹22.4 L
company received
MODERN MONTESSORI INTERNATIONAL (INDIA) PRIVATE LIMITED
Sold goods to them · Sale of products (Finished goods)
₹17.3 L
company received
RJ CORP LIMITED
Other payments to them · Sale of products (Traded goods), Expenses incurred by other company on behalf of the Group, Rental income, Trade receivables
also owns 57.98% of the company
₹16.6 L
company paid
RJ CORP LIMITED
Other income from them · Sale of products (Traded goods), Expenses incurred by other company on behalf of the Group, Rental income, Trade receivables
also owns 57.98% of the company
₹2.4 L
company received
LINEAGE HEALTHCARE LIMITED
Other payments to them · Sale of products (Traded goods)
₹2.3 L
company paid
RJ CORP LIMITED
Sold goods to them · Sale of products (Traded goods), Expenses incurred by other company on behalf of the Group, Rental income, Trade receivables
also owns 57.98% of the company
₹1.4 L
company received
LINEAGE HEALTHCARE LIMITED
Sold goods to them · Sale of products (Traded goods)
₹0.8 L
company received
S V S INDIA PRIVATE LTD
Other payments to them · Rent expense
₹0.6 L
company paid

The company also transacted with 18 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.