Financial Performance Highlights

Consolidated Performance (Q2 FY27):

  • Revenue from Operations: ₹1,519.4 million (₹151.94 Cr), growing 10.4% YoY from ₹1,376.8 million in Q2 FY26
  • Other Income: ₹120 million
  • Total Income: ₹1,531.4 million
  • Gross Profit: ₹1,040.3 million with Gross Margin of 68.5%
  • EBITDA: ₹228.6 million, growing 17.8% YoY from ₹194.3 million in Q2 FY26
  • EBITDA Margin: 15.0%
  • Finance Costs: ₹65.3 million
  • Depreciation & Amortization: ₹173.3 million
  • Profit Before Tax (PBT): ₹5.7 million versus loss of ₹26.8 million in Q2 FY26
  • Tax Expense: ₹2.2 million
  • Profit After Tax (PAT): ₹3.5 million versus loss of ₹23.9 million in Q2 FY26

Half-Yearly Performance (H1 FY27):

  • Revenue from Operations: ₹3,099.9 million
  • PBT: ₹28.6 million versus loss of ₹23.8 million in H1 FY26
  • PAT: ₹20.6 million versus loss of ₹21.7 million in H1 FY26

Operational Performance

Store Expansion:

  • Added 70 net new stores globally in Q2 FY27 (68 in India, 2 internationally)
  • Total store count reached 2,325 stores globally (1,923 in India, 402 internationally)
  • KFC led expansion with 50 net new stores in India
  • On track to meet full-year guidance of 200-220 net new store additions

Same Store Sales Growth (SSSG):

  • KFC: +4.4% SSSG (improving QoQ)
  • Costa Coffee and BBK: >8.0% SSSG
  • Pizza Hut: SSSG improved sequentially
  • Positive SSSG ranging 4-9% across brand portfolio except Pizza Hut

Brand Performance Initiatives

  • KFC: INR 99 Krisper meal for new customer recruitment
  • Pizza Hut: Launched Triple Spice range combining global and Indian tastes
  • BBK: Introduced Sattvik Biryani demonstrating product development capabilities

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹63,735 million
  • Total Equity: ₹18,989 million
  • Non-current liabilities: ₹30,851 million
  • Current liabilities: ₹13,895 million
  • Cash and cash equivalents: ₹1,529 million
  • Borrowings: ₹9,840 million (₹6,813 million non-current, ₹3,027 million current)
  • Lease liabilities: ₹24,695 million (₹22,480 million non-current, ₹2,215 million current)

Strategic Developments

  • Received CCI approval for proposed merger
  • New management team settling in with pre-merger preparation progressing well
  • Expecting merger approvals in line with initial plans

Market Challenges

  • Steep inflation in raw materials and wages
  • Strong food and fuel inflation impacting household budgets
  • Job losses due to AI adoption affecting consumer spending
  • Heightened inspection drive from food authorities disrupting store operations
  • Regulatory environment evolving rapidly
  • Interest rates beginning to rise

Conference Call Details

Scheduled for Monday, November 2, 2026, at 2:00 PM IST to discuss Q2 FY27 results and developments.

Company Profile

Devyani International Limited is one of India's largest QSR operators with over 2,200 stores across 350+ cities in India, Thailand, Nigeria, and Nepal. Largest franchisee of Yum! Brands in India and Nepal, and sole franchisee for Costa Coffee, New York Fries, and Sanook Kitchen in India. Owns indigenous brands Vaango and The Food Street, and acquired Sky Gate Hospitality (Biryani By Kilo and Goila Butter Chicken).