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 Q4 FY24 Summary
- Devyani International reported a net loss of ₹49 crore for Q4 FY24, attributed to a one-time loss of ₹42.37 crore.
- Revenue grew 38.7% year-on-year to ₹1,047.1 crore, driven by the acquisition of 283 KFC stores in Thailand.
- EBITDA increased by 14.4% to ₹172.3 crore, but margins fell to 16.5% from 20% year-on-year.
- The company added 256 new stores during FY24, including 47 in Q4, bringing the total to 1,782 stores.
- Devyani International acquired and integrated 283 KFC stores in Thailand to strengthen its international footprint.
- Entered a strategic partnership with PVR-INOX to develop food courts in Indian shopping malls, aiming to boost market presence.
Below are the trading platforms that you can use to purchase Devyani International shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| June 2024 | 192.24 | 167.17 |
| July 2024 | 190.32 | 165.49 |
| August 2024 | 197.93 | 172.11 |
| September 2024 | 205.85 | 179.00 |
| October 2024 | 201.81 | 175.49 |
| November 2024 | 207.87 | 180.75 |
| December 2024 | 213.06 | 185.27 |
Devyani International’s share price target for 2024 shows a potential increase, with estimates ranging from ₹167.17 to ₹213.06 by December. As of mid-June, the stock traded at ₹178, with a market capitalization of ₹21,516 crore.
Its price has ranged between ₹142 and ₹228, with a stock P/E ratio, book value of ₹8.76, and a dividend yield of 0.00%. The company’s ROCE stands at 8.73%, while ROE is -113%.
| When | Maximum Price | Minimum Price |
| January 2025 | 217.32 | 167.17 |
| February 2025 | 222.90 | 171.46 |
| March 2025 | 231.59 | 178.15 |
| April 2025 | 227.05 | 174.65 |
| May 2025 | 220.43 | 169.57 |
| June 2025 | 230.35 | 177.20 |
| July 2025 | 225.84 | 173.72 |
| August 2025 | 232.82 | 179.09 |
| September 2025 | 240.97 | 185.36 |
| October 2025 | 247.24 | 190.18 |
| November 2025 | 253.42 | 194.94 |
| December 2025 | 259.75 | 199.81 |
Devyani International’s projected share price targets for 2025 indicate potential growth, with estimates ranging from ₹167.17 to ₹259.75 by December. The company anticipates varying highs and lows throughout the year, reflecting market optimism and volatility.
| When | Maximum Price | Minimum Price |
| January 2026 | 267.55 | 205.80 |
| February 2026 | 274.41 | 211.08 |
| March 2026 | 285.11 | 219.31 |
| April 2026 | 279.52 | 215.01 |
| May 2026 | 271.38 | 208.75 |
| June 2026 | 283.59 | 218.14 |
| July 2026 | 278.03 | 213.87 |
| August 2026 | 286.63 | 220.48 |
| September 2026 | 296.66 | 228.20 |
| October 2026 | 304.37 | 234.13 |
| November 2026 | 311.98 | 239.98 |
| December 2026 | 319.78 | 245.98 |
Devyani International’s share price target for 2026 indicates potential growth, with estimates ranging from ₹205.80 to ₹319.78 by December.
| When | Maximum Price | Minimum Price |
| January 2027 | 326.18 | 250.90 |
| February 2027 | 334.54 | 257.34 |
| March 2027 | 347.59 | 267.37 |
| April 2027 | 340.77 | 262.13 |
| May 2027 | 330.84 | 254.50 |
| June 2027 | 345.73 | 265.95 |
| July 2027 | 338.95 | 260.73 |
| August 2027 | 349.44 | 268.80 |
| September 2027 | 361.67 | 278.21 |
| October 2027 | 371.07 | 285.44 |
| November 2027 | 380.35 | 292.57 |
| December 2027 | 389.86 | 299.89 |
Devyani International’s share price target for 2027 suggests significant growth, with estimates ranging from ₹250.90 to ₹389.86 by December, indicating strong market optimism and potential for substantial investor returns.
| When | Maximum Price | Minimum Price |
| January 2028 | 397.65 | 305.89 |
| February 2028 | 407.85 | 313.73 |
| March 2028 | 423.76 | 325.97 |
| April 2028 | 415.45 | 319.57 |
| May 2028 | 403.35 | 310.27 |
| June 2028 | 421.50 | 324.23 |
| July 2028 | 413.23 | 317.87 |
| August 2028 | 426.01 | 327.70 |
| September 2028 | 440.92 | 339.17 |
| October 2028 | 452.39 | 347.99 |
| November 2028 | 463.70 | 356.69 |
| December 2028 | 475.29 | 365.61 |
- January 2028: ₹305.89 (Minimum)
- December 2028: ₹475.29 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 484.79 | 372.92 |
| February 2029 | 497.23 | 382.48 |
| March 2029 | 516.62 | 397.40 |
| April 2029 | 506.49 | 389.61 |
| May 2029 | 491.74 | 378.26 |
| June 2029 | 513.86 | 395.28 |
| July 2029 | 503.79 | 387.53 |
| August 2029 | 519.37 | 399.51 |
| September 2029 | 537.55 | 413.50 |
| October 2029 | 551.52 | 424.25 |
| November 2029 | 565.31 | 434.85 |
| December 2029 | 579.44 | 445.73 |
- January 2029: ₹372.92(Minimum)
- December 2029: ₹579.44 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 591.03 | 454.64 |
| February 2030 | 606.19 | 466.30 |
| March 2030 | 629.83 | 484.48 |
| April 2030 | 617.48 | 474.98 |
| May 2030 | 599.49 | 461.15 |
| June 2030 | 626.47 | 481.90 |
| July 2030 | 614.19 | 472.45 |
| August 2030 | 633.18 | 487.06 |
| September 2030 | 655.34 | 504.11 |
| October 2030 | 672.38 | 517.22 |
| November 2030 | 689.19 | 530.15 |
| December 2030 | 706.42 | 543.40 |
- January 2030: ₹454.64 (Minimum)
- December 2030: ₹706.42 (Maximum)
Financial Condition of Devyani International: Last 5 Year
| Financial Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|
| Sales (₹ Cr) | 1,311 | 1,516 | 1,135 | 2,084 | 2,998 | 3,556 |
| Expenses (₹ Cr) | 1,106 | 1,254 | 945 | 1,608 | 2,341 | 2,902 |
| Operating Profit (₹ Cr) | 205 | 262 | 189 | 476 | 657 | 654 |
| OPM (%) | 16% | 17% | 17% | 23% | 22% | 18% |
| Other Income (₹ Cr) | 42 | 2 | 131 | -3 | 12 | -71 |
| Interest (₹ Cr) | 137 | 161 | 155 | 129 | 149 | 189 |
| Depreciation (₹ Cr) | 203 | 223 | 229 | 221 | 278 | 391 |
| Profit before Tax (₹ Cr) | -93 | -120 | -64 | 123 | 242 | 4 |
| Tax (%) | -1% | -2% | 2% | -26% | -9% | 363% |
| Net Profit (₹ Cr) | -94 | -121 | -63 | 155 | 263 | -10 |
| EPS (₹) | -7.46 | -11.46 | -0.48 | 1.30 | 2.20 | 0.39 |
| Dividend Payout (%) | 0% | 0% | 0% | 0% | 0% | 0% |
Over the past five years, Devyani International has shown significant growth in sales, rising from ₹1,311 crore in March 2019 to ₹3,556 crore in March 2024. Despite this growth, the company’s financial performance has been mixed. Operating profits increased from ₹205 crore to ₹654 crore, with the OPM peaking at 23% in March 2022 before declining to 18% in March 2024.
Net profit showed a positive trend until March 2023, reaching ₹263 crore, but fell to a loss of ₹10 crore in March 2024 due to substantial other income losses and increased interest and depreciation expenses. The EPS followed a similar trajectory, with the company consistently not paying dividends over this period.
FAQs
What is Devyani International’s current market capitalization?
Devyani International’s current market capitalization is ₹21,516 crore.
As of June 17th, 2024, Devyani International’s current share price is ₹178, with a high/low range of ₹228/₹142.
The share price target for Devyani International by December 2024 ranges from ₹167.17 to ₹213.06.
The share price target for Devyani International by December 2025 ranges from ₹167.17 to ₹259.75.
The share price target for Devyani International by December 2030 ranges from ₹454.64 to ₹706.42.
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Conclusion: Devyani International’s Path to Growth and Investment Considerations
In conclusion, Devyani International Limited has demonstrated significant growth and resilience over the past five years. Its sales surged from ₹1,311 crore in March 2019 to ₹3,556 crore in March 2024, reflecting its robust market presence and strategic expansion. Despite this impressive revenue growth, the company’s financial performance has been mixed, with net profit fluctuating and ultimately showing a loss in March 2024. The decline in operating profit margins and the impact of other income losses, alongside rising interest and depreciation expenses, have contributed to these challenges.
Looking forward, Devyani International’s share price targets indicate a positive outlook, with projected growth across 2024 to 2030. By the end of 2024, the share price is expected to range between ₹167.17 and ₹213.06, further rising to ₹454.64 to ₹706.42 by 2030. The company’s strategic initiatives, including the acquisition of KFC stores in Thailand and partnerships with PVR-INOX, are poised to enhance its market footprint. Investors and stakeholders can anticipate sustained growth driven by its expansive QSR network and strategic global partnerships.
What did we learn?
- 1 About Devyani International
- 2 Devyani International Q4 FY24 Summary
- 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?
- 7 Conclusion: Devyani International’s Path to Growth and Investment Considerations
